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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, November 4, 2022, Vol. 25, No. 215
Headlines
A U S T R A L I A
HOGAN FITNESS: Second Creditors' Meeting Set for Nov. 11
NUFORTUNE GROUP: First Creditors' Meeting Set for Nov. 14
QUANTENNA COMMUNICATIONS: Commences Wind-Up Proceedings
SD MOTOR: Commences Wind-Up Proceedings
TFM CHATSWOOD: Second Creditors' Meeting Set for Nov. 10
C H I N A
CHINA DILI: S&P Downgrades ICR to 'CCC', Outlook Negative
CHINA EVERGRANDE: Chairman's Hong Kong Mansion Seized by Bank
CHINA ZHONGWANG: Enters Bankruptcy Proceedings
GREENLAND HOLDING: S&P Lowers LT ICR to 'CC', Outlook Negative
I N D I A
A.M. VINYL: CARE Keeps D Debt Ratings in Not Cooperating Category
ADITYA HI-TECH: ICRA Keeps B Debt Ratings in Not Cooperating
ANDHRA CEMENTS: Sagar Sees NCLT Decision by End of Q3
ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
ANMOL COLD: ICRA Keeps B Debt Ratings in Not Cooperating Category
ARUNODAY SALES: CARE Keeps D Debt Rating in Not Cooperating
ASHWINRAM SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
B.D. STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
B.V. COT SPIN: ICRA Keeps D Debt Ratings in Not Cooperating
BANGALORE METALLURGICALS: ICRA Keeps B+ Rating in Not Cooperating
CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
CHEMICAL INDUSTRIES: ICRA Keeps B Debt Rating in Not Cooperating
DULAM ROCKS: ICRA Keeps B Debt Ratings in Not Cooperating
FX MULTITECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category
GAURI RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
JET AIRWAYS: NCLAT Order a Big Win for Bankrupt Firms' Workers
KHANDWA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating
M V SHIPTRADE: ICRA Keeps B+ Debt Rating in Not Cooperating
MAHE EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
MILIND PULSES: ICRA Keeps D Debt Rating in Not Cooperating
MUNJANI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PINAKIN PLASTOFORMING: CARE Keeps D Ratings in Not Cooperating
PRIME AUTOS: ICRA Keeps B Debt Rating in Not Cooperating Category
RAIGARH FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
RAM COMTRADE: CARE Keeps D Debt Ratings in Not Cooperating
RAMS ASSORTED: CRISIL Lowers LT/ST Debt Rating to D
ROYAL TYRES: ICRA Keeps D Debt Ratings in Not Cooperating
SHIVALIK INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating
SLN RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
SVR DRUGS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
VIYYAT POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating
VOGUE CLOTHING: ICRA Keeps B+ Debt Ratings in Not Cooperating
ZENITH EXPORTS: ICRA Moves B+/A4 Debt Rating to Not Cooperating
J A P A N
SKYMARK AIRLINES: Applies for Relisting on Tokyo Stock Exchange
N E W Z E A L A N D
ANZ AUTO: Court to Hear Wind-Up Petition on Nov. 18
HAMILTON RETAIL: Creditors' Proofs of Debt Due on Nov. 23
HANYANG CORPORATION: Grant Thornton Appointed as Receivers
NLP NEW ZEALAND: Court to Hear Wind-Up Petition on Nov. 7
PRIME TRANSPORT: Court to Hear Wind-Up Petition on Nov. 25
S I N G A P O R E
KITCHEN CULTURE: Requisitioning Shareholders Announce Nov. 25 EGM
REFINE ASIA: Creditors' Proofs of Debt Due on Dec. 5
RHODIUM INVESTMENTS: Creditors' Meetings Set for Nov. 11
SALE STOCK: Court to Hear Wind-Up Petition on Nov. 11
SPRING ROLLS: Creditors' Meeting Set for Nov. 11
VAULD: Seeks 4 Months More on Moratorium as Recast Talks Continue
S O U T H K O R E A
SOUTH KOREA: Warned of Corporate Defaults Amid Economic Slump
- - - - -
=================
A U S T R A L I A
=================
HOGAN FITNESS: Second Creditors' Meeting Set for Nov. 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of Hogan Fitness
Co Pty Ltd has been set for Nov. 11, 2022, at 11:30 a.m. via
Conference telephone call.
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. 10, 2022, at 5:00 p.m.
Nick Keramos and Bill Karageozis of McLeod & Partners were
appointed as administrators of the company on Oct. 10, 2022.
NUFORTUNE GROUP: First Creditors' Meeting Set for Nov. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- NuFortune Group Limited;
- Bullfinch Radio Pty Ltd;
- NuFortune Personnel Pty Ltd;
- NuFortune Equipment Pty Ltd;
- NuFortune Milling Pty Ltd;
- NuFortune Property Pty Ltd;
- Lindsay's Find Pty Ltd; and
- Cleanglo Pty Ltd
will be held on Nov. 14, 2022, at 12:00 p.m. via Zoom.
Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of the company on Nov. 2, 2022.
QUANTENNA COMMUNICATIONS: Commences Wind-Up Proceedings
-------------------------------------------------------
Members of Quantenna Communications Australia Pty Ltd, on Nov. 2,
2022, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Christian Sprowles
HoganSprowles
PO BOX R181
Royal Exchange, NSW 1225
SD MOTOR: Commences Wind-Up Proceedings
---------------------------------------
Members of SD Motor Vehicle Group Pty Ltd, formerly Trading as SD
Detailing, on Oct. 28, 2022, passed a resolution to voluntarily
wind up the company's operations.
The company's liquidator is:
Anne Meagher
SV Partners
22 Market Street
Brisbane, QLD 4000
TFM CHATSWOOD: Second Creditors' Meeting Set for Nov. 10
--------------------------------------------------------
A second meeting of creditors in the proceedings of TFM Chatswood
Land Pty Ltd has been set for Nov. 10, 2022, at 11:00 a.m. at Level
3, 326 William Street in Melbourne.
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. 8, 2022, at 5:00 p.m.
Neil McLean of Rodgers Reidy was appointed as administrator of the
company on Oct. 6, 2022.
=========
C H I N A
=========
CHINA DILI: S&P Downgrades ICR to 'CCC', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China Dili Group (Dili) to 'CCC' from 'B-'.
The negative outlook on Dili reflects S&P's view that the company
will face hurdles in refinancing its bank loans, especially those
that Mr. Dai guarantees.
S&P said, "We lowered the rating because we anticipate increased
hurdles for Dili to access financing channels after loans
guaranteed by the company's subsidiaries fell overdue. This could
turn into a liquidity crunch in the next 12 months. Dili's five
subsidiaries, together with Mr. Dai, have guaranteed two bank
loans, which fell overdue in recent months. The total guarantee
amount from Mr. Dai and the five subsidiaries of Dili charged by
the creditor bank is approximately Chinese renminbi (RMB) 1,150
million."
S&P believes this event will hit Dili's reputation and its access
to financing channels, particularly because Mr. Dai guaranteed more
than 60% of Dili's reported borrowings as of June 30, 2022. The
impact on Mr. Dai's creditworthiness from this event is also likely
to influence Dili's loans personally guaranteed by the controlling
shareholder, in its view.
As at end-October 2022, RMB36 million onshore bank deposits of the
five subsidiaries have been frozen. This compares with Dili's
reported unrestricted cash of RMB1.076 billion as at end-June 2022.
However, the company's cash accessibility is likely to weaken due
to the potential for more cash and loan freezes.
The failure to identify existing guarantees issued by subsidiaries
point to Dili's weak corporate governance. The guarantee was
granted to two companies, one is a third party company and the
other is wholly owned by Mr. Dai. This was before Dili acquired the
five companies (which later became its subsidiaries) from a close
associate of Mr. Dai in 2020. However, Dili failed to find out the
existence of the guarantee while conducting due diligence during
the acquisition. Furthermore, on-going related party transactions
such as loans and guarantees for associate company, Harbin Dili
Fresh Agricultural Produce Enterprise Management Co. Ltd., cast
doubt over the effectiveness of Dili's board and its independence.
Dili's commission income took a hit from the COVID-19 pandemic in
2022. Due to tightened social distancing measures from the
resurgence of COVID-19 in China, Dili's commission income fell
22.3% year on year to RMB376.6 million in the first half of 2022.
This was a result of lower trading volume of agricultural products
and concessions provided to traders. Markets in Shenyang, Harbin,
and Shouguang were hit the most. Lease income remained stable, up
0.2% year on year to RMB215.1 million during the period.
S&P said, "The negative outlook reflects our view that Dili's
repayment risk could rise with depleting liquidity because it will
face more difficulty in accessing financing channels after bank
loans guaranteed by its subsidiaries and its controlling
shareholder, Mr. Dai, fell overdue.
"We may lower the rating if Dili's cash accessibility worsens or
its cash balance narrows significantly due to exercise of external
guarantee, leading to a quicker liquidity deterioration. We may
also lower the rating if the company fails to take meaningful
action to repay its debt due over the next six months. This could
happen if borrowings with personal guarantee from Mr. Dai are
called by banks, leading to a payment crunch in the next six
months.
"We would consider revising our rating outlook to stable if Dili
demonstrates an ability to make solid progress to settle its
maturities."
Environmental, Social, And Governance
ESG credit indicators: E-2 S-2 G-5
S&P said, "Governance factors are a very negative consideration in
our credit rating analysis of Dili. We believe the company bears
greater governance risks than its peers given its history of
conducting related-party transactions, which have the potential to
lead to large operational and financial fluctuations. For example,
Dili granted a RMB2 billion revolving loan to a connected party,
which may weaken the company's own liquidity profile. Other
governance factors constraining it are unaware guarantees issued by
subsidiaries, and a past distressed exchange and a restructuring of
its assets. The Dai family remains Dili's controlling shareholder,
and a family member occupies the role of CEO and executive director
of the board."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Risk management, culture, and oversight
CHINA EVERGRANDE: Chairman's Hong Kong Mansion Seized by Bank
-------------------------------------------------------------
Reuters reports that a mansion belonging to embattled China
Evergrande Group's chairman in Hong Kong's prestigious The Peak
residential enclave has been seized by lender China Construction
Bank (Asia), local online news outlet HK01 reported on Nov. 3.
The report did not say when the 5,000 square-foot (465
square-metre) mansion, which HK01 said was valued at HK$700 million
(US$89 million), was taken over by the bank, Reuters relates.
Saddled with more than $300 billion in total liabilities, the
defaulted Chinese property developer has already seen many of its
assets, both in mainland China and Hong Kong, seized by creditors.
This foreclosure could be the first known case of Hui's personal
assets in Hong Kong being seized, HK01 reported.
Reuters says the mansion, with sweeping views of the city's
gleaming skyscrapers, had been pledged to raise about HK$300
million to repay an overdue Evergrande bond, HK01 reported last
year.
A filing with Hong Kong's Land Registry confirmed in October of
last year that the property had been pledged for a loan from CCB
(Asia), although it gave no monetary figure.
Hui owns two other luxury homes in the same development in The
Peak, which were pledged to Orix Asia Capital Ltd in November 2021
for undisclosed amounts, according to the Land Registry.
Evergrande's main assets in Hong Kong - its headquarters and a vast
plot of rural land - were seized by creditors this year, Reuters
recalls.
Chinese state-owned China Citic Bank Corp Ltd, lender to the office
tower, took over the asset in September, and put it on a tender
sale last month, while U.S. asset manager Oaktree Capital
Management seized the land in Yuen Long district early this year.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
13, 2022, Moody's Investors Service has withdrawn China Evergrande
Group's (Evergrande) corporate family rating and senior unsecured
ratings, the CFRs of Hengda Real Estate Group Company Limited and
Tianji Holding Limited, and Scenery Journey Limited's backed senior
unsecured ratings.
CHINA ZHONGWANG: Enters Bankruptcy Proceedings
----------------------------------------------
Aluminium Insider reports that the biggest aluminium extrusions
producer in the People's Republic of China and the second biggest
in the world is now in bankruptcy proceedings, as a Chinese court
has approved the application filed against China Zhongwang in
September.
A court in Shenyang gave the green light to the petition filed by
several of its creditors earlier this week, the report says.
Experts estimate that the firm has about US$64 billion in
liabilities, but less than half that amount in assets at present.
Aluminium Insider says Zhongwang has yet to file its annual
financial report for 2021 or its report covering the first half of
2022. Once sitting atop the Chinese extruded aluminium market,
Zhongwang announced in mid-October that its subsidiaries have
endured significant losses and were thus unable to address the
situation appropriately on its own.
According to the report, China Zhongwang's entry into the North
American market spelled trouble for domestic extruded aluminium
producers, as domestic firms were unable to compete with
Zhongwang's products, which have long been understood to be
subsidized by Beijing.
However, experts said that new tariffs enacted by the United States
government and an investigation into the company's founder by US
authorities have dealt a death blow to the once-mighty firm.
Shanghai attorney Eugene Weng told financial media that Zhongwang's
insolvency was far from unexpected.
"The collapse of Zhongwang was shocking but not surprising to
people in the commodity industry. This year's volatility in the
global commodity market and the company's poor corporate governance
are the straws that broke the camel's back," the report quotes Weng
as saying.
Weng said that the lassiez-faire attitude by Beijing is partly to
blame for Zhongwang's downfall.
"The fall of Zhongwang is the failure to crack down on these
alleged self-financing activities. Such practices are a ticking
time bomb and can hardly be tolerated by Chinese courts."
"However, the bankruptcy has exposed the weaknesses of the
conglomerate business model that Zhongwang pursued, and its
collapse has hit many contractors and creditors," he went on to
say. "Liquidating assets could also prove difficult, given
manufacturing has been weakened by China's strict zero-Covid
policy."
Zhongwang's growth was almost as impressive as its downfall, the
report notes. In 2019, the firm's market cap was US$3.8 billion,
and the firm's rise made company founder Liu Zhongtian the richest
man in northeast China from 2014 to 2017.
Liu diversified Zhongwang's business in 2016, expanding into the
aerospace, marine, and automobile markets. The acquisition of
Aluminiumwerk Unna in 2017 increased its presence in the aerospace
market as well.
However, an attempt at purchasing American aluminium firm Aleris
for US$1.1 billion was quashed by regulators in Washington over
national security fears.
"Everything would have been fine if Zhongwang had kept up its pace
of growth and development. However, when the music stopped,
Zhongwang was in trouble," Weng, as cited by Aluminium Insider,
concluded.
China Zhongwang Holdings Limited is principally engaged in the
manufacturing and sales of aluminum products. The Company operates
through four business segments: aluminum extrusion products for
industrial markets, aluminum deep-processed products, aluminum
extrusion products for construction markets and aluminum
flat-rolled products. The Company is also involved in the
investment holding, the manufacturing of machinery and special
vehicle and parts, as well as the provision of financial services
through its subsidiaries.
GREENLAND HOLDING: S&P Lowers LT ICR to 'CC', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China-based property developer Greenland Holding Group Co. Ltd. to
'CC' from 'CCC-'. At the same time, S&P lowered the issue ratings
on the senior unsecured notes that the company guarantees to 'C'
from 'CC'.
The negative outlook reflects the likelihood that S&P will lower
the long-term issuer credit rating on Greenland to 'SD' (Selective
Default) when it completes the proposed maturity extension
transactions.
On Oct. 31, 2022, China-based property developer Greenland Holding
Group Co. Ltd. announced an offer to extend the maturity of all its
outstanding U.S. dollar notes.
S&P said, "We lowered the ratings on Greenland because we view the
proposed debt maturity extensions as distressed. The company
earlier extended the U.S. dollar notes originally due June 2022 by
one year. It is now proposing to extend the notes for another year.
All remaining U.S. dollar notes will be extended for two years from
their original maturity dates. Greenland has offered to repay 5% of
the outstanding principal together with accrued but unpaid interest
to consenting bondholders.
"In our view, Greenland is vulnerable to nonpayment of its U.S.
dollar-denominated notes upon maturity in the absence of the
proposed transaction."
Greenland has extremely weak liquidity, given no signs of recovery
in its contracted sales. In the first nine months of 2022, the
company's contracted sales dropped by 57% year on year to Chinese
renminbi (RMB) 99 billion. Continued fragile confidence in the
property sector and COVID restrictions in mainland China have
affected its asset disposal progress. While Greenland had a cash
balance of RMB61 billion as of Sept. 30, 2022, S&P believes it can
access nearly none for debt repayment at the holding company level.
This is because regulators have prioritized project completions as
the most vital task for developers.
ESG credit indicators: E-3, S-2, G-4
=========
I N D I A
=========
A.M. VINYL: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A.M. Vinyl
Private Limited (AVPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 13.50 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 23,
2021, placed the rating(s) of AVPL under the 'issuer
non-cooperating' category as AVPL 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. AVPL 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).
A.M Vinyl Private Limited (AMVPL) was incorporated in 2004 by Mr.
Ashok Chopra. AMVPL is engaged in the manufacturing and trading of
PVC products and its product portfolio includes PVC floorings, PVC
leather cloth, PP nonwoven spun bonded fabric and PVC sheeting. The
manufacturing facility for AMVPL is located in Bhiwadi, Rajasthan.
ADITYA HI-TECH: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Aditya Hi-Tech Cold Storage in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.80 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.95 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in August 2015, Aditya Hi-Tech Cold Storage (AHCS)
provides cold storage facility to potato-based product
manufacturers and traders on a rental basis and has commenced
commercial operations from February 2016. The firm has a modified
atmosphere cold storage facility located at Idar, Gujarat with the
capacity to store 1,65,000 bags – each weighing 50 Kg (around
8,250 MT of potatoes). The firm has been promoted by Mr. Suresh
Mali along with his relatives who have long experience in potato
farming, trading and in the cold storage business. The partners
also have association with other cold storages like PK Cold
Storage, Ratan Cold Storage and Meghdoot Cold Storage.
ANDHRA CEMENTS: Sagar Sees NCLT Decision by End of Q3
-----------------------------------------------------
The Hindu BusinessLine reports that Sagar Cements is expecting the
outcome of its proposal to acquire Andhra Cements before the third
quarter end, and has identified one more candidate for a possible
acquisition. Sagar Cements has earlier submitted a Resolution Plan
regarding the Corporate Insolvency Resolution Process initiated by
the Hyderabad Bench of the National Company Law Tribunal on an
application filed in respect of Andhra Cements Ltd, a 'corporate
debtor'.
On the status of the proposal, Sreekanth Reddy, Joint Managing
Director, Sagar Cements, said: "We are more than hopeful that, at
NCLT, the Andhra transaction should get concluded or there is a
possibility that it should get concluded before end of Q3 is what
is the impression that we have," BusinessLine relays.
Sagar had production capacity of 8.25 million tonnes (mt) as of
end-March 2022 and aims to reach 10 mt capacity by FY25 through
organic and inorganic routes. Andhra Cement has 1.65 mt for clinker
and 1.8 mt for grinding at the integrated plant in Dachepalle in
Guntur, and 0.8 mt grinding capacity in Visakhapatnam.
BusinessLine says the Hyderabad-based company is prepared
financially for the acquisition. "We are fully funded from Andhra
perspective. We took a INR500 odd crore of structured debt and also
raised a INR350 crore of equity from Premji Invest. We do have some
internal accruals. I think these three should help us acquire the
assets," the report quotes Mr. Reddy as saying.
The inorganic growth strategy of the company goes beyond Andhra
Cements. It also identified a couple of assets. "But, we want to
take one step at a time. So currently, we are more focused on
Andhra. Yeah, the outcome of that would decide for the other
options that we have," Mr. Reddy said.
"We do have at least another asset in our radar. But the outcome of
Andhra would decide how we would progress on the other one," Mr.
Reddy added.
Andhra Cements Limited -- https://www.andhracements.com/ -- is
engaged in manufacturing and selling of cement. The company
operates, through a network of dealers for sale of its products.
Their product include Ordinary Portland cement (OPC) and Pretoria
Portland cement (PPC).
ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Andhra Ferro Alloys Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 30.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 15.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 33.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long Term- 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Rating continues to remain under
Based-Others 'Issuer Not Cooperating'
Category
Cash-term– 8.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1986, Andhra Ferro Alloys Limited is engaged in the
production of ferro alloys. The company has two units - unit1 is
located at Srinivasanagar, Pendurthi, Vizianagaram district
(installed capacity is 3.5-million-volt ampere (MVA)) and unit 2 is
located at Garbham, Vizianagaram district (installed capacity of
15.5 MVA). The unit 1 was dismantled during February 2009 and AFAL
is setting up 11MVA capacity ferro alloy unit each at unit 1 and 2.
The total capex at unit 2 is Rs 26.34 crore funded by a term loan
of Rs 15.00 crore and is expected to be completed by April 2016.
The total capex at unit 1 is Rs 27.56 crore and was proposed to be
funded by term loan of Rs 17.00 crore; however, the company has
deferred the construction of unit 1. AFAL is promoted and managed
by Mr. Brajendra Khandelwal who has over 25 years of experience in
the ferro alloy industry.
ANMOL COLD: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the short term and long-term ratings for the bank
facilities of Anmol Cold Storage in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.90 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.85 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in August 2015, Anmol Cold Storage (ACS) is engaged in
providing cold storage facility to potato-based product
manufacturers and traders on a rental basis and has commenced
commercial operations from February 2016. The firm's facility is
located at Idar, Gujarat, with a capacity to store 2,01,000 bags,
each weighing 50 kg (around 10,050 MT of potatoes). The firm has
been promoted by Mr. Prahlad Mali along with his relatives who have
long experience in potato farming, trading and cold storage
businesses. The partners also have associations with other cold
storages such as PK Cold Storage, Ratan Cold Storage and Meghdoot
Cold Storage.
ARUNODAY SALES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arunoday
Sales (AS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 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 9,
2021, placed the rating(s) of AS under the 'issuer non-cooperating'
category as AS 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. AS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2022, August 5, 2022, August 15, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
AS was incorporated as a partnership firm in March 2011 by Mr.
Pushpak Agrawal and his sons - Mr. Pankaj Agrawal and Mr. Pravin
Agrawal. The firm is engaged in the business of trading of yarn.
ASHWINRAM SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ashwinram
Spinning Mills Private Limited in the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 10.45 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 0.68 [ICRA]A4 ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Letter of Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.87 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1990, ASMPL is primarily engaged in producing
cotton yarn, primarily open-end yarn, in the count ranges from 8s
to 20s. ASMPL caters primarily to domestic markets of Maharashtra
and Tamil Nadu. The Company operates with an installed capacity of
3,464 rotors and its manufacturing facility is located near
Coimbatore.
B.D. STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of B.D. Steels Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Founded in 2004 as a partnership firm, BD Steels is into the
trading of iron and steel products of JSW and SAIL. In 2008, the
firm was reconstituted as a private limited company and named B D
Steels Private Limited (BDSPL). The company trades mainly in flat
steel products namely cold rolled close annealed (CRCA), galvanized
plain (GP), hot rolled (HR), cold rolled (CR) sheets/ coils. The
company has its registered office in Secunderabad and a warehouse
facility in Balanagar, Hyderabad. Managing Director of the company
Mr.Jagdish Sontalia is having more than three decades in trading of
iron and steel products.
B.V. COT SPIN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating of B.V. Cot Spin Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 18.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 3.15 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2012, B. V. Cot Spin Industries (BVCSI) is a
partnership firm with Mr. Babu Patel, Mr. Piyush Patel and Mr.
Bhavin Patel along with their family members as partners. The firm
gins and presses raw cotton to produce cotton bales and
cottonseeds. The commercial production of the firm commenced in
November 2013. BVCSI possesses 54 cotton ginning machines, with an
installed capacity of manufacturing 300-350 bales per 12 hours.
BANGALORE METALLURGICALS: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Bangalore
Metallurgicals Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/ limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1960, BMPL is engaged in manufacturing of metal
casts. BMPL was originally set up in 1960 as a partnership firm by
Mr. Maddaiah Ramaiah and his family members; subsequently, the firm
was reconstituted as a private limited company in 1987. The company
manufactures grey and ductile steel castings ranging from 0.5 kg to
3000 kg for its customers across industries such as electric
motors, textiles, earth moving equipment, machine tools and wind
turbine sectors. The foundry has ISO 9001 and ISO 14001 & 18001
certifications through TUV Rheinland Private Limited. The company's
facility was earlier located in Rajaji Nagar in Bangalore. However,
the company upgraded its machinery and shifted to a new unit in
Hoskote (40 km from Bangalore) in the year 2000. The current
capacity of the foundry stands at 6000 MT per annum and the
management plans to expand into heavy castings and reach a capacity
of 12000 MT over the near-to-long term. While the capacity
utilisation of the plant stood at nearly 80% till 2011-12, the same
has decreased to about 40-50% from 2012-13 on account of the
company's change in focus to high-margin hand-moulded castings as
against the earlier focus on low-margin machine-moulded castings.
CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Card Pro
Solutions Private Limited (CPSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.84 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.30 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 1,
2021, placed the rating(s) of CPSPL under the 'issuer
non-cooperating' category as CPSPL 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. CPSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 18, 2022, July 28, 2022,
August 7, 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).
Card Pro Solutions Private Limited (CSPL) incorporated in 1989 as
Kamal Offset Private Limited by Mr. Vikas Choudhary and Mr. Kishin
Gidwani and got its current name in 2010. CSPL is engaged in
business of the manufacturing of pre-paid cards and chip & non-chip
based smart cards. CSPL has its manufacturing facility located at
Navi Mumbai. Further it has head office in Mumbai
(Maharashtra) and also has two more branches in Delhi and Kolkata
for conducting its marketing activities.
CHEMICAL INDUSTRIES: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Chemical
Industries Consulting Bureau to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Working Capital the 'Issuer Not Cooperating'
Facilities Category
Short-term 8.00 [ICRA]A4 ISSUER NOT
Non Fund based COOPERATING; Rating Moved to
Facilities the 'Issuer Not Cooperating'
category
Rationale
The rating is moved to the 'Issuer Not Cooperating' category
because of non-cooperative on information as well as fees and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity.
The rating is based on limited cooperation from the entity since
the time it was last rated in September 2021. As part of its
process and in accordance with its rating agreement with
CICB-Chemicon Pvt Ltd, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. ICRA has also been sending repeated reminders to
the entity for payment of surveillance fee that became due.
However, despite multiple requests by ICRA, the entity's management
has remained non-cooperative on information as well as fees. In the
absence of requisite cooperation and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating has been moved to the Issuer Not Cooperating
category.
Chemical Industries Consulting Bureau, incorporated in 1971, was
formed to provide consultancy services to chemical industries. In
1979, it was incorporated as a private limited company,
CICB-Chemicon Pvt. Ltd. The company primarily manufactures
engineering goods, including compressors, heat exchangers, pressure
vessels, air and gas dryers and provides complete turnkey solutions
from installation of the product to after-sale services. It is a
project-based company having a manufacturing unit in Bengaluru
(recently shifted from Mangalore) with a capacity of 100-150 tonnes
a year.
DULAM ROCKS: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Dulam Rocks Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.30 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.20 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2015, Dulam Rock Private Limited (DRPL) is
primarily setting up a unit for cutting and polishing of granite.
The company is promoted and managed by Mr. Venkata Rami Reddy, Mr.
Dulam Verra Reddy and others who have more than 15 years of
experience in granite industry. The proposed processing unit of the
company is located at Mudigonda village, Khammam district,
Telangana with a proposed processing capacity of 9.6 lac square
feet of granite per annum.
FX MULTITECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Fx Multitech Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 3.70 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 6.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.65 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 0.20 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Fx Multitech Private Limited (FMPL) was incorporated in March 2008.
It is promoted and managed by Mr. Subhash Agarwal and Selvaraj R,
the directors, who have a long experience in the engineering
industry. FMPL is currently engaged in a dealership business for
products from Danfoss, Gomex, Roller, Refco, Kanson,Wilson, DSI,
DECSA and Karyer. It also trades in engineering products and
electrical spare parts.
GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gali Bhanu
Prakash (GBP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.53 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 8,
2021, placed the rating(s) of GBP under the 'issuer
non-cooperating' category as GBP 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. GBP
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.
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).
Andhra Pradesh based, Gali Bhanu Prakash (GBP) was established as a
proprietorship firm in the year 2002 and promoted by Mr. G. Bhanu
Prakash. The firm is engaged in providing ware house on lease
rental to Andhra Pradesh State Civil Supplies Corporation Limited
(APSCSCL).
GAURI RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Gauri Rice Mill Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.57 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 11.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Unallocated 1.23 [ICRA]B(Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING;
Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2010, Shree Gauri Rice Mill Private Limited
(SGRMPL) is engaged in the milling of paddy and parboiled rice. The
manufacturing facility of the company is located at Nadiad, Kheda
(Gujarat), having an installed capacity of milling 8 MTPH (Metric
Ton per Hour) of rice. The company is promoted by Mr. Dilip Kela
and Mr. Ashok Kela.
JET AIRWAYS: NCLAT Order a Big Win for Bankrupt Firms' Workers
--------------------------------------------------------------
The Times of India reports that the National Company Law Appellate
Tribunal (NCLAT) recently held that the resolution plan to revive
Jet Airways could be held invalid if the airline doesn't pay the
statutory dues, such as provident fund and gratuity, owed to its
employees and workers. Legal experts have deemed it as an important
battle win in the war for rights of workers of bankrupt companies.
According to the report, the significance lies in the invocation of
section 30 (2)(e) of Insolvency and Bankruptcy Code (IBC), which
states that the resolution professional shall examine the
resolution plan to confirm that "it does not contravene any of the
provisions of the law for the time being in force."
TOI relates that senior advocate Gayatri Singh said: "The NCLT and
NCLAT have not previously stated in other judgments that
non-compliance of a resolution plan with the EPF Act and Payment of
Gratuity Act amounts to a violation of Section 30(2)(e) of the
IBC."
Previously IBC judgments have broached this subject to the extent
that payment of pension, PF and gratuity to workmen, employees are
requirements under laws that are not inconsistent with the IBC and
therefore there is no conflict between the payment of these
statutory dues to workmen and employees and the provision of the
IBC, she said.
But now, the NCLAT has gone further to state that, "non-payment of
full provident fund and gratuity shall lead to violation of Section
30(2)(e) and hence, to save the resolution plan the above payments
have to be made.
"This judgment would therefore be precedent that on account of
being assets of employees and workmen, pension, PF and gratuity
dues cannot be withheld from workmen and employees during
insolvency resolution proceedings, even if the employer had failed
to create a separate fund for gratuity and PF for its workmen and
employees," TOI quotes Advocate V G Sreeram as saying.
The Jalan Kalrock resolution plan, cleared in June last year by the
National Company Law Tribunal (NCLT), proposed to pay the employees
a fraction of the dues - statutory and other payments - owed to
them by the airline, the report notes. Jet employee unions and
associations then filed an appeal before the NCLAT against the
former resolution professional. The NCLAT judgment for payment of
statutory dues applies only to those who have resigned from the
airline though.
Advocate Ronita Bector, who represented Jet officers and staff in
NCLAT, said: "The judgment of the NCLAT further cements the concept
that PF and gratuity dues are assets of the workmen, employees that
are held in trust by the employer. It cannot be withheld by an
employer and must be paid to workers and employees even if a
separate gratuity fund or PF fund had not been created by the
employer," TOI relays. This concept had been previously developed
by the Supreme Court in its judgments but has now been clearly
extended to CIRP proceedings under the IBC through the present
judgment, she added.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In July last year, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June last year, the NCLT
approved the consortium's resolution plan for the troubled
carrier.
Jet Airways got its air operator certificate revalidated in May
this year. The Mumbai-based company had plans to resume operations
in October but has not provided any official comments on the same,
according to Financial Express.
KHANDWA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khandwa
Industries Private Limited (KIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.15 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 KIPL under the 'issuer
non-cooperating' category as KIPL 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. KIPL
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).
KIPL was incorporated in the year 2008 for manufacturing of cotton
bales & seeds and trading of cotton bales, oil, cakes and seeds.
KIPL is promoted by the Gupta family who are into the cotton
business since the year 1950. Mr. Sandeep Gupta and Ms Ramadevi
Gupta are actively involved in operations of KIPL. KIPL is
primarily engaged in trading of ginned cotton.
KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sree Kiran
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 37.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/TL Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sree Kiran Enterprises, established as a proprietorship firm in
2000, is owned by Mrs. Padmavathi. The firm is involved in
providing catering services in Bangalore (Karnataka). The firm has
two banquet halls – (i) Samskruthi Banquet Hall and (ii) Sree
Soundarya Mahal in the city. The operations of the firm are managed
by the family members of the proprietor. The promoter family is
associated with other group concerns which are engaged in similar
line of businesses.
LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lokmangal
Mauli Industries Limited (LMIL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 210.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 6, 2021,
placed the rating(s) of LMIL under the 'issuer non-cooperating'
category as LMIL 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. LMIL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2022, July 2, 2022, July 12, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
LMIL was incorporated in August 2007 to undertake sugar and sugar
related production by Mr. Subhash Deshmukh (Founder chairman) and
Mr. Ravikant Patil (Managing Director) with an installed capacity
of 6,000 Tonnes of Cane Crushed Per Day (TCD). To mitigate the
seasonal and cyclical nature of sugar industry, LMIL has also
installed Cogeneration unit of 30 Megawatt (MW). The partially
integrated sugar factory of LMIL is located at Post Khed, Taluka
Lohara.
M V SHIPTRADE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M V
Shiptrade Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based–
Cash Credit 5.00 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Non-Fund-based
Letter of Credit 30.00 [ICRA]A4; ISSUER NOT
COOPERATING; Rating continues
To remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2003, M. V. Shiptrade Private Limited (MVSPL) is
involved in ship breaking activities and operates from Plot No. 136
at the Alang Ship breaking Yard, Bhavnagar. MVSPL is promoted by
the Varteji family, which has other group companies such as Mahek
Agro Mineral Private Limited and M.V. Agro Mineral Industries
(minerals manufacturers and traders); Gujarat Mobil Private Limited
(recycles and trades paraffin wax and base oil); Ishan Distributors
Private Limited (importer of bitumen) and Vibrant Industrial Park
(real estate developer). In FY2019, the company reported a net
profit of INR0.06 crore on an operating income of INR28.12 crore
compared to a net loss of INR0.38 crore on an operating income of
INR6.84 crore in FY2018.
MAHE EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahe
Educational and Charitable NRI Trust in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.40 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 3.60 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Mahe Educational and Charitable NRI Trust was established in the
year 2006 at Mahe, Pondicherry. The Trust manages Mahe Institute of
Dental Sciences and Hospital (MINDS), which started operations in
2009.
MILIND PULSES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating of Milind Pulses in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Milind Pulses started its operations in 2000-01 and is engaged in
trading and manufacturing of Tur Dal, Lakhodi Dal and Chana Dal
driven primarily by its healthy demand. The proprietor- Mr. Milind
and his father Mr. Vijay have an experience of over 12 years in the
pulses processing industry. The firm has a combined production
capacity of 18,000 MTPA or 600 quintals of Tur Dal, Lakhodi Dal and
Chanal Dal with the manufacturing facility located at Nagpur.
MUNJANI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Munjani
Brothers (MB) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 6 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 3 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 6 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 4 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 2 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 5 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 13.5 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 3 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 6 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 9 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with MB for
obtaining information through letters and emails dated July 27,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MB is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MB
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MB was set up in 1986. The firm manufactures cut and polished
diamonds and specialises in small diamonds, such as star and
melees, ranging from 0.01 carat (ct) to 2.00 ct.
MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MY Store
Private Limited (MSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MSPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MSPL, incorporated in 2008, by Mr. Saurabh Garg, operates
franchisee stores of brands like Levi's, Nike, Arvind Lifestyle.
The company also operates one multibrand retail store under the
name ' MyWays. The company has 30 retail shops across 10 cities
including Mumbai, Pune, Bhopal, Delhi NCR, etc. The registered
office of the company is in Bhopal.
PINAKIN PLASTOFORMING: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pinakin
Plastoforming Limited (PPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.50 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 24,
2021, placed the rating(s) of PPL under the 'issuer
non-cooperating' category as PPL 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. PPL
continues to be non-cooperative 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).
Vadodara-based (Gujarat) PPL was incorporated in 2002 by Joshi
family as a private limited company and changed its constitution to
closely held limited company during February 2016. The operation of
PPL is currently managed by Mr. Dinesh Joshi, Mr. Divyesh Joshi and
Ms. Pratiksha Joshi. PPL is engaged into manufacturing
Polypropylene (PP) Disposable plastic products such as disposable
glass, cups etc. PFL is operating from its sole manufacturing unit
located in Vadodara (Gujarat).
PRIME AUTOS: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Prime Autos in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.10 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 5.90 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2016, Prime Autos (PA) is a partnership firm
involved in the exclusive dealership of Bajaj Auto Limited for its
three-wheeler segment in the Chitradurga district of Karnataka. The
firm is also venturing as a stockist for Tractors and Farm
Equipment Limited for North Karnataka region. The partners, Mr. K.
Zabiula and Mr. K. Chamansab, have experience in the automobile
industry via their association with Sara and Co., which is the
stockist for International Tractors Limited (Sonalika).
In FY2019, the firm reported a net profit of INR0.1 crore on an
operating income of INR13.1 crore compared to a net profit of
INR0.0 crore on an operating income of INR5.1 crore in FY2018.
RAIGARH FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Raigarh
Foods & Hotel Business Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Unallocated
Limit 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund-based 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Limit Bank Rating continues to remain under
Guarantee 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RFHBPL was incorporated as a private limited company in 1996 by Mr.
Subhash Agarwal based in Raigarh, Chhattisgarh. The company is
primarily engaged in the milling of raw and par-boiled rice.
RAM COMTRADE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri Ram
Comtrade Private Limited (SRCPL) continue 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 7.50 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 19,
2021, placed the rating(s) of SRCPL under the 'issuer
non-cooperating' category as SRCPL 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. SRCPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 5, 2022, July 15, 2022,
July 25, 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 December 2012, Shri Ram Comtrade Private Limited
(SRCPL) was promoted by Mr. Abhishek Agarwal and Mr. Pinkey Agrawal
of Ranchi, Jharkhand. Since its inception, SRCPL has been engaged
in trading of construction materials like cement, iron & steel,
different types of pipes and pipe fittings.
RAMS ASSORTED: CRISIL Lowers LT/ST Debt Rating to D
---------------------------------------------------
CRISIL Ratings has downgraded the rating of Rams Assorted Cold
Storage Limited (RACS) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating', as company has delayed servicing its debt
obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with RACS for
obtaining information through email dated March 14, 2022, May 9,
2022 and October 10, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the firm. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality.
CRISIL Ratings believes the rating action on RACS is consistent
with 'Assessing Information Adequacy Risk'. Based on the best
available information, CRISIL Ratings has downgraded the rating to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating', as company has delayed
servicing its debt obligation.
Incorporated in 1986, RACSL is based in Cuttack, Odisha. It
processes and exports seafood. The company operated only as a
cold-storage facility until 1995, after which it set up its seafood
processing capacity. It operated on a jobwork basis until 2007 and
started its own export operations in 2008.
Status of non cooperation with previous CRA:
RACSL has not cooperated with India Ratings And Research Private
Limited, which has classified the company as non-cooperative
through release dated September 27, 2019. The reason provided by
India Ratings And Research Private Limited is non-furnishing of
information for monitoring of ratings.
ROYAL TYRES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Royal
Tyres Private Limited. in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.40 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 6.21 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.80 [ICRA]D; ISSUER NOT COOPERATING;
fund based Continues to remain under the
Packing Credit 'Issuer Not Cooperating'
Category
Short-term 0.30 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Bank Guarantee 'Issuer Not Cooperating'
and Letter Category
of Credit
Long-term/ 2.29 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1992, Royal Tyres Private Limited is engaged in the
manufacturing of solid tyres catering to various end user
industries including automobile, logistics, railway and airport.
SHIVALIK INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivalik
Infrastructure (SI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 3,
2021, placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI 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. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 20, 2022, July 30, 2022, August 10, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rajkot-based (Gujarat) Shivalik Infrastructure (SI) was established
in April, 2016 as a partnership firm by Mr. Amish Ramani and Mr.
Madhav Dave. Key promoters of SI are having an experience of around
two decades in various industries. SI mainly executes projects for
various civil construction projects like different types of
buildings, roads, pipeline, earthwork etc. on a subcontracting
basis, largely for the Government of Gujarat.
SLN RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of SLN Rice
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SLN Rice Industries was incorporated in the year 2003 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. The firm is promoted by Mr. K. Umesh Babu and
Mr. K.Natesh Babu and the rice mill is located at Tumkur,
Karnataka. The installed capacity of the plant is 5 tons per hour.
SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Soni
Traders (ST) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 60.00 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 29,
2021, placed the rating(s) of ST under the 'issuer non-cooperating'
category as ST 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. ST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 15, 2022, August 25, 2022, September 4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Soni Traders was constituted as a sole proprietorship firm in 2004
and later in October 2015 was reconstituted as a partnership firm
with Mr. P.L. Soni and Ms. Munni Devi Soni as partners. The firm is
engaged in the business of trading of Bitumen products such as
Industrial Bitumen, Bitumen 80/100, Black Bitumen, Industrial
Cutback bitumen etc.
SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SSG
Infratech Private Limited (SIPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 62.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
CARE Ratings Ltd. had, vide its press release dated August 27,
2021, placed the rating(s) of SIPL under the 'issuer
non-cooperating' category as SIPL 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. SIPL
continues to be noncooperative 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).
SSIPL was incorporated in 2004 by Mr. Harjit Singh Sahni. The
company is engaged in providing design and infrastructure services
in civil and electrical contracts on turnkey basis, which primarily
involves installation and commissioning of electrical substations,
water treatment plants, sewerage treatment plants, construction of
underground reservoirs and rainy wells primarily in state of Uttar
Pradesh and Northern India.
SVR DRUGS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Svr Drugs
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B+ (Stable); ISSUER NOT
Non-Fund COOPERATING; Rating Continues
Based-Others to remain under issuer not
cooperating category
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 5.48 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.02 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SVR Drugs Private Limited (SVRDPL) was incorporated in the year
2010 for establishing a bulk drug and intermediates manufacturing
unit at JN Pharma City, Vishakhapatnam with an annual production
capacity of about 400 Tonnes. The company is promoted by Mr. P.
Nageswara Rao and Mr. V.V Ravi Kumar. The directors also own and
operate an intermediates unit, SVR Laboratories Private Limited
(SVRLPL) rated [ICRA]BB (Stable)/ [ICRA]A4+) near Hyderabad. SVRDPL
has 40 reactors with total capacity of 250 KL.
VIYYAT POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Viyyat
Power Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.50 [ICRA]B+(Stable);ISSUER NOT
Cash Credit COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
Long-term– 4.42 [ICRA]B+(Stable);ISSUER NOT
Term Loans COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
Short-term– 0.15 [ICRA]A4; ISSUER NOT
Bank Guarantee COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
VPPL is engaged in hydropower generation. The company operates a
4.5 MW hydro power plant (3X1.5 MW), at Ambazhachal, Kerala on
build, own, operate and transfer (BOOT) basis. The design energy of
the plant is 15.8 million units (MU). The plant is located in the
Western Kallar River basin, a tributary of Periyar River at
Ambazhachal, Kerala. The Company sells the entire power generated
to KSEB through a long-term power purchase agreement.
VOGUE CLOTHING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vogue
Clothing Company in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.30 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 5.70 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Vogue Clothing Company was established as a partnership firm in
2009 at Tiruppur, Tamil Nadu, with Mr. T.V. Senthilkumar, Mr. P.
Susil Kumar, Ms. Vidhyaa Senthilkumar and Ms. S. Arthi as partners.
While fabric processing is outsourced to third party units,
processes like cutting, sorting, bundling, sewing, ironing and
packing are conducted inhouse. The company exports its entire
production through agents.
ZENITH EXPORTS: ICRA Moves B+/A4 Debt Rating to Not Cooperating
---------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Zenith
Exports Limited's (ZEL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 22.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Working Capital Rating moved to ‘Issuer Not
Cooperating’ category
Rationale
The rating is moved to 'Issuer Not Cooperating' category because of
lack of adequate information regarding ZEL's performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with ZEL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
ZEL was incorporated in 1981 as a public limited company. At
present, it has two separate manufacturing divisions, namely Zenith
Main Division (ZM) and Zenith Textiles (ZT), while the
manufacturing operations of another division, Zenith Spinners (ZS),
was shut down in November 2015. ZM is involved in the export of
silk fabrics, industrial leather hand gloves and other leather
products, which are manufactured in Kolkata, West Bengal. ZT is a
100% export-oriented unit. Its manufacturing facility is located at
Nanjangud, Karnataka, which produces silk and velvet fabrics.
=========
J A P A N
=========
SKYMARK AIRLINES: Applies for Relisting on Tokyo Stock Exchange
---------------------------------------------------------------
Nikkei Asia reports that Japan's mid-sized carrier Skymark has
applied to relist on the Tokyo Stock Exchange as it hopes to
benefit from post-COVID growth.
According to Nikkei, Skymark plans to use the funds it wants to
raise from the relisting of its shares to strengthen its financials
and invest in digital and aircraft upgrades. Like other airlines,
its finances were severely hit by the COVID-19 pandemic.
Skymark was delisted in 2015 after filing for bankruptcy, but since
then, capital injections from Japanese investment fund Integral and
ANA Holdings, among others, helped it to restructure its business.
In the autumn of 2019, the company applied to relist but later
withdrew due to the deteriorating business environment during the
pandemic, the report recounts. The company reported a net loss of
JPY6.7 billion (US$45 million) for the fiscal year ended March
2022, a narrower loss than the JPY16.3 billion it reported in the
previous year, Nikkei discloses.
However, as passenger demand starts to recover with the easing of
COVID-related curbs, the company plans to shift from streamlining
its business to an expansion in view of future growth of the travel
sector.
Skymark's business has improved, with sources saying that it
recorded an operating profit in July.
If its application to relist is approved, the earliest Skymark
stock will be traded on the market is the end of this year, Nikkei
notes. The relisting proceeds will help to improve the company's
equity ratio, which had fallen to about 10% in the last fiscal
year.
It also plans to renew its Boeing 737 aircraft and invest in
digital technology to improve its passenger management system and
increase overall productivity, Nikkei relates.
How Skymark's shareholding structure changes after the relisting
will be closely watched, the report states. Currently, Integral
holds 50.1% of Skymark voting rights, while ANA Holdings has 16.5%,
and a fund created by government-backed Development Bank of Japan
and Sumitomo Mitsui Banking Corp. controls the remaining 33.4%.
Skymark Airlines is a Japanese low-cost carrier based in Tokyo. The
carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.
=====================
N E W Z E A L A N D
=====================
ANZ AUTO: Court to Hear Wind-Up Petition on Nov. 18
---------------------------------------------------
A petition to wind up the operations of ANZ Auto Parts Limited will
be heard before the High Court at Auckland on Nov. 18, 2022, at
10:45 a.m.
SEO Auckland Limited filed the petition against the company on
Sept. 28, 2022.
The Petitioner's solicitor is:
Shehan Ebenezer
Samuel Moore Barrister
Suite 7A, Level 7
17 Albert Street
Auckland 1010
HAMILTON RETAIL: Creditors' Proofs of Debt Due on Nov. 23
---------------------------------------------------------
Creditors of Hamilton Retail Holdings Limited are required to file
their proofs of debt by Nov. 23, 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:
Victoria Toon
Corporate Restructuring Limited
PO Box 10100
Dominion Road
Auckland 1446
HANYANG CORPORATION: Grant Thornton Appointed as Receivers
----------------------------------------------------------
Raymond Paul Cox and Mark Terence McDonald of Grant Thornton on
Oct. 27, 2022, were appointed as receivers and managers of Hanyang
Corporation Limited and Hanyang International Co Limited.
The receivers and managers may be reached at:
Grant Thornton New Zealand Limited
Level 4, 152 Fanshawe Street
PO Box 1961
Auckland
NLP NEW ZEALAND: Court to Hear Wind-Up Petition on Nov. 7
---------------------------------------------------------
A petition to wind up the operations of NLP New Zealand Limited
will be heard before the High Court at Whangārei on Nov. 7, 2022,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 16, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PRIME TRANSPORT: Court to Hear Wind-Up Petition on Nov. 25
----------------------------------------------------------
A petition to wind up the operations of Prime Transport & Logistics
Limited will be heard before the High Court at Auckland on Nov. 25,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 4, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
=================
S I N G A P O R E
=================
KITCHEN CULTURE: Requisitioning Shareholders Announce Nov. 25 EGM
-----------------------------------------------------------------
The Business Times reports that a group of dissenting Kitchen
Culture shareholders seeking to remove five of six directors from
the company's board are now requisitioning for an online
extraordinary general meeting (EGM) to be convened at 9:00 a.m. on
Nov. 25.
This comes after the requisitioners' proposed Nov. 1 EGM failed to
take place as initially planned.
In a press statement on Nov. 3, the shareholders said Kitchen
Culture's board was informed on Nov. 2 of their intention to hold
the EGM on the revised date. This was followed by a full notice of
the intended EGM, which was published through a half-page
advertisement on page 10 of The Business Times on Nov 3.
All shareholders who wish to participate in the Nov. 25 EGM are
required to pre-register online on Nov. 22 to verify their status
before receiving email instructions by Nov. 24 to access the live
EGM webcast, as well as the relevant live audio feed, on the
following day, BT relates.
"By requisitioning for a new EGM date, we want to ensure that this
time round, all shareholders of Kitchen Culture are given the
opportunity to attend and vote in person at the EGM on Nov 25, 2022
(at 9 am). Alternatively, those who are unable to attend the EGM
can vote by proxy by Nov. 23, 2022 (at 9:00 a.m.)," said the
requisitioners.
"As shareholders, they should have the right to decide who they
wish to appoint to act in their interests as the directors of the
company."
Describing the postponed EGM date as a "difficult (but correct)
decision . . . to ensure that all shareholders can make (an)
informed decision and vote accordingly", the requisitioners
maintained that their originally proposed plans for the EGM on Nov
1 were "in compliance with all relevant statutes/rules".
They were however advised to reschedule the Nov. 1 EGM upon seeking
legal advice, such that they could give 21 days' notice to
"pre-empt any possible dispute on the length of the notice period",
said the requisitioners.
"We would like to thank all shareholders of Kitchen Culture who
have supported our efforts thus far in the proposed appointment of
our new board of directors, whom if elected, will make a
significant difference in providing strong leadership and strategic
direction to take the company forward."
Comprising Kitchen Culture's largest shareholder, Ooway Group,
together with seven individuals, the requisitioning shareholders
collectively own 21.7 per cent of the company, BT notes.
BT says the five directors they are seeking to remove are:
executive director Lim Wee Li, as well as four independent
directors Ang Lian Kiat, William Teo, Peter Lim and Lau Kay Heng.
Lau is also vice-chairman of the company.
Should the resolutions to remove these five directors be
successfully passed, the requisitioners intend to elect Yip Kean
Mun as an executive director in place of Lim Wee Li, and James
Beeland Rogers as non-executive director in place of Lau, the
report states.
They also intend to appoint Lam Kwong Fai, Tan Meng Shern and
Cheung Wai Man in place of Ang, Teo and Peter Lim as independent
directors.
About Kitchen Culture
Based in Singapore, Kitchen Culture Holdings Ltd. --
https://www.khlmktg.com/ -- sells and distributes imported kitchen
systems, kitchen appliances, wardrobe systems, and household
furniture and accessories under the Kitchen Culture brand name. It
operates through Residential Projects, and Distribution and Retail
segments.
Kitchen Culture reported three consecutive net losses of SGD3.87
million, SGD4.77 million and SGD11.51 million for years ended June
30, 2019, 2020, and 2021, respectively.
REFINE ASIA: Creditors' Proofs of Debt Due on Dec. 5
----------------------------------------------------
Creditors of Refine Asia Group Pte. Ltd., Focus Asia Group LLP, and
Eight@work Pte. Ltd., are required to file their proofs of debt by
Dec. 5, 2022, to be included in the company's dividend
distribution.
Refine Asia, Focus Asia Group, and Eight@work commenced wind-up
proceedings on Oct. 27, 2022.
The companies' liquidators are:
Don M Ho
David Ho Chjuen Meng
M/s DHA+pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
RHODIUM INVESTMENTS: Creditors' Meetings Set for Nov. 11
--------------------------------------------------------
Rhodium Investments Pte Ltd and Bluefield Maritime Pte Ltd will
hold a meeting for its creditors on Nov. 11, 2022, at 11:00 a.m.
and 11:30 a.m., respectively, by way of electronic means.
Agenda of the meeting includes:
a. to receive a full statement of the Company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint Liquidator(s) or confirm member's appointment
of Liquidators;
c. to fix the remuneration of the Liquidator(s) based on
his/their nominal scale of fees in carrying out the
assignment plus disbursements; and
d. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of winding up the Company.
SALE STOCK: Court to Hear Wind-Up Petition on Nov. 11
-----------------------------------------------------
A petition to wind up the operations of Sale Stock Pte Ltd will be
heard before the High Court of Singapore on Nov. 11, 2022, at 10:00
a.m.
OSV Harta Holdings and Sumba II Limited filed the petition against
the company on Oct. 14, 2022.
The Petitioner's solicitors are:
Allen & Gledhill LLP
One Marina Boulevard
#28-00
Singapore 018989
SPRING ROLLS: Creditors' Meeting Set for Nov. 11
------------------------------------------------
Spring Rolls (Rochester) Pte Ltd will hold a meeting for its
creditors on Nov. 11, 2022, at 11:00 a.m., via electronic means.
Agenda of the meeting includes:
a. to receive a copy of the statement of the Company's affairs
together with a list of creditors and the estimated amounts
of their claims;
b. to confirm the appointment of liquidator nominated by the
Company or nominating another person or persons as
liquidator(s) for the purpose of winding up the affairs of
the Company;
c. to appoint a Committee of Inspection of not more than 5
members, if thought fit, and to nominate members of the
Committee of Inspection;
d. if a Committee of Inspection is not appointed, fixing the
remuneration of the liquidator; and
e. any other business.
VAULD: Seeks 4 Months More on Moratorium as Recast Talks Continue
-----------------------------------------------------------------
Moneycontrol reports that troubled cryptocurrency lending platform
Vauld's parent Defi Payments has filed an application in a
Singapore Court seeking a four-month extension of its moratorium
till March 7, 2023.
The Coinbase-backed start-up's earlier three-month deadline for
moratorium was to end on November 7, 2022.
According to Moneycontrol, the application for the extension will
be argued on ground of its creditors or the Committee of Creditors
(CoC) Vauld had initiated, still evaluating the restructuring plan.
Defi Payments is also planning to run a "suitable voting process
and make the necessary court applications". Discussions
London-based crypto lender Nexo for a "potential investment"
continued in the meanwhile.
"We would like to update everyone that on October 18, 2022, Defi
Payments filed an application in the Singapore Court seeking a
four-month extension of the moratorium up to and including March 7,
2023 (the Extension Application)," an email sent out to its
customers said. The email was reviewed by Moneycontrol.
Since July 5, Vauld had suspended its withdrawals and operations
citing financial troubles, the report notes. This was followed by a
raid from Enforcement Directorate (ED) which froze its bank
balances, payment gateway balances and crypto balances worth Rs 370
crore for allegedly aiding predatory lending apps.
Amid all this, the company had found a way out when it announced
that Nexo would likely acquire it. Nexo was in the process of
conducting its due diligence over a given time frame of 60 days,
which it is now extending by another 30 days.
"The 60-day exclusivity period previously agreed with Nexo to
conduct due diligence in relation to the potential acquisition has
been extended for a period of a further 30 days from today. This is
because more time is required for the due diligence process," Vauld
told its creditors in another email accessed by Moneycontrol.
"Our discussions with Nexo remain ongoing. The Vauld management
team is continuing to work closely with Nexo throughout the
process. We will continue to share relevant material updates with
you going forward in relation to the investor talks."
As of July, Vauld had assets worth around $330 million and
liabilities worth $400 million, Moneycontrol discloses.
Vauld was founded in 2018 by Darshan Bathija and Sanju Kurian to
enable crypto investors earn and borrow cryptocurrencies using
their own assets. The start-up is backed by popular investors
including Coinbase Ventures, PayPal co-founder and billionaire
investor Peter Thiel's Valar Ventures, CMT Digital, Gumi Cryptos,
Robert Leshner and Cadenza Capital.
Vauld is a Singapore-based crypto lending and trading platform.
=====================
S O U T H K O R E A
=====================
SOUTH KOREA: Warned of Corporate Defaults Amid Economic Slump
-------------------------------------------------------------
The Korea Times reports that the amount of debt held by Korean
companies has been skyrocketing after the outbreak of COVID-19 and
there are concerns that their repayment capacities have been
sharply deteriorating, creating risks of a chain of defaults due to
a reliance on variable interest rate and non-bank loans, according
to the Federation of Korean Industries (FKI), Oct. 31.
The amount of debt shouldered by domestic companies stood at
KRW1,321.3 trillion in the first half of this year, an increase of
KRW345.3 trillion from the end of 2019, before the COVID-19
outbreak, the report discloses.
Corporate loans have surged since the COVID-19 pandemic. From 2009
to the end of 2019, 10 years before the COVID-19 pandemic,
corporate loans increased at an average annual rate of 4.1 percent.
But the average annual growth rate for the last two and a half
years reached 12.9 percent.
The Korea Times says the ability of companies to repay the loans
has also weakened. The FKI compared the debt savings ratio (DSR),
an index that evaluates debt repayment capacity, with those of 17
major countries from which statistics are available. As a result,
the DSR of companies in 16 countries excluding Korea decreased by
0.5 percentage point from 41.1 percent in 2019, before COVID-19, to
40.6 percent in the first quarter of this year, showing an
improvement in repayment ability. On the other hand, the DSR of
Korean companies increased by 2.0 percentage points from 37.7
percent to 39.7 percent during the same period, showing a worsened
repayment capacity.
"There is a high possibility of a hard landing in the real estate
economy and a contraction in domestic demand, so it is necessary to
be on the lookout for bad loans in these industries," the FKI said.
"Corporate loans from non-bank institutions, such as savings banks
and mutual benefit financial companies, which have relatively high
interest rates, increased significantly."
The job market is also expected to freeze next year due to the
economic slowdown and the base effect. The Korea Chamber of
Commerce and Industry (KCCI) released the "Labor Market Status and
Characteristics" report that states the elasticity of employment
which reached an all-time high this year, is expected to drop
sharply next year.
The elasticity of employment is the ratio of the employment growth
rate divided by the economic growth rate. The higher the elasticity
of employment, the greater the number of employed people compared
to economic growth.
According to the Bank of Korea, the August forecast stood at 1.04,
the highest since 1963, since the first year employment statistics
were provided.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***