/raid1/www/Hosts/bankrupt/TCRAP_Public/230120.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 20, 2023, Vol. 26, No. 16
Headlines
A U S T R A L I A
ALLABOUTXPERT AUSTRALIA: Second Creditors' Meeting Set for Jan. 30
ANAX CO: Second Creditors' Meeting Set for Jan. 30
DELIVEROO AUSTRALIA: G+T Advises Parent Company on DOCA
DIGITAL SURGE: Employee Pulled AUD1.6 Million Amid FTX Collapse
HAND PICKED: Second Creditors' Meeting Set for Jan. 25
LANSKEY CONSTRUCTIONS: Second Creditors' Meeting Set for Jan. 27
VOLY: Spent AUD13 Million in 12 months, Administrators Reveal
C H I N A
CHINA EVERGRANDE: Chairman Loses 93% of Wealth
HELENBERGH CHINA: Moody's Withdraws 'Ca' Corporate Family Rating
I N D I A
A. N. PANDEY: CRISIL Keeps B Debt Ratings in Not Cooperating
A.V.M. SALES: CRISIL Keeps B Debt Ratings in Not Cooperating
AASTHA SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
AGRI GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AKASH CONSTRUCTION: CRISIL Keeps B Debt Rating in Not Cooperating
AKBAR INTERNATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
AL-QURESH AURANGABAD: CRISIL Keeps B Ratings in Not Cooperating
AMAR GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
AMBIENCE IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AMBIKA ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating
AMRIT TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
ANANT VENKATESH: CRISIL Keeps B Debt Rating in Not Cooperating
ANNANYA INTERFACE: CRISIL Keeps C Debt Ratings in Not Cooperating
APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
ASHISH LIFE: CRISIL Keeps B Debt Ratings in Not Cooperating
AVARTANAH INFRA: CRISIL Lowers Rating on INR6cr Bank Loan to D
BAHUBALI CASHEWS: CRISIL Keeps B Debt Rating in Not Cooperating
BAJRANGBALI INDUSTRIES: CRISIL Keeps B Rating in Not Cooperating
BALAJI LOOMTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BANGER TECH: Liquidation Process Case Summary
BEETA POLY: CRISIL Lowers Rating on INR14.5cr Cash Loan to B
BEST STAMPING: CRISIL Keeps B Debt Ratings in Not Cooperating
BM AGRO: CRISIL Keeps B Debt Rating in Not Cooperating Category
BOXCARE PACKAGINGS: Voluntary Liquidation Process Case Summary
EXCLUSIVE OVERSEAS: Liquidation Process Case Summary
FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating
GEETHA AUTO: Ind-Ra Affirms B+ Long Term Issuer Rating
HARISHANKAR PAPER: Liquidation Process Case Summary
MEENAKSHI ENERGY: Vedanta to Acquire Firm for INR1,440 crore
MNR CONSTRUCTION: CRISIL Moves Debt Rating to B+/A4
ORIENT CRAFT: Ind-Ra Affirms 'D' Long Term Issuer Rating
OXFORD FACILITIES: Liquidation Process Case Summary
RAM EDUCATIONAL: Ind-Ra Hikes Bank Loan Rating to 'B+'
UTTAM WOLLENS: Voluntary Liquidation Process Case Summary
VARSHA SUPER: CRISIL Keeps B+ Debt Rating in Not Cooperating
VEDA CHEM: Insolvency Resolution Process Case Summary
VENKATESHWARA DALL: CRISIL Keeps B+ Rating in Not Cooperating
VINIT DYEING: CRISIL Keeps B Debt Ratings in Not Cooperating
VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating
WEBTECH ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
N E W Z E A L A N D
DAVID MICHAEL: Greg Sherriff Appointed as Receiver
GREEN BUILDERS: Creditors' Proofs of Debt Due on Feb. 17
RIGHT CLICK: Court to Hear Wind-Up Petition on Feb. 3
ROEL BAKERY: Court to Hear Wind-Up Petition on Feb. 3
VENDETTA VAPE: Creditors' Proofs of Debt Due on Feb. 17
S I N G A P O R E
IBC CAPITAL: S&P Withdraws 'B-' Issuer Credit Rating
S O U T H K O R E A
HANKOOK TIRE: Chairman Raided in Embezzlement Probe
HYOSUNG CHEMICAL: Faces Questions Over Profitability
S R I L A N K A
SRI LANKA: Hid Bankruptcy Before Announcement, CBSL Gov. Says
- - - - -
=================
A U S T R A L I A
=================
ALLABOUTXPERT AUSTRALIA: Second Creditors' Meeting Set for Jan. 30
------------------------------------------------------------------
A second meeting of creditors in the proceedings of AllAboutXpert
Australia Pty Ltd and AllAboutXpert Technologies Pty Ltd has been
set for Jan. 30, 2023 at 10:00 a.m. at the offices of WLP
Restructuring at Suite 21.02, Level 21 Australia Square, 264 George
Street in Sydney and via virtual meeting technology.
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. 29, 2023 at 4:00 p.m.
Glenn Livingstone and Alan Walker of WLP Restructuring were
appointed as administrators of the company on Dec. 13, 2022.
ANAX CO: Second Creditors' Meeting Set for Jan. 30
--------------------------------------------------
A second meeting of creditors in the proceedings of Anax Co Pty Ltd
has been set for Jan. 30, 2023 at 11:00 a.m. at the offices of
O'Brien Palmer at Level 9, 66 Clarence Street in Sydney, and via
virtual meeting technology.
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. 27, 2023 at 4:00 p.m.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Oct. 19, 2022.
DELIVEROO AUSTRALIA: G+T Advises Parent Company on DOCA
-------------------------------------------------------
Angelica Dino at Australasian Lawyer reports that Gilbert + Tobin
(G+T) has advised Roofoods Ltd. on the voluntary administration of
its Australian subsidiary, Deliveroo Australia Pty. Ltd.
The online food delivery service decided to exit the Australian
market due to challenging economic and market conditions. Andrew
Knight, Craig Shepard and Michael Korda of KordaMentha were
appointed voluntary administrators of Deliveroo on Nov. 16, 2022.
Roofoods is a publicly listed UK entity that was established in
2012. G+T assisted Roofoods to develop and propose a deed of
company arrangement (DOCA), which was supported by Deliveroo's
creditors. Under the DOCA, AUD9.5 million will be paid to
employees, riders, restaurant partners and suppliers by early 2023;
meanwhile, AUD9.3 million will be made available for all remaining
creditors and will be distributed starting April.
According to the report, G+T said the DOCA and market exit involved
complex restructuring, employment and tax issues which were
required to be resolved in an accelerated timeframe to achieve
Roofoods' goal of paying creditors on an expedited basis. Roofoods
and G+T worked closely with the restructuring services team at KPMG
to formulate the DOCA. G+T said the DOCA was made to be responsive
to Deliveroo's unique business model and industry, Australasian
Lawyer relates.
The G+T team was led by national head of restructuring and
insolvency Peter Bowden, the report discloses. He was supported by
special counsel Anna Schwartz and by lawyers Megan Lowe, Becci
Cartoon, Caroline Syzlkrot, Peter Hession and Stephanie Cook, as
well as members of G+T's national R+I practice group.
Employment partner Tom Brett, tax partner Julian Cheng and lawyer
Matthew Charman also assisted the core team along with other G+T
lawyers across the firm.
"We are very pleased to have advised Roofoods on this complex and
delicate administration that has resulted in a very positive
outcome for Deliveroo's employees, riders, suppliers and other
stakeholders," Australasian Lawyer quotes Mr. Bowden as saying.
Andrew Knight, Michael Korda, and Craig Shepard of KordaMentha were
appointed as administrators of the company on Nov. 16, 2022.
DIGITAL SURGE: Employee Pulled AUD1.6 Million Amid FTX Collapse
---------------------------------------------------------------
Jessica Sier at Australian Financial Review reports that one
Digital Surge employee withdrew almost AUD1.6 million from the
beleaguered crypto broker before any customers knew that millions
had been lost in the dramatic collapse of global crypto exchange
FTX in November.
The Brisbane-based Digital Surge was placed into administration in
December after 30,000 customers - many of whom had invested through
self-managed super funds - found their accounts frozen following
revelations FTX had transferred US$10 billion (AUD14.3 billion) of
customers' money to its sister quant trading business, Alameda
Research.
According to AFR, administrators discovered the staff withdrawals
while sifting through multiple outside bids to buy parts of the
company, and securing AUD26.8 million in customer money from fellow
crypto exchange Binance and offline "cold" storage wallets.
One staff member withdrew AUD1.6 million from the platform in the
days following an internal meeting on November 11, where Digital
Surge directors revealed to select staff the broker had exposure to
FTX, AFR relates.
Administrators KordaMentha have since confirmed AUD33 million was
lost in the FTX collapse and are furious the employee who withdrew
the AUD1.6 million sum has refused to return the money.
"Any reasonable person would conclude that the employee's inside
knowledge of the FTX situation meant they recovered money before
anyone else, which is very unfair," AFR quotes KordaMentha partner
Scott Langdon as saying.
AFR relates that the administrators have pushed back on the
employee's argument that while they knew Digital Surge was exposed
to FTX, they didn't know the business was technically insolvent,
and was therefore acting in "good faith".
Customers are also angry that Digital Surge employees withdrew
money ahead of customers, with one pointing out they were told on
November 10 by a company representative that the Brisbane-based
broker was not damaged by the FTX collapse.
"It points to a broken system," said customer Michael Jenner, notes
the report.
But while KordaMentha has vowed to pursue the Digital Surge
employee if creditors vote for liquidation at a creditors' meeting
next week, the administrators will recommend they instead vote for
a repayment plan proposed by the company's directors, Daniel Rutter
and Josh Lehman, according to AFR.
Nine bids from outside parties - including long-running crypto
exchange CoinJar - have surfaced during the administration process,
but administrators argue the proposed scheme will return the most
money to creditors.
"If creditors don't vote for the DOCA (deed of company arrangement)
and Digital Surge goes into liquidation, we will pursue the
employee for that money," Mr. Langdon said, notes AFR. "But we're
recommending the deed of company arrangement because it's not only
the best financial outcome, but Digital Surge will remain a going
concern."
Digital Surge, which was founded in 2017 and marketed itself as a
crypto investment option for retirees, employs 13 people.
AFR says Mr. Rutter and Mr. Lehman have committed tipping in
AUD1.25 million of new money into the creditors' pool of funds
through an associated business called Digico, while also
transferring all Digital Surge's profits to creditors over the next
five years.
Digital Surge will remain one of 9 million creditors in the global
FTX administration process in the hopes of clawing back the
outstanding AUD33 million, the report notes.
David Johnstone, Scott Langdon and John Mouawad of KordaMentha were
appointed as administrators of the company on Dec. 8, 2022.
HAND PICKED: Second Creditors' Meeting Set for Jan. 25
------------------------------------------------------
A second meeting of creditors in the proceedings of Hand Picked
Events and Marketing Pty Ltd has been set for Jan. 25, 2023 at 3:00
p.m. via teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 24, 2023 at 4:00 p.m.
John Maxwell Morgan and Dane Skinner of BCR Advisory were appointed
as administrators of the company on Dec. 9, 2022.
LANSKEY CONSTRUCTIONS: Second Creditors' Meeting Set for Jan. 27
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Lanskey
Constructions Pty. Ltd. has been set for Jan. 27, 2023 at 1:00 p.m.
via electronic means 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. 26, 2023 at 4:00 p.m.
Benjamin Campbell and John Park of FTI Consulting were appointed as
administrators of the company on Dec. 12, 2022.
VOLY: Spent AUD13 Million in 12 months, Administrators Reveal
-------------------------------------------------------------
News.com.au reports that a well-known Aussie instant grocery
delivery service that suddenly collapsed had burned through AUD13
million in just 12 months and may have been trading while
insolvent, administrators have revealed.
Voly went under in November last year - just days after customers
were abruptly disconnected from the app.
It let go of its 112 employees upon its collapse after creating a
service that offered 15 minute grocery delivery to around 80,000
users across Sydney.
Hall Chadwick administrators John Vouris told news.com.au the
business was "absolutely smashed" by Covid and it needed money to
expand but could not raise the funds.
"There was inadequate cash flow and a high use of cash and trading
losses that led to the demise of this company," he added.
According to news.com.au, the administrator's investigation
uncovered that almost AUD18 million was owed to 300 creditors.
"The company terminated all the staff and paid out all the
entitlements so there were no staff entitlements owed and we were
left with some physical assets being product and alcohol," Mr.
Vouris explained.
"We advertised the business for sale and no one was interested in
the entire business except for the intellectual property."
Voly launched in 2021 and raised AUD18 million from venture capital
funds but its founders blamed high inflation and Russia's invasion
of Ukraine for its demise, adding the global economic uncertainty
meant the company had to exit the market, news.com.au notes.
"The sudden changes in macro environment, unstable geopolitics and
high inflation have made it extremely difficult to attract new
capital despite the support of our current investors," news.com.au
quotes co-founder Thibault Henry as saying in a LinkedIn post last
year.
Its demise echoed a similar scenario to its competitor Send, which
promised to deliver groceries in under 10 minutes, but blamed world
factors for the company's failure in May last year, including the
invasion of Ukraine.
An administrator's report into Send also found it burned through a
whopping AUD11 million in just eight months.
But in a lifeline has been given to Voly creditors, with a deal
proposed by the company's co-founders Mark Heath and Mr Henry
accepted, with the start-up's assets and customer database
purchased by subscription butcher service Our Cow, news.com.au
relays.
This means creditors could be paid up to 30c in the dollar,
according to Mr. Vouris, which would be distributed over a three to
six month period.
Our Cow, is a business run by farmers Bianca Tarrant and Dave
McGiveron, which was created when the farm was almost destroyed by
fire in 2019, resulting in the loss of most of their cattle.
The couple had to scramble so they wouldn't lose everything and
created a flexible meat box subscription – which boomed during
the pandemic - and now Our Cow boasts more than 50,000 subscribers
and sources meat from 150 different farmers.
It employs 40 people and the business has a turnover sitting around
AUD20 million annually.
According to news.com.au, Our Cow has acquired Voly's customer
database, app and brand assets for an undisclosed sum and saw the
buy as a valuable way to expand their city customer base.
Mr. Vouris noted the intellectual property wasn't sold for the
AUD18 million worth of outstanding debt, news.com.au relates.
"We wanted to sell the intellectual property for a lot more than
what we got for it but we got more than what we would have got at
auction," he added.
However, equipment from Voly's outlets is also set to go to
auction, he said, while the administrators were also pursuing
security bonds and pre payments made by the company, news.com.au
adds.
=========
C H I N A
=========
CHINA EVERGRANDE: Chairman Loses 93% of Wealth
----------------------------------------------
Bloomberg News reports that Hui Ka Yan was once one of China's
richest and most influential titans, bridging the worlds of
business and high-level politics. These days, the China Evergrande
Group chairman's fortune is considerably diminished. He's down to
about $3 billion from US$42 billion, which once made him the
second-richest person in Asia, according to the Bloomberg
Billionaires Index.
According to Bloomberg, Hui is also finding himself increasingly
isolated politically, with the latest signal coming from the
Chinese People's Political Consultative Conference, an elite group
comprising government officials and the biggest names in business.
Bloomberg relates that Hui had been part of the political advisory
body since 2008 and of its elite 300-member standing committee
since 2013, but he was told not to attend the annual convention
last year as his property empire became the biggest casualty of the
nation's credit crunch. Now he's not even included on the latest
list of those who'll form the CPPCC for the next five years, which
was released on Jan. 18.
While his exclusion is striking given the position he once held,
Hui has lots of company, the report says. Shimao Group Holdings
Ltd.'s Hui Wing Mau, Guangzhou R&F Properties Co. co-founder Zhang
Li and Hoi Kin Hong of Powerlong Real Estate Holdings Ltd. are
among the property magnates no longer part of the CPPCC.
Bloomberg notes that the move reflects China's shifting attitude
toward property developers, many of whom have fallen from grace
amid a yearslong real estate crisis that threatens the broader
economy. The new CPPCC members will head to Beijing in March for
the group's 14th National Committee to discuss everything from
political and social issues to new laws and the nation's growth.
"The CPPCC role is like an honorary reward that China gives to
faithful business people to make contributions to the country,"
said Willy Lam, an adjunct professor at the Chinese University of
Hong Kong who has authored several books about Chinese politics,
Bloomberg relays. "It's not surprising at all that property tycoons
like Hui, who created trouble in the property sector with their
over-leveraging, are out of the list."
Still, Hui - a Communist Party member for more than three decades -
is the most high-profile developer to feel the squeeze. His
valuation on Bloomberg's wealth list tumbled after accounting for
money Evergrande said its founder injected into the developer and
demands from creditors.
Evergrande first defaulted on dollar bonds in 2021 and has more
than $16 billion of outstanding dollar notes. After missing several
self-imposed deadlines to deliver a preliminary restructuring
blueprint, it proposed this week a restructuring plan with two
options, people familiar with the matter said, reports Bloomberg.
Its shares have been suspended for almost a year after the company
failed to report 2021 results, and PwC resigned as its auditor on
Jan. 19.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
HELENBERGH CHINA: Moody's Withdraws 'Ca' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Helenbergh China Holdings
Limited's Ca corporate family rating and C senior unsecured
rating.
Prior to the withdrawal, the rating outlook was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
COMPANY PROFILE
Helenbergh China Holdings Limited (Helenbergh) is a Guangdong-based
residential property developer. The company offers apartments,
high-rise residential buildings and villas across different regions
in China.
As of December 31, 2021, Helenbergh was around 99% owned by its
founder and chairman, Huang Chi-heng, and his spouse.
=========
I N D I A
=========
A. N. PANDEY: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. N. Pandey
- Ranchi (ANP) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 8 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 ANP 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 ANP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANP continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
A partnership firm set up in fiscal 2004, ANP undertakes
construction of road, bridges, and buildings for the Jharkhand
government. Its daily operations are managed by Mr Aditya Narayan
Pandey.
A.V.M. SALES: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.V.M. Sales
Corporation (AVM) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 8 CRISIL B/Stable (Issuer Not
Cooperating)
Import Letter 7 CRISIL A4 (Issuer Not
of Credit Limit Cooperating)
Proposed Fund- 4.95 CRISIL B/Stable (Issuer Not
Based Bank Limits Cooperating)
Proposed Overdraft 3.05 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with AVM for
obtaining information through letters and emails dated October 31,
2022 and December 30, 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 AVM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVM continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
AVM, based in Kolkata, was set up as a partnership firm between Mr.
Chowdhary and his/her family in 1972. It distributes organic
chemicals, such as acetic acid, ammonium carbonate, caustic soda,
and glycerine. Mr Piyush Choudhary is the managing partner.
AASTHA SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aastha
Spintex Private Limited (ASPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B/Stable (Issuer Not
Cooperating)
Inland Guarantees 3.5 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 18.5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 45 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASPL 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 ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
ASPL was set up in 2014, by members of the Patel and Sitapara
families, based in Morbi (Gujarat). The company manufactures cotton
yarn used for knitting and weaving, with bulk production of combed
yarn of count 30. The manufacturing facility is at Halvad, Morbi.
AGRI GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agri Green
Fertilizers and Chemicals Private Limited (AG) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AG 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 AG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AG
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AG manufactures single super phosphate and trades in fertilisers
such as urea, diammonium phosphate, and muriate of potash. The
company, promoted and managed by Mr V Rami Reddy, is located in
Cuddapah (Andhra Pradesh).
AKASH CONSTRUCTION: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akash
Construction (AC) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.25 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Bank 5.25 CRISIL A4 (Issuer Not
Guarantee Cooperating)
CRISIL Ratings has been consistently following up with AC 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 AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
AC was established in fiscal 2000 as a proprietorship firm, which
was reconstituted as a partnership firm in fiscal 2008.
Kolkata-based Mr Ashok Kumar Shaw and Mr Manoj Shaw are the
partners; they also manage operations. The firm undertakes civil
construction primarily of roads and metro for West Bengal PWD and
NHAI.
AKBAR INTERNATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Akbar
International (AI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AI 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AI was set up in 1979, as a sole proprietorship of Mr Salim Uddin.
The firm manufactures and retails marble handicraft items, through
its two showrooms in Agra. It specialises in the 'Parchinkari' art
form that involves inlay of semi-precious stones in marble
artefacts.
AL-QURESH AURANGABAD: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AL-Quresh
(Aurangabad City) Modern Abattoir Private Limited (AQAMA) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 15 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Long Term 27 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AQAMA 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 AQAMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AQAMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AQAMA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AQAMA has been awarded a build-operate-transfer contract by
Aurangabad Municipal Corporation for developing an integrated meat
processing facility with capacity to handle 800 buffaloes and 2000
sheep or goats per day. The facility is expected to be commissioned
by March 2018, and the concession period is 20 years.
AMAR GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amar Ginning
Factory (AG) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.75 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AG 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 AG), which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AG)
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AG) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who has over 10 years of
experience in the cotton industry. The firm in processes raw cotton
to produce cotton bales and crushing of cotton seed to produce
cotton seed oil and cotton seed oil cake.
AMBIENCE IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ambience
Impex Limited (AIL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer Credit Limit 4 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIL 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 AIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2004, AIL is promoted by Mr Sandeep Agarwal and
family. It is engaged in the trading of various ferrous and
non-ferrous metals including brass, aluminum, zinc, iron scrap bars
and channels etc.
AMBIKA ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ambika
Electronics (AE) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft
Facility 22 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AE 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 AE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AE
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AE was set up as a partnership firm in 1990 by Mr. Ramesh Aithal
and Mr. Shantharam Holla. The firm, based in Bengaluru, trades in
electronic equipment. It distributes electronic equipment of LG,
Intex, and Onida.
AMRIT TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amrit Trading
Company (ATC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Letter of Credit 8 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ATC 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 ATC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
ATC is a Haryana based Company, is engaged in in the business of
processing and trading of timber. Established by Mr. Geetaram Kumar
in 1957 and now managed by one of the partners Mr. Mukesh Kumar
since 1992.
ANANT VENKATESH: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anant
Venkatesh Construction LLP (AVCLP) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AVCLP for
obtaining information through letters and emails dated October 21,
2022 and December 30, 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 AVCLP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVCLP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVCLP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Formed in 2014, AVCLP is a Pune-based limited liability
partnership. AVCLP is currently executing a residential real estate
project, Anant Venkatesh, at Sus-Pashan in Pune. The firm is
promoted by Dajikaka Gadgil Developers Pvt Ltd which in turn
belongs to the Gadgil family of Pune (promoters of PN Gadgil
Jewellers Pvt Ltd).
ANNANYA INTERFACE: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Annanya
Interface and Controls Private Limited (AICPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (Issuer Not
Cooperating)
Bank Guarantee 1.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 2.5 CRISIL C (Issuer Not
Cooperating)
Letter of Credit 1.5 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.56 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.50 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AICPL 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 AICPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AICPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AICPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
AICPL was set up by Mr P S Pendharkar and Mr S P Pendharkar as a
partnership firm in 1989, and was reconstituted as a private
limited company in 2004. The company primarily provides real time
monitoring and control systems, and automation solutions for water
supply schemes and electrical sub-stations. It installs, tests,
erects, and commissions control systems for water treatment plants,
water pumping stations, power stations, and sub-stations/switching
stations.
APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aps Steels
Private Limited (APS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Inland/Import 5.0 CRISIL D (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with APS 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 APS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
APS, incorporated in 2006, manufactures MS ingots at its facility
at Hindupur in Andhra Pradesh. The company was acquired by the OP
Gupta group in 2012.
ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arpora
Projects Private Limited (APPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Short Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 10.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APPL 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 APPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
APPL was incorporated by Mr Pawan Yadav and Mr Bhupendra Yadav in
2014. The company manages a holiday resort, Aromiaa, comprising 15
villas, at Arapora in Goa.
ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arul
Industries (AI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 2 CRISIL D (Issuer Not
of Credit Cooperating)
Packing Credit 0.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AI 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1992, AI is a partnership firm that manufactures
kitchenware and utensils. Its plant is located in Tirunelveli
(Tamil Nadu); the operations are managed by its managing partner,
Mr. Jeba Suresh.
ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arun Polymers
- Dindigul (AP) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AP 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 AP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AP
continues to be 'CRISIL D Issuer Not Cooperating'.
AP was set up in 2013 in Dindigul, Tamil Nadu as a proprietorship
firm by Mr T Arunkumar. The firm manufactures polypropylene woven
bags. It has an installed capacity of 150 tonne per day (tpd).
ASHISH LIFE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashish Life
Science Private Limited (ALPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL A4 (Issuer Not
Cooperating)
Pre Shipment Credit 9 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 8 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ALPL 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.
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 ALPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
ALPL, promoted by Mr Raujesh Kumar Agarwal, manufactures and trades
in veterinary healthcare formulations for livestock, pets, horses,
camels, and poultry. It has also recently added a manufacturing
unit for injectables, at Tarapur Maharashtra Industrial Development
Corporation (MIDC) in Boisar. Bulk of revenue comes from Africa,
the Commonwealth of Independent States (CIS) nations, and the
Middle East.
AVARTANAH INFRA: CRISIL Lowers Rating on INR6cr Bank Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the short-term bank
facilities of Avartanah Infrastructure Private Limited (AIPL) to
'CRISIL D Issuer Not Cooperating' from 'CRISIL A4 Issuer Not
Cooperating' due to delays in debt servicing obligations of the
company, as per publicly available information.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Overdraft Facility 3.50 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Proposed Short Term 4.25 CRISIL D (Issuer Not
Bank Loan Facility COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated April 29,
2022 and June 27, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the company's management,
CRISIL Ratings did not receive any information on either the
financial performance or strategic intent of AIPL, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on AIPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has downgraded its rating on the short-term bank
facilities of AIPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL A4 Issuer Not Cooperating' due to delays in debt servicing
obligations of the company, as per publicly available information.
AIPL, incorporated on September 24, 2008, provides information
technology services to commercial electrical distributors. The
company also erects electric substations, and provides consultation
for operations and maintenance of thermal power plants. The
operations are overseen by Mr Nilanjan Sen. The company caters to
state governments of West Bengal, Odisha, and Assam, and it has an
International Standards Organisation (ISO) 9001: 2008
certification.
BAHUBALI CASHEWS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bahubali
Cashews (BC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BC 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 BC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up as a proprietorship firm in 2000, BC processes raw cashew
nuts and sells cashew kernels. Its facility in Udupi (Karnataka)
has installed processing capacity of 4 metric tonnes per day of
cashew kernels. Its operations are managed by proprietor Ms.
Nirmala Mahaveer Hegde.
BAJRANGBALI INDUSTRIES: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bajrangbali
Industries (BBI) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BBI 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 BBI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBI continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
BBI, set up in 1986 by Rupani family manufactures rubber footwear
for men, women, and kids in Kanpur, Uttar Pradesh. Mr. R C Rupani
and his brother Mr. L D Rupani manage the day-to-day operations.
BALAJI LOOMTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Loomtex Private Limited (BLPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash 10.5 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Term Loan 16.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BLPL for
obtaining information through letters and emails dated October 31,
2022 and December 30, 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 BLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BLPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in February 2017 and promoted by Mr Raghunandan Sarup
Gupta, his son Mr Uttam Gupta and daughter-in-law Mrs Shallu
Bansal, BLPL is setting up a flannel and polyester fabric textile
unit in Panipat. The company is currently engaged in trading and
semi-manufacturing of home furnishing textiles such as bed sheets
and duvets.
BANGER TECH: Liquidation Process Case Summary
---------------------------------------------
Debtor: Banger Tech Private Limited
Vill-Baneswarpur P.O-Hasimnagar
Baneswarpur Parganas South
WB 743513
Liquidation Commencement Date: December 29, 2022
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Aditya Kumar Tibrewal
7C, Kiran Shankar Roy Road,
Hasting Chamber,
Basement, Kolkata -700 001
Email: adityatibre@gmail.com
cirp.btpl@gmail.com
Last date for
submission of claims: January 29, 2023
BEETA POLY: CRISIL Lowers Rating on INR14.5cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Beeta
Poly Coats Private Limited (BPCPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Cash 4.5 CRISIL B /Stable (ISSUER NOT
Credit Limit COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with BPCPL 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 BPCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPCPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
Incorporated in 2014, BPCPL manufactures polyvinyl chloride-coated
fabrics used in footwear, garments, home furnishings and sports
gear. The company commenced commercial operations in 2014. The
manufacturing facility is in Bahadurgarh, Haryana. Mr Shyam Lal
Banga, Mr Inderjeet Singh Saluja and Mr Atul Banga are the
promoters of the company.
BEST STAMPING: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Best Stamping
Private Limited (BSPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Packing Credit 2 CRISIL A4 (Issuer Not
Cooperating)
Proposed Term Loan 3.25 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Term Loan 1.75 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BSPL 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 BSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Incorporated in 1994, BSPL manufactures electrical stampings used
in submersible pumps. It is promoted by Mr Shailesh P. Patel and
Snehal S Patel. Its manufacturing facility in Ahmedabad has
installed capacity of 3,500 tonne per month.
BM AGRO: CRISIL Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of BM Agro Food
Products Private Limited (BAFPPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 6.67 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Proposed Short Term 0.33 CRISIL A4 (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BAFPPL 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 BAFPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BAFPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BAFPPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Established in 2017 by Mr. Barun Roy and Mr. Manoj Kumar Khajanchi,
BAFPPL is currently setting up a rice mill with an installed
capacity of 5,040 MT per year in West Bengal.
BOXCARE PACKAGINGS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Boxcare Packagings Private Limited
W-257 (A), T. T. C. Thane Belapur Road
Rabale Navi
Mumbai MH 400701 India
Liquidation Commencement Date: January 2, 2023
Court: National Company Law Tribunal, Surat Bench
Liquidator: Saaurabh Jhaveri
6th Floor, 620 Jolly Plaza,
Opp. Athwagate Circle,
Athwagate, Suwat 395001
Email: SJHAVERI333@GMAIL.COM
Last date for
submission of claims: Febuary 1, 2023
EXCLUSIVE OVERSEAS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Exclusive Overseas Private Limited
Registered Office:
31/3203, Beadom Pura,
Karol Bagh New Delhi - 110005
Liquidation Commencement Date: December 20, 2022
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Mr. Akash Shinghal
Khandelwal Jain & Co., Chartered Accountants
G-8&9, Hans Bhawan, BSZ Marg,ITO,
New Delhi – 110002
Email: akash@kjco.net
exclusiveoverseas.cirp@gmail.com
Last date for
submission of claims: January 27, 2023
FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Farmico Cold
Chain And Logistics Limited (FCSPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Mortgage Loan 8 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with FCSPL 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 FCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FCSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 1995, FCSPL (formerly known as Wadhwani Cold
Storage And Ice Plant Pvt Ltd) operates a cold storage unit at
Nagpur, Maharashtra. The company provides cold storage facilities
to various farmers and traders located in and around the
Agricultural Produce Market Committee market at Nagpur.
GEETHA AUTO: Ind-Ra Affirms B+ Long Term Issuer Rating
------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed Geetha Auto
Commercial's (GAC) Long-Term Issuer Rating at 'IND B+'. The Outlook
is Stable.
The instrument-wise rating actions are:
-- INR7.5 mil. (reduced from INR9.8 mil.) Term loan due on March
2024 affirmed with IND B+/Stable rating;
-- INR110 mil. (increased from INR55 mil.) Fund-based facilities
affirmed with IND B+/Stable/IND A4 rating; and
-- INR75.2 mil. Proposed fund-based facilities is w withdrawn (the
company did not proceed with the instrument as envisaged).
Key Rating Drivers
The ratings reflect GAC's continued small scale of operations. The
revenue declined to INR169.73 million in FY22 (FY21: INR193.43
million) on account of lower demand in the commercial vehicle (CV)
segment in FY22 due to the second wave of COVID-19. until 9MFY23,
GAC booked revenue of INR420 million. Ind-Ra expects the revenue to
improve in FY23 due to improved demand for CV.
The ratings also factor in GAC's average EBITDAR margin of 8.79% in
FY22 (FY21: 10.68%) with a return on capital employed of 7.4%
(13.5%). The decline in margin was due to lower revenue
contribution from the higher-margin service segment. In FY23,
Ind-Ra expects the EBITDAR margin to remain at a similar level due
to the similar nature of operations.
The ratings continue to reflect the company's modest credit metrics
with interest coverage (operating EBITDAR/gross interest expenses +
rent) of 1.58x in FY22 (FY21: 1.56x) and net leverage (total
adjusted net debt/operating EBITDAR) to 8.28x (4.27x ). The
improvement in the interest coverage was due to a relatively higher
decline in interest expense than EBITDAR, resulting from closure of
few bank facilities. However, the net leverage deteriorated on
account of a decrease in the absolute EBITDAR to INR14.92 million
in FY22 (FY21: INR20.67 million) coupled with an increase in the
adjusted net debt to INR125.86 million (INR89.43 million). Ind-Ra
expects the credit metrics to improve in the medium term due to a
likely increase in the top line and absolute EBITDAR.
Liquidity Indicator – Poor: The cash flow from operations
declined further to negative INR38.07 million in FY22 (FY21:
negative INR16.47 million) due to unfavorable changes in working
capital. The net working capital cycle elongated to 226 days in
FY22 (FY21: 107 days) due to a rise in the inventory holding period
to 200 days (141 days) and a decline in the payable period to 60
days (110 days). GAC's average maximum utilization of the
fund-based limits was 96.21% during the 12 months ended November
2022 with two instances of overutilization. Its cash and cash
equivalents stood at INR2.29 million at FYE22 (FYE21: INR1.22
million). Furthermore, GAC does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The debt repayment obligations for FY23, FY24
and FY25 amounted to INR3.2 million, INR3.2 million, INR0.9
million, respectively.
However, the ratings continue to benefit from the promoters' nearly
eight years of experience in the automobile industry.
Rating Sensitivities
Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics and liquidity, all on a sustained
basis, will be positive for the ratings.
Negative: A substantial decline in the scale of operations leading
to deterioration in the credit metrics with the interest coverage
reducing below 1.4x on a sustained basis and/or deterioration in
the liquidity will be negative for the ratings.
Company Profile
Set up in 2015, GAC is a dealer of Tata Motors Limited's commercial
vehicles in Warangal and Khamma region in Telangana.
HARISHANKAR PAPER: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Harishankar Paper Products Private Limited
Plot No. 409 Survey No. 127/1 Sai Krupa Market
Mahoob Mansion Malakpet Hyderabad,
Telangana-500036
Liquidation Commencement Date: November 11, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Umesh Chandara Sahoo
Plot No.04, 2nd Floor,
Snowdrop Apartment,
Cuttack Road, Jharpada,
Bhubaneshwar-751006, Odisha
Email: harishankar@nayadarshan.com
info@nayadashan.com
Last date for
submission of claims: January 27, 2023
MEENAKSHI ENERGY: Vedanta to Acquire Firm for INR1,440 crore
------------------------------------------------------------
Financial Express reports that Vedanta Ltd is set to acquire
debt-laden Meenakshi Energy for INR1,440 crore, the company said in
an exchange filing on January 18, after it emerged as the
successful bidder.
FE relates that Vedanta will pay INR312 crore upfront while the
balance of INR1,128 crore will be paid in the form of secured,
unlisted non-convertible debentures (NCDs) issued by Meenakshi
Energy. The consideration will mature in five equal instalments
over a period of five years, the company said.
According to the exchange filing, Vedanta currently envisages to
operate 1,000 MW of Meenakshi Energy as an independent power
producer (IPP) to cater to the needs of the market, by entering
into short or medium-term power purchase agreement (PPA) and by
supplying power to merchants. The acquisition would enhance the
group's portfolio in power, the company said, FE relays.
FE says the company also added that the approval of the National
Company Law Tribunal (NCLT) is pending. Meenakshi Energy's revenue
stood at INR201 crore in FY22 and INR95 crore in FY21, FE
discloses. Reportedly, in October 2022, the National Asset
Reconstruction Company of India (NARCL), the government-promoted
bad bank, gave the lenders of Meenakshi Energy a INR900-crore
binding offer to acquire its debt.
Meenakshi Energy has a 1,000-MW coal-based power plant in Nellore,
Andhra Pradesh. It was admitted under insolvency resolution and the
proceedings commenced on Nov. 7, 2019. Meenakshi Energy,
incorporated in 1996, has two phases. Phase I is complete and Phase
II is pending. Its commercial operation date is yet to be
declared.
MNR CONSTRUCTION: CRISIL Moves Debt Rating to B+/A4
---------------------------------------------------
Due to inadequate information, CRISIL Rating, in line with SEBI
guidelines, had downgraded the rating of MNR Construction Company
(MCC) to 'CRISIL D/CRISIL D Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating the ratings on the bank
facilities of MCC from 'CRISIL D/CRISIL D Issuer Not Cooperating'
to 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5.5 CRISIL A4 (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Overdraft Facility 1.5 CRISIL B+/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
The rating reflects the company's modest scale of operations and
working capital intensive operations of the company. These
weaknesses are partially offset by extensive industry experience of
MCC's proprietor and moderate financial risk profile of the
company.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operation: The company has witnessed a muted
growth in scale of operations hovering between INR22-28 crores over
the past three fiscals through fy22. The company had booked revenue
of INR28 crores in fy22 and has booked revenue of INR10.5 crores
till November 2022 and is expecting to book over INR30-35 crores by
the end of current fiscal. The company is having unexecuted
orderbook in hand of INR30-35 crores providing revenue visibility
over the medium term. Further the intense competition in the civil
construction industry is also constraining the scale of operations.
Going forward, sustained increase in revenue along with steady
operating margins will remain key monitorable.
* Working capital intensive operations: Operations of the business
are working capital intensive as reflected in the gross current
assets of 190 days in fy22 driven by moderate receivables and
inventory. The inventory is order backed and hence kept for low
days as 13-15 days. The company has running bill payment system
wherein the company raises reports monthly and after inspection the
payment is received within 10-15 days. The credit support from the
creditors is extended of 30-45 days. Going forward, efficient
management if working capital leading to moderation in bank lines
will remain key monitorable.
Strengths:
* Extensive industry experience of the proprietor: The proprietor
has an experience of almost 10 years in Civil Construction industry
that has enabled him to build an understanding of the market and
industry dynamics. As a result, this enabled them to build
well-established relationships with suppliers and customers. The
company has been able to book revenue of INR10.5 crores till date
and is expecting to book over INR30-35 crores in the current fiscal
(Rs. 28 crores revenue booked in fiscal 2022). The company has
unexecuted orderbook of INR30-35 crores providing revenue
visibility over the medium term. Extensive promoter experience and
orderbook in hand are expected to support the business risk profile
of the company over the medium term.
* Moderate financial risk profile: The financial risk profile of
the company is supported by modest networth of INR5-6 crores owing
to moderate accretion to reserves. Capital structure is healthy as
reflected in gearing of less than 1 times expected in fy23 due to
low reliance on external debt. Debt protection metrics will remain
adequate with interest cover of 7-8 times in fiscal 2023 owing to
healthy operating profitability. Going forward, healthy accretion
to reserves and operating profitability, in the absence of any
incremental debt funded capex will continue to support the
financial risk profile of the company over the medium term.
Liquidity: Stretched
Bank limit utilization remained high around 94% for the past twelve
months ended November-22. Cash accruals are expected to be
sufficient against term debt obligations over the medium term.
Current ratio was healthy at 1.36 times on March 31, 2021.
Liquidity is also supported by support from proprietor by way of
unsecured loans as well as moderate cash and bank balance.
Outlook: Stable
CRISIL Ratings believe MCC will continue to benefit from the
extensive experience of its proprietor, and established relations
with clients.
Rating Sensitivity Factors
Upward factors
* Sustained improvement in scale of operation and steady operating
margins leading to higher net cash accruals
* Improvement in working capital cycle, with gross current assets
improving to 160-180 days
Downward factors
* Decline in operating profitability by over 200 basis points on a
sustainable basis or decline in revenue leading to decline in net
cash accruals
* Substantial increase in its working capital requirements thus
weakening its liquidity & financial profile.
MCC was established in 2013 and is located in Dehradun,
Uttarakhand. MCC is owned & managed by Mr Narendra Singh Rawat and
is engaged in civil construction works, such as construction of
roads and bridges. The firm largely undertakes works contracts for
Uttrakhand Public Works Department (PWD).
ORIENT CRAFT: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Orient Craft
Limited's (OCL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
The instrument-wise rating actions are:
-- INR2.80 bil. Term loans (Long-term) due on December 2025
affirmed with IND D (ISSUER NOT-COOPERATING) rating; and
-- INR300 mil. Fund-based working capital limits (Long-term/short
term) affirmed with IND D (ISSUER NOT-COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information
Key Rating Drivers
The affirmation reflects OCLl's continued delays in debt servicing
for a period exceeding 30 days, the details of which are not
available. OCL continues to be classified as a non-performing asset
by its bankers.
Company Profile
Incorporated in 1978, OCL manufactures and exports woven and
knitted readymade garments, primarily for women and children. It
has 26 facilities across Delhi National Capital Region, Rajasthan
and Jharkhand.
OXFORD FACILITIES: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Oxford Facilities Management
Registered Office:
136, Jessore Road, Kolkata,
West Bengal - 700055
Liquidation Commencement Date: December 30, 2022
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Sneh Maheswari
9N, Block A,
New Alipore, Kolkata 700053
Email: sneh.maheswari@gmail.com
Last date for
submission of claims: January 29, 2023
RAM EDUCATIONAL: Ind-Ra Hikes Bank Loan Rating to 'B+'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shri Ram
Educational Trust's (SRET) bank loan ratings to 'IND B+' from 'IND
D'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR121.28 mil. Term loan due on October 2022 is withdrawn
(paid in full); and
-- INR150 mil. Working capital facility upgraded with IND B+/
Stable rating.
The upgrade reflects SRET's timely debt servicing since September
2022.
Key Rating Drivers
Timely Debt Servicing, though Liquidity Indicator: Stretched:
SRET's cash flow from operations (CFO) only marginally improved to
INR78 million in FY22 (FY21: INR60 million), and thus was largely
insufficient to meet the repayment obligations of around INR95
million scheduled for the year. Accordingly, the liquidity was
supported by a working capital term loan of INR29 million coupled
with unsecured loans from the promoter group of INR20 million.
Although Ind-Ra expects the cash accruals to improve in FY23, the
same may just be marginally enough to meet the repayment
obligations of around INR125 million for the year. Hence,
dependence on fresh loans from banks/promoter group may be
necessary to avoid cash flow mismatches. During the 12 months ended
October 2022, the maximum working capital utilization as a
percentage of the sanctioned limits has consistently been around
100%. Ind-Ra expects the same to have been at a similar level
during November-December 2022.
After registering a steep 24% yoy decline in revenue in FY21 due to
COVID-19, the trust's revenue jumped 60% yoy in FY22 to INR551
million on account of a higher year-end headcount of 4,344 (3,203).
However, the scale of operations remains small. The improvement in
headcount was mainly due to two factors: diminishing effect of
COVID-19 during FY22 and healthy traction experienced in the new
undergraduate level courses such as BBA, BCA introduced in FY21.
The growth in top line resulted in higher absolute EBITDA of INR104
million in FY22 (FY21: INR67 million) which led to an improvement
in the credit metrics, with the net leverage (net debt/EBITDA) and
interest coverage (EBITDA/interest coverage) being 4.11x and
2.32x, respectively, in FY22 (FY21: 6.40x; 1.43x). The credit
metrics however remained modest.
The headcount growth has further picked-up pace in FY23 and SRET is
likely to close the year with a headcount of 5,900. Around 50% of
the incremental headcount is coming from the undergraduate level
courses which would complete a three-year cycle in FY23. The
remaining 50% comes from the better fresh admission rates
experienced across other courses which till date was least impacted
by COVID-19.
Rating Sensitivities
Positive: Higher cash accruals resulting in an improvement in the
overall liquidity would be positive for the ratings.
Negative: Any substantial decline in the scale of operations
resulting in further deterioration in liquidity would be negative
for the ratings.
Company Profile
SRET runs seven institutes under its ambit. These institutes are
collectively known as the Greater Noida Institute of Technology
Group of Institutions. The institutes offer diploma, undergraduate
and postgraduate courses in engineering, management, computer
applications and pharmacy.
UTTAM WOLLENS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Uttam Woollens Private Limited
G T Road, Sewah, Panipat Haryana
Liquidation Commencement Date: December 27, 2022
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Gyaneshwar Sahai
OS-2, II Floor, The Next Door, Sector-76,
Faridabad, Haryana-121004
Email: gyaneshwar.sahai@gmail.com
Last date for
submission of claims: January 26, 2023
VARSHA SUPER: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Varsha Super
Stockist India Private Limited (VSS) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSS 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 VSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Varsha Enterprises, established in 1993 as a proprietorship firm,
was re-constituted as a private limited company 'VSS. The company
is the sole regional distributor for Samsung mobile phones in
Trivandrum and also the sole regional distributor for Samsung home
appliances for Trivandrum and Kollam districts. It is also a
distributor of V- Guard Industries and Hercules Cycles. Based in
Trivandrum, the company is promoted by Mr T.G. Thampy and his wife
Ms. Resmi Mol Thampy.
VEDA CHEM: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Veda Chem Private Limited
I- 1621 Chittaranjan Park,
New Delhi - 110019
Insolvency Commencement Date: December 23, 2022
Estimated date of closure of
insolvency resolution process: June 25, 2023
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Ravinder Kumar Sharma
B-2/160, Safdarjang Endawe,
New Delhi-110029
Email: cirpvedachem@gmail.com
Last date for
submission of claims: January 10, 2023
VENKATESHWARA DALL: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Venkateshwara
Dall Industries (VDIPL) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VDIPL 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 VDIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VDIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VDIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of VDI and Ganesh Agro
Industries-Nanded (Ganesh) as both entities, together referred to
as the Venkateshwara group, are under a common promoter family,
engaged in similar line of business, and benefit from centralised
control over operations and treasury of the entities.
VDI was formed as a proprietorship firm of Mr Rajiv Achintalwar, in
2004. The firm processes and trades in different pulses, and has a
manufacturing facility at Nanded (Maharashtra).
Ganesh was set up in 2015, by the Kotgire and Achintalwar families.
The firm processes toor dal (lentils). Operations began from
February 2016 and the firm was operational for 45 days in fiscal
2016. The manufacturing facility is at Nanded.
VINIT DYEING: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinit Dyeing
India Limited (VYDPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 4.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VYDPL 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 VYDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VYDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VYDPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
VYDPL was incorporated in 2006 by brothers Mr Pradeep Goyal, Mr
Ajit Goyal, and Mr Manoj Goyal. The company undertakes jobwork for
turning raw fabric into finished fabric. Its manufacturing unit is
at Saroli in Uttarakhand.
VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishwanath
Spinnerz India Limited (VSIL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12.5 CRISIL D (Issuer Not
Cooperating)
Funded Interest 6.21 CRISIL D (Issuer Not
Term Loan Cooperating)
Long Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 18.38 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 21.41 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSIL for
obtaining information through letters and emails dated October 31,
2022 and December 30, 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 VSIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSIL continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2010, VSIL manufactures cotton yarn. Promoted by Mr
Sridhar Reddy and his family, the company's spinning mill is at
Pedavuru in Nalgonda, Telangana.
WEBTECH ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Webtech
Engineering Private Limited (WTEPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with WTEPL 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 WTEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WTEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WTEPL continues to be 'CRISIL D Issuer Not Cooperating'.
WTEPL, which was set up by Mr Sabajeet Singh in 1998, began its
operations by manufacturing security printing machines. Over the
years, the company has diversified into machines for packaging,,
engineering, and CNC, and vertical and horizontal machining
centres.
=====================
N E W Z E A L A N D
=====================
DAVID MICHAEL: Greg Sherriff Appointed as Receiver
--------------------------------------------------
Greg Sherriff of Sherriff Consulting Limited on Dec. 23, 2022, was
appointed as receiver and manager of David Michael Pritchard.
The liquidators may be reached at:
Sherriff Consulting Limited
Building D, 42 Tawa Drive
Albany
Auckland
GREEN BUILDERS: Creditors' Proofs of Debt Due on Feb. 17
--------------------------------------------------------
Creditors of Green Builders Limited are required to file their
proofs of debt by Feb. 17, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 17, 2023.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
RIGHT CLICK: Court to Hear Wind-Up Petition on Feb. 3
-----------------------------------------------------
A petition to wind up the operations of Right Click Employment NZ
Limited will be heard before the High Court at Tauranga on Feb. 3,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 21, 2022.
The Petitioner's solicitor is:
T. Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
ROEL BAKERY: Court to Hear Wind-Up Petition on Feb. 3
-----------------------------------------------------
A petition to wind up the operations of Roel Bakery Limited will be
heard before the High Court at Tauranga on Feb. 3, 2023, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 15, 2022.
The Petitioner's solicitor is:
T. Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
VENDETTA VAPE: Creditors' Proofs of Debt Due on Feb. 17
-------------------------------------------------------
Creditors of Vendetta Vape Lounge Limited are required to file
their proofs of debt by Feb. 15, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 17, 2023.
The company's liquidator is:
John Marshall Scutter
Fervor Limited
Level 1, 17–19 Seaview Road
Paraparaumu Beach
=================
S I N G A P O R E
=================
IBC CAPITAL: S&P Withdraws 'B-' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings has withdrawn its 'B-' issuer credit ratings on
IBC Capital Ltd. at the company's request.
The Singapore-headquartered container lessor has no rated debt
after completing its refinancing in December 2022. The outlook was
stable at the time of the withdrawal.
=====================
S O U T H K O R E A
=====================
HANKOOK TIRE: Chairman Raided in Embezzlement Probe
---------------------------------------------------
The Korea Times reports that prosecutors raided the home of Hankook
Tire Technology's chief and other company places on Jan. 19 as part
of their ongoing investigation into embezzlement allegations.
According to the report, investigators from the Seoul Central
District Prosecutors Office seized relevant documents from the home
of Chairman Cho Hyun-bum, as well as the headquarters and offices
of the nation's leading tiremaker.
Cho is under suspicion of using the company's funds for personal
use, such as to purchase luxury vehicles and to repair his home,
prosecutors said.
Separately, the prosecution office is also investigating Cho and
his family for alleged involvement in unfair business practices
among the group's affiliates, The Korea Times reports.
The Korea Times says the investigation comes after the antitrust
regulator decided to impose a fine on Hankook Tire for allegedly
purchasing overpriced tire molds from its affiliate Hankook
Precision Works.
The Fair Trade Commission alleges the unfair business practice that
lasted from 2014 to 2017 was aimed at helping the company solidify
its presence in the market, the report relates.
Prosecutors suspect the unfair profits obtained by Hankook
Precision Works eventually were pocketed by Cho, adds The Korea
Times.
Hankook Tire & Technology Co., Ltd. manufactures and distributes
tire and tube products. The Company produces passenger car tires,
electric car tires, sport utility vehicle tires, and other related
products. Hankook Tire & Technology markets its products throughout
South Korea.
HYOSUNG CHEMICAL: Faces Questions Over Profitability
----------------------------------------------------
The Korea Times reports that Hyosung Chemical failed to attract
institutional investors during Jan. 17's demand forecasting for its
A-rated corporate bond, which is collectively worth KRW120 billion
($97 million), proving that investors still remain skeptical about
the chemical product manufacturer's profitability.
According to the report, the result was in stark contrast to the
outcome of demand forecasting the same day for LG Chem's KRW400
billion corporate bond rated AA+. The chemical unit of LG Group
attracted nearly KRW4 trillion in orders.
Before the demand forecasting for Hyosung Chemical's corporate
bond, there was cautious optimism among market insiders, as
trillions of won flew into the corporate bond market earlier this
year to acquire debt rated AA or higher issued by companies.
However, no institution had ordered Hyosung Chemical's corporate
bond, despite its relatively higher yield, which in theory should
have attracted more investors, The Korea Times states.
Such negative sentiment toward Hyosung Chemical is partially
attributed to domestic credit rating agencies that adjusted the
company's credit outlook late last year, the report says.
According to The Korea Times, Korea Investors Service lowered its
credit outlook for Hyosung Chemical last December to "negative"
from "stable." NICE Investors Service also pointed out that Hyosung
Chemical's large-scale spending in Vietnam has delayed the
improvement in the company's financial soundness.
Last year, the producer of polypropylene, terephthalic acid and
film was hit by the rise in raw material prices in the aftermath of
Russia's invasion of Ukraine and by sluggish demand caused by
China's COVID-19 lockdown measures, The Korea Times recalls.
As a result, its operating loss during the first three quarters of
last year reached KRW241.1 billion. Its debt-to-equity ratio also
rose to 1,395.1 percent in the third quarter of last year from
232.8 percent at the end of 2020.
If Hyosung Chemical's corporate bond remains unsold after the
subscription on Jan. 27, underwriters including the Korea
Development Bank, KB Securities and Korea Investment & Securities
should acquire the bond, according to v.
The chemical firm is therefore able to avoid a setback in its plans
to raise money this time.
However, it has become uncertain whether the company will be able
to attract additional investments amid worsening investor
sentiment, The Korea Times says.
The Korea Times adds that securities analysts expect Hyosung
Chemical to suffer for a while due to the slower-than-expected
demand recovery.
"Hyosung Chemical seems to have suffered KRW70.9 billion in
operating losses during the fourth quarter of last year, due to
sluggish demand as a result of the economic recession and reduced
capacity utilization rate after repairing its Vietnamese factory,"
the report quotes Heungkuk Securities analyst Chang Hyun-koo as
saying.
Hyosung Chemical Corporation operates as a chemical products
manufacturing company. The Company produces and sells optical
films, polypropylene, polyester fibers, commercializing polyketone,
and other products. Hyosung Chemical markets its products
worldwide.
=================
S R I L A N K A
=================
SRI LANKA: Hid Bankruptcy Before Announcement, CBSL Gov. Says
-------------------------------------------------------------
The Island Online reports that the Governor of the Central Bank,
Dr. Nandalal Weerasinghe said on Jan. 17 that Sri Lanka had been
hiding its bankruptcy which had actually occurred months before it
was officially announced.
He said so during a multi-TV channel programme where several key
political and public officials responsible for the country's
economy were quizzed by journalists, the report says.
"At present, we are taking necessary measures to resurrect such an
economy plagued by bankruptcy," he recalled in response to a query
about the economic crisis.
"The first quarter of Sri Lanka had had a negative contraction. One
of the short-term measures we had to take was to obtain foreign
fund assistance to finance the budget deficit while at the same
time increasing our foreign earnings to reduce our dependency on
foreign loans. That was the only solution we could take in the
short-term," the report quotes Dr. Weerasinghe as saying.
When asked whether there wasn't any other source to increase state
revenue other than imposing higher taxes on the people, the
Governor said, "Definitely there is one. The loss-making state
owned enterprises (SOEs) gobble a huge share of the government's
tax revenue. Although we have identified them as national
resources, in real terms, they are not.
"These SOEs which are widely believed as national assets have
become liabilities that burn up government's tax revenue. SriLankan
Airlines carries with it a debt of about USD1 billion and that's
why no investors are coming to partner with SriLankan Airlines.
Some people identify it as trying to sell the national career. But
truly speaking, it is a liability rather than an asset. The
government has a lot of assets which should be used productively.
Take Sri Lanka Telecom for an example. It had been a fully
government-owned entity. It was opened to other investors and today
SLT is of great importance to various stakeholders and the entire
country. If it was not opened for diversified investments, you
wouldn't have an effective telecommunication service in the country
today. It provides its offering competitively in the market in line
with international standards. If it didn't have such a diversified
investor profile, SLT would not have been productive and the
devices you use and the bills you get today from service providers
would be 10 times as high. It provides value to the country and
SLT's asset value has increased. The government of Sri Lanka is
still the primary shareholder of SLT and it is not a liability.
Likewise if we open our electricity supply, SriLankan Airlnes,
Ceylon Petroleum Corporation etc, we could reap its benefits.
Another example is the Sri Lanka Ports Authority which does not
receive financial allocations from the government but operates on
its own revenue and resources. If we could open the loss-making
entities to such an investment and operational model, there will be
no need to collect and waste tax payers' money on them."
"For investors to come to Sri Lanka, there needs to be political
stability, macro-economic stability and ease of doing business.
Vietnam has all these attractions for investors and even some
Chinese businesses are relocating in Vietnam due to these reasons.
Sri Lanka also has that opportunity. We have to make necessary
reforms for that. We will have to move forward through a
competitive, open economy to conquer the world. Being a small
country, we can't progress only with internal competition and
internal trade. Only when we are globally competitive in price and
quality can we capture a share of the internal market. For that we
need to open the country for investment," he said.
The Island Online, citing the Department of Census and Statistics,
discloses that the year on year GDP growth rate for the first
quarter of 2022 had been estimated as negative 1.6 percent which
indicated a considerable contraction of the economy compared to the
first quarter of 2021. Within the first quarter of 2022, the
economic growth rate had slowed down compared to the first quarter
of 2021 due to adverse effects of factors including inflation,
foreign exchange devaluation and US dollar deficit in the country.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its US$12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world in 2022 and trade deep
in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with
creditors.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below. Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.
*********
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
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***