/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/221028.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, October 28, 2022, Vol. 25, No. 210 Headlines A U S T R A L I A EASY TIMES: Second Creditors' Meeting Set for Nov. 1 FREESTYLE ROOFING: Second Creditors' Meeting Set for Nov. 2 MYOB GROUP: S&P Assigns 'B-' Long-Term ICR, Outlook Negative PERTH WORKS: First Creditors' Meeting Set for Oct. 31 POLITIS CENTRAL: First Creditors' Meeting Set for Nov. 2 SMHL SECURITISATION 2020-1: S&P Affirms 'BB' Rating on Cl. E Notes SR FAHEY: Second Creditors' Meeting Set for Nov. 2 C H I N A EHI CAR: S&P Downgrades LT ICR to 'B-' on Diminishing Liquidity FOSUN INTERNATIONAL: Plans to Sell US$11 Bil. of Assets in Next Yr. WM MOTOR: Cuts Employees' Pay by Up to 50% Amid Weak Sales H O N G K O N G HONG KONG AIRLINES: 2nd Debt Restructuring Hearing in UK Next Month I N D I A AJIT AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ASHIANA DWELLINGS: CARE Keeps D Debt Rating in Not Cooperating ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating BALAJI AGRO: CARE Lowers Rating on INR4.60cr LT Loan to D BTM CORP: CARE Keeps D Debt Rating in Not Cooperating Category BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating DATTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category DWARKA TEXTILE: CARE Keeps D Debt Rating in Not Cooperating GEETA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating GOPAL OIL: CARE Keeps D Debt Rating in Not Cooperating Category GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating J. R. R. CONSTRUCTION: CARE Cuts Rating on INR7.90cr LT Loan to D KANIKA FURNITURE: CARE Lowers Rating on INR5.0cr ST Loan to D LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating MALWA STRIPS: CARE Keeps D Debt Ratings in Not Cooperating MKD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating PAS TRADING: CARE Moves D Debt Ratings to Not Cooperating PETROMAR ENGINEERED: CARE Lowers Rating on INR10.09cr LT Loan to D RAHUL ELECTRONIC: CARE Keeps C Debt Rating in Not Cooperating S M INTERIOR: CARE Lowers Rating on INR17.88cr LT Loan to D SACHDEV STEEL: CARE Keeps D Debt Rating in Not Cooperating SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating SATISH AGRO: CARE Keeps D Debt Rating in Not Cooperating SHLOGAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating TIRUMALA AGRO: CARE Lowers Rating on INR6.00cr LT Loan to D TRAVANCORE COFFEE: CARE Keeps D Debt Rating in Not Cooperating TULSI TRADING: CARE Keeps D Debt Rating in Not Cooperating VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating M A L A Y S I A AIRASIA X: Mulls Alternative Fundraising Plans N E W Z E A L A N D DENBIGH FARM: Creditors' Proofs of Debt Due on Nov. 29 LHS INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 4 NEW ZEALAND: Business Insolvencies on the Rise, BWA Report Shows NORTH CITY: Court to Hear Wind-Up Petition on Nov. 8 SHELTERING ARMS: Creditors' Proofs of Debt Due on Dec. 2 WHITE & BOUGHTON: Creditors' Proofs of Debt Due on Nov. 20 S I N G A P O R E A3 SG MU: Members' Final Meeting Set for Nov. 28 EXACTECH PTE: Commences Wind-Up Proceedings S O U T H K O R E A GANGWON JUNGDO: Gangwon to Repay Legoland Developer Debt by Dec 15 - - - - - ================= A U S T R A L I A ================= EASY TIMES: Second Creditors' Meeting Set for Nov. 1 ---------------------------------------------------- A second meeting of creditors in the proceedings of Easy Times Brewing Company Pty Ltd has been set for Nov. 1, 2022, at 9:30 a.m. at the offices of SV Partners at 22 Market Street, in Brisbane. 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. 31, 2022, at 4:00 p.m. David Michael Stimpson, Adam Peter Kersey and David Michael Stimpson of SV Partners were appointed as administrators of the company on Sept. 26, 2022. FREESTYLE ROOFING: Second Creditors' Meeting Set for Nov. 2 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Freestyle Roofing Pty Limited has been set for Nov. 2, 2022, at 11:00 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 Nov. 1, 2022, at 4:00 p.m. David Ross of I & R Advisory was appointed as administrator of the company on Sept. 27, 2022. MYOB GROUP: S&P Assigns 'B-' Long-Term ICR, Outlook Negative ------------------------------------------------------------ S&P Global Ratings has assigned its 'B-' long-term issuer credit rating to MYOB Group Co. Pty Ltd. (MYOB Group). The outlook is negative. MYOB Group, an Australia-based accounting software provider, is the ultimate parent company of MYOB Invest Co. Pty Ltd. (MYOB Invest; B-/Negative/--) and is the issuer of the group's consolidated financial statements. S&P views MYOB Invest, the debt issuing entity for the consolidated group, as a core member of the group. S&P's rating and outlook on MYOB Group reflect the company's status as the ultimate parent of MYOB Invest. The rating action has no impact on the 'B-' long-term issue rating and '3' recovery rating on the senior secured first-lien term loan facility and revolving credit facility issued by MYOB Invest. PERTH WORKS: First Creditors' Meeting Set for Oct. 31 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Perth Works Contracting Pty Ltd will be held on Oct. 31, 2022, at 11:30 a.m. via virtual facilities. Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were appointed as administrators of the company on Oct. 20, 2022. POLITIS CENTRAL: First Creditors' Meeting Set for Nov. 2 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Politis Central Services Group Pty Ltd will be held on Nov. 2, 2022, at 10:00 a.m. via virtual meeting technology. Michael Oscar Basedow of Pitcher Partners Advisory was appointed as administrator of the company on Oct. 21, 2022. SMHL SECURITISATION 2020-1: S&P Affirms 'BB' Rating on Cl. E Notes ------------------------------------------------------------------ S&P Global Ratings raised its ratings on three classes of notes issued by Perpetual Corporate Trust Ltd. as trustee for SMHL Securitisation Trust 2020-1. At the same time, S&P affirmed its ratings on three classes of notes. The transaction is a securitization of prime residential mortgages originated by ME Bank Ltd. The raised ratings reflect increasing credit support and a declining expectation of losses as the pools loan-to-value ratio decreases. As of Aug. 23, 2022, the pool has a balance of about A$565 million. The pool's weighted-average loan-to-value ratio is 60% and weighted-average seasoning is 49 months. Since close, arrears have been favorable compared with the Standard & Poor's Performance Index (SPIN) for prime loans. As of Aug. 23, 2022, loans more than 30 days in arrears make up 0.59% of the pool, of which 0.36% is more than 90 days in arrears. The arrears level has been relatively stable over the past 12 months. S&P said, "We have not raised our rating on the lower-rated class E notes. This is due to our expectation that arrears will increase as interest rates rise over the coming months. As of Aug. 23, 2022, the pool contains 396 loans with a current balance of A$101 million with fixed-rate terms that end in either 2022 or 2023. The current weighted-average interest rate for those loans is 2.4%. We anticipate some of these borrowers may experience a payment shock as they roll off onto a floating rate or attempt to re-fix at higher rates than were previously available. "We believe the credit support available to each class of notes is sufficient to withstand the stresses we apply at their assigned rating level. This credit support comprises note subordination for all rated notes as well as mortgage insurance covering about 16% of the loans in the portfolio. We expect the transaction will switch to paying the notes pro-rata in the coming months, which will limit the build-up of further credit support to the rated notes." The various mechanisms to support liquidity within the transactions, including an amortizing liquidity facility and principal draws, are sufficient under our stress assumptions to ensure timely payment of interest. Ratings Raised SMHL Securitisation Trust 2020-1 Class B: to AA+ (sf) from AA (sf) Class C: to A+ (sf) from A (sf) Class D: to BBB+ (sf) from BBB (sf) Ratings Affirmed SMHL Securitisation Trust 2020-1 Class A: AAA (sf) Class AB: AAA (sf) Class E: BB (sf) SR FAHEY: Second Creditors' Meeting Set for Nov. 2 -------------------------------------------------- A second meeting of creditors in the proceedings of Sr Fahey Pty Ltd has been set for Nov. 2, 2022, at 3:00 p.m. at Level 12, 20 Bridge Street in Sydney or via teleconference. 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 Nov 1, 2022, at 5:00 p.m. Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as administrators of the company on Sept. 27, 2022. ========= C H I N A ========= EHI CAR: S&P Downgrades LT ICR to 'B-' on Diminishing Liquidity --------------------------------------------------------------- On Oct. 26, 2022, S&P Global Ratings lowered the long-term issuer credit rating and issue rating on China-based eHi Car Services Ltd. to 'B-' from 'B'. The negative outlook reflects the growing refinancing risk amid approaching maturities and tight liquidity buffer. The surprise VAT provision reduces eHi's liquidity amid approaching sizable maturities in early 2023 and adverse effect of COVID-19 control policy on operations. Net cash outflow from the unexpected VAT provision will likely be about Chinese renminbi (RMB) 130 million, despite the initial assessment of close to RMB770 million. The company already paid about RMB230 million and is expected to receive approximately RMB100 million in VAT refund, while the remaining RMB540 million will be netted against VAT assets available to the company. While the net reduction in liquidity isn't substantial, this comes at a time when its liquidity buffer is already thin and debt capital market conditions are getting tight. eHi's liquidity is tight. It had about RMB670 million of cash and equivalents as of June 30, 2022. This is before the approximately RMB230 million tax payment and expected RMB100 million tax refund. The company's near-term debt is RMB1.7 billion, of which 56% are finance leases. eHi recently rolled over some finance leases and obtained some new long-term leases. It may do more of that. Disclosures from eHi's interim report could hinder access to new funding. The company's report for the second quarter said it failed to meet the requirements of financial indicators in some bank loan contracts and that may trigger default and cross-default clauses. That could hurt its ability to attract new funds. The outstanding amount on the particular bank loan contracts was small at less than RMB100 million and the covenant issue could be resolved with an early repayment of the loan. Thus far, the disclosure does not appear to have affected eHi's banking relationships because S&P is not aware of any requests by the banks to accelerate payment of the loans. The company did obtain new facilities of a modest size after June 30, 2022, which could be used to repay the loans. eHi can raise additional funds from selling vehicles. S&P estimates the company would generate RMB0.9 billion-RMB1.1 billion of operating cash flow from its rental operation per annum. The company could generate additional funds by pledging or selling its unencumbered cars. S&P estimates the book value of such cars could amount to more than RMB5 billion. There would be some challenges and costs with this approach. The company has yet to collect on its large receivables from previous used-car sales. Moreover, consumer sentiment in China is relatively weak. This could affect valuation of vehicles and potentially extend receivables terms. In addition, having a smaller fleet means lower cash-flow-generating assets available to the company. The negative outlook reflects the growing refinancing risk associated with the company's sizable maturities in the coming quarters. The outlook also considers the potential for a further weakening of the company's liquidity despite moderately improving operating performance. S&P said, "We may lower the rating if the company's liquidity does not meaningfully improve over the next several months. This could happen if there is no material progress in refinancing with long-term funding or improved access to capital markets amid a difficult sector recovery. "We may revise the outlook back to stable if eHi builds a sufficient buffer for its loan covenants and liquidity over the next several months. The latter could happen if improving car rental performance allows the company to have better access to funding, the company materially accelerates its receivable collection, or there is a breakthrough in capital raising." ESG credit indicators: E-2, S-3, G-2. FOSUN INTERNATIONAL: Plans to Sell US$11 Bil. of Assets in Next Yr. ------------------------------------------------------------------- Bloomberg News reports that Fosun International Ltd, one of China's largest non-state conglomerates, has told analysts that it is targeting to sell as much as US$11 billion of assets within the next 12 months, amid efforts to bolster both its balance sheet and investor confidence. Fosun International's management said during a briefing on Oct. 24 it planned to dispose of CNY50 billion to CNY80 billion of non-core assets as it worked to focus on its consumer-discretionary business, Citigroup Inc analysts including George Choi wrote in a report, Bloomberg relays. The conglomerate considered its core assets to be its listed pharmaceutical, retail, and tourism arms as well as insurer Fidelidade, according to the investment bank. Bloomberg says Shanghai-based Fosun, whose business spans from the Club Med resort chain to French fashion house Lanvin, has been under investor scrutiny regarding its liquidity since Moody's Investors Service wrote in June about the company's funding pressures. The credit rater put Fosun on watch for further downgrade on Sept. 30, citing "elevated refinancing risk". According to Bloomberg, Moody's lowered its rating a step deeper into junk territory on Oct. 25, saying Fosun has weak liquidity at the holding-company level and insufficient cash to cover debt maturing over the next 12 months. Moody's grades are now unsolicited, it said. Fosun disclosed earlier this week it notified Moody's to terminate business cooperation and said it stopped providing the rating firm with relevant information. Bloomberg relates that Fosun's shares and dollar bonds have fallen sharply since the June report amid debt-repayment worries at both the company and other high-yield borrowers in China. Some of Fosun's notes are below 50 cents on the dollar, well into distressed territory. Its stock has dropped more than 40% this year, recently hitting levels not seen in a decade. Fosun's shares and shorter-term bonds rose on Oct. 25, outpacing markets overall. The company held the analyst briefing just days after announcing a pending deal to sell its majority stake in a Chinese metals firm's parent for as much as CNY16 billion. Completing the divestiture "will enable Fosun to redeploy its resources toward better uses", wrote Citi's Choi. Bloomberg reported on Oct. 25 that Fosun is reviewing its holdings in European financial institutions as the firm explores way to raise money for debt repayment, according to people familiar with the matter. Fosun management said during Oct. 24's analyst event that the firm aimed to gradually repay outstanding senior notes and increase bank borrowings, according to Citi's research report. It added Fosun recently entered into strategic agreements with Industrial and Commercial Bank of China Ltd and HSBC Holdings plc, two of Asia's biggest lenders, Bloomberg reports. About Fosun Fosun International Limited provides diversified services. The Company offers products and services for families in health, happiness, and wealth businesses. Fosun International serves clients worldwide. As recently reported in the Troubled Company Reporter-Asia Pacific, Moody's Investors Service has downgraded to B2 from B1 the corporate family rating of Fosun International Limited. At the same time, Moody's has also downgraded to B2 from B1 the senior unsecured bonds issued by Fortune Star (BVI) Limited and unconditionally and irrevocably guaranteed by Fosun. Moody's has changed the outlook on all ratings to negative from ratings under review. This concludes the review for downgrade initiated on September 30, 2022. "The downgrade reflects Fosun's weak liquidity, recent fast and significant decline of the market value of its listed assets which erodes its funding headroom, and the execution risk related to the company's fundraising plans amid capital market volatility and prevalent risk averse sentiment. Moody's are also concerned that accelerated divestments or pledge of good quality assets will lead to a faster-than-expected weakening of Fosun's portfolio size and quality, as well as its financial flexibility, which no longer supports its previous B1 rating," says Lina Choi, a Moody's Senior Vice President. The negative outlook reflects the refinancing uncertainties and execution risks of asset sales to repay Fosun's sizable debt maturing over the next 12 months, and the company's ongoing challenges in balancing liquidity needs and maintaining its investment portfolio quality. WM MOTOR: Cuts Employees' Pay by Up to 50% Amid Weak Sales ---------------------------------------------------------- South China Morning Post reports that WM Motor, a Chinese electric car start-up looking to float initial public offering (IPO) shares on the Hong Kong stock exchange, has reportedly cut staff salaries by up to 50 per cent as weak sales and widening losses exacerbated its financial woes. The Shanghai-based carmaker, which has an annual production capacity of 250,000 units, slashed senior managers' wages by half and reduced the salaries of other employees by 30 per cent this month, the Post relates citing financial media outlet Jiemian. The Shanghai-based business news specialist cited anonymous sources within the company. WM did not respond to the Post's queries about the pay cuts. Two executives with WM's supply-chain vendors said the company was grappling with financial problems and struggling to sustain its operations because of lacklustre sales in the highly competitive market, the Post relays. In 2021, it lost CNY1.95 billion (US$270 million), 68 per cent more than a year earlier, the Post discloses. In the first eight months of this year, the company sold 25,158 vehicles in China, a long way shy of its major home-grown peers. Once viewed as a promising electric vehicle (EV) start-up, WM mainly builds battery-powered vehicles priced between CNY150,000 (US$20,574) and CNY200,000, targeting mainland China's huge population of middle-class motorists. Its domestic rivals - Xpeng, Li Auto and Nio - assemble smart EVs that are priced above CNY200,000 and compete against Tesla's Model 3 and Model Y vehicles. In June, WM filed an IPO application to the Hong Kong stock exchange, the Post recounts. It is not known when its fundraising plan is likely to be implemented. None of the top Chinese smart-car builders have made a profit so far, as they spend heavily on developing new models. "Chinese EV start-ups are still unprofitable and will have to take a prudent approach in manufacturing and marketing," the Post quotes Eric Han, a senior manager at Suolei, a business advisory firm in Shanghai, as saying. "In the next three to five years, most of the start-ups are expected to be edged out due to fiercer competition." Beijing has distributed more than CNY300 billion in cash subsidies to EV buyers since 2009, and exempted them from paying a 5 per cent purchase tax until 2023, according to the Post. The Post relates that the drive to encourage people to ditch their petrol cars has attracted some 200 companies that have invested tens of billions of dollars in developing, designing and assembling electric cars. Founded in 2015 by Freeman Shen Hui, WM has a manufacturing facility in Wenzhou, in China's eastern Zhejiang province, equipped with mass customisation capability and a capacity of 100,000 units a year. Another factory in Huanggang, in central China's Hubei province, has a capacity of 150,000 cars. ================= H O N G K O N G ================= HONG KONG AIRLINES: 2nd Debt Restructuring Hearing in UK Next Month ------------------------------------------------------------------- South China Morning Post reports that Hong Kong Airlines will face a second hearing in a British court next month on its US$6.2 billion debt restructuring plan, as the carrier's path back to profits was waylaid by the travel slump during the Covid-19 pandemic and a 65 per cent slash in headcount. The Post relates that an ad hoc group of bondholders with 40 per cent of the voting rights on HK$6.6 billion (US$841 million) of perpetual notes will hold a vote on the debt workout plan by the airline, a unit under the former serial asset buyer HNA Group, which went bankrupt in 2021. They are likely to reject the plan at a creditors' meeting on November 25, according to people familiar with the matter. The High Court of Justice of England and Wales is due to hear the matter separately late next month. The crux of the dispute is the plan by Hong Kong Airlines to separate its creditors into three groups, comprising unsecured creditors, critical lessors, and holders of the perpetual bonds, according to documents seen by the South China Morning Post. Under the proposal, the perpetual bondholders will receive an upfront payment equivalent to 2.5 per cent of the outstanding principal amount of the notes, a non-discretionary performance-linked distribution amount and later annual distributions "solely at the election of the issuer," the Post discloses. The airline also proposed a drastic haircut, slashing the principal amount of the notes from US$683 million to US$100 million. In an October 25 hearing, the bondholders argued that the segregation placed them in an unfavourable position, the Post says. The recovery rate is too low, said one bondholder who declined to be named, saying that his firm will vote against the proposal while discussing with other bondholders to further negotiate with the airline, the Post relates. The outstanding amount of the perpetual bonds issued under a special purpose vehicle Blue Skyview Company, ballooned to HK$6.6 billion including interest, from an original issuance amount of US$683 million. The jump came after the carrier deferred payments, resulting in a hike in interest rate by five percentage points to 12.125 per cent in 2020. "The restructuring of the Company is still in progress. Since the related negotiation is subject to commercial sensitivity, the Company is not in a position to disclose details at this stage," Hong Kong Airlines said in an emailed reply to the Post. According to the Post, Hong Kong Airlines has suffered from the pause of lending and recalls of certain loans made to the carrier in recent years, after HNA Group was embroiled in a debt crisis. The carrier was also hit hard by the social unrest in Hong Kong since 2019 and later the coronavirus pandemic which had grounded global carriers. The saga is clouding one of the few major airlines in the city, an aviation hub in Asia, the Post states. The debt restructuring could give a hint on the future direction of a Hong Kong-based carrier, after its controlling shareholder HNA Group's bankruptcy restructuring had placed the control of HNA's core airline assets to steel and commercial conglomerate Fangda Group. The UK hearing is not the carrier's sole battlefront, the Post notes. It faces a hearing on October 31 at the High Court of Hong Kong, where the Irish aircraft leasing company Stellar Aircraft Holding has petitioned to wind up Hong Kong Airlines pending since March. Hong Kong Airlines' operating revenue had plummeted 85.3 per cent to around HK$1.26 billion for the period between February 2020 to January 2021 from the same period a year earlier, according to a letter provided to creditors earlier this month seen by the Post. Its workforce was downsized by more than 65 per cent to 1,224 between January 2020 to April 2022. The airline had HK$49 billion of debt as of December 31, 2021, with around 46 per cent, or HK$22.5 billion, owed to financial and operating lessors of aircraft and aviation parts, the largest group of creditors, the Post discloses. Its 13.4 per cent indebtedness or HK$6.56 billion was owed to holders of the perpetual bonds. HNA Aviation and other unnamed joint venture partners are investing HK$3 billion in exchange for the issuance of new ordinary shares in the carrier, which will represent at least 94 per cent of the issued shares of Hong Kong Airlines, as part of the broader restructuring, the Post adds. Hong Kong Airlines was founded in 2007. It offers passenger and cargo services. It is the third biggest carrier based in Hong Kong. ========= I N D I A ========= AJIT AGRO: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ajit Agro Industries Raichur (AAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.40 CARE C; 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 26, 2021, placed the rating(s) of AAI under the 'issuer non-cooperating' category as AAI 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. AAI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 12, 2022, July 22, 2022, August 1, 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). Raichur (Karnataka) based Ajit Agro Industries (AAI) was established in 2017 and is promoted by Mr. Aditya Kothari, Managing Partner. The commercial operations of the firm started in May 2019.The firm has nine partners. The Partners of the firm have more than a decade of experience in the Agro Industry. AAI is engaged in processing and selling of rice. The rice processing unit of the firm is located at Raichur, Karnataka. Apart from rice processing, the firm is also engaged into selling by-products such as broken rice and rice bran. The main input, paddy, is majorly procured from paddy merchants and farmers located in Andhra Pradesh and Karnataka region. The firm sells rice and other by-products to the rice dealers located in Karnataka, Maharashtra and Tamil Nadu. ASHIANA DWELLINGS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ashiana Dwellings Private Limited (ADPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 64.81 CARE D: ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 4, 2019; placed the rating of ADPL under the 'issuer non-cooperating' category as ADPL had failed to provide information for monitoring of the rating. ADPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated July 18, 2022, July 8, 2022, and June 28, 2022. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE'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. Detailed description of the key rating drivers At the time of last rating on August 12, 2021, the following were the rating strengths and weaknesses: Key Rating Weakness * Ongoing Delays in Debt Servicing: There are ongoing delays in servicing of interest obligations of the OCD. The interest payment due on February 16, 2018 has not been made. This is due to the tight liquidity position owning to slowdown in real estate market leading to slow sales and collection from customers. * Project Execution Risk: ADPL is developing a residential project by the name of "Asiana Mulberry" with a total saleable area of 8.70 lsf. Out of the total project cost of INR385.42 crore, ADPL had incurred around 36% till 30th September 2017. Thus, the company is at nascent stage of project execution and is exposed to significant amount of project implementation risk. * Project saleability risk coupled with high dependence on customer advances for debt repayments: Till 30th September, 2017, the company had booked only 16% of total saleable area. Furthermore, out of the total project cost 65% is to be funded through customer advances. Thus, debt repayments and construction of the project are highly dependent on fresh sales and timely receipt of remaining customer advances. * Industry Risk: The real estate sector is moving towards a more rational regime with developers now focusing on project execution and delivery. Further, with the introduction of RERA Act, the sector will move ahead to transparent and credible measures with sustenance for organized players. Moreover, the expected renewed interest by the banks in funding the developers is likely to result in the timely completion of the projects. As per market sentiments the India Real Estate Market may not witness a sharp reversal in FY17 but its long term the growth prospects remain strong as the sector continues to remain troubled with issues of high unsold inventory. Key Rating Strengths * Experienced promoters with demonstrated track record of project execution: The company derives strength from experience of the promoters - Ashiana Homes Pvt ltd in the real estate sector. The company has a track record of about 30 years of successful completion of several real estate projects, including development of township, group housing, commercial complexes, etc. Till October 2017, AHPL has developed more than 55 lsf of area with 11 completed projects in the NCR region. Incorporated in 2014, Ashiana Dwellings Pvt Ltd (ADPL) is an SPV (Special Purpose Vehicle) of Ashiana Homes Pvt Ltd (AHPL), formed solely for the purpose of development of 'Ashiana Mulberry' project. AHPL hold ~80% stake in the company while remaining 20% by Indiareit; the real estate private equity arm of Piramal Group. Ashiana Mulberry is a residential and commercial project located in Sohna with total saleable area of 8.70 lsf (lac square feet). ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Associate Builders and Traders (ABT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.15 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category 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 September 16, 2021, placed the rating(s) of ABT under the 'issuer non-cooperating' category as ABT 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. ABT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 2, 2022, August 12, 2022, August 22, 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). Associate Builders & Traders (ABT) was established as a partnership firm in 1996. The current partners of the firm are Mr. Atal Bihari Tripathi and Mr. Santosh Kumar Tripathi. The firm is engaged construction of roads, flyovers, civil construction etc. mainly in Uttar Pradesh region. ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Athaluri Sushma Sree (ASS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.43 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 October 5, 2021, placed the rating(s) of ASS under the 'issuer non-cooperating' category as ASS 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. ASS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 21, 2022, August 31, 2022, September 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). AthaluriSushmaSree (ASS) was established in the year 2012, as a proprietorship concern by Mrs. AthaluriSushmaSree. The firm is engaged in Godown leasing business. ASS has constructed Godowns in Koiloor Village, Yadgir District, and Karnataka during April 2013 for lease purpose. The firm started receiving rental income from June 2014. The property is built on total land area of 12 acres comprising 4Godowns (Sai Radhika Rural Godowns) having storage capacity of 20,000 MT per Godown. ASS has entered into agreement with Karnataka State Warehousing Corporation (KSWC) for warehouse leasing for tenure of 10 years. The firm is undertaking a project for construction of warehouse at Belgaum on land area of 12 acres comprising of 5 godowns having storage capacity of 25000 MT per godown. BALAJI AGRO: CARE Lowers Rating on INR4.60cr LT Loan to D --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Sri Balaji Agro (SBA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Short Term Bank 0.47 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 October 8, 2021, placed the rating(s) of SBA under the 'issuer non-cooperating' category as SBA 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. SBA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 24, 2022, September 3, 2022, September 13, 2022 and October 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 assigned to the bank facilities of SBA have been revised on account of delays in debt servicing recognized from lender's feedback. Sri Balaji Agro (SBA) was established in the year 2016 as a proprietorship concern by Mrs Chudi Lavanya. SBA is planning to set up cleaning and processing unit for pulses like Toor dal, Gram Dal, Moong Dal, Urid Dal and Masoor Dal. The expected date of start of commercial operation of the unit is July 2017. The total proposed cost for setting up the unit is INR3.80 crore which is proposed to be funded by promoter's capital of INR1.85 crore and remaining through long-term loan of INR1.95 crore. BTM CORP: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of BTM Corp Limited (BCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 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 23, 2021, placed the rating(s) of BCL under the 'issuer non-cooperating' category as BCL 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. BCL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 9, 2022, July 19, 2022, July 29, 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). Bhilwara (Rajasthan) based BCL was incorporated in October, 2005 by Tekriwal brothers as a closely held public limited company. Mr. Rajeev Tekriwal is the Managing Director and the other two brothers Mr. Anil Tekriwal and Mr. Sanjeev Tekriwal are the Directors on the board of BCL. The company is engaged in the business of manufacturing of grey (cotton, polyester and synthetic) fabrics. grey fabric. BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of BTM Industries Limited (BIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 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 23, 2021, placed the rating(s) of BIL under the 'issuer non-cooperating' category as BIL 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. BIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 9, 2022, July 19, 2022, July 29, 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 1998, BIL is part of "BTM group" based out of Bhilwara. BIL is engaged in the business of processing of synthetic grey fabrics and trading of finished fabrics. BTM group consists of BTM Corp Limited (BCL) and Prestige Suitings Private Limited (PSPL) which are also engaged in manufacturing of synthetic grey fabric. DATTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Datta Agro Services Private Limited (DASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 25.00 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 20, 2021, placed the rating(s) of DASPL under the 'issuer non-cooperating' category as DASPL 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. DASPL continues to be noncooperative 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). Incorporated in June 2007, DASPL is engaged in manufacturing of Single Super Phosphate (SSP) fertilizer from its sole manufacturing facility located at Jalgaon with an installed capacity of 1.32 lakh Metric Tons Per Annum (MTPA). DASPL markets its product under the brand name "Satpuda" in the states of Madhya Pradesh and Maharashtra. DWARKA TEXTILE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dwarka Textile Park (DTP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.60 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 7, 2021, placed the rating(s) of DTP under the 'issuer non-cooperating' category as DTP 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. DTP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 24, 2022, August 3, 2022, August 13, 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). DTP was established in the year 2014 and is promoted by Mr. Deepak Samandariya and Mr. Gokul Marda. The firm is in process of setting up a terry towel manufacturing unit having four sections for cone dyeing, fabric dyeing, sizing and printing of the yarn. The manufacturing facility of the firm is located at Solapur, Maharashtra. GEETA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Geeta Educational TrustKurukshetra (GET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.75 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 21, 2021, placed the rating(s) of GET under the 'issuer non-cooperating' category as GET 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. GET continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 7, 2022, August 17, 2022, August 27, 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). Geeta Educational Trust (GET) got registered under the Society Registration Act- 1860 in 2007 and is being managed by Mr. Rakesh Goel, Mr. Neeraj Garg, Mr. Vinod Goel, Mr. Rajat Garg and Mr. Ramesh Goel as the trustees. The society was formed with an objective to provide higher education in the field of engineering, computer science and management. The society has established a college, namely, Geeta Institute of Management and Technology (GIMT) in Kurukshetra, Haryana in the year 2007. GOPAL OIL: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gopal Oil Industries (GOI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 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 September 22, 2021, placed the rating(s) of GOI under the 'issuer non-cooperating' category as GOI 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. GOI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 8, 2022, August 18, 2022, August 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). Pandhurna, Chindawara (Madhya Pradesh) situated Gopal oil Industries (GOI) was formed as a proprietorship firm in 1991 by Mr Gopal Paliwal (Promoter), he has experience of 26 years in this industry and looks after production process in the firm. GOI is engaged in processing and trading of cotton seeds oil and cotton oil cake which is also used in Cattle industry. The firm is having installed capacity of 1250 Metric Tonnes Per Day (MTPD); however, it utilizes 500 MTPD. The firm purchases raw material from local market, Andhra Pradesh and Maharashtra and supplies its products mainly to Gujarat and Rajasthan. GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gupta Tex Prints Private Limited (GTPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.76 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 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 23, 2021, placed the rating(s) of GTPPL under the 'issuer non-cooperating' category as GTPPL 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. GTPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 9, 2022, July 19, 2022, July 29, 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). GTPPL was initially formed as Gupta Dyeing and Printing Mills (GDPM), a partnership firm in 1979 by Gupta family of Surat. Later on in 2007, GDPM was converted into a private limited company. GTPPL is primarily engaged in fabric processing (bleaching, printing, dyeing & embroidery) and also does the job work activities as well as trading of grey yarn and finished fabric. The fabric processed by GTPPL is primarily used for making sarees& ladies dress material. The finished fabric is marketed under the brand name of 'Gupta Sarees'. GTPPL has an installed capacity of 1.25 lakh meters per day for processing of grey fabric at its sole processing unit located in Surat (Gujarat). INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indian Acoustics Private Limited (IAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.54 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 24.00 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 31, 2021, placed the rating(s) of IAPL under the 'issuer non-cooperating' category as IAPL 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. IAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 17, 2022, July 27, 2022, August 6, 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). IAPL was incorporated on June 21, 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. The company commenced operations in November,2011 and its manufacturing facility is located in Noida. J. R. R. CONSTRUCTION: CARE Cuts Rating on INR7.90cr LT Loan to D ----------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of J. R. R. Construction Private Limited (JRRCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 16, 2022, placed the rating(s) of JRRCPL under the 'issuer non-cooperating' category as JRRCPL 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. JRRCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 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 assigned to bank facilities of JRRCPL have been revised on the basis of non-availability of requisite information. The revision also considers the frequent instances of delays in debt servicing based feedback received from the banker. JRR Constructions Private Limited (JRRCPL) was incorporated as a private limited company in Dec, 2004 and is currently being managed by Mr. Rakesh Malik and Mr. Bijender Singh. JRRCPL is engaged in civil construction work in Haryana which mainly includes road work involving construction, up-gradation, resurfacing and widening of roads, bridges and minor engineering work. The company is registered as a class 'A' contractor with Public Works Department (PWD) of Haryana and Haryana State Road & Bridge Development Corporation. KANIKA FURNITURE: CARE Lowers Rating on INR5.0cr ST Loan to D ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Kanika Furniture Private Limited (KFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 5.00 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 April 11, 2022, placed the rating(s) of KFPL under the 'issuer non-cooperating' category as KFPL 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. KFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 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 assigned to the bank facilities of KFPL have been revised on account of delays in debt servicing recognized from lender's feedback. Kanika Furniture Private Limited (KFPL) was incorporated in the year 2003 with its office located at Bhubaneswar, Odisha. Since its inception, the entity has been engaged in interior decoration solutions on behalf of various corporate clients across Odisha. This apart, the company was also engaged in trading of various furniture items through dealers spreading across Jharkhand, Odisha, West Bengal and Chhattisgarh under the brand name "Kiran". Mr. Ritesh Agarwal having almost two decades of experience in similar line of business looks after the day to day operations of the entity along with other technical and nontechnical professionals who are having long experience in this industry. LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Lokmangal Sugar Ethenol & COGeneration Industries Limited (LSECIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 174.71 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 30, 2021, placed the rating(s) of LSECIL under the 'issuer non-cooperating' category as LSECIL 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. LSECIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 16, 2022, July 26, 2022, August 05, 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). Lokmangal Sugar Ethanol & Cogeneration Industries Limited (LSECL), was incorporated in year 2003 to undertake sugar and sugar related production. MALWA STRIPS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Malwa Strips Private Limited (MSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.25 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 24, 2021, placed the rating(s) of MSPL under the 'issuer non-cooperating' category as MSPL 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. MSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 10, 2022, July 20, 2022, July 30, 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). Malwa Strips Private Limited (MSPL, CIN: U27107MP1987PTC004101) was incorporated in 1987 in Dewas (Madhya Pradesh) by Mr Dilip Doshi along with his family members. MSPL is engaged in the business of manufacturing of copper metal-based products like copper bars, rods, strips, foils and other copper-based products. The products of MSPL are mainly used in power and infrastructure sector. MSPL has its manufacturing facility situated at Dewas having an installed capacity of 120 Metric Tonnes Per Annum (MTPA) as on March 31, 2016. Major raw material used by MSPL is copper rods and copper strip. MKD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mkd Infrastructure & Projects Private Limited (MIPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 18, 2021, placed the rating(s) of MIPPL under the 'issuer non-cooperating' category as MIPPL 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. MIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2022, July 14, 2022, July 24, 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). MIPPL, incorporated in the year 2012, is promoted by Mr. Paresh Rathi, Director, and is engaged in the construction of building for private players in the state of Maharashtra. PAS TRADING: CARE Moves D Debt Ratings to Not Cooperating --------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of PAS Trading House to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.94 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Long Term/ 19.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating moved Bank Facilities to ISSUER NOT COOPERATING category Detailed rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 30, 2022, placed the rating(s) of PAS under the 'CARE D/ CARE D' category due to on-going delay in servicing of debt obligation due to stretched liquidity position. Despite repeated requests through e-mails, phone calls and email dated July 7, 2022, July 14, 2022, July 18, 2022, September 16, 2022, September 22, 2022, September 23, 2022, September 26, 2022 PAS had failed to provide information and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. 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). Key rating weaknesses * On-going delays in debt servicing: There are on-going delays in debt servicing in the principal repayment of the term loan facility and dropline overdraft limit since the month of February 2022 due to stress on liquidity. * Highly competitive and fragmented nature of operations: PAS operates in a highly fragmented and unorganized market of the paper industry marked by large number of small sized players. The industry is characterized by low entry barrier due to minimal capital requirement and easy access to customers and suppliers. Also, the presence of big sized players with established marketing & distribution network results into intense competition in the industry. The firm faces competition from few large players as well as numerous players in the unorganized segment which further pressures the profitability of the firm due to less bargaining power with lower price realization from its customers. The same also resulted in liberal credit period provided to its customers. * Partnership nature of constitution: Due to PAS being a partnership firm, it has limited ability to raise capital as it has restricted access to external borrowings where personal net worth and credit worthiness of partners affect decisions of prospective lenders. Further, it is susceptible to risks of withdrawal of partners' capital at time of personal peril and poor succession decisions may raise the risk of dissolution of the entity. Key rating strengths * Established track record of operations with highly experienced promoters: PAS has established track record of operations with about six years of existence in the market. Further, the partner, Mr. Sunil Khanna has more than two decades of experience in the business. His wife, Mrs. Alka Khanna, holding experience of more than 20 years, is actively taking part in the family business. Mr. Puranjay Khanna, holds experience of 8 years in this business. All the partners have requisite experience in the industry and due to the same, they have been able to garner strong marketing connects in the industry which has been benefiting the firm to a greater extent. Liquidity: Poor Liquidity is poor marked by delays in debt servicing (term loan and dropline limit) in February 2022 due to liquidity issues faced by the entity. PAS Trading House (PAS) was established in 2015 as a partnership firm by Mr. Sunil Khanna, Mrs. Alka Khanna and Mr. Puranjay Khanna. PAS Trading House draws its history from the establishment of SGK Trading House Private Limited (engaged in trading of paper), where Mr. Sunil Khanna was a partner along with Mr. Gopal Khaitan. On mutually winding up of this business w.e.f. December 31, 2014, Mr. Sunil Khanna, floated a new partnership firm comprising of his family members and decided to continue with existing business of SGKTH in the name of PAS Trading House. PAS Trading House is engaged in trading of various grades of paper such as coated wood free paper, printing paper, label paper, speciality paper, packaging paper, etc. which are 100% domestically supplied to the local printers, publishers, label manufacturers, packaging industries, traders & wholesalers which are majorly based in Maharashtra, Madhya Pradesh and Gujarat and it finds its application in pharma industry, FMCG goods industry, barcode industry, packaging industry and beer manufacturing industry. PETROMAR ENGINEERED: CARE Lowers Rating on INR10.09cr LT Loan to D ------------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Petromar Engineered Solutions Private Limited (PESPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Long Term/ 6.36 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable/ CARE A4 Short Term Bank 2.00 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 June 7, 2022, placed the rating(s) of PESPL under the 'issuer non-cooperating' category as PESPL 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. PESPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 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. Further the ratings also consider instances of overdrawings in CC limit and LC devolvement as recognized from banker's feedback however the same is regularized in 10-15 days. The stretched liquidity position of the company as marked by a high working capital cycle due to high collection and inventory period increases the chances of cashflow mismatches and hence the likelihood of delays in servicing of fixed repayment obligations. Incorporated in 1986 by Mr. Mukesh Kaura with his friend Mr. Salim Shaikh, Petromar Engineered Solutions Private Limited (PESPL) is engaged in designing & fabrication of various filtration systems which find application for filtration of oil & gas, petroleum, emission fuels, aviation fuels, etc. The said products manufactured by the company are catered to various reputed oil & gas and petroleum refineries across various cities in India as well as overseas. RAHUL ELECTRONIC: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rahul Electronic Private Limited (REPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 August 20, 2021, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL 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. REPL continues to be noncooperative 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). Rahul Electronic Private Limited (REPL) was incorporated in the year 1997 by Mulchandani family, and is engaged into trading of consumer electronics (namely TV, mobile phones, refrigerators, home entertainment system, air-conditioners, washing machines, and microwaves). The company operates through ten retail stores across Mumbai and Palghar under the name Rahul Electronic. S M INTERIOR: CARE Lowers Rating on INR17.88cr LT Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of S M Interior Private Limited (SMIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.88 CARE D; Revised from Facilities CARE BB; Stable Short Term Bank Facilities 30.00 CARE D Revised from CARE A4 Detailed rationale and key rating drivers The revision in the rating assigned to the bank facilities of SMIPL takes into account delay in servicing of interest of working capital term loan (WCTL). Rating sensitivities Positive factors – Factors that could lead to positive rating action/upgrade: * Default/delay free track record of 90 days Detailed description of the key rating drivers Key rating weaknesses * Delay in debt servicing: There were delays in interest payment of WCTL. Liquidity: Poor As per the bank statement there were instances of delay in servicing of interest of WCTL. S.M Interior Private Limited (SMIPL) was incorporated in 2011 by Mr. Sahabuddin Molla. Since its inception, the company has been engaged in civil construction works, mechanical works and interior decoration projects. The company's main client includes Tata Steel Limited, Haldia dock complex (Kolkata Port Trust) and Indian Railway (N.F.R) Irrigation & Waterways directorate (Govt. of West Bengal). Mr. Sahabuddin Molla has around two decades of experience in the same line of industry he looks after the day-to-day operations of the company. He is ably supported by other director Mrs. Naima Parvin, along with the team of experienced professionals who have a rich experience in similar line of business. SACHDEV STEEL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sachdev Steel Works Private Limited (SSWPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.33 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 18, 2021, placed the rating of SSWPL under the 'issuer non-cooperating' category as SSWPL 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. SSWPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2022, July 14, 2022, July 24, 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). Sachdev Steel Works Private Limited (SSWPL) was initially established as a sole proprietorship firm (known as Union Enterprises) by Mr. Raj Sachdev in 1975. The firm was reconstituted as a Private Limited Company with the name being rechristened to current one in 1986. Currently, the second generation represented by Mr. Bharat Bhushan Sachdev (son of Mr.Raj Sachdev), manages the day-to day operations of the company. The company manufactures mild steel bars and rods wherein MS Billets/MS Ingots are used as the major raw material at its facility in the Adityapur Industrial Area of Jamshedpur, Jharkhand. SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sankheswaraa Gold Exports Private Limited (SGEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 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 27, 2021, placed the rating(s) of SGEPL under the 'issuer non-cooperating' category as SGEPL 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. SGEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 13, 2022, July 23, 2022, August 2, 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). Sankheswaraa Gold Exports Private Limited (SGEPL) was incorporated on June, 25, 2012 by Mr. Ketan Nirmal Jain & family. In March, 2016, the company was taken over by Mr. Rakesh Champalal Parekh and Mr. Nikunj Pravin Parekh. SGEPL commenced its operations from May 19, 2016 by setting up a plant & machinery for manufacturing of gold chains and bracelets with high quality art and finishing. SATISH AGRO: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satish Agro Industries (SAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 21, 2021, placed the rating(s) of SAI under the 'issuer non-cooperating' category as SAI 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. SAI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 7, 2022, August 17, 2022, August 27, 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). Indore (Madhya Pradesh) based Satish Agro Industries (SAI) was formed as a proprietorship concern by Mr. Satish Jain in 1998. SAI is engaged in manufacturing of agricultural spray pumps, power sprayers and other machinery parts. The firm supplies its product to government departments, private sector unit and direct counter sale to farmers. SHLOGAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shlogam Agro Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 30.00 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 25, 2021, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL 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. SAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 11, 2022, July 21, 2022, July 31, 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). Shlogam Agro Private Limited (SAPL), incorporated in May 2008 is a closely held family business engaged in trading of rice, millet, maize, groundnut meal, soya bean meal, millet, barley and chick peas among other agro commodities since inception. SAPL is managed by Mr. Rahul Bakliwal and Mr. Nikhil Bakliwal. SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shyam Tea Plantation (STP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.90 CARE C; 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 16, 2021, placed the rating(s) of STP under the 'issuer non-cooperating' category as STP 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. STP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 2, 2022, August 12, 2022, August 22, 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). STP was established as a partnership firm in August, 2012 by Shri Kamal Jalan, Shri Devidutt Beriya, Shri Sunil Kumar Agarwalla, Shri Binod Kumar Saraf and Smt. Jyotirekha Goswami, based out of Jorhat, Assam. STP undertook an initial project of setting up a tea manufacturing unit at Jorhat, Assam and the manufacturing unit commenced operation since August, 2013 with an installed capacity of 15,00,000 kg per annum. STP undertook an expansion activity in FY15 whereby the existing processing capacity of 15,00,000 kg per annum has been enhanced to 20,00,000 kg per annum. SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Skypoint Multitrade Private Limited (SMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.05 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 31, 2021, placed the rating(s) of SMPL under the 'issuer non-cooperating' category as SMPL 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. SMPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 17, 2022, July 27, 2022, August 6, 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 2011 by Mr. Masiar Rahaman and Mr. Mijanur Rahaman, Skypoint Multitrade Private Limited (SMPL, erstwhile Skypoint Mercantile Private Limited) is engaged in trading of various agro-commodities like basmati rice, boiled rice, parboiled rice, raw rice, chana dal, moong dal, soya beans, raw cashew-nuts, yellow corn, etc. SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Srinivasa Poultry Farm (SPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.43 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 October 6, 2021, placed the rating(s) of SPF under the 'issuer non-cooperating' category as SPF 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. SPF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 22, 2022, September 1, 2022, September 11, 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). Srinivasa Poultry Farm (SPF) was established in the year 1990 by Mr. Mekala Siva Rama Krishnaiah. The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their Manure. The firm sells its total products like eggs and cull birds to SSS Traders located in Vijayawada. The firm buys chicks (small chickens) from Srinivasa Hatcheries Private Limited, Vijayawada and raw materials for feeding of birds like rice brokens, maize, sun flower oil cake, shell grit, minerals and soya from local suppliers. TIRUMALA AGRO: CARE Lowers Rating on INR6.00cr LT Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Shree Tirumala Agro Industries (STAI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 26, 2022, placed the rating(s) of STAI under the 'issuer non-cooperating' category as STAI 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. STAI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 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 assigned to the bank facilities of STAI have been revised on account of delays in debt servicing recognized from lender's feedback. Karnataka based, Shree Tirumala Agro Industries (STAI) was established in the year 2011 as a partnership firm. The rice milling unit of the firm is located at Raichur, Karnataka with the area covering two acres. The main raw material, paddy, is purchased from the local farmers located in and around Raichur. The firm sells the rice majorly in the state of Karnataka. The rice milling unit of the firm has an installed capacity of 4 metric ton of rice per day. TRAVANCORE COFFEE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Travancore Coffee Company Private limited (TCCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.70 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 31, 2021, placed the rating(s) of TCCPL under the 'issuer non-cooperating' category as TCCPL 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. TCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 17, 2022, July 27, 2022, August 6, 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). Kodagu (Karnataka) based Travancore Coffee Company Private Limited (TCCPL) was incorporated in the year 1993 as Private Limited Company by Mr. P K Shameem and Mr. Faiz Moosakutty (Managing Director). In the year 1998, Mr. P P Pervez was appointed as one of the Board of Directors of the company. TCCPL is engaged in processing of coffee beans. TULSI TRADING: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tulsi Trading Co (TTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.25 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 21, 2021, placed the rating(s) of TTC under the 'issuer non-cooperating' category as TTC 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. TTC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 7, 2022, August 17, 2022, August 27, 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). Rajkot-based (Gujarat), Tulsi Trading Co. (TTC) is a partnership firm established in 2015 by Mr. Hiren Bhagvanjibhai Sakariya, Mr. Kiran Bhagvanjibhai Sakariya and Mr. Vasantkumar Talshibhai Sakaria. The firm trades in agriculture commodities like cotton bales and cotton seeds. TTC supplies agriculture commodities across India. VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Vinayak Logistic (SVL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.25 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 23, 2021, placed the rating of SVL under the 'issuer non-cooperating' category as SVL 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. SVL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 10, 2022, August 19, 2022, August 29, 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). Shri Vinayak Logistics (SVL) was formed in January 2015 as a partnership concern by Mr. Meharban Singh, Mr. Anil Choudhary, Mr. Vikas Choudhary and Mr. Vijay Kumar Choudhary with an objective to set up a warehouse at Indore (Madhya Pradesh). The firm has envisaged total project cost of INR21.69 crore towards the project to be funded through term loan of INR16.25 crore and remaining through partner's capital and unsecured loans. Till September 12 2017, the firm has incurred INR8.15 crore towards the project which was funded by term loan of INR2.25 crore and remaining through unsecured loans from partner' and partner's capital. The firm is expecting to be complete its project and commence operations from January 2018. =============== M A L A Y S I A =============== AIRASIA X: Mulls Alternative Fundraising Plans ---------------------------------------------- Kang Siew Li at theedgemarkets.com reports that AirAsia X Bhd (AAX), the medium haul, low-cost affiliate of Capital A Bhd, said it is in the midst of formulating a comprehensive proposed plan to regularise its Practice Note 17 (PN17) condition. This follows the lapse of an extension of time granted by Bursa Securities on Oct. 26 for AAX to complete the implementation of its corporate exercises announced in May last year, which entail raising up to MYR116 million via a one-for-one rights offering and a special issue to raise MYR50 million. "The extension of time granted by Bursa Securities to complete the implementation of the remaining corporate exercises has lapsed today (Oct. 26). Accordingly, the remaining corporate exercises will not be implemented," it said in a bourse filing, theedgemarkets.com relays. Under its latest proposed regularisation plan, AAX said it had on Oct. 12, via AmInvestment Bank Bhd, submitted an application to Bursa Securities for an extension of time of six months up to April 28, 2023, for the airline to submit the plan to the Securities Commission Malaysia (SC) or Bursa Securities, according to theedgemarkets.com. In February, AAX had announced that it has fixed the issue price for its one-for-one rights issue at 28 sen per share, which would raise up to MYR116 million, with a similarly priced special issue to raise MYR50 million from the proposed share subscription by a special purpose vehicle (SPV) called Garynma Investments Pte Ltd, theedgemarkets.com recalls. The airline had planned to use the funds for working capital. In addition, the SPV would also be given an option to subscribe to an additional 15% of the enlarged total number of AAX shares after the fundraising exercises. But in announcing its 4QFY22 results on Aug. 19, AAX said it is still in the midst of securing the underwriter(s) for the rights issue and the SPV has not signed the share subscription agreement of MYR50 million to date. theedgemarkets.com relates that the rights issue price of 28 sen represents a discount of 32.7% to the theoretical ex-all price (TEAP) of the shares of 41.58 sen based on the five-day volume weighted average market price of the shares of 55.15 sen on Feb. 18 (at the point of announcement). Since then, however, the price of the shares has dropped to a closing price of 40 sen on Oct. 26, which would imply a narrower discount of 17.6% to the TEAP of 34 sen. AirAsia X Berhad (AAX) -- http://www.airasiax.com/-- is a long-haul, low-cost airline operating primarily in the Asia-Pacific region. AAX had triggered the criteria for PN17 classification in October 2021, after its external auditors, Messrs Ernst & Young PLT, had expressed a disclaimer of opinion in the airline's audited financial statements for the 18-month financial period ended June 30, 2021. It has up to 12 months to regularise its condition from Oct. 29, 2021. ===================== N E W Z E A L A N D ===================== DENBIGH FARM: Creditors' Proofs of Debt Due on Nov. 29 ------------------------------------------------------ Creditors of Denbigh Farm Limited are required to file their proofs of debt by Nov. 29, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 25, 2022. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1, 50 Customhouse Quay Wellington 6011 LHS INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 4 ----------------------------------------------------------- A petition to wind up the operations of LHS International Limited will be heard before the High Court at Auckland on Nov. 4, 2022, at 10:00 a.m. Zintist Limited filed the petition against the company on Sept. 7, 2022. The Petitioner's solicitor is: Zhang Law Limited 130 Ladies Mile Ellerslie Auckland 1051 NEW ZEALAND: Business Insolvencies on the Rise, BWA Report Shows ---------------------------------------------------------------- Newshub reports that the report conducted by BWA Insolvency found a 48 percent increase in formal insolvency proceedings between the months of July and September. While liquidations were up 43 percent on the previous quarter at a total of 384, Newshub discloses. Receiverships were also up by 243 percent in the same period. Voluntary administrations saw a rise too, of 60 percent, Newshub relates. According to Newshub, BWA Insolvency founder Bryan Williams said the latest data shows every corner of every industry has been affected by COVID-19. Mr. Williams added the Government's financial assistance through the peak of the pandemic kept many companies trading that otherwise might have failed. "Now they're on their own, and with Inland Revenue showing far less leniency, many businesses are fighting against some major commercial headwinds," according to Mr. Williams, notes the report. He said the recent measures by the Reserve Bank to reduce inflation will hit businesses regardless of the industry. "In the short term, the blunt tool of increasing interest rates will soak up the pool of discretionary income," he said. Mr. Williams added Kiwi consumers will be forced to reduce spending which will have a domino effect that could be detrimental to some businesses, Newshub relays. "Lowered demand will cause discounting to take place and deflation to result. Margin contraction will be unsustainable for many businesses already experiencing tough times. Taking spending out of the marketplace is effective to reduce inflation, but it will kill businesses along the way." According to Newshub, the BWA report found the transport and delivery sector saw the biggest hike in formal insolvency proceedings, which was up 229 percent on the previous quarter to 23. Newshub relates that Mr. Williams said a shortage of drivers and the rising costs across the board is to blame. "Fuel costs may be able to be passed on, but if you have increasing labour costs and a layer of interest costs to a debt-burdened vehicle, then all of a sudden you've got a totally different story about viability." The business services sector followed in second, seeing the next highest hike. The sector saw a 100 percent increase in formal insolvencies to 50. Mr. Williams acknowledged the sector is diverse but said the change in working conditions throughout the pandemic and working-from-home policies could be the cause. But it's the construction industry leading the insolvency proceedings path with 107 formal insolvencies filed, seeing a 50 percent increase, Newshub relays. "It's not difficult to see why the numbers are so high in this sector. Costs are up, it's hard to find workers, already narrow margins are getting vaporised, and material delays are causing friction costs." And while COVID-19 proved to be most difficult for the food and hospitality sector, it saw just 35 insolvencies in the quarter. Newshub adds that Mr. Williams said that's down to many in the industry decision "to just walk out and turn the lights off". "Frequently the equipment they use is leased, and they simply pass the key over to the owner of the building." BWA saw only eight voluntary administrations in the quarter, a 60 percent increase. "The 60 percent increase suggests that it is the option being considered by the more deliberate company owner that perceives a potential for the business to survive rather than let it continue on the dwindling spiral toward liquidation." Mr. Williams added there "is no seasonality to insolvency" but the time before Christmas often sees an increase. "I suspect that's a time of the year when business owners perceive there's no hope and that the upsurge in the economy around Christmas is not going to get them out of the hole they're in, and they're probably right." NORTH CITY: Court to Hear Wind-Up Petition on Nov. 8 ---------------------------------------------------- A petition to wind up the operations of North City Hiab 2016 Limited will be heard before the High Court at Wellington on Nov. 8, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 1, 2022. The Petitioner's solicitor is: Tara Nicola Carr Legal Services 11 Jepsen Grove Wallaceville Upper Hutt 5018 SHELTERING ARMS: Creditors' Proofs of Debt Due on Dec. 2 -------------------------------------------------------- Creditors of Sheltering Arms Limited, The Franklin Estate Limited and BNT Contracting Limited are required to file their proofs of debt by Dec. 2, 2022, to be included in the company's dividend distribution. Sheltering Arms Limited and The Franklin Estate Limited commenced wind-up proceedings on Oct. 19, 2022. The Franklin Estate Limited commenced wind-up proceedings on Oct. 21, 2022. The company's liquidators are: Keaton Pronk Iain McLennan McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 WHITE & BOUGHTON: Creditors' Proofs of Debt Due on Nov. 20 ---------------------------------------------------------- Creditors of White & Boughton Limited are required to file their proofs of debt by Nov. 20, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 17, 2022. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= A3 SG MU: Members' Final Meeting Set for Nov. 28 ------------------------------------------------ Members of A3 SG MU Pte Ltd will hold their final general meeting on Nov. 28, 2022, at 10:30 a.m., at 80 Robinson Road, #02-00, in Singapore. At the meeting, Tay Tuan Leng, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. EXACTECH PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Exactech Pte Ltd, on Oct. 21, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Tee Wey Lih c/o Acres Advisory Pte Ltd 531A Upper Cross Street #03-128 Singapore 051531 ===================== S O U T H K O R E A ===================== GANGWON JUNGDO: Gangwon to Repay Legoland Developer Debt by Dec 15 ------------------------------------------------------------------ Yonhap News Agency reports that the Gangwon provincial government said Oct. 27 it will fulfill its debt payment guarantee for the developer of Legoland Korea Resort by mid-December, over one month earlier than scheduled, to mitigate impact on the local financial market. Yonhap relates that Chung Kwang-yeol, deputy governor of Gangwon Province, announced that his government will repay a debt of KRW205 billion (US$145 million) by Dec. 15 owed by the provincial government-funded Gangwon Jungdo Development (GJC) to build the Legoland theme park in Chuncheon, 85 km east of Seoul. "The Gangwon government and the finance ministry have been closely discussing effective ways to alleviate the burden on the financial market, including creditors," Yonhap quotes Mr. Chung as saying in a news conference. "As a result, we've decided to repay the full amount of the debt guaranteed (for GJC), KRW205 billion, by Dec. 15," he said, adding the decision was the outcome of close consultation between Gangwon Gov. Kim Jin-tae and Finance Minister Choo Kyung-ho. GJC, 44 percent owned by Gangwon Province, established a special purpose company called Iwon Jeil Cha in 2020 to fund the construction of Legoland Korea Resort. But Iwon Jeil Cha failed to repay KRW205 billion in asset-backed commercial paper and was listed as bankrupt on Oct. 4, shaking up the local corporate debt market, according to Yonhap. Gangwon Province had guaranteed the commercial paper's payment, but said on Sept. 28 that it would file for GJC's bankruptcy. In an apparent change of stance, Gov. Kim announced recently that his government will carry out its GJC-related debt guarantee by Jan. 29, 2023, but financial market jitters have not subsided, the report says. Meanwhile, Legoland Korea Resort, which opened on May 5 this year, said it will cease operations for three months, beginning next January, for the purpose of wintertime maintenance. But the resort said the temporary closure is not related to the ongoing debt crisis of GJC, Yonhap notes. ********* 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. 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