/raid1/www/Hosts/bankrupt/TCRAP_Public/230113.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, January 13, 2023, Vol. 26, No. 11
Headlines
A U S T R A L I A
ANTRA GROUP: Creditors Vote Against Winding Up Company
AUSTRALIAN 5 STAR: Second Creditors' Meeting Set for Jan. 19
BEACOS PTY: Second Creditors' Meeting Set for Jan. 18
CASH SUPPLY: First Creditors' Meeting Set for Jan. 20
COMLEK GROUP: Second Creditors' Meeting Set for Jan. 19
LA TROBE 2019-2: Moody's Upgrades Rating on Class F Notes to Ba3
OVENTUS MEDICAL: Second Creditors' Meeting Set for Jan. 19
C H I N A
CHINA: Theaters Face Massive Bankruptcies Without Hollywood Films
FARADAY FUTURE: Pledges Compliance After US Delisting Alert
[*] CHINA: Developers Have Nearly CNY1TT of Debt Maturing in 2023
I N D I A
ADINATH AGRO: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
ANAND TRIPLEX: CRISIL Keeps B Debt Ratings in Not Cooperating
BABA PROJECTS: Ind-Ra Affirms BB+ Long Term Issuer Rating
ENALTEC LABS: CRISIL Lowers Rating on LT/ST Debt to D
FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating
GOEL ROAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GREEN ASIA: CRISIL Lowers Rating on INR3cr Cash Loan to B
JOONTOLLEE TEA: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
KUKSONS ELECTRONICS: CRISIL Lowers Rating on INR7cr Loan to B
KUN UNITED: CRISIL Keeps B Debt Rating in Not Cooperating
LAKHO AGRICULTURAL: CRISIL Keeps B+ Ratings in Not Cooperating
PANDIT AUTOMOBILES: CRISIL Keeps B Ratings in Not Cooperating
RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating
RAGHUVANSHI INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
RAM RESINS: CRISIL Keeps B Debt Rating in Not Cooperating
RAVINDER KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating
RAYALASEEMA STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
RHJ TUBES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RISHI STEELS: CRISIL Lowers Rating on INR3cr Bank Loan to B
RIVERGROW VYAPAAR: CRISIL Keeps B Debt Ratings in Not Cooperating
SARADAMBIKA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
SETH ROSHAN: CRISIL Reaffirms B Rating on INR25cr Cash Credit
SHANTI POLYSACKS: CRISIL Keeps B Debt Ratings in Not Cooperating
SHIVJI SINGLA: CRISIL Keeps B Debt Ratings in Not Cooperating
SIDHAANT LIFE: CRISIL Keeps B Debt Rating in Not Cooperating
SIKKIM ORGANICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SN ENVIRO: CRISIL Lowers Rating on LT/ST Debt to D
UJAAS ENERGY: Bankruptcy Court Dismisses Revival Plan
WAVE MEGACITY: NCLAT Dismisses Plea to Initiate Insolvency Process
J A P A N
COINBASE: Japan Unit Cuts Workforce as Part of Global Layoffs
M O N G O L I A
MONGOLIA: S&P Assigns 'B' Rating on New Senior Unsecured Notes
N E W Z E A L A N D
AFTERMATH CIVIL: Creditors' Proofs of Debt Due on Jan. 27
GRASSHOPPER LANDSCAPES: Court to Hear Wind-Up Petition on Feb. 23
LIFESTYLE INVESTORS: Court to Hear Wind-Up Petition on Feb. 23
MAURI ORA: Court to Hear Wind-Up Petition on Feb. 9
SENDTHROUGH LIMITED: Creditors' Proofs of Debt Due on March 3
S I N G A P O R E
E-L EVENT: Court to Hear Wind-Up Petition on Jan. 27
GOLDEN FIRST: Creditors' Proofs of Debt Due on Feb. 8
INDOGENIOUS HOLDINGS: Creditors' Proofs of Debt Due on Feb. 9
KREUZ SUBSEA: Commences Wind-Up Proceedings
SUN CABLE: Goes Into Voluntary Administration
SURE PROFIT: Creditors' Proofs of Debt Due on Feb. 8
THREE ARROWS: Creditors Group Formed Amid Complaints Over Cost
ZIRCA DIGITAL: Creditors' Proofs of Debt Due on Feb. 9
- - - - -
=================
A U S T R A L I A
=================
ANTRA GROUP: Creditors Vote Against Winding Up Company
------------------------------------------------------
The Australian reports that creditors owed millions have voted to
keep Antra Group alive despite administrators saying it propped up
Fundsquire through a series of undocumented loans and advances.
Antra Group is a finance company led by Raymond Petty, the father
of Fundsquire chief executive Damien Petty.
Jonathon Keenan and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on Sept. 5, 2022.
AUSTRALIAN 5 STAR: Second Creditors' Meeting Set for Jan. 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian 5
Star Pty Ltd has been set for Jan. 19, 2023 at 11:00 a.m. via
online meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 17, 2023 at 5:00 p.m.
Mathew Gollant of CJG Advisory was appointed as administrator of
the company on Oct. 13, 2022.
BEACOS PTY: Second Creditors' Meeting Set for Jan. 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of:
- Beacos Pty Ltd;
- Staking-U-Asia Pacific Campus Pty Ltd;
- Vac Group Holdings Pty Ltd;
- Vac Group Operations Pty Ltd;
- Vac-U-Digga R&D Pty Ltd;
- Vac Group Employees Pty Ltd;
- Rebirthed Earth Pty Ltd;
- Soil Transfer Pty Ltd; and
- Vac-U-Digga Pty Ltd
has been set for Jan. 18, 2023 at 2:30 p.m. at the offices of Cor
Cordis Brisbane at Level 7, 201 Charlotte Street in Brisbane.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 17, 2023 at 5:00 p.m.
Stephen Earel of Cor Cordis was appointed as administrator of
Beacos Pty et al. on Dec. 4, 2022.
CASH SUPPLY: First Creditors' Meeting Set for Jan. 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Cash Supply
Pty Ltd will be held on Jan. 20, 2023, at 11:00 a.m. at Level 14, 3
Parramatta Square, 153 Macquarie St in Parramatta and via virtual
meeting technology.
Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Jan. 10, 2023.
COMLEK GROUP: Second Creditors' Meeting Set for Jan. 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Comlek Group Pty Ltd;
- Comlek TIC Pty Ltd;
- Comek Pty Ltd;
- Mackay Test & Tag Pty Ltd;
- International Switchboard Solutions Pty Ltd;
- Comlek Engineering Pty Ltd;
- Keswick Personnel Pty Ltd;
- Hamilton Personnel Pty Ltd;
- Hayman Personnel Pty Ltd;
- Simon Gallagher Pty Ltdv
- Sparra Pty Ltd;
- Signall Pty Ltd;
- Cartel MKY Nightclub Pty Ltd;
- Brampton Personnel Pty Ltd;
- Long Personnel Pty Ltd;
- Daydream Personnel Pty Ltd;
- Donaldson (Mackay) Pty Ltd;
- Donnie Investment Pty Ltd;
- Nightclub Holdings No 1 Pty Ltd; and
- Nightclub Holdings No 2 Pty Ltd
has been set for Jan. 19, 2023 at 10:00 p.m. via Microsoft Teams.
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 Jan. 18, 2023 at 5:00 p.m.
Andrew McCabe and Joseph Hayes of Wexted Advisors were appointed as
administrators of Comlek Group et al. on Dec. 5, 2022.
LA TROBE 2019-2: Moody's Upgrades Rating on Class F Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three classes
of notes from La Trobe Financial Capital Markets Trust 2019-2.
Issuer: La Trobe Financial Capital Markets Trust 2019-2
Class D Notes, Upgraded to Aa2 (sf); previously on May 5, 2022
Upgraded to Aa3 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on May 5, 2022
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on May 5, 2022
Upgraded to B1 (sf)
RATINGS RATIONALE
The upgrades were prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the collateral
performance to date, with a low level of losses from defaulted
loans.
Following the December 2022 payment date, credit enhancement
available for the Class D, Class E and Class F Notes has increased
to 5.2%, 3.0% and 1.8% respectively, from 5.1%, 2.9% and 1.3% at
the time of the last rating action for these notes in May 2022.
As of November 2022, 4.1% of the outstanding pool was 30-plus day
delinquent and 2.6% was 90-plus day delinquent. The deal has
incurred AUD179,886 (equivalent to 0.01% of the original pool) of
losses to date, which have been reimbursed by excess spread.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.8% of the
outstanding pool balance (equivalent to 0.6% of the original pool)
from 1.6% of the outstanding pool balance (equivalent to 0.7% of
the original pool) at the last rating action in May 2022.
Moody's has revised its MILAN CE assumption to 8.0% from 7.8% at
the last rating action, based on the current portfolio
characteristics.
The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by La Trobe
Financial Services Pty Limited. A portion of the portfolio consists
of loans extended to borrowers with impaired credit histories or
made on a limited documentation basis.
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.
OVENTUS MEDICAL: Second Creditors' Meeting Set for Jan. 19
----------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Oventus Medical Limited;
- Oventus Manufacturing Pty Ltd; and
- Oventus CRM Pty Ltd
has been set for Jan. 19, 2023 at 2:00 p.m. via
webinar/teleconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 18, 2023 at 4:00 p.m.
Michael Gerard McCann and Graham Robert Killer of Grant Thornton
Australia Limited were appointed as administrators of the company
on June 14, 2022.
=========
C H I N A
=========
CHINA: Theaters Face Massive Bankruptcies Without Hollywood Films
-----------------------------------------------------------------
CBR.com reports that an anonymous executive within the Chinese film
industry predicts "massive bankruptcies" due to the excessive
censorship of Hollywood films.
According to the report, the Chinese government continues to
encourage theater chains to build more cinemas, despite heavy
censorship of the market's most popular brand: Hollywood-produced
films.
CBR.com, citing a report by Deadline, relates that China's
state-controlled media is suffering. Even after taking into account
the government's abrupt changes in COVID policy, the country's film
industry is lagging due to so few foreign films being cleared for
distribution. One anonymous executive commented, "How can they tell
them to keep growing when they're not letting any movies in? At
some point, someone in the higher up government has to say, 'You've
got to start letting movies in again so the theaters don't go out
of business,' because they are going to." The source was certain
about the future, saying, "I don't know how we don't start seeing
massive bankruptcies if box office doesn't start coming back in a
big way," CBR.com relays.
Hollywood movie studios have a history of collaborating with
foreign officials in countries where box office revenue has been
substantial, even working with the Nazis and Hitler's Third Reich
from 1933-1940 to blacklist Jewish actors and rewrite screenplays
that could be construed as critical of Germany, CBR.com says. One
historic example is the Disney release of The Life of Emile Zola,
which chronicled the author's involvement in the Dreyfus Affair,
the actual court case of a Jewish-born French captain who was
wrongfully convicted of transmitting military secrets to Germany
before World War One. The screenplay for the film was rewritten
based on notes from Joseph Goebbels' Ministry of Propaganda, like
many other films at the time, before its release.
Even in the modern age, Hollywood continues to bow to foreign
markets, according to CBR.com says. In 2016, China's richest
person, Jack Ma, creator of Alibaba Group and Alibaba Pictures,
visited Hollywood along with Wang Jianlin of Dalian Wanda, who
intended to purchase Paramount Pictures. In the end, the pair
failed to secure any American media properties, including a failed
offer to purchase Dick Clark Productions for a billion dollars,
CBR.com relates. Ma eventually invested in several of Paramount's
upcoming features, including Mission Impossible: Rogue Nation,
Teenage Mutant Ninja Turtles: Out of the Shadows, Star Trek Beyond,
Mission Impossible: Fallout, and Gemini Man.
FARADAY FUTURE: Pledges Compliance After US Delisting Alert
-----------------------------------------------------------
Yicai Global reports that Faraday Future has 45 days to submit its
compliance plan after the Nasdaq issued another delisting warning
to the new energy vehicle startup founded by Chinese serial
entrepreneur Jie Yueting.
FF intends to respond to the Nasdaq, as well as make the compliance
scheme as per the bourse's requirements, the
California-headquartered firm said in a statement on Jan. 10, Yicai
Global relays. The company plans to host its annual shareholder
meeting as soon as possible, it added.
According to Yicai Global, FF received a notice from the bourse on
Jan. 4 about its failure to conform to the rules because it did not
host a general meeting of shareholders in a timely manner.
If the North American stock exchange accepts the compliance scheme,
FF will be granted a grace period of up to 180 days. If not, common
shares of the troubled car company will stop trading on the Nasdaq,
the report notes.
FF already received one alarming notice from the Nasdaq on Oct. 31,
Yicai Global recalls. It pointed out that the company's share price
has been lower than USD1 for 30 consecutive trading days, failing
to meet the exchange's standards.
Yicai Global says the firm is trying to stay afloat. In early
November, the startup held a special meeting for shareholders. The
firm gave a green light to a proposal about shrinking its share
capital to increase its price per unit.
In December, FF said that after delays, its first model FF91 is
expected to kick off production in California in late March with
deliveries starting in April. The firm's website shows that sales
are about to start.
About Faraday Future
Faraday Future (FF) -- https://www.ff.com/ -- is a California-based
global shared intelligent mobility ecosystem company focusing on
building the next generation of intelligent mobility ecosystems.
Established in May 2014, the company is headquartered in Los
Angeles with R&D Center and Futurist Testing Lab, and offices in
Silicon Valley, Beijing, Shanghai, and Chengdu. FF is poised to
break the boundaries between the Internet, IT, creative, and auto
industries with product and service offerings that integrate new
energy, AI, Internet, and sharing models, that aim to continuously
transform the mobility of mankind.
About Yueting Jia
Yueting Jia is the founder of Leshi Holding Group and was the CEO
of Faraday Future. Yueting Jia sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12220) on Oct.
14, 2019. The Debtor was represented by James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl & Jones LLP.
Faraday Future announced in August 2020 that the Reorganization of
its founder and CPUO (Chief Product and User Ecosystem Officer), YT
Jia (YT), became effective, and his Creditor Trust has also been
officially established and begun operations. As part of the Plan,
Jia agreed to swap debt claims for pieces of his ownership stake in
Faraday Future.
FF said that approval of YT Jia's Restructuring Plan removed the
biggest hurdle in FF's equity financing efforts and the
implementation of the US-China dual home market strategy, allowing
FF to work vigorously towards its equity financing targets
including an IPO.
[*] CHINA: Developers Have Nearly CNY1TT of Debt Maturing in 2023
-----------------------------------------------------------------
Yicai Global reports that Chinese real estate companies have
entered another tough year as almost CNY1 trillion (USD147.7
billion) worth of bonds are about to expire.
Property firms need to repay CNY958 billion (USD141 billion) of
onshore and offshore bonds this year, up by CNY70 billion (USD10.3
billion) from 2022, Yicai Global discloses citing a report released
by China Index Academy recently. Almost 66 percent of the total are
onshore notes.
According to Yicai Global, the first quarter will be a peak of
repayment with more than CNY100 billion worth of debt maturing
during each of the two months of January and March. But also April
and July will have sums exceeding CNY100 billion.
Yicai Global relates that the debt repayment pressure of property
developers this year is still large, and currently, sales have not
significantly rebounded, so some companies may still default on
their debts, said Liu Shui, director at the institute.
However, as Chinese regulators have continuously increased their
policy support for property enterprises since the fourth quarter of
last year, the financing situation is improving.
The total financing of 100 major Chinese real estate enterprises
exceeded CNY100 billion for the first time last year in December as
the tally reached CNY101.8 billion, rising by 85 percent from a
month earlier and up by 33 percent from a year ago, according to
data from CRIC, Yicai Global relays.
However, overseas financing channels remain blocked and no real
estate company issued new overseas bonds in December, the report
notes. After a number of Chinese developers, including China
Evergrande Group, defaulted on their debts last year, international
credit ratings of firms in the sector were generally downgraded.
Some firms have even voluntarily terminated their offshore ratings
in order to mitigate the adverse effects.
=========
I N D I A
=========
ADINATH AGRO: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Adinath Agro
Processed Foods Private Limited's (AAPFPL) Long-Term Issuer Rating
to 'IND BB+' from 'IND BB' and has affirmed its Short-Term Issuer
Rating at 'IND A4+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR57.95 mil. (reduced from INR113.60 mil.) Term loan due on
FY25 upgraded with IND BB+/Stable rating;
-- INR105 mil. Fund-based working capital limits Long-term rating
upgraded; short-term rating affirmed with IND BB+/Stable/IND
A4+ rating;
The upgrade reflects the improvement in AAPFPL's revenue and credit
metrics in FY22.
Key Rating Drivers
AAPFPL's revenue grew to INR823.77 million in FY22 (FY21: INR629.66
million) owing to an increase in orders in the HoReCa segment
(hotel, restaurant, cafe; hospitality). The scale of operation
remained small. During 8MFY22, AAPFPL booked a revenue of INR690
million. In FY23, Ind-Ra expects the revenue to improve yoy due to
a demand revival in the retail and Horeca segments.
Furthermore, AAPFPL's credit metrics improved in FY22 due to an
increase in the operating EBTIDA to INR61.47 million (FY21:
INR55.88 million), a fall in the debt levels, and the consequent
drop in interest expenses. The gross interest coverage (operating
EBITDA/gross interest expense) was 6.32x in FY22 (FY21: 3.04x) and
the net financial leverage (adjusted net debt/operating EBITDA) was
0.69x (2.40x). In FY22, Ind-Ra expects the credit metrics to remain
stable due to the absence of any capex plans.
The ratings reflect AAPFPL's modest EBITDA margins. The margin fell
to 7.46% in FY22 (FY21: 8.87%) owing to an increase in the cost of
goods sold and selling expenses. The ROCE was 5.6% in FY22 (FY21:
3.3%). Ind-Ra expects the EBITDA margin to remain stable in FY23.
Liquidity Indicator – Stretched: AAPFPL's average maximum
utilization of the fund-based limits was 23.33% during the 12
months ended December 2022. The net working capital cycle improved
to 60 days in FY22 (FY21: 105 days) due to a reduction in the
inventory to 86 days (128 days) and debtor days to nine days (13
days). The cash flow from operations increased to INR107.72 million
in FY22 (FY21: INR75.60 million) due to the increase in the EBITDA
and the reduction in interest expenses. Furthermore, the free cash
flow improved to INR91.41 million in FY22 (FY21: INR51.17 million).
The cash and cash equivalents stood at INR112.70 million at FYE22
(FYE21: INR90.04 million). The company has repayment obligations of
INR39.6 million in FY23 and INR30.5 million in FY24. AAPFPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.
The ratings continue to be supported by AAPFPL's promoters'
experience of over three decades in the food and beverage industry,
which has led to established relationships with its customers and
suppliers.
Rating Sensitivities
Negative: A significant deterioration in the scale of operations,
leading to deterioration in the credit metrics and liquidity
profile, both on a sustained basis, will be negative for the
ratings.
Positive: A significant increase in the scale of operations while
maintaining the overall credit metrics, with the net leverage
sustaining below 3.5x and an improvement in the liquidity profile
on a sustained basis will be positive for the ratings.
Company Profile
AAPFPL was incorporated in 1995 in Pune. It manufactures various
food products, such as tomato ketchup and sauces, Chinese and
continental sauces, fruit jams, canned food, pickles and noodles
under the brand name of Surabhi, Magic King and Winn, primarily
serving to the states in southern and central India. The company
has an installed capacity of 31,000 metric tons.
ANAND TRIPLEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand Triplex
Board Limited (ATBL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16.8 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 4.8 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 8.4 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL A4 (Issuer Not
Cooperating)
Letter of Credit 2.5 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 5.4 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ATBL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 ATBL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATBL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATBL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of ATBL and Anand Duplex Ltd
(ADL). This is because the two companies, together referred to as
the Anand group, operate in same industry and are under common
management. ATBL also supplies power to ADL.
ATBL, incorporated in 1994, manufactures waste-paper-based
newsprint and low grade writing and printing paper, along with a
10-megawatt power generating unit (rice-husk based) for captive
power usage. Set up in 1989, ADL manufactures duplex board from
waste paper. The group is promoted by Mr Anand Prakash Sharma, and
has its manufacturing unit in Meerut, Uttar Pradesh.
BABA PROJECTS: Ind-Ra Affirms BB+ Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Baba Projects
Private Limited's (BPPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR85 mil. (increased from INR50 mil.) Fund-based working
capital limit affirmed with IND BB+/Stable rating;
-- INR520 mil. (increased from INR290 mil.) Non-fund-based
working capital limit affirmed with IND A4+ rating;
-- INR25 mil. Proposed-fund-based working capital limit assigned
with IND BB+/Stable rating; and
-- INR75 mil. Proposed-non-fund based working capital limit
assigned with IND A4+ rating.
Key Rating Drivers
The affirmation reflects a slowdown in execution of work orders as
BPPL had to revise completion date of 41.5% of its order book due
to delays in execution by third parties. Furthermore, a significant
portion of projects, which are close to completion date are still
pending. However, the scale of operations improved to medium from
small with improvement in the revenue to INR1,707.10 million in
FY22 (FY21: INR1,013.13 million) due to increase in the number of
orders executed which was backed by healthy orderbook, despite
delays. Till November 2022, BPPL achieved revenue of INR600 million
and had an order book of INR3,123 million (1.8x of FY22 revenue).
Of this, INR1,197 million worth of orders are to be executed in
FY23, INR1,672 million in FY24 and the remaining in the subsequent
years. In FY23, Ind-Ra expects the revenue likely to remain at
similar level.
Liquidity Indicator – Adequate: BPPL's average maximum
utilization of the fund-based and the non-fund-based limits was 83%
and 68%, respectively, during the 12 months ended November 2022.
The cash flow from operations improved to INR160.41 million in FY22
(FY21: INR151.32 million) due to a significant increase in absolute
EBITDA. However, the free cash flow deteriorated to INR115.90
million in FY22 (FY21: INR146.70 million) due to capex undertaken
for procuring new machineries worth INR44.5 million (INR4.6
million) for execution of orders. The net working capital cycle was
moderate but elongated to 50 days in FY22 (FY21: 20 days), mainly
due to a decrease in the payable period to 31 days (128 days). The
cash and cash equivalents stood at INR219.91 million at FYE22
(FYE21: INR136.27 million). However, BPPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company has scheduled repayments
on long-term loans of INR29.4 million and INR22.4 million in FY23
and FY24, respectively.
The ratings are also supported by BPPL's continued healthy EBITDA
margin, despite declining to 8.51% in FY22 (FY21: 9.59 %) due to an
increase in raw material cost. The return on capital employed
improved to 30.2% in FY22 (FY21: 22.7%). In FY23, Ind-Ra expects
the EBITDA margin to remain at similar level due to similar nature
of orders being executed.
The ratings also factor in BPPL's continued strong credit metrics.
The gross interest coverage (operating EBITDA/gross interest
expense) improved to 13.13x in FY22 (FY21: 9.24x) and the net
financial leverage (adjusted net debt/operating EBITDA) improved to
negative 1.21x (negative 0.61x) due to the significant improvement
in the absolute EBITDA to INR145.22 million (INR97.12 million)
coupled with a decrease in debt and interest obligations. Ind-Ra
expects the credit metrics to remain at similar level in FY23 in
the absence of any significant capex plan.
The ratings are also supported by the promoters' nearly two decades
of experience in the civil construction industry, leading to
established relationships with its customers as well as suppliers.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics, with the interest coverage
reducing below 2.0x, or deterioration in the liquidity position or
a further elongation of the working capital cycle, all on a
sustained basis, will be negative for the ratings.
Positive: Maintaining order book at current levels with timely
execution of orders, leading to an increase in the scale of
operations, sustained strong credit metrics, along with maintaining
of the liquidity position, will be positive for the ratings.
Company Profile
Incorporated in December 2005, Jharkhand-based BPPL undertakes
civil construction projects for railways, highways, rural road
construction, and flood divisions.
ENALTEC LABS: CRISIL Lowers Rating on LT/ST Debt to D
-----------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Enaltec Labs Private Limited (ELPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/CRISIL A4' and removed it from 'Rating Watch with
Developing Implications'. The rating downgrade reflects delays in
servicing of term debt obligations on account of weak liquidity.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL B'; Removed from
'Rating Watch with Developing
Implications')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4'; Removed from
'Rating Watch with Developing
Implications')
The ratings continue to reflect the working capital-intensive
operations of the company, its subdued financial risk profile,
modest scale of operations amid intense competition and volatile
operating margin. These weaknesses are partially offset by the
extensive experience of the promoters in the pharmaceutical
industry.
Analytical Approach
Unsecured loan has been treated as debt
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in Servicing of Debt: The company has delayed the servicing
of term debt obligations due for December 2022. This is on account
of poor liquidity as the internal cash accruals were insufficient
for the repayment obligation.
* Working capital-intensive operations: Gross current assets were
at 291 days as on March 31, 2022, on account of sizeable raw
material and work-in-progress inventory of 107 days. The
receivables were moderate at 79 days. Working capital is funded by
stretching credit from suppliers and high dependence on bank lines.
Management of the working capital cycle will remain a key
monitorable.
* Subdued financial risk profile: The total outside liabilities to
adjusted networth (TOLANW) ratio and gearing were high at 8.75
times and 5.48 times, respectively, as on March 31, 2022, on
account of large, debt-funded capital expenditure (capex) in the
near past and high dependence on working capital debt. With
increase in bank debt, gearing is expected to increase. The
interest coverage was subdued at 0.3 time for fiscal 2022 because
of low operating margin and hence cash losses.
* Modest scale amid intense competition: Revenue was modest INR128
crore in fiscal 2022. The Indian active pharmaceutical ingredient
(API) industry has a large number of organized and unorganized
players, on account of low entry barrier. The competition restricts
bargaining power with customers and suppliers, leading to low
profitability. Due to capital expenditure in the past fiscal,
revenue is expected to increase over the medium term.
* Volatile operating margin: Operating margin fluctuated widely in
the three fiscals ended March 31, 2022, on account of volatility in
the revenue mix. The company incurred an operating loss in fiscal
2020 because of delay in the stabilization of operations at the
newly set-up manufacturing unit in Pithampur, Madhya Pradesh.
Operating margin was at 0.8% in fiscal 2022.
Strengths:
* Extensive industry experience of the promoters: The promoters
have experience of more than two decades in the pharmaceutical
industry, which has given them a sound understanding of the
industry and helped them to continuously evolve the company and
develop new products. Exports contribute around 75% to revenue. In
the domestic market, the company has a sizeable customer base,
comprising large pharmaceutical companies, with which it has
healthy relationships.
Liquidity: Poor
Liquidity is poor with weak cash accruals in fiscal 2023 and fiscal
2024, against the repayment obligations of INR13.8 crore and Rs.6.3
crores, respectively. The fund-based limit of INR43 crore was
utilized at an average of 95% during the 12 months through June
2022.
Rating Sensitivity Factors
Upward factors
* Timely repayment of debt obligations continuously for at least 90
days
* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals
ELPL was incorporated in 2006 and is promoted by Mr Anand Shah and
Mr Susheel Koul. The company manufactures bulk drugs and undertakes
research and development on API for domestic and global clients. It
has manufacturing units at Ambernath, Maharashtra and Pithampur,
Madhya Pradesh.
FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Firozabad
Ceramics Private Limited (FCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.0 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.8 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with FCPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 FCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FCPL continue to be 'CRISIL D Issuer Not Cooperating'.
FCPL was set up in 1981, by Mr Shyam Sunder Jain. The company
manufactures glassware products such as jars, tableware, and
bottles used in various industries, including FMCG, pharma,
cosmetic and liquor. The manufacturing unit is at Firozabad.
GOEL ROAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goel Road
Carriers Private Limited (GRCPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 7.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 6.44 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GRCPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 GRCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRCPL continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
GRCPL, previously known as RD Goel and Company Private Limited, is
promoted by Mr Ashok Goel and his family members. The company
provides road transportation with a fleet of about 140 owned
vehicles and around 250-300 vehicles availed on rent, mainly on
full-truck loading basis.
GREEN ASIA: CRISIL Lowers Rating on INR3cr Cash Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Green
Asia Impex Private Limited (GAIPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Packing Credit 6 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with GAIPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 GAIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GAIPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
GAIPL was set up in 2014, at Tadepalligudem, Andhra Pradesh. The
company exports various types of red chillies, and the managing
director, Mr Rama Rao P oversees operations.
JOONTOLLEE TEA: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Joonktollee Tea &
Industries Limited (JTIL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR500 mil. Proposed non-convertible debentures (NCDs) coupon
rate 9% due on 10 years* assigned with IND B+/Stable rating;
and
-- INR250 mil. Preference shares coupon rate 6% due on 20 years*
assigned with IND B+/Stable rating.
* From date of allotment and subject to early repayment by the
company
ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of JTIL
and its subsidiaries - Keshava Plantations Pvt Ltd (100% stake),
Pranav Infradev Company Pvt. Ltd. (100% stake) and The Cochin
Malabar Estates & Industries Ltd. (a wholly-owned subsidiary of
Pranav Infradev Company), together referred to as the group
hereafter, while assigning the ratings. This is on account of the
strong operational and strategic linkages among them. All entities
operate in a similar line of business and have a common
management.
Key Rating Drivers
The ratings reflect the group's medium scale of operations. On a
consolidated basis, the revenue grew to INR1,124 million in FY22
(FY21: INR1,068 million) due to an increase in sales realization of
tea, coffee and rubber. During 1HFY23, the group achieved revenue
of INR396 million. On a standalone basis, JTIL reported revenue of
INR340 million in 1HFY23 (FY22: INR1,120 million, FY21: INR970
million). Ind-Ra expects the revenue to improve in the long term as
the group is planning to introduce Orthodox tea in its North Indian
estates.
The ratings also factor in the group's modest EBITDA margin.
Despite the revenue growth, the group's EBITDA margin contracted to
1.31% in FY22 (FY21: 4.42%) due to an increase in overall cost.
The return on capital employed was negative 3% in FY22 (FY21:
negative 1%). Ind-Ra expects the EBITDA margin to improve in the
medium term with the introduction of high-margin Orthodox tea. On
a standalone basis, JTIL's EBITDA margin was modest at 1.1% in
FY22 (FY21: 2.0%) with a return on capital employed of negative 3%
(negative 2%).
The ratings also reflect the group's modest credit metrics as
indicated by the interest coverage (operating EBITDA/gross interest
expenses) of 0.15x in FY22 (FY21: 0.49x) and the net financial
leverage (total adjusted net debt/operating EBITDAR) of 46.37x
(19.94x). The deterioration in the credit metrics was attributed to
the decline in EBITDA margin. Ind-Ra expects the group's credit
metrics to remain modest in FY23, despite a likely improvement in
the EBITDA margin. On a standalone basis, the credit metrics were
modest with the interest coverage of 0.13x in FY22 (FY21: 0.22x)
and net financial leverage of 51.0x (43.0x).
Liquidity Indicator - Poor: The company's average utilization of
the fund-based limits was 88% during the 12 months ended November
2022. The cash flow from operations turned positive to INR15
million in FY22 (FY21: negative INR117 million) owing to the
increase in overall sales. Consequently, the free cash flow
improved, although remained negative at INR55.20 million in FY22
(FY21: negative INR178 million) on the back of lower inflows. The
net working capital cycle remains modest, despite reducing to 226
days in FY22 (FY21: 427 days) because of a reduction in the
inventory holding period to 234 days (440 days). The group's
working capital cycle was 233 days in FY22 (FY21: 496 days).
The company has scheduled repayments of INR36.5 million, INR26.5
million and INR18.6 million in FY23, FY24 and FY25, respectively.
Furthermore, the company will be raising funds through preference
share allotment of INR250 million by end-January 2023 and the
proposed NCD issuance in two tranches of INR250 million, each, as
and when required, which would further provide cushion to the
liquidity.
The ratings are further constrained by agro-climatic risks as tea
and coffee production is dependent on climatic conditions.
Additionally, the inherent cyclicality of the fixed-cost intensive
tea industry, leads to variability in profitability and cash flows
of bulk tea blenders.
However, the ratings are supported by the promoters' more than two
decades of experience in the tea and coffee business as well as
timely funding support from the promoters.
Rating Sensitivities
Positive: An improvement in the group's scale of operations,
leading to an overall improvement in the credit metrics and
liquidity, all on a sustained basis, will be positive for the
ratings,
Negative: Deterioration in the group's scale of operations or any
decline in the liquidity or the interest coverage will be negative
for the ratings.
ESG Issues
ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on JTIL, due to either their
nature or the way in which they are being managed by the entity.
Company Profile
JTIL operates five tea estates, one coffee estate and one rubber
estate located in Northern and Southern Part of India. The
company’s registered office is located in Kolkata, West Bengal.
JTIL is managed and promoted by the Bangur group.
KUKSONS ELECTRONICS: CRISIL Lowers Rating on INR7cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Kuksons Electronics Private Limited (KEPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 7 CRISIL B/Stable (NOT COOPERATING;
Overdraft Revised from 'CRISIL BB/Stable
facility ISSUER NOT COOPERATING')
CRISIL Ratings has been consistently following up with KEPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 KEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KEPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
Incorporated in 1996 and promoted by the Kuklani family, KEPL is an
authorized distributor and service provider for industrial
automation solutions of Siemens India. It also manufactures control
panels used for industrial automation under its brand, Kuksons. The
company has manufacturing facilities in Pune, Maharashtra.
KUN UNITED: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kun United
Motors Private Limited (KUMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 9.75 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Inventory Funding 1.60 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Inventory Funding 4 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Long Term Loan 0.25 CRISIL B/Stable (Issuer Not
Cooperating)
Overdraft Facility 2 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.4 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
SME Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KUMPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 KUMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KUMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KUMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
KUMPL incorporated in 2005 is an authorized dealer of passenger
vehicles of Hyundai Motor India Ltd in Andhra Pradesh.
LAKHO AGRICULTURAL: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakho
Agricultural and Food Products Private Limited (LAFPL) continue to
be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.9 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash 1.6 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with LAFPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 LAFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LAFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LAFPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2011 and promoted by Mr Uma Nand Singh and Mr
Vishal Kumar Singh, LAFPL mills non-basmati parboiled rice at its
facility in Buxsar, Bihar. The company sells under the Lakho
brand.
PANDIT AUTOMOBILES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pandit
Automobiles Private Limited (PAPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 12 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.65 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PAPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 PAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
PAPL was incorporated in June 1998, promoted by Mr Dhruv Vashishta
and Mrs Uma Sharma; operations are managed by Mr Vashishta. The
company is an authorized dealer for vehicles of MSIL in the
Yamunanagar district.
RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ragam Metal
Products Private Limited (RMPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 8.75 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
Term Loan 1.25 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RMPPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RMPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMPPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1988, RMPPL manufactures sheet metal components. The
company is promoted by Mr. C.Rammohan and Mrs. Beena Rammohan.
RAGHUVANSHI INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghuvanshi
Industries Private Limited (RIPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RIPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
RIPL was set up in 1998 as a partnership between Mr Dhirajlal V
Shelani and his son, Mr Dineshkumar D Shelani; it was reconstituted
as a private-limited company in January 2014. Rajkot-based RIPL
executes ginning and pressing of cotton into bales. The operations
are managed by Mr Gaurav D Selani and Mr Hitesh P Selani.
RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajdhani
Educational Charitable Trust (RECT) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RECT for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RECT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RECT continue to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in May 2015, RECT is a Delhi-based trust, engaged in
the lease rental business. It has entered into an agreement with
'Presidium Educational & Charitable Trust' for running a school
over a 45-year tenure.
RAM RESINS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Ram
Resins Private Limited (SRRPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRRPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 SRRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRRPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established as a partnership firm (Shree Ram Resins) in 1993 by Mr
Rajendra Thakkar and family, and reconstituted as a private limited
company in January 1998, SRRPL manufactures polyester resins at its
plant in Surat, Gujarat.
RAVINDER KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ravinder
Kumar Vijay Kumar (RKVK) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RKVK for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RKVK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKVK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKVK continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
RKVK, set up in 1970 by Mr. Ravinder Kumar, is a Jalandhar,
Punjab-based proprietorship firm; it trades in synthetic rubber and
rubber chemicals. Around 90% of its revenue comes from sale of
synthetic rubber and the rest from sale of rubber chemicals. RKVK
is an approved consignment agent for Omnova Solutions India (P) Ltd
for Punjab.
RAYALASEEMA STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rayalaseema
Steel Re-Rolling Mills Private Limited (RSRMPL) continue to be
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of credit 3 CRISIL A4 (Issuer Not
& Bank Guarantee Cooperating)
Proposed Long Term 0.3 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Proposed Overdraft 20 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with RSRMPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RSRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RSRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RSRMPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
RSRMPL manufactures structural steel products, mild steel angles,
beam channels, and structural steel of varying thickness. The
company is promoted by the Hyderabad-based Agarwal family and
managed by Mr. Inder Karan Agarwal and Mr. Balram Agarwal.
RHJ TUBES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RHJ Tubes
Private Limited continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer Credit Limit 4.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 10.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RHJ for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RHJ, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RHJ continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 1981, RHJ Tubes Pvt Ltd (RHJ) is engaged in the
manufacturing of brass and copper tubes and ingots which are mainly
used in sanitary ware. The company is managed by Naresh Dhakad and
family. The promoters are engaged in the industry for more than 3
decades.
RISHI STEELS: CRISIL Lowers Rating on INR3cr Bank Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Rishi
Steels and Tubes (RST) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.2 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 0.8 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with RST for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RST revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
RST was established in 2015. RST is owned & managed by Prakhyat K
Nayak, Manjunath G H, Abhishek H and Srinivas P B. RST is engaged
in manufacturing of stainless steel tubes such as ERW pipes and
tubes. RST market it under brand name JSSS and its manufacturing
facility is located in Bangalore and Tumkur with an installed
capacity of 1000 MT.
RIVERGROW VYAPAAR: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rivergrow
Vyapaar Private Limited (RVPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.4 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 8 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 0.6 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RVPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 RVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RVPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
RVPL is a Gandhidham (Gujarat)-based company that trades in and
saws timber. The company started commercial operations in February
2014. It deals in the pine variety of timber. Its operations are
managed by Mr. Ramesh Chinaria, who has about two decades of
experience in the timber trading industry.
SARADAMBIKA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saradambika
Power Plant Private Limited (SPPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 0.68 CRISIL D (Issuer Not
under Letter Cooperating)
of Credit
Funded Interest 3.57 CRISIL D (Issuer Not
Term Loan Cooperating)
Long Term Loan 1.35 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.49 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 23.54 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 3.50 CRISIL D (Issuer Not
Cooperating)
Working Capital 4.48 CRISIL D (Issuer Not
Demand Loan Cooperating)
Working Capital 4.39 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SPPPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 SPPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in August, 2004 and based in Srikakulam (Andhra
Pradesh), SPPPL operates a biomass power plant with installed
capacity of 10 megawatt'located in Chandrapur district
(Maharashtra). The company commenced commercial operations in June
2008 and is promoted by Mr B Govinda Rajulu. His son Mr B Satya
Srinivasa manages the operations.
SETH ROSHAN: CRISIL Reaffirms B Rating on INR25cr Cash Credit
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of Seth Roshan Lal Jain Trust (SRLJT).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect the susceptibility of SRLJT to
regulatory changes and intense competition from other educational
institutions in Roorkee, Uttarakhand. These weaknesses are
partially offset by established track record in the education
sector and diverse course offering.
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to regulatory changes: The courses have to comply
with operational and infrastructure norms laid down by regulatory
bodies such as the All India Council of Technical Education (AICTE)
and Uttarakhand Technical University (UTU). Hence, regular
investment in workforce and infrastructure is required. Lack of
autonomy in selecting courses and number of seats offered, and in
devising the fee structure will limit growth over the medium term.
* Exposure to intense competition: SRLJT is primarily a regional
player with presence only in Roorkee, where it must compete with
many colleges. This limits flexibility to revise fees. Revenue has
remained modest in the range of INR30-35 crore in last five fiscals
ending at INR36.5 crore in fiscal 2022.
Strengths:
* Established track record in the education sector: During its 18
years in the educational field, the trust has expanded its
operations by adding courses and number of seats. It has also
started deemed university, namely, University of Engineering and
Technology Roorkee (UTER) and COER Medical College which became
operational from April 2021. This will help maintain growth of
5%-10% in revenue over the medium term. Revenue is expected at
similar level at INR36-37 crore in fiscal 2023.
* Diverse educational courses: The trust offers multiple graduate
and postgraduate courses in engineering and commerce and is
affiliated with UTU and AICTE. Addition of various courses and
seats has improved the occupancy level from around 45% in academic
year 2020-21 to around 75%-80% in Academic year 2022-23.
Liquidity: Stretched
Liquidity is likely to remain weak over the medium term. Average
debt servicing coverage ratio (ADSCR) is expected to remain modest
at 1.00-1.15 times in near term. Bank limit utilization was high
averaged at 97% through Nov-2022. However, cash accrual is likely
to meet debt obligation over the medium term.
Outlook: Stable
SRLJT will continue to benefit from the extensive experience of the
promoters in the education industry.
Rating Sensitivity factors
Upward factors
* Increase in revenue by 15% and sustenance of profitability
leading to higher net cash accrual
* Decrease in bank limit utilization improving liquidity
Downward factors
* Further stretch in liquidity resulting in delay in meeting debt
obligation
* Any large debt funded capex plan, weakening the financial risk
profile leading to gearing above 1.2 times
Set up in 1998, SRLJT operates College of Engineering, Roorkee,
which offers engineering, commerce, and management courses. The
college is situated on a 75-acre campus.
SHANTI POLYSACKS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Shanti
Polysacks Private Limited (SSPPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 3 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SSPPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 SSPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Established in 2005, SSPPL is engaged in manufacturing of
Polypropylene (PP) woven fabrics, PP woven sacks, Flexible
Intermediate Bulk Containers (FIBC) or Jumbo bags. Currently, the
company is managed by Mr. S.L. Gupta and Mr. Punit Gupta.
SHIVJI SINGLA: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivji Singla
and Sons (SSAS) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.56 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
Overdraft Facility 3.5 CRISIL A4 (Issuer Not
Cooperating)
Term Loan 0.07 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 0.37 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSAS for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 SSAS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSAS continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
SSAS is a Haryana-based partnership firm of Mr. Shiv Ji Singla,
Ashish Singla, Mr. Manish Singla, Mrs. Anushka Singla, Smt. Saroj
Rani and Mr. Sanjay Kumar set up in 2000. The firm undertakes civil
construction work, primarily for irrigation projects and building
works in Rajasthan, Haryana, and Punjab.
SIDHAANT LIFE: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sidhaant Life
Sciences Private Limited (SLSPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (Issuer Not
Cooperating)
Packing Credit 10 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Proposed Short Term 3 CRISIL A4 (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SLSPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 SLSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLSPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Set up 2004 by Mr Jetender Sabharwal and family, Delhi-based SLSPL
exports pharmaceutical formulations in the form of tablets and
medicines to government health departments in Senegal and Burkina
Faso in Africa.
SIKKIM ORGANICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sikkim
Organics (SO) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.09 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SO for
obtaining information through letters and emails dated October 21,
2022 and December 15, 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 SO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SO is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SO
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Set up in 2005 by Mr Sunil Jaiswal, Sikkim Organics blends various
organic and inorganic chemicals, mainly condensate, toluene,
benzene, and mineral turpentine oil. The blending facility is in
Manpur (Sikkim).
SN ENVIRO: CRISIL Lowers Rating on LT/ST Debt to D
--------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities of SN
Enviro - Tech Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL BB+/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4+')
The downgrade reflects the devolvement in the letter of credit
facility by the company for more than 30 days in December 2022,
owing to weak liquidity.
The ratings continue to reflect weak liquidity, susceptibility to
tender-based operations. These weaknesses are partially offset by
extensive experience of the promoters and established market
position
Analytical Approach
Unsecured loans have been treated as debt as these are extended by
the promoters and related parties for need-based support
Key Rating Drivers & Detailed Description
Weaknesses:
* Devolvement in bank facility owing to weak liquidity: Weak
liquidity has led to devolvement in the letter of credit facility
for more than 30 days in December 2022. Letter of credit is the
sub-limit of Bank Guarantee facility. Further, bank lines remained
fully utilized in Nov-22.
* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability of the company to win
tenders, with intense competition, necessitating aggressive bidding
and thus, constraining the operating margin. Further, availability
of site for project execution too remains crucial. Also, given the
cyclicality inherent in the construction industry, ability to
maintain profitability through operating efficiency becomes
critical.
Strength:
* Extensive experience of the promoters and established market
position: The decade-long experience of the promoters in the civil
construction business, their understanding of local market dynamics
and healthy relationships with suppliers and customers has helped
the company withstand industry cycles. Also, the operations are
geographically diversified across Assam, West Bengal, Uttar
Pradesh, Rajasthan and Uttarakhand with largely stable scale. The
extensive experience of the promoters and the established position
of the company will support the business
Liquidity: Poor
Bank limit utilization was extremely high averaging 104% over the
12 months through November 2022. Letter of credit (LC) facility
stands devolved for more than 30 days ending Dec-2022.
Rating Sensitivity factors
Upward factors
* Track record of timely debt servicing and absence of any
irregularity for at least 90 days.
* Improvement in liquidity with drop in bank limit utilization
below 90%.
Incorporated in 2005, SNETPL is promoted by the late Mr Samarendra
Nath Nandy, and is currently managed by his son, Mr Abhishek Nandy,
Ms Sonali Nandy and a team of professionals. The Delhi-based
company undertakes engineering, procurement and construction of
water and sewage treatment plants, and industrial effluents
treatment plants.
UJAAS ENERGY: Bankruptcy Court Dismisses Revival Plan
-----------------------------------------------------
The Economic Times reports that the bankruptcy court in Indore has
rejected the revival plan for listed energy company Ujaas Energy,
with the observation that the Committee of Creditors (CoC) cannot
extinguish the right of the secured creditor to proceed against the
company's personal guarantor.
ET relates that the ruling will set a precedent for lenders in
other cases where dissenting secured creditors are seeking to
proceed separately against the promoters with regard to their
personal guarantees under the Insolvency & Bankruptcy Code (IBC),
said experts.
Ujaas Energy Limited, formerly M and B Switchgears Pvt Ltd, was
incorporated in 1979. The company is engaged in the sale of solar
power and setting up solar projects across three segments:
engineering procurement and construction, solar park, and rooftop.
It also provides operations and maintenance services for these
assets.
Ujaas Energy Limited commenced insolvency proceedings on Sept. 17,
2020.
WAVE MEGACITY: NCLAT Dismisses Plea to Initiate Insolvency Process
------------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Jan. 5 upheld an order of the National Company
Law Tribunal (NCLT) which dismissed a plea by real estate firm Wave
Megacity Centre to initiate insolvency proceedings against itself.
It imposed a fine of INR1 crore.
According to Livemint.com, the tribunal observed that company's
plea to initiate insolvency proceedings against itself under
Section 10 of IBC was with ‘malicious purpose'. It added that it
‘was to save the Corporate Debtor from liabilities,
responsibilities and prosecution.'
In June last year, the Delhi-based Principal bench of the NCLT
rejected the plea filed by Wave Megacity Centre, which is
developing commercial and residential projects in sectors 25A and
32 of Noida, Uttar Pradesh.
NCLT had also allowed the plea filed by 33 homebuyers under Section
65 of the Insolvency and Bankruptcy Code (IBC) to reject the
company's application filed under Section 10 of the Code, the
report says.
Section 10 of IBC allows a debtor to initiate an insolvency
resolution process against itself if it has committed any default.
Section 65 deals with fraudulent or malicious initiation of
voluntary insolvency proceedings and grants power to NCLT to impose
a fine of up to INR1 crore.
According to Livemint.com, the NCLT order was challenged by Wave
Megacity Centre before the NCLAT, which also rejected it.
A two-member bench headed by Chairperson Justice Ashok Bhushan
said: "When the finding recorded by the NCLT is that Section 10
Application has been initiated fraudulently and maliciously, even
if there is debt and default, the Adjudicating Authority is not
obliged to admit Section 10 Application," Livemint.com relays.
The NCLAT, in its 27-page order, also observed that Manpreet Singh
Chaddha, director, has been transposed as a Financial Creditor of
the company.
"The resignation of Directors few months before the filing of
Section 10 Application especially Manpreet Singh Chaddha, who was
Director from day 1 and claiming dues as Financial Creditor in
Section 10 Application fully proves the malicious intention of the
Corporate Debtor," it said.
It further said there is no doubt that 90 per cent of amount from
the homebuyers was received, which is claimed to be INR1,400 crore,
but Wave Megacity Centre has left most of the project unfinished,
depriving buyers of possession, Livemint.com relays.
"The allegations made by the Homebuyers that amount has been
siphoned by the Appellant finds credence by the sequence of events,
which took place in the present case," the NCLAT order noted.
=========
J A P A N
=========
COINBASE: Japan Unit Cuts Workforce as Part of Global Layoffs
-------------------------------------------------------------
Bloomberg News reports that US-based cryptocurrency exchange
Coinbase Global Inc. is closing the bulk of its operations in Japan
as part of a move to adjust international investment amid a slump
in the digital-asset sector.
According to Bloomberg, the shift comes as the firm cuts 20% of its
workforce globally, the latest layoffs at the San
Francisco-headquartered firm. Coinbase is scaling back in Japan
even as the nation loosens some crypto rules, which has spurred
rival Binance - the largest digital-asset exchange - to seek a
license to return to the country.
"We've decided to wind down the majority of our operations in
Japan, which led to eliminating most of the roles in our Japan
entity," Nana Murugesan, vice president for business development
and international, said in an interview on Jan. 11.
He said Coinbase won't comment on potential merger and acquisition
activity when asked if the Japan unit could be sold, Bloomberg
relays.
The digital-asset industry has been hammered by a $2 trillion rout
in token prices from a 2021 peak and a series of blowups, most
recently the bankruptcy of the FTX exchange. That's triggered a
series of layoffs at crypto firms.
Bloomberg relates that Coinbase is firing about 950 employees
globally, a step Chief Executive Officer Brian Armstrong said was
needed to weather the industry downturn. He added that several
projects with a lower probability of success will be shut down.
About Coinbase Global
Coinbase Global, Inc. (NASDAQ: COIN), branded Coinbase, is an
American publicly traded company that operates a cryptocurrency
exchange platform. Coinbase is a distributed company; all
employees operate via remote work and the company lacks a physical
headquarters. The company started in 2012 with the radical idea
that anyone, anywhere, should be able to easily and securely send
and receive Bitcoin.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
25, 2022, Moody's Investors Service has placed on review for
downgrade Coinbase Global, Inc.'s Ba3 corporate family rating and
Ba2 guaranteed senior unsecured notes' rating. The rating action
follows heightened market turbulence in the crypto sector.
===============
M O N G O L I A
===============
MONGOLIA: S&P Assigns 'B' Rating on New Senior Unsecured Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term foreign currency
issue rating to the benchmark-sized U.S. dollar-denominated senior
unsecured notes that Mongolia (B/Stable/B) proposes to issue.
The notes issuance is part of the Mongolia government's liability
management exercise. Concurrently, Mongolia has announced a cash
tender offer and exchange offer on its U.S. dollar denominated
bonds due in May 2023 and March 2024. The government intends to
fund the tender offer using proceeds from the notes issuance.
Holders of the 2023 and 2024 bonds may also exchange their existing
notes for the new notes.
The notes represent direct, general, unconditional, unsecured, and
unsubordinated obligations of the sovereign, and rank equally with
the sovereign's other unsecured and unsubordinated debt
obligations.
The rating on the notes is subject to S&P's review of the final
issuance documentation.
=====================
N E W Z E A L A N D
=====================
AFTERMATH CIVIL: Creditors' Proofs of Debt Due on Jan. 27
---------------------------------------------------------
Creditors of Aftermath Civil Limited and Landmark Fiduciary Company
(NZ) Limited are required to file their proofs of debt by Jan. 27,
2023, to be included in the company's dividend distribution.
Aftermath Civil Limited commenced wind-up proceedings on Dec. 9,
2022.
Landmark Fiduciary Company (NZ) Limited commenced wind-up
proceedings on Dec. 8, 2022.
The liquidators can be reached at:
Benjamin Francis
Simon Dalton
Gerry Rea Partners
PO Box 3015
Auckland
GRASSHOPPER LANDSCAPES: Court to Hear Wind-Up Petition on Feb. 23
-----------------------------------------------------------------
A petition to wind up the operations of Grasshopper Landscapes
Limited will be heard before the High Court at Christchurch on Feb.
23, 2023, at 10:00 a.m.
C.D.J. Enterprises Limited filed the petition against the company
on Dec. 7, 2022.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19, 191 Queen Street
Auckland
LIFESTYLE INVESTORS: Court to Hear Wind-Up Petition on Feb. 23
--------------------------------------------------------------
A petition to wind up the operations of Lifestyle Investors Limited
will be heard before the High Court at Christchurch on Feb. 23,
2023, at 10:00 a.m.
Sonja Helene Smith filed the petition against the company on Dec.
8, 2022.
The Petitioner's solicitor is:
Robin Ashton
Ashton Legal
14 Westmont Street
Ilam, Christchurch 8041
MAURI ORA: Court to Hear Wind-Up Petition on Feb. 9
---------------------------------------------------
A petition to wind up the operations of Mauri Ora Limited will be
heard before the High Court at Auckland on Feb. 9, 2023, at 10:45
a.m.
Yi Lin filed the petition against the company on Nov. 1, 2022.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19, 191 Queen Street
Auckland
SENDTHROUGH LIMITED: Creditors' Proofs of Debt Due on March 3
-------------------------------------------------------------
Creditors of Sendthrough Limited are required to file their proofs
of debt by March 3, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 3, 2023.
The company's liquidators are:
Thomas Lee Rodewald
Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
=================
S I N G A P O R E
=================
E-L EVENT: Court to Hear Wind-Up Petition on Jan. 27
----------------------------------------------------
A petition to wind up the operations of E-L Event & Promotion (S)
Pte Ltd will be heard before the High Court of Singapore on Jan.
27, 2023, at 10:00 a.m.
Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Jan. 3, 2023.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
GOLDEN FIRST: Creditors' Proofs of Debt Due on Feb. 8
-----------------------------------------------------
Creditors of Golden First Century Pte. Ltd. are required to file
their proofs of debt by Feb. 8, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 30, 2022.
The company's liquidators are:
Aaron Loh Cheng Lee
Ee Meng Yen Angela
EY Corporate Advisors
c/o One Raffles Quay North Tower 18th Floor
Singapore 048583
INDOGENIOUS HOLDINGS: Creditors' Proofs of Debt Due on Feb. 9
-------------------------------------------------------------
Creditors of Indogenious Holdings Pte. Ltd. are required to file
their proofs of debt by Feb. 9, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 30, 2022.
The company's liquidators are:
Lum Keng Chee
Deepak Kumar Khandelwal
AiGO Pte Ltd
c/o 49 Strathmore Ave, #02-217
Singapore 140049
KREUZ SUBSEA: Commences Wind-Up Proceedings
-------------------------------------------
Members of Kreuz Subsea Group Pte Ltd, on Jan. 9, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Lin Yueh Hung
Ng Kian Kiat
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
SUN CABLE: Goes Into Voluntary Administration
---------------------------------------------
Channel News Asia reports that Singapore-based Sun Cable is going
into voluntary administration, the clean energy firm said on Jan.
11, months after billionaire Mike Cannon-Brookes took on the role
of chairman.
CNA relates that the company is aiming to develop a SGD27.6 billion
project to supply solar power from Australia to Singapore, with the
backing of tech billionaire and climate activist Cannon-Brookes and
the richest man Down Under Andrew Forrest.
However, the mega project has fallen short of funds as
Cannon-Brookes and fellow Australian billionaire Forrest were
unable to reach a consensus on its future direction and funding
structure.
This prompted the company to appoint FTI Consulting as voluntary
administrators.
This leaves the proposed Australia-Asia PowerLink solar power
export project hanging in the balance, as construction was expected
to begin in 2024, the report notes.
Future steps will likely involve seeking fresh capital, or selling
the business entirely, Sun Cable said.
Cannon-Brookes, who became chairman of Sun Cable in October, said
he remained confident in the project.
"I fully back this ambition and the team, and look forward to
supporting the company's next chapter," he said in a statement.
The statement offered no comment from iron ore magnate Forrest's
privately owned Squadron Energy, Sun Cable's other big stakeholder,
CNA relays.
It is still possible Squadron could put together a funding deal for
the administrators, said a person familiar with the company's
thinking who sought anonymity because of confidentiality
provisions, according to CNA.
Last year's capital raising of AUD210 million included milestones
that have not been met yet, meaning that not all of that funding
was made available.
Future steps are likely to involve voluntary administrators FTI
Consulting seeking fresh capital or selling the business entirely,
Sun Cable said, adds CNA.
SURE PROFIT: Creditors' Proofs of Debt Due on Feb. 8
----------------------------------------------------
Creditors of Sure Profit Pte. Ltd. are required to file their
proofs of debt by Feb. 8, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 30, 2022.
The company's liquidators are:
Aaron Loh Cheng Lee
Ee Meng Yen Angela
EY Corporate Advisors
c/o One Raffles Quay North Tower 18th Floor
Singapore 048583
THREE ARROWS: Creditors Group Formed Amid Complaints Over Cost
--------------------------------------------------------------
Cointelegraph reports that Kyle Davies, the co-founder of bankrupt
hedge fund Three Arrows Capital (3AC), disclosed via a Twitter
thread on Jan. 11 the creation of a 3AC creditors group amid
complaints from creditors over bankruptcy costs.
According to Mr. Davies, creditors continue to express frustration
with the ongoing costs and handling of assets during the bankruptcy
process, suggesting that "intercreditor disputes are delaying the
process, and the estate value is not being maximized,"
Cointelegraph relays.
Cointelegraph relates that the group's first meeting discussed
several topics, including ways to reduce "ongoing legal costs,
pursue claims on a contingency basis against Luna
consortium/FTX/Genesis, and organize better ways to deal with asset
sales/distributions." Mr. Davies invited all creditors to join the
group and announced regular meetings, without disclosing any
further details.
The company filed for a Chapter 15 bankruptcy on July 1 in a New
York court, with no known whereabouts of founders Davies and Zhu
Su. Lawyers representing the liquidators in the case have been
trying to trace and recover assets since then, but the founders
haven't cooperated. "The liquidators are trying to put things
together without any help from them. They should cooperate if they
want to help investors," a source familiar with the matter told
Cointelegraph.
The last attempt by the liquidators to reach Davies and Su was
through a subpoena on Twitter on Jan. 5, after permission was
granted by Singaporean authorities following an order from a U.S.
bankruptcy court, Cointelegraph says.
According to Cointelegraph, the subpoena aims to give liquidators
access to account information, seed phrases and private keys for
3AC's digital and fiat assets; details about the securities and
unregistered shares; and any accounts held on centralized or
decentralized exchanges, along with any other tangible or
intangible assets.
Liquidators claim that the co-founders are located in Indonesia and
the United Arab Emirates, where it is difficult to enforce foreign
court orders, the report notes. On the creditor's behalf, they have
seized $35.6 million in fiat currencies held by Singaporean banks
or by the company's pre-appointment lawyers. Additionally, over 60
types of cryptocurrencies have been identified and are being held
in a digital currency custody account.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.
As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
ZIRCA DIGITAL: Creditors' Proofs of Debt Due on Feb. 9
------------------------------------------------------
Creditors of Zirca Digital Solutions Singapore Private Limited are
required to file their proofs of debt by Feb. 9, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 5, 2023.
The company's liquidator is Tan Chin Ren of Tan, Chan & Partners.
*********
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 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***