/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/221019.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 19, 2022, Vol. 25, No. 203 Headlines A U S T R A L I A 4IMPACT PTY: Second Creditors' Meeting Set for Oct. 24 DIVAS BEVERAGES: Second Creditors' Meeting Set for Oct. 25 KENWALLS PTY: Second Creditors' Meeting Set for Oct. 25 PJ & RK: Second Creditors' Meeting Set for Oct. 26 STAR ENTERTAINMENT: Hit With AUD100MM Fine Over Money Laundering SURIA GLOBAL: Second Creditors' Meeting Set for Oct. 25 C H I N A CIFI HOLDINGS: Moody's Cuts CFR to Ca & Sr. Unsecured Notes to C FOSUN INTERNATIONAL: To Sell Stake in Nanjing Iron for US$2.1BB I N D I A AL-SAQIB EXPORTS: CRISIL Withdraws B+ Rating on INR30cr Loan ARIHANT DREAM: CARE Keeps D Debt Rating in Not Cooperating CHARTERED HOTELS: CARE Keeps D Debt Ratings in Not Cooperating CTM TEXTILE: CRISIL Lowers Rating on INR15cr LT Loan to B+ DIGI EXPORT: CARE Keeps D Debt Rating in Not Cooperating FAIRDEAL MOTORS: CRISIL Withdraws B+ Rating on INR50cr Cash Loan GALAXY REAL: CRISIL Withdraws B- Rating on INR2.8cr Loan INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating JINDAL TIMBER: CARE Keeps C Debt Rating in Not Cooperating JIYA AGRO: CRISIL Lowers Rating on INR3.25cr Cash Loan to D JUMPS AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating Category LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating MANSI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating MSR INDIA: CRISIL Lowers Rating on INR20cr Cash Loan to D NARMADA EXTRUSIONS: CARE Lowers Rating on INR13.69cr Loan to D NAVJEEVAN HATCHERIES: CRISIL Reaffirms D Rating on INR11.7cr Loan NEUROGEN BRAIN: CRISIL Withdraws B Rating on INR10cr Term Loan PAWANSUT CONSTRUCTION: CRISIL Lowers LT/ST Debt Rating to D RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating S. S. KAMATH: CARE Keeps C Debt Rating in Not Cooperating Category SAVITRIDEVI INDUSTRIES: CARE Keeps D Rating in Not Cooperating SHAMBHAVI COTTON: CRISIL Lowers Rating on INR7cr Loans to D SUCHIRINDIA CONSTRUCTIONS: CRISIL Moves B+ from Not Cooperating SUNGRACE SYNTEX: CARE Keeps C Debt Rating in Not Cooperating TIRUPATI COMMODITIES: CARE Keeps D Debt Rating in Not Cooperating VISHAL PAPER: CARE Lowers Rating on INR17.06cr LT Loan to C J A P A N TOSHIBA CORP: Preferred Bidder Offers Less Than JPY6,000 a Share L A O S LAOS: Fitch Withdraws 'CCC-' LongTerm Foreign Currency IDR M A L A Y S I A 1MDB: Federal Court to Hear on Feb. 7 Appeals Over Forfeiture Bids N E W Z E A L A N D ADIP COMMERCIAL: Court to Hear Wind-Up Petition on Oct. 27 AVANTI FINANCE: S&P Affirms 'BB/B' ICRs, Outlook Stable OLD VILLA: BDO Auckland Appointed as Administrators OVATO NEW ZEALAND: Assets Sold in Liquidation Sale PATTERSONS INSURERBUILD: Placed Into Liquidation S I N G A P O R E BRILLIANT JADE: Creditors' Proofs of Debt Due on Nov. 18 GRAM CAR: Commences Wind-Up Proceedings REFINE ASIA: Creditors' Meetings Set for on Oct. 27 THREE ARROWS: SEC, CFTC Probing Bankrupt Crypto Hedge Fund V I E T N A M SAIGON COMMERCIAL: Placed Under 'Special Scrutiny' After Bank Run - - - - - ================= A U S T R A L I A ================= 4IMPACT PTY: Second Creditors' Meeting Set for Oct. 24 ------------------------------------------------------ A second meeting of creditors in the proceedings of 4impact Pty Ltd has been set for Oct. 24, 2022, at 3:30 p.m. via teleconference facilities or at Suite 38, 3 Box Road in Caringba. 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. 21, 2022, at 5:00 p.m. Darren John Vardy of Insolvency Options was appointed as administrator of the company on July 4, 2022. DIVAS BEVERAGES: Second Creditors' Meeting Set for Oct. 25 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Divas Beverages (Wholesale) Pty Ltd has been set for Oct. 25, 2022, at 11:00 a.m. virtually and at the offices of HoganSprowles, Level 9, 60 Pitt Street in Sydney. 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. 24, 2022, at 4:00 p.m. Brendan Copeland and Christian Sprowles of HoganSprowles were appointed as administrators of the company on Sept. 23, 2022. KENWALLS PTY: Second Creditors' Meeting Set for Oct. 25 ------------------------------------------------------- A second meeting of creditors in the proceedings of Kenwalls Pty Ltd has been set for Oct. 25, 2022, at 11:00 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 24, 2022, at 5:00 p.m. Graeme Beattie of Worrells was appointed as administrator of the company on Sept. 16, 2022. PJ & RK: Second Creditors' Meeting Set for Oct. 26 -------------------------------------------------- A second meeting of creditors in the proceedings of PJ & RK McPherson Investments Pty Ltd has been set for Oct. 26, 2022, at 10:00 a.m. via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 25, 2022, at 4:00 p.m. Steven Arthur Gladman, Richard Albarran and Cameron Shaw of Hall Chadwick were appointed as administrators of the company on Sept. 20, 2022. STAR ENTERTAINMENT: Hit With AUD100MM Fine Over Money Laundering ---------------------------------------------------------------- The Wall Street Journal reports that an Australian regulator hit one of the country's main casino operators with a record fine, as authorities increase scrutiny of an industry that has faced questions over how it attracts international high-rollers, particularly from China. According to the Journal, Star Entertainment Group Ltd., which runs a large casino in Sydney, was fined 100 million Australian dollars, equivalent to US$62 million, by the New South Wales Independent Casino Commission on Oct. 17. The regulator also suspended Star's license to operate the Sydney casino, though it will remain open under a government-appointed manager, the Journal says. A report prepared for the regulator had found that vast sums of cash evaded anti-money-laundering protocols, the Journal relates. For instance, bags of cash were seen in a room known as Salon 95, used by a junket that helped bring in customers from Asia. Casinos pay junket operators commissions to arrange visits by high rollers. The Journal says the report also found that Star offered free alcohol to VIPs as an inducement to gamble and allowed vulnerable patrons to bet for more than 24 hours at a time, the regulator said. Philip Crawford, the chief commissioner of the regulator, said he agreed with the report's conclusion that Star is unsuitable to hold its casino license, but that the company would have an opportunity to implement reforms, the Journal adds. About The Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. SURIA GLOBAL: Second Creditors' Meeting Set for Oct. 25 ------------------------------------------------------- A second meeting of creditors in the proceedings of Suria Global (L) Pty Limited has been set for Oct. 25, 2022, at 10:00 a.m. at via video or telephone. 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. 24, 2022, at 4:00 p.m. Glenn Livingstone and Scott Pascoe of WLP Restructuring were appointed as administrators of the company on Sept. 19, 2022. ========= C H I N A ========= CIFI HOLDINGS: Moody's Cuts CFR to Ca & Sr. Unsecured Notes to C ---------------------------------------------------------------- Moody's Investors Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate family rating to Ca from B3 and senior unsecured rating to C from Caa1. The outlook remains negative. "The rating downgrade and the negative outlook reflect CIFI's heightened liquidity and default risk, as well as weakened recovery prospects for the company's creditors driven by the company's liquidity stress and pressure on its operating performance," says Cedric Lai, a Moody's Vice President and Senior Analyst. RATINGS RATIONALE On October 13, 2022, CIFI announced a delay in the remittance of cash to meet certain scheduled offshore interest and amortization payments [1]. This may trigger default on its scheduled debt repayment obligations. Moody's believes CIFI will unlikely be able to raise sizable new funds to address the repayment for all of its maturing debt, including puttable onshore and offshore bonds of around RMB8.0 billion by the end of 2023. CIFI's unrestricted cash balance has significantly reduced to RMB31.1 billion as of the end of June 2022 from RMB46.5 billion as of the end of 2021, due to lower sales and repayment of some maturing debt using internal cash. Moody's expects the company would have to rely on asset sales or investments from potential investors to generate funds for debt servicing. However, these fundraising activities entail high uncertainties amid the challenging market dynamics. Moody's forecasts CIFI's contracted sales will decline significantly to around RMB110 billion in 2022 and RMB95 billion in 2023, from around RMB247 billion in 2021, driven by the weak market conditions and lower homebuyers' confidence in the company's products. CIFI's contracted sales significantly decreased by 47% during the first eight months in 2022 to RMB94.3 billion compared with the same period in 2021. CIFI's Ca CFR reflects the company's high liquidity risks over the next 6-12 months, constrained financial flexibility and weak recovery prospects for its creditors. The C senior unsecured debt rating is one notch lower than the CFR due to structural subordination risk. The majority of CIFI's claims are at its operating subsidiaries and have priority over claims at the holding company in a liquidation scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. Consequently, the expected recovery rate for claims at the holding company will be lower. In terms of environmental, social and governance (ESG) factors, Moody's has considered CIFI's concentrated ownership as its controlling shareholders, Lin Zhong and his family members, collectively held a 53.2% stake in the company as of August 31, 2022. Moody's considers that CIFI's financial strategy and risk management have deteriorated, demonstrated by the delay in the remittance of cash to meet its offshore interest and amortization payments due to the public holiday in China. This weakening governance practice also drives the rating action. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade CIFI's CFR if the recovery prospects for CIFI's creditors weakens further. An upgrade is unlikely given the negative outlook. However, positive rating momentum could develop if CIFI repays its maturing debt obligations and improves its liquidity position materially. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. CIFI Holdings (Group) Co. Ltd. (CIFI) was founded in 2000 and incorporated in the Cayman Islands in May 2011. It listed on the Hong Kong Stock Exchange in November 2012. As of August 31, 2022, it was 53.2% owned by the Lin family. FOSUN INTERNATIONAL: To Sell Stake in Nanjing Iron for US$2.1BB --------------------------------------------------------------- Caixin Global reports that Fosun International Ltd. is planning to sell its stake in a Chinese steelmaker to a private metals titan for around CNY15 billion (US$2.1 billion), according to sources with knowledge of the deal, which would net the debt-laden conglomerate much-needed liquidity. According to Caixin, Hong Kong-listed Fosun has inked an agreement with steel giant Jiangsu Shagang Group to transfer its 60% shareholding in Nanjing Nangang Iron & Steel United Co. Ltd. The latter owns 57.2% of Shanghai-listed Nanjing Iron & Steel Co. Ltd. (NISCO). About Fosun Fosun International Limited -- http://www.fosun.com/-- provides diversified services. The Company offers products and services for families in health, happiness, and wealth businesses. Fosun International serves clients worldwide. As recently reported in the Troubled Company Reporter-Asia Pacific, on Oct. 10, 2022, Moody's Investors Service has placed the B1 corporate family rating of Fosun International Limited on review for downgrade. Moody's has also placed the B1 rating of the backed senior unsecured bonds issued by Fortune Star (BVI) Limited and unconditionally and irrevocably guaranteed by Fosun on review for downgrade. At the same time, Moody's has changed the outlook to ratings under review from negative. ========= I N D I A ========= AL-SAQIB EXPORTS: CRISIL Withdraws B+ Rating on INR30cr Loan ------------------------------------------------------------ CRISIL Ratings has reaffirmed its ratings on the bank facilities of AL - Saqib Exports Private Limited (ASEPL) and subsequently withdrawn the ratings at the company's request and on receipt of a no-objection certificate from the bankers. The withdrawal is in line with CRISIL Ratings' policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CRISIL B+/Stable (Rating reaffirmed and Withdrawn) Key Rating Drivers & Detailed Description Strengths: * Extensive industry experience of the promoters and integrated operations: The company has presence of over 26 years in the meat processing industry. The promoters have an extensive experience in industry, giving them an understanding of the dynamics of the market and has enabled them to establish relationships with suppliers and customers. ASEPL has a modern integrated meat complex in Meerut, Uttar Pradesh with a total capacity of 1250 MT, designed and built to meet most stringent EEC and US FDA standards. The facility comprises of live-stock quarantine facilities, mechanized abattoirs, chilling, deboning, packing, freezing and cold storage facilities at strategic locations, and also a fleet of 12 refrigerated and insulated trucks for movement of the finished products from the manufacturing units to the warehouses/cold storage. * Geographical diversification in revenue: The company caters to many clients, both in India and overseas. ASEPL exports to over 45+ countries. The top 5 domestic customers accounted for 60% of revenue in fiscal 2022. Though the exports have declined in the past few years on account of industrial challenges, the company had shifted its focus on domestic front leading to increased revenue from domestic market. Diversity in geographic reach and clientele will continue to support the business risk profile. Weaknesses: * Modest scale of operations: Because of industrial challenges imposed by covid-19 induced demand slowdown, revenue profile stood dismal over the past 3 fiscals through FY 22. Revenue profile contracted in FY 22 due to sharp decline in exports, scale reducing to around INR70 crore. Moreover, intense competition in the meat industry has kept the scale of operations modest. CRISIL believes that established market position of the company backed by diversified customer portfolio, wide geographical presence and promoters experience will help improve the revenue profile of the company, however, sustained, and significant improvement in the same will remain a key rating sensitivity factor over the medium term. * Working capital intensive operations: The company's intensive working capital management is reflected in its GCA of 291 days as on March 31, 2022. Its large working capital requirements arise from its high debtor and inventory levels. 90-day credit period is offered, increase in FY22 was on account of 180-day credit sale to clear off inventory leading to full utilization of bank limits on account of longer payment period. Furthermore, due to its business need, it holds large work in process & inventory. Due to perishable nature of the product, the company is also susceptible to inventory losses, if the inventory is not cleared off before its expiry date on account of reduced sales. * Average financial profile: ASEPL has average financial profile marked by gearing of 1.45 times and total outside liabilities to adj tangible net worth (TOL/ANW) of 1.75 for year ending on 31st March 2022. ASEPL's debt protection measures are at average level with interest coverage and net cash accrual to total debt (NCATD) ratio are at 1.61 times and 0.04 times for fiscal 2022 due to high reliance on external bank lines. With no plans for debt funded capital expenditure the financial risk profile of the company is expected to improve over medium term. Liquidity: Stretched Bank limit utilization was 99% for past six months ended April 2022, constraining the liquidity of the company. Expected cash accrual of over INR1.69 crore per annum and cash balance of INR0.15 crore will cover yearly term debt obligation of INR1.2 crore over the medium term, leaving minimal cushion. Current ratio was moderate at 1.4 times as on March 31, 2022. The promoters will likely extend support through equity and unsecured loans to meet working capital requirement and debt obligation. In addition, moderate net worth supports the company's financial flexibility, which will cushion adverse conditions or downturns in the business. Outlook: Stable CRISIL Ratings believe ASEPL will continue to benefit from the extensive experience of its promoter, and established relationships with clients. Rating Sensitivity factors Upward factors * Sustained improvement in revenue along with steady margins leading to healthy accruals with NCA/RO ratio operating at above 1.3 times * Prudent management of working capital cycle leading to improvement in bank utilization to below 95%, thus supporting the financial and liquidity profile of the company Downward factors * Lower revenue or profitability leading to net cash accruals of INR1 crore or below * Stretch in working capital cycle weakening the liquidity and financial risk profile ASEPL was incorporated in 1996, it is located in Meerut, U.P. ASEPL is engaged in processing and export of frozen meat to Southeast Asia, Middle East, Africa and the Pacific Basin Nations. The facility is located at Meerut, Uttar Pradesh. ASEPL has a storage capacity of 1250 M.T. ASEPL is owned & managed by Mr. M.D. Shahid. ARIHANT DREAM: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arihant Dream Infra Projects Limited (ADIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 9, 2021, placed the rating(s) of ADIPL under the 'issuer non-cooperating' category as ADIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ADIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 25, 2022, July 5, 2022, July 15, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Jaipur-based (Rajasthan) ADIPL was originally incorporated in 2011 as Arihant Shivank Infrastructure Private Limited and subsequently, changed its name to ADIPL in August, 2013. ADIPL mainly executes residential and commercial projects in Jaipur and nearby areas. The promoters of the company have significant experience of the executing residential and commercial real estate projects. The company is currently executing five projects and all are in Jaipur namely Arihant Dynasty, Arihant Legacy, Arihant Shree Krishnam Heights, Arihant Sai Residency, Arhiant Awana. CHARTERED HOTELS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Chartered Hotels Private Limited (CHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 327.52 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 26.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 17, 2021, placed the rating(s) of CHPL under the 'issuer non-cooperating' category as CHPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CHPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 3, 2022, July 13, 2022, July 23, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of CHPL have been reaffirmed based on auditor's comments in FY21 Annual report available from ROC Filings. As per the auditor; the company continues to delay the repayment of its term loan obligations however there are no comments with regards to invocation of bank guarantee. Chartered Hotels Private Limited (CHPL), incorporated in 1996, subsidiary of Saraf Hotels Limited (SHL). CHPL and SHL are part of the Saraf Hotel Enterprises that has over 30 years of experience in hotel, tourism and travel industry and over 22 years of experience in Indian hospitality market. CHPL plans to tap the mid-market segment / full service segment for business by setting up 4 star and 5 star hotels in tier-2 cities – Raipur (4 star), Hampi (4 star), Lucknow (5 star) & Guwahati (5 star). The company has entered into a management-cum-marketing agreement with Hyatt International Corporation for all the 4 hotels. CTM TEXTILE: CRISIL Lowers Rating on INR15cr LT Loan to B+ ---------------------------------------------------------- CRISIL Ratings has revised its ratings on the bank facilities of Ctm Textile Mills (CTM) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB+/Negative/CRISIL A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B+/Stable (ISSUER NOT COOPERATING; Migrated from 'CRISIL BB+/Negative') Letter of Credit 3 CRISIL A4 (ISSUER NOT COOPERATING; Migrated from 'CRISIL A4+') Term Loan 11.12 CRISIL B+/Stable (ISSUER NOT COOPERATING; Migrated from 'CRISIL BB+/Negative') Working Capital 1.09 CRISIL B+/Stable (ISSUER NOT Demand Loan COOPERATING; Migrated from 'CRISIL BB+/Negative') Working Capital 5.79 CRISIL B+/Stable (ISSUER NOT Demand Loan COOPERATING; Migrated from 'CRISIL BB+/Negative') CRISIL Ratings has been consistently following up with CTM through letters and emails, dated September 6, 2022, September 8, 2022, and September 9, 2022, September 19, 2022 and September 23, 2022 among others, apart from telephonic communication, for obtaining information. However, the issuer has remained non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed rationale Despite repeated attempts to engage with the firm's management, CRISIL Ratings did not receive any information on the financial performance or strategic intent of CTM, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes the rating action on CTM is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings is migrating its ratings on the bank facilities of CTM to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB+/Negative/CRISIL A4+'. Commercial operations of the company reduced and ultimately ceased in fiscal 2022 due to the Gujarat High Court sanction on textile processing units for illegal discharge of polluted water waste into the Sabarmati River because of improper working of effluent treatment plant (ETP), leading to snapping of sewage lines and sealing of units. Production has been halted, and the management is looking for ways to restart operations at the earliest. Debt obligation is being met on timely basis through funds from the promoters. Set up in 1963, CTM is promoted by Mr Sushilkumar M Agarwal and his family members. The firm was previously known as C Mohanlal Pvt Ltd. It processes grey fabric into finished fabric on job-work basis and for sale under its own brand. DIGI EXPORT: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Digi Export Venture Private Limited (DEVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 09, 2021, placed the rating(s) of DEVPL under the 'issuer non-cooperating' category as DEVPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. DEVPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 25, 2022, July 5, 2022, July 15, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Digi Export Venture Private Limited (DEVPL) was incorporated on June 25, 2010 by Mr. Amarjit Singh Kalra and his wife, Ms. Surinder Kaur Kalra. The company is involved in the manufacturing and assembling of public address (PA) systems and components, including loud speakers, amplifiers, microphones, and woofers, and related electronic and electrical equipment. FAIRDEAL MOTORS: CRISIL Withdraws B+ Rating on INR50cr Cash Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Fairdeal Motors and Workshop Private Limited (FMWPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with FMWPL for obtaining information through letters and emails dated May 24, 2022 and July 27, 2022, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of FMWPL. This restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on FMWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FMWPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. CRISIL Ratings has withdrawn its rating on the bank facilities of FMWPL on the request of the company and receipt of a no objection certificate from its bank. The rating action is in line with CRISIL Ratings' policy on withdrawal of its ratings on bank loans. Incorporated in 1971, FMWPL is engaged in the sale of commercial vehicles (CV) and passenger vehicles (PV) of Tata Motors Ltd, servicing of vehicles and sale of spare parts. FMWPL operates through 2 showrooms and service center in Jammu and Srinagar. It is owned & managed by Mr. Bakshi Bashir Ahmed, Mr. Saleem Bakshi and Mrs. Yasmin Bakshi. GALAXY REAL: CRISIL Withdraws B- Rating on INR2.8cr Loan -------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of Galaxy Real Estate Developers and Builders Private Limited (GRE) to 'CRISIL B-/Stable Issuer Not Cooperating'. CRISIL Ratings has withdrawn its rating on bank facility of GRE following a request from the company and on receipt of a 'no dues certificate' from the bankers. Consequently, CRISIL Ratings is migrating the ratings on bank facilities of GRE from 'CRISIL B-/Stable Issuer Not Cooperating' to 'CRISIL B-/Stable'. The rating action is in line with CRISIL Ratings' policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Loan Against 2.5 CRISIL B-/Stable (Migrated Property from 'CRISIL B-/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Loan Against 2.8 CRISIL B-/Stable (Migrated Property from 'CRISIL B-/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Mortgage Loan 5 CRISIL B-/Stable (Migrated Facility from CRISIL B-/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Mortgage Loan 1.5 CRISIL B-/Stable (Migrated Facility from CRISIL B-/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Proposed Long Term 8.2 CRISIL B-/Stable (Migrated Bank Loan Facility from 'CRISIL B-/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) GRE, set up in 2005 by Mr Sanjay Jain, develops residential and commercial real estate. INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indukuri Enterprises (IE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 23, 2021, placed the rating(s) of IE under the 'issuer non-cooperating' category as IE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. IE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 8, 2022, June 18, 2022, June 28, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Indukuri Enterprises (IE) is a Pune based partnership firm established in January 2018 and was promoted by Mrs. Indukuri Suryakumari Venkat Raju and Mr. Aditya Verma. IE is engaged in trading of bagasse. JINDAL TIMBER: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jindal Timber & Plywood Private Limited (JTPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 14.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 09, 2021, placed the rating(s) of JTPPL under the 'issuer non-cooperating' category as JTPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JTPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 25, 2022, July 5, 2022, July 15, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Karnal-based (Haryana) JTPPL was incorporated in 2009 and is promoted by Mr. Ramesh Jain and supported by his son Mr. Dinesh Jain. The business operations were originally being carried under a proprietorship firm “Jindal Cement Jali Works” (JCJW) which was established by Mr. Ramesh Jain in 1976. Subsequently in 2009, the business operations were taken over by JTPPL. JTPPL is engaged in trading and sawing of timber and allied products such as plywood, door skins etc. JTPPL has its registered office located at Karnal, Haryana with its branch office at Gandhidham, Gujarat. JIYA AGRO: CRISIL Lowers Rating on INR3.25cr Cash Loan to D ----------------------------------------------------------- CRISIL has downgraded the ratings of Jiya Agro Private Limited (JAPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating', as company has delayed in servicing of working capital facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.25 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Proposed Long Term 31.75 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with JAPL for obtaining information through letters and emails dated January 22, 2022 and March 12, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JAPL is consistent with 'Assessing Information Adequacy Risk'. CRISIL has downgraded the ratings to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating', as company has delayed in servicing of working capital facilities. Incorporated in 2014, JAPL trades in rice and other agricultural products such as wheat, maize, paddy, and pulses. The company is managed by Mr Harbind Singh and Ms Jyoti Singh. Its registered office is in Delhi. JUMPS AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating for the bank facilities of Jumps Auto Industries Limited (JAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.4 CRISIL B/Stable (Issuer Not Cooperating) Long Term Bank 9.75 CRISIL B/Stable (Issuer Not Facility Cooperating) Long Term Bank 4.4 CRISIL B/Stable (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with JAI for obtaining information through letters and emails dated May 10, 2022, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JAI. This restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JAI continues to be 'CRISIL B/Stable Issuer Not Cooperating'. CRISIL Ratings has withdrawn its ratings on INR4.4 Crore of long term bank facility on the request of the company and receipt of a no objection certificate from its bank. The rating action is in line with CRISIL Ratings' policy on withdrawal of its ratings on bank loans Incorporated in 1999, Gurgaon-based JAI, promoted by Mr Joginder Pal Malhotra and Mr Sanjay Malhotra, is engaged in the manufacturing and export of auto electric components such as starter motors, alternators, solenoid switches, and armatures for commercial vehicles, tractors and stationary engines. It also manufactures automotive bearing components for seating systems through its wholly-owned subsidiary, Honasco. The group caters to the domestic as well as overseas market including United Kingdom, United States of America, South Africa, France and Germany. KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kishan Lal Agrawal Contractor (KLAC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 5.50 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 13, 2021, placed the rating(s) of KLAC under the 'issuer non-cooperating' category as KLAC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KLAC continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 30, 2022, August 10, 2022, August 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kishan Lal Agrawal Contractors (KLAC) was constituted in May 1988as a partnership firm and currently managed by Mr. Pankaj Agrawal and Mr. Ashok Kumar Agrawal. Since its inception, the firm has been engaged in civil construction business like laying of pipelines, supplying and fixing C.I. Pipe Line, construction of water supply system, construction of stadium building, residential quarters, college, shopping complex, etc. KLAC participates in tenders and executes orders for the various departments of Government of Chhattisgarh. KLAC is classified as a 'Class A contractor' by the Government of Chhattisgarh which enables it to participate in higher value contracts. LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lalitha Metals (LM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.37 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term 0.15 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 29, 2021, placed the rating(s) of LM under the 'issuer non-cooperating' category as LM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 15, 2022, August 25, 2022, September 4, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Lalitha Metals (LM) was incorporated in 1976 by Mr. A. Krishna Balaji and Mr. A V K Chowdary. The firm is engaged in the business of manufacturing of Spheroidal Graphite Iron (SG Iron) castings which include cast iron and non-ferrous castings, valves, pipe fittings and manhole covers. MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mandeep Industries (MI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 44.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 3, 2021, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 20, 2022, July 30, 2022, August 10, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Upleta (Dist. Rajkot), Gujarat based M/s. Mandeep Industries (MI) was setup as a partnership firm in 1973 by members of the Talaviya family. MI is mainly engaged in groundnut processing which includes crushing of groundnuts to produce raw oil and oiled cake, solvent extraction of groundnut oiled cake to produce groundnut oil & de-oiled cake and refining of groundnut oil. Furthermore, MI is also engaged in opportunity-based trading of agro-commodity products including de-oiled rice bran (DORB) poultry feeds. MANSI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mansi International Private Limited (MIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 6, 2021, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 22, 2022, July 2, 2022, July 12, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Mansi Traders was established in 2010 as a proprietorship concern by Ms. Mansi Doshi. Later, it was converted into private limited company in 2012 under the name Mansi International Private Limited (MIPL). The company is mainly engaged in trading of dry fruits such as almonds, raisins and pistachios and spices such as cloves, star anise seed, dry ginger and cinnamon. MSR INDIA: CRISIL Lowers Rating on INR20cr Cash Loan to D --------------------------------------------------------- CRISIL Ratings has downgraded its rating on the bank facilities of MSR India Limited (MSRIL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' on account of delays in debt servicing due to weak liquidity. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.1 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Proposed Long Term 0.4 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with MSRIL for obtaining information through letters and emails dated October 16, 2021 and December 28, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MSRIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MSRIL is consistent with 'Assessing Information Adequacy Risk'. MSRIL was incorporated in 2002. MSRIL is owned & managed by K.V. Rajasekhar Reddy. MSRIL is engaged in manufacturing of copper bottles, battery cell cases and consumer goods such as Pasta, Vermicelli, Chakki Atta, battery cells. MSRIL market it under brand name 'Today' under consumer Goods and 'Dr. Copper' under Copper water bottles. MSRIL manufacturing facility is located in Hyderabad (Telangana). NARMADA EXTRUSIONS: CARE Lowers Rating on INR13.69cr Loan to D -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Narmada Extrusions Limited (NEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.69 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and revised from CARE B-; Stable Short Term Bank 65.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 9, 2021, placed the rating(s) of NEL under the 'issuer non-cooperating' category as NEL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NEL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 25, 2022, July 05, 2022, July 15, 2022 and October 4, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of NEL have been revised on account of delays in debt servicing recognized from Annual report of FY21, available from registrar of the companies as well as lender's feedback. Incorporated in August 1984, NEL is an ISI 9000:2008 certified company promoted by Mr. Mahesh Mittal and his family based out of Indore. NEL manufactures and trades in HDPE and PP bags catering to the packaging needs of cement, fertilizers, sugar, salt, flour, chemicals, food grains industries etc. The manufacturing facilities of NEL are located at Indore with an installed capacity of 17,500 Metric Tonnes (MT) of fabrics and bags per annum as on March 31, 2016. Apart from the manufacturing of HDPE & PP bags, NEL also acts as a Carrying and Forwarding (C&F) Agent for GAIL (India) Limited and trades in plastic granules. NAVJEEVAN HATCHERIES: CRISIL Reaffirms D Rating on INR11.7cr Loan ----------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-term bank facilities of Navjeevan Hatcheries Pvt Ltd (NHPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.5 CRISIL D (Reaffirmed) Proposed Working Capital Facility 1.2 CRISIL D (Reaffirmed) The rating continues to reflect the company's weak liquidity position indicated by regular overutilisation of its working capital bank limit. Further with upcoming debt repayments obligation towards working capital term loan (WCTL), the liquidity will further be strained. The rating also reflects average financial risk profile because of leveraged capital structure, large working capital requirement and susceptibility to risks inherent in the poultry industry. These weaknesses are partially offset by the extensive experience of the promoter in the poultry industry. Key rating drivers and detailed description Weaknesses: * Weak liquidity: NHPL's liquidity is weak reflected in regular overutilisation of working capital limit, and delays in interest servicing. Company's cash accruals were suppressed in fiscal 2022 due to higher input prices which had impacted its profitability. With commencement of repayment for WCTL, the liquidity is expected to be strained further. * Average financial risk profile: Gearing and total outside liabilities to tangible networth ratio were high at 3.78 times and 11.24 times, respectively, as on March 31, 2022, and networth was modest at INR3.3 crore. Interest coverage ratio was subdued around 1.4 times in fiscal 2022. * Large working capital requirement: Gross current assets were at around 92 days as on March 31, 2022, driven by inventory of 78 days, and are expected at 90-120 days over the medium term. Inventory remains large because the entire process of converting eggs into broiler birds takes 67-84 days. The company receives limited credit from its suppliers, necessitating high dependence on bank limit. * Exposure to intense competition and risks inherent in the poultry industry: The company faces competition from organised as well as unorganised segments. The industry is driven by regional demand-supply factors because of transportation constraints and perishable products. It is vulnerable to diseases, which could lead to decline in sales volume and realisations. Also, profitability is susceptible to fluctuations in prices of raw material (feed), which account for a significant portion of the cost of sales. Strength: * Extensive experience of the promoter: The promoter's experience of over two decades in the poultry industry, strong understanding of local market dynamics and healthy relationships with customers and suppliers will continue to support the business. Liquidity: Poor Bank limit utilisation averaged 101% for the 12 months through September 2022. NHPL's cash accrual were estimated to be low at less than Rs.50 lakh in fiscal 2022 from INR1.35 crore in fiscal 2021. With fully utilised bank lines, negligible surplus in other operative accounts and volatile cash flow, the timely servicing of upcoming debt obligation will also be tested. Current ratio was average at 1.1 times as on March 31, 2022. Rating sensitivity factors Upward factors * Track record of timely servicing of debt * Improvement in liquidity Incorporated in 1998 by Mr Harshwardhan Joshi, NHPL is engaged in selling eggs, day-old chicks and broiler birds. NEUROGEN BRAIN: CRISIL Withdraws B Rating on INR10cr Term Loan -------------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of NeuroGen Brain And Spine Institute (NBSI) to 'CRISIL B/Stable/Issuer not cooperating'. CRISIL Ratings has withdrawn its rating on bank facility of NBSI following a request from the company and on receipt of a 'no dues certificate' from the banker. Consequently, CRISIL Ratings is migrating the ratings on bank facilities of NBSI from 'CRISIL B/Stable/Issuer Not Cooperating to 'CRISIL B/Stable'. The rating action is in line with CRISIL Ratings' policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term 10 CRISIL B/Stable (Migrated from Loan 'CRISIL B/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Term Loan 12 CRISIL B/Stable (Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Analytical Approach For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of NBSI and Neurogen Brain and Spine Institute Pvt Ltd (NBSIPL), together referred to as 'the Neurogen group'. This is because both the companies are in the same line of business, work under a common management, and have strong operational linkages and financial linkages Set up in 2008 as a proprietorship firm by Dr Alok Sharma, Neurogen Group operates a super-specialty hospital of 75 bed in Navi Mumbai, Maharashtra. It specialized in providing medical services relating to neurological disorders and spinal injuries. PAWANSUT CONSTRUCTION: CRISIL Lowers LT/ST Debt Rating to D ----------------------------------------------------------- CRISIL Ratings has downgraded the ratings of Pawansut Construction (PSC) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating', as company has delayed in servicing of term debt-obligations. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with PSC for obtaining information through letters and emails dated March 14, 2022 and May 9, 2022 and October 11th, 2022 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PSC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PSC is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating', as company has delayed in servicing of term debt-obligations. PSC is a proprietorship firm engaged in civil construction. It was established in 2008 and is based in Ghazipur (Uttar Pradesh). The firm undertakes construction of roads and bridges for government departments in Bihar and Uttar Pradesh, and is owned and managed by Mr. Abhishek Kumar Singh. RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rameshwaram Cotton Mills (RCM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 3, 2021, placed the rating(s) of RCM under the 'issuer non-cooperating' category as RCM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RCM continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 20, 2022, July 30, 2022, August 10, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Aurangabad (Maharashtra) based Rameshwaram Cotton Mills (RCM) was incorporated in December 31, 2015 by Mr. Ravikumar Rameshwar Garg and Mr. Girdharilal Rameshwar Garg with an objective to set up green field project for cotton ginning and pressing at Melasangem, Andhra Pradesh. RCM envisaged total project cost of INR4.88 crore towards the project which was envisaged to be funded through term loan of INR3.25 crore and remaining of INR1.63 crore through unsecured loans and share capital. S. S. KAMATH: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of S. S. Kamath (SSK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.70 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 20, 2021, placed the rating(s) of SSK under the 'issuer non-cooperating' category as SSK had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SSK continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 6, 2022, July 16, 2022, July 26, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Karnataka based, S. S. Kamath (SSK) was established in the year 2016 as a proprietorship firm by Mr. Sidharth Kamath. The firm is engaged in processing of raw cashew nut into cashew kernels. The firm procures raw material (raw cashew nuts) domestically from farmers and traders in the states Kerala, Karnataka, Goa and Andhra Pradesh. SAVITRIDEVI INDUSTRIES: CARE Keeps D Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Savitridevi Industries Limited (SIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.53 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 28, 2021, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 13, 2022, June 23, 2022, July 3, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SIL was incorporated in October 2009 as Savitridevi Cotton and Oil Limited. During December 2013, the name of company was changed to Savitridevi Industries Limited on account of diversified business division. SIL is engaged in ginning and pressing of cotton, extraction of oil from cotton seed and trading of milk. The ginning & pressing plant and oil extraction unit is located at Atpadi, Sangli (Maharashtra). SHAMBHAVI COTTON: CRISIL Lowers Rating on INR7cr Loans to D ----------------------------------------------------------- CRISIL Ratings has downgraded the rating on the bank facilities of Sri Shambhavi Cotton Ginning & Pressing (SSCGP) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Long Term Loan 3 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SSCGP for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communications. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SSCGP, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSCGP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has downgraded the rating on the bank facilities of SSCGP to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' as the accounts of the firm have been classified as NPA and are under recovery proceedings, as confirmed by the banker. SSCGP was set up in 2013 as a partnership between Mr Siddesh Angadi, Ms Poornima and Ms Drakshayani. This Koppal (Karnataka)-based firm gins and presses cotton. SUCHIRINDIA CONSTRUCTIONS: CRISIL Moves B+ from Not Cooperating --------------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of Suchirindia Constructions Private Limited (SCPL) to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL Ratings is migrating the rating on bank facilities of from 'CRISIL B+/Stable Issuer Not Cooperating to 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 15 CRISIL B+/Stable (Migrated Bank Loan Facility from 'CRISIL B+/Stable ISSUER NOT COOPERATING') The rating reflects SCPL's nascent stage of project implementation and vulnerability to cyclicality in the real estate industry. These weaknesses are partially offset by the extensive experience of the promoters. Key Rating Drivers & Detailed Description Weaknesses: * Initial stage of project implementation: SCPL is expected to launch its new project in Shamshabad (Hyderabad) in July 2020. Since the project is in its initial stage, it remains exposed to high demand, funding, and implementation risks. * Vulnerability to cyclicality inherent in the real estate industry: The real estate sector in India is cyclical and affected by volatile prices, opaque transactions, and a highly fragmented market structure. Hence, business risk profile will remain susceptible to risks arising from any industry slowdown. Strength * Extensive experience of the promoters: Extensive industry experience has enabled the promoters to establish a track record of successful project implementation. Liquidity: Stretched Liquidity is expected to remain stretched as financial closure is yet to be achieved. Also liquidity remains susceptible to the bookings received and timely receipt of customer advances. Outlook: Stable CRISIL Ratings believes SCPL will continue to benefit from the extensive experience of its promoters. Rating Sensitivity factors Upward factors * Better-than-expected bookings of over 40% for the project in 2023 fiscal and higher customer advances resulting in sizeable surplus. * Timely implementation of the project within the budgeted cost along with lower dependence on external debt. Downward factors * Lower-than-expected flow of customer advances due to bookings of less than 15% and higher-than-expected debt resulting in stretched liquidity. * Any further fund support extended to group companies/related parties. * Significant time or cost overrun in the projects. Incorporated in 2007 by Dr Kiran Kumar Yadugiri and Mrs Pushpa Kumar Yadugiri, SCPL is engaged in developing plots in Telangana. As per the National Company Law Tribunal wide its order dated September 26, 2019 has approved the scheme of amalgamation between Suchirindia Projects Pvt Ltd (transferor company) with SCPL (transferee company) with effective date of amalgamation being April 1, 2018. SUNGRACE SYNTEX: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sungrace Syntex Private Limited (SSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.59 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 12, 2021, placed the rating of SSPL under the 'issuer non-cooperating' category as SSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 28, 2022, July 8, 2022, July 18, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SSPL was incorporated in 2003 in Bhilwara (Rajasthan) by Mr Amit Surana along with his family members. SSPL is engaged in the business of manufacturing of synthetic grey fabrics. Furthermore, the company does weaving activity on job work basis for others. Furthermore, the company is also engaged in the business of trading of grey and finished synthetics fabrics. The plant of SSPL is located at Bhilwara, Rajasthan which is a textile cluster. TIRUPATI COMMODITIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tirupati Commodities Impex Private Limited (TCIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 23.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 10, 2021, placed the rating(s) of TCIPL under the 'issuer non-cooperating' category as TCIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 26, 2022, July 6, 2022, July 16, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2005, Tirupati Commodities Impex Pvt. Ltd. (formerly known as Tirupati Iron Impex Pvt. Ltd.) is engaged in the trading of iron, steel and other allied products like HR coils, HR plates, CR coils, angles, beams, channels, pipes among others which has wide application in the EPC, engineering, auto ancillaries, capital goods and other manufacturing industries. TCIPL is a family-managed business promoted by the Jain and Gupta family. The company has its controlling office in Mumbai and has branches in Hyderabad, Raipur, Bhopal and Surat. VISHAL PAPER: CARE Lowers Rating on INR17.06cr LT Loan to C ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Vishal Paper Industries Private Limited (VPIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.06 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term 1.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 11, 2021, placed the rating(s) of VPIPL under the 'issuer non-cooperating' category as VPIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 27, 2022, July 7, 2022, July 17, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The ratings also consider a decline in scale of operations, net loss as well as an increase in overall debt in FY21 compared to FY20. Vishal Paper Industries Pvt. Ltd. (VPIPL) was established as a partnership concern, by the name Vishal Paper Industries, in 2002, by Mr. Vidya Sagar Gupta and his brothers Mr. Suraj Bhan Gupta & Mr. Krishan Mohan Gupta with an installed capacity of 4,500 MT per annum. In March 2005, the entity was reconstituted as a private limited company. The company is engaged in the manufacturing of writing and printing papers (WPP) by using waste paper as a major raw material. The manufacturing facility of the company is located in Patiala (Punjab). ========= J A P A N ========= TOSHIBA CORP: Preferred Bidder Offers Less Than JPY6,000 a Share ---------------------------------------------------------------- Reuters reports that the preferred bidder to buy out Toshiba Corp has offered to pay less than the widely regarded threshold of JPY6,000 a share, two sources said, indicating the premium for the Japanese conglomerate may not be as rich as investors had hoped. A consortium led by private equity firm Japan Industrial Partners (JIP) was granted preferred bidder status by Toshiba in a second round of bidding on Oct. 7, though the conglomerate is still open to proposals from others, people familiar with the matter have said, Reuters relaes. According to Reuters, conditions of JIP's proposal include retaining current management, a separate source said - a friendly offer for Toshiba Chief Executive Taro Shimada who aims to boost profit by beefing up data-related services. JIP, which has been inviting Japanese firms including Orix Corp and Chubu Electric Power Co Inc to join the consortium, has been given a month to come up with a detailed proposal including financing, one of the sources said. JIP's initial offer was below JPY6,000 per share, the two sources told Reuters, putting the value of a potential tender offer at less than JPY2.6 trillion($17.5 billion). The offer price may change as a consortium led by state-backed Japan Investment Corp (JIC) is preparing a competing bid, said the sources, who declined to be identified because the matter is private, Reuters relays. JIP teamed up with JIC to bid for Toshiba in the first bidding round but later split due to disagreement about post-buyout strategies, people familiar with the matter have said. JIC has been in talks with Bain Capital, one of several overseas funds that passed the first round of bidding, as well as with MBK Partners, the sources, as cited by Reuters, said. Investors have considered JPY6,000 to be a key threshold, the report notes. About Toshiba Corp. Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances. As reported in the Troubled Company Reporter-Asia Pacific on April 1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer credit rating and 'B' short-term issuer and issue credit ratings on Toshiba Corp. S&P removed the long-term issuer credit rating from CreditWatch with negative implications, on which S&P placed it on Nov. 16, 2021. The outlook is negative. ======= L A O S ======= LAOS: Fitch Withdraws 'CCC-' LongTerm Foreign Currency IDR ---------------------------------------------------------- Fitch Ratings has affirmed Laos' Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'CCC-'. The Long-Term Local-Currency IDR has been affirmed at 'CCC' and the Country Ceiling at 'B-'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC' or below. Subsequently, Fitch has withdrawn Laos' Long- and Short-Term Foreign-Currency IDRs and Country Ceiling. Fitch has chosen to withdraw the ratings of Laos for commercial reasons. KEY RATING DRIVERS Ratings Affirmed and Withdrawn: Prior to the withdrawal, Fitch affirmed Laos' Long-Term Foreign-Currency IDR at 'CCC-', primarily reflecting elevated external liquidity pressure from high commodity prices and tightening global financial conditions, as well as a challenging external debt repayment profile. The Lao government has prioritised repayment of private debt obligations in recent years and demonstrated market access in the Thai bond market in March 2022 when it rolled over its maturing Thai baht-denominated bonds, but Fitch believes risks are increasing due to external liquidity strains. Laos has debt repayments of about USD1.2 billion-1.4 billion per annum over the next five years amid narrow financing options, surging inflation, currency depreciation and low foreign-exchange reserves. Fitch believes that China, to which around half of total external debt repayments are due, continues to provide considerable debt relief through debt payment deferrals, which began in 2020. There is limited clarity on the terms of these deferrals and the impact on the medium-term debt repayment profile. Negotiations appear to be ongoing on this issue, with potentially more substantial debt relief. ESG - Governance: Laos has an ESG Relevance Score of '5'[+] and '5', respectively, for Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. Theses scores reflect the high weight that the World Bank Governance Indicators have in its proprietary Sovereign Rating Model. Laos has a low World Bank Governance Indicator ranking at the 24th percentile, reflecting weak institutional capacity, relatively weak rights for participation in the political process, weak institutional capacity and a high level of corruption, despite a high level of political stability. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: Not applicable as the ratings have been withdrawn. Factors that could, individually or collectively, lead to positive rating action/upgrade: Not applicable as the ratings have been withdrawn. SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Laos a score equivalent to a rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale. However, in accordance with our rating criteria, Fitch's sovereign rating committee has not utilised the SRM and QO to explain the ratings in this instance. Ratings of 'CCC+' and below are instead guided by the rating definitions. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. ESG CONSIDERATIONS Laos has an ESG Relevance Score of '5'[+] for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Laos has a percentile rank above 50 for the respective Governance Indicator, this has a positive impact on the credit profile. Laos has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Laos has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Laos has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Laos has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Laos has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Laos, as for all sovereigns. As Laos appears to have received debt relief from China through the deferment of debt repayments in 2020, this has a negative impact on the credit profile. Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or to the way in which they are being managed by the entity. Entity/Debt Rating Prior ----------- ------ ----- Laos LT IDR CCC- Affirmed CCC- LT IDR WD Withdrawn CCC- ST IDR C Affirmed C ST IDR WD Withdrawn C LC LT IDR CCC Affirmed CCC LC LT IDR WD Withdrawn CCC LC ST IDR C Affirmed C LC ST IDR WD Withdrawn C Country Ceiling B- Affirmed B- Country Ceiling WD Withdrawn B- =============== M A L A Y S I A =============== 1MDB: Federal Court to Hear on Feb. 7 Appeals Over Forfeiture Bids ------------------------------------------------------------------ theedgemarkets.com reports that the Federal Court on Oct. 18 fixed Feb. 7 next year to hear the prosecution's appeals over their failed forfeiture bids against several companies and entities, including political parties like Umno and MCA, in relation to 1Malaysia Development Bhd (1MDB) funds received from former prime minister Datuk Seri Najib Razak. According to the report, the matter came up for case management before Federal Court deputy registrar Siti Hajar Mustaffa on Oct. 18, who fixed the date of the hearing. theedgemarkets.com relates that the prosecution is appealing after failed forfeiture against Habib Jewels Sdn Bhd, Hattatex Trading, Wanita MCA, Umno Central, the Umno Pahang Liaison Committee, Kedah Umno Liaison Committee, incumbent Baling Member of Parliament Datuk Seri Abdul Azeez Abd Rahim and three others, K&Z Enterprise Sdn Bhd and Perano Sdn Bhd. Habib Jewels was represented by Gooi Yang Shuh and Syazwani Mohd Zawawi appeared for Central Umno, while the prosecution was represented by deputy public prosecutor Nik Haslinie Hashim, the report notes. This is the final appeal by the prosecution in their forfeiture applications. Last Sept. 2, the Court of Appeal dismissed the prosecution's appeal, where it ruled that the forfeiture action against the political parties and others did not satisfy the requirements under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 with regard to forfeiture of property when there is no prosecution. Judge Datuk Hadhariah Syed Ismail, who was part of a three-judge bench led by Datuk Abdul Karim Abdul Jalil, said there were "no good reasons to disturb the finding of facts that the present forfeiture [of funds] the prosecution seeks is not from the proceeds of unlawful activities," theedgemarkets.com relays. "The money had all been used up, and the business entities had no knowledge that the monies came from unlawful activities of Najib. It is most unfair for the court to allow the appeal for the services or items sold. "We find that the High Court judge did not commit any error in law. We affirm the order of the High Court," she said. theedgemarkets.com relates that the same bench, which also included Datuk Abu Bakar Jais, however, allowed the appeal by Umno Pahang, which challenged the forfeiture of MYR2.48 million, resulting in the appeal in the apex court. According to the report, the prosecution wanted to forfeit MYR192 million from Central Umno, MYR300,000 from Wanita MCA, and MYR1.05 million from Umno Kedah, followed by business entities such as Habib Jewels (MYR100,000), K&Z Enterprise (MYR138,359.60), Perano (MYR337,634.78), Binsabi Sdn Bhd (MYR827,25), and Hatatex Trading (MYR111,590). They were among the 40 organisations and entities that the Malaysian Anti-Corruption Commission (MACC) wanted to forfeit funds from since the bulk of the funds were from Umno, the report notes. The MACC initiated the forfeiture in 2019, as they were alleged to have received the funds from Najib, and that the money trail originated from the former PM, theedgemarkets.com says. Najib is presently serving a 12-year jail sentence and MYR210 million fine, after the Federal Court upheld his conviction for abuse of power, criminal breach of trust and money laundering in the SRC International Sdn Bhd case. SRC is a former subsidiary of 1MDB. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== ADIP COMMERCIAL: Court to Hear Wind-Up Petition on Oct. 27 ---------------------------------------------------------- A petition to wind up the operations of Adip Commercial Cleaning Limited and B D S Property Consultants Limited will be heard before the High Court at Auckland on Oct. 27, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 8, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 AVANTI FINANCE: S&P Affirms 'BB/B' ICRs, Outlook Stable ------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term and 'B' short-term issuer credit ratings on New Zealand-based finance company Avanti Finance Ltd. S&P said, "Our ratings on Avanti reflect the finance company's (finco) defendable niche position as a finance provider to customers not actively serviced by mainstream banks. While Avanti's lending activities are inherently riskier than those of banks, we believe the finco's diverse product offering and lack of single-name concentration should allow it to maintain relatively stable earnings. "We expect Avanti to remain very strongly capitalized despite its high growth trajectory. High capital levels and strong earnings will support the company. We believe Avanti will be able to access existing shareholders or introduce new investors to maintain its very strong capital position, in line with a risk-adjusted capital (RAC) ratio of more than 15%." S&P believes Avanti's asset quality will continue to strengthen. The finco will continue to shift toward a lower-risk customer segment while maintaining high growth. Nonperforming assets fell to about 2% of gross customer loans at June 30, 2022, from more than 4% two years earlier. Similarly, net charge-offs as a percentage of loans have fallen to 54 basis points (bps) in fiscal 2022 (year ended June 30, 2022) from 104 bps two years earlier. Avanti's bank-warehouse funding model leaves the company susceptible to changes in banker confidence, in S&P's view. Avanti maintains a material reliance on the Westpac Group for wholesale funding lines, which we believe will take time to decline, notwithstanding the company's efforts toward funding diversification in recent years. As of March 31, 2022, Westpac provided about 88% of Avanti's warehouse funding facilities, equivalent to 56% of the finco's total funding base. S&P said, "The stable outlook reflects our expectation that Avanti will maintain a RAC ratio of more than 15% for the next 12 months, despite continued strong loan growth. As at June 30, 2022, our RAC ratio for the finco was 17.6%. We forecast an RAC ratio of 15.7%-16.2% over the next 12 months. "We see a negative economic risk trend for banks operating in New Zealand, reflecting the increasing risk of a sharp fall in property prices, and thus a potential significant increase in credit losses. If we were to consider economic risks for New Zealand banks have increased and subsequently applied higher risk weights to Avanti's exposures, we believe the finco would raise additional capital to maintain an RAC ratio of more than 15%. "We could lower our long-term rating on Avanti if the company continues to pursue aggressive loan growth without capital management initiatives to maintain its very strong capital, such that the RAC ratio falls below 15% on a sustained basis. The RAC ratio is likely to drop below 15% if S&P Global Ratings considers economic risks for New Zealand banks to have increased and Avanti does not raise capital to offset our higher risk weights. "We are unlikely to upgrade Avanti over the next 12 months." OLD VILLA: BDO Auckland Appointed as Administrators --------------------------------------------------- Rees Logan and Andrew McKay of BDO Auckland on Oct. 9, 2022, were appointed as administrators of Old Villa Wellness Group Limited and Team Culture Plus Limited. The administrators may be reached at: BDO Auckland Level 4, BDO Centre 4 Graham Street Auckland 1010 OVATO NEW ZEALAND: Assets Sold in Liquidation Sale -------------------------------------------------- Cameron Smith at the New Zealand Herald reports that liquidators have sold the plant and machinery of collapsed printing and distribution company Ovato, enabling secured creditors to be paid, but there remains a shortfall for unsecured creditors and staff. Ovato, one of New Zealand's largest commercial printers, went into voluntary administration along with its Australian parent company in July, after battling with a drop in demand and increasing cost pressures. Last week, administrators Rees Logan and Andrew McKay of BDO Auckland were also appointed liquidators of the company after no offers were received for the sale of the business as a going concern, the Herald relates. Ovato NZ is owned by Ovato Ltd, an Australian registered and listed company. In their first report issued on Oct. 12, Messrs. Logan and McKay said they had sold all plant and machinery for NZD1.69 million. The final price was adjusted down from NZD2.15 million due to a damaged printing press, which was now subject to an insurance claim. The Herald understands that rival printing company Blue Star NZ was most likely to have purchased the plant and machinery. According to the Herald, Messrs. Logan and McKay noted in their report that overseas secured creditors Scottish Pacific Business Finance Pty Ltd ("Scotpac") and Opus Group (Australia) had been repaid from the sale of Australian and New Zealand assets. Opus was owed approximately AUD10 million across the Australian and New Zealand businesses. It was repaid about NZD9 million from the Australian administration and approximately AUD843,000 (NZD983,000) from the New Zealand sale proceeds. Meanwhile, more than 60 creditors were named in the liquidator's report, including Vodafone NZ, Sky Network Television, NZ Post, Vector and Inland Revenue, the Herald discloses. The Herald relates that the liquidators' report noted an estimated NZD2.3 million - NZD2.6 million was owed to unsecured creditors, and NZD2.5 million - NZD2.7 million to preferential creditors, but it was too early to reliably estimate what funds, "if any", will be available for both these classes of creditors. Staff wages have been paid, they said, but an estimated NZD1.1 million to NZD1.2 million is still outstanding for holiday pay and redundancy. About Ovato Headquartered in Pyrmont, Australia, Ovato Limited (ASX:OVT) -- https://www.ovato.com.au/ -- provides marketing, digital premedia, commercial printing, letterbox delivery, and magazine distribution services in Australia and New Zealand. The company prints and distributes catalogues, magazines, books, brochures and flyers, stationery, newspapers, directories, packaging, and point of sale products. It serves customers in the retail, publishing, ecommerce, FMCG, and other sectors. The company was formerly known as PMP Limited and changed its name to Ovato Limited in February 2019. Chris Hill, Ben Campbell and Ross Blakeley of FTI Consulting were appointed as administrators of Ovato Limited and related entities on July 21, 2022. Ovato announced to the ASX on July 21 that ongoing volatile market conditions, the increased cost of raw materials and legacy cost issues had continued to impact the business and led to the decision to appoint administrators, Stuff.co.nz said. PATTERSONS INSURERBUILD: Placed Into Liquidation ------------------------------------------------ Grant Bruce Reynolds of Reynolds & Associates Limited on October 13, 2022, were appointed as liquidators of Pattersons Insurerbuild Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 ================= S I N G A P O R E ================= BRILLIANT JADE: Creditors' Proofs of Debt Due on Nov. 18 -------------------------------------------------------- Creditors of Brilliant Jade Pte. Ltd. are required to file their proofs of debt by Nov. 18, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 11, 2022. The company's liquidators are: Chan Li Shan Thio Khiaw Ping Kelvin c/o Agile 8 Solutions 133 Cecil Street #14-01 Keck Seng Tower Singapore 069535 GRAM CAR: Commences Wind-Up Proceedings --------------------------------------- Members of Gram Car Carriers Holdings Pte. Ltd., on Oct. 13, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Mick Aw and Bernard Juay. REFINE ASIA: Creditors' Meetings Set for on Oct. 27 --------------------------------------------------- Refine Asia Group Pte. Ltd., Focus Asia Group LLP, and Eight@Work Pte. Ltd. will hold a meeting for its creditors on Oct. 27, 2022, at 3:30 p.m., 4:30 p.m. and 5:30 p.m., respectively, via audio-visual conference on the Zoom Platform. Agenda of the meeting includes: a. to lay before the creditors a full statement of the affairs of the Companies/LLP, showing the assets and liabilities of the Companies/LLP;; b. to appointment of Liquidators; and c. to resolve that the books, accounts and documents of the Companies/LLP be destroyed pursuant to (1) & (3) Section 195(2) of the Insolvency, Restructuring and Dissolution Act 2018; and (2) Section 67(2) of the Fifth Schedule of the Limited Liability Partnerships Act 2005; and d. Any other business. THREE ARROWS: SEC, CFTC Probing Bankrupt Crypto Hedge Fund ---------------------------------------------------------- Bloomberg News reports that the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are examining whether bankrupt crypto hedge fund Three Arrows Capital violated rules by misleading investors about its balance sheet and not registering with the two agencies, two people familiar with the matter said. The Singapore-based Three Arrows filed for bankruptcy in July, saying its business had "collapsed in the wake of extreme fluctuations in cryptocurrency markets," Bloomberg says. In particular, the hedge fund suffered huge losses stemming from the collapse of the terraUSD algorithmic stablecoin in May. At the end of June, the Monetary Authority of Singapore (MAS) reprimanded Three Arrows Capital for misleading it with allegedly false information. With Three Arrows' co-founders Su Zhu and Kyle Davies' location unknown and the liquidators in the bankruptcy case and their attorneys unable to track them down, the liquidators recently asked the court to be able to serve the two subpoenas via their email addresses, Twitter accounts and the email addresses of their attorneys, Bloomberg discloses. About Three Arrows Capital Three Arrows Capital Ltd. was an investment firm engaged in short-term opportunities trading, and is heavily invested in cryptocurrency, funded through borrowings. As of April 2022, the Debtor was reported to have over $3 billion of assets under its management. Three Arrows Capital Ltd. was incorporated as a business company under the laws of the British Virgin Islands. Its sole shareholder owning all of its "management shares" is Three Arrows Capital Pte. Ltd., which previously operated as a regulated fund manager in Singapore until 2021, when it shifted its domicile to the BVI, as part of a global corporate plan to relocate operations to Dubai. The Debtor borrowed digital and fiat currency from multiple lenders to fund its cryptocurrency investments. After cryptocurrency lost 99% of its value, and then prices of other cryptocurrencies had rapid declines, the Debtor reportedly defaulted on its obligations. On June 24, 2022, one of the Debtor's many creditors -- DRB Panama Inc. -- filed an application to appoint joint provisional liquidators -- and thereafter, full Liquidators -- in the Eastern Caribbean Supreme Court in the High Court of Justice (Commercial Division) located in BVI. The application was assigned claim Number VIHCOM2022/0117. Subsequently, on June 27, 2022, the Debtor filed its own application for the appointment of joint liquidators before the BVI Commercial Court. On June 29, 2022, the Honorable Mr. Justice Jack of the BVI Commercial Court appointed Russell Crumpler and Christopher Farmer of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital Ltd. On July 1, 2022, liquidators of Three Arrows Capital filed a Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No. 22-10920) to seek recognition of the BVI proceedings. Judge Martin Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg is counsel in the U.S. case. The law firm of Ogier, led by Grant Carroll, is advising the liquidators in the BVI proceedings. ============= V I E T N A M ============= SAIGON COMMERCIAL: Placed Under 'Special Scrutiny' After Bank Run ----------------------------------------------------------------- Retail Banker International reports that the State Bank of Vietnam has placed Saigon Joint Stock Commercial Bank (SCB) under 'special scrutiny' after depositors started withdrawing their money from the bank last week. The move is aimed at ensuring 'smooth' functioning of the privately-owned bank after it experienced bank run for a couple of days, the report relates. The bank run happened over an allegation that SCB has links to a real estate conglomerate that has been put under an inquiry of fraud, the report says citing Bloomberg News. According to the Retail Banker International, Truong My Lan, chairperson of the conglomerate Van Thinh Phat, along with other executives of the company were detained by the police on Oct. 8, 2022, over accusation of procuring property through forged activities. However, any links between the two is yet to be established. Vietnam's central bank has already asked four banks to help manage SCB, which is the country's fifth largest commercial bank in terms of deposits and assets, the report says. The four banks include Bank for Foreign Trade of Vietnam (Vietcombank), Bank for Investment and Development of Vietnam (BIDV), Vietnam Bank for Agriculture and Rural Development (Agribank) and Vietnam Joint Stock Commercial Bank For Industry and Trade (VietinBank), the report discloses. The State Bank of Vietnam will supervise the operations of SCB. In a statement, the central bank said: "In order to stabilise SCB's operations, the central bank decided to put the bank under special scrutiny." In the beginning of this week, the regulator took measures to pacify markets after financial stocks took a plunge and SCB's bank run, the report adds. The statement added: "The central bank will also coordinate with other relevant ministries to take necessary and comprehensive measures to ensure SCB's operations are safe and sound." ********* 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 ***