/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230123.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 Monday, January 23, 2023, Vol. 26, No. 17 Headlines A U S T R A L I A ADRINA PROPERTY: First Creditors' Meeting Set for Jan. 31 PAYPONT AUSTRALIA: Second Creditors' Meeting Set for Feb. 1 RAIKOT GROUP: Second Creditors' Meeting Set for Jan. 31 ROELANDTS GROUP: Second Creditors' Meeting Set for Jan. 30 ZUCERO PTY: Second Creditors' Meeting Set for Jan. 31 C H I N A CHINA EVERGRANDE: In Talks on Debt Restructuring With Creditors CHINA: Court Ruling Adds to Pressure on Indebted LGFVs JIANGXI ZHENGBANG: Faces Delisting Amid Insolvency Risk MEINIAN ONEHEALTH: Moody's Withdraws 'B2' Corporate Family Rating VNET GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative H O N G K O N G HONG KONG: HKICPA Expects Deficit to be Double the Official Figure I N D I A A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating ACADEMY OF MANAGEMENT: CRISIL Cuts Rating on INR7.75cr Loan to B ACTIVE SPORTS: CRISIL Keeps B Debt Rating in Not Cooperating ADARSH PRAGYA: CRISIL Keeps B Debt Rating in Not Cooperating ADITHYA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating AHALYA AGENCIES: CRISIL Keeps B+ Debt Rating in Not Cooperating AJIT CONSTRUCTION: CRISIL Lowers Rating on INR7.04cr Loan to B AKASH COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating AMP UNIVERSAL: CRISIL Keeps B Debt Ratings in Not Cooperating AMRUTVAHINI SHETI: CRISIL Cuts Rating on INR7.5cr Cash Loan to B ANANDTARA PROPERTIES: CRISIL Keeps B Rating in Not Cooperating ANNAPURNA CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Coop. ANUPAM COLOURS: CRISIL Keeps B Debt Rating in Not Cooperating ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating AUTOLIGHT GLASS: CRISIL Keeps B Debt Ratings in Not Cooperating BALAJEE ARUN: CRISIL Lowers Rating on INR25cr Term Loan to B DELHI INTERNATIONAL: Fitch Affirms BB- LongTerm IDR, Outlook Stable ORIENT CRAFT: CRISIL Moves D Rating on Long Term/Short Term Debts V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category VASUNDHARA POWER: CRISIL Keeps B Debt Ratings in Not Cooperating VIJAS DIGITAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating VIJAY V: CRISIL Keeps B+ Debt Rating in Not Cooperating Category VINAYAK ULTRAFLEX: CRISIL Keeps B Debt Ratings in Not Cooperating [*] INDIA: Proposes Sweeping Overhaul to Its Bankruptcy Law N E W Z E A L A N D FITBIT NZ: Creditors' Proofs of Debt Due on Feb. 28 GOLDEN SIAM: Court to Hear Wind-Up Petition on Feb. 9 JAMES TYLER: Court to Hear Wind-Up Petition on Feb. 24 RELIEF DRIVERS: Creditors' Proofs of Debt Due on Feb. 19 SURREY ROAD: Court to Hear Wind-Up Petition on March 10 P A K I S T A N PAKISTAN: Has Become 'Politically, Morally Bankrupt,' Ex-Sen. Says S I N G A P O R E AN HE SHIPPING: Commences Wind-Up Proceedings AZYMIOS INVESTMENT: Court Enters Wind-Up Order RHODIUM PURE: Commences Wind-Up Proceedings SEA PUFFIN: Creditors' Proofs of Debt Due on Feb. 20 TIGER ROAD: Court Enters Wind-Up Order WENUL ASSETS: Creditors' Proofs of Debt Due on Feb. 22 ZILINGO PTE: Appoints EY Corporate as Provisional Liquidator - - - - - ================= A U S T R A L I A ================= ADRINA PROPERTY: First Creditors' Meeting Set for Jan. 31 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Adrina Property Management Pty Ltd will be held on Jan. 31, 2023, at 10:00 a.m. at the offices of Pitcher Partners, Level 11, 12 The Esplanade, in Perth, WA, and via virtual meeting technology. Daniel Johannes Bredenkamp of Pitcher Partners was appointed as administrator of the company on Jan. 19, 2023. PAYPONT AUSTRALIA: Second Creditors' Meeting Set for Feb. 1 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Paypont Australia Pty Ltd has been set for Feb. 1, 2023, at 10:00 a.m. 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. 31, 2023, at 5:00 p.m. Terry John Rose and Anne Meagher of SV Partners were appointed as administrators of the company on Dec. 15, 2023. RAIKOT GROUP: Second Creditors' Meeting Set for Jan. 31 ------------------------------------------------------- A second meeting of creditors in the proceedings of The Raikot Group Pty Ltd (trading name: "P and M Carriers" and "Express Home and Office Cleaning Darwin"; Former Business Names: "Raikot Cleaning & Hygiene Services", and "Raikot Logistics") has been set for Jan. 31, 2023, at 10:00 a.m. at 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. 30, 2023, at 5:00 p.m. S R Sellahewa and S G Reid of Rodgers Reidy were appointed as administrators of the company on Dec. 21, 2022. ROELANDTS GROUP: Second Creditors' Meeting Set for Jan. 30 ---------------------------------------------------------- A second meeting of creditors in the proceedings of: - Roelandts Group Pty Ltd trading as Roelandts Transport & Demolition; - RGA QLD Pty Ltd; - RGD QLD Pty Ltd formerly Roelandts Demolition Pty Ltd; and - RGM QLD Pty Ltd has been set for Jan. 30, 2023, at 10:00 a.m. at the offices of SV Partners Brisbane, 22 Market Street, in Brisbane, Queensland. 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 5:00 p.m. David Michael Stimpson and Anne Meagher of SV Partners were appointed as administrators of the companies on Dec. 13, 2023. ZUCERO PTY: Second Creditors' Meeting Set for Jan. 31 ----------------------------------------------------- A second meeting of creditors in the proceedings of Zucero Pty Ltd, Zucero Therapeutics Limited, and Progen Pg500 Series Pty Ltd has been set for Jan. 31, 2023, at 11:00 a.m. at the offices of Vincents, Level 14, 25 Martin Place, in Sydney, NSW, and via Zoom. 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. 30, 2023, at 4:00 p.m. Henry McKenna and Steven Staatz of Vincents were appointed as administrators of the company on Dec. 17, 2022. ========= C H I N A ========= CHINA EVERGRANDE: In Talks on Debt Restructuring With Creditors --------------------------------------------------------------- The Standard reports that China Evergrande has been discussing a restructuring proposal with creditors that includes two options for extending payment deadlines on unsecured offshore debt, insiders said. One of the options would entail installment payments on the principal of such debt with the time for total repayment reaching as long as 12 years, they said, The Standard says. The extension would be done by issuing new notes to replace the old, and the coupons for the new securities would be set in a range with a lower end of about 2 percent. The Standard relates that the other option asks creditors to swap part of the debt into shares of the Hong Kong-listed company and its auto and property-management units via the issue of new hybrid securities such as convertible bonds. Maturities would also be extended through installment plans, but for a shorter period of time and the coupons would be set at around 6 to 7 percent, The Standard discloses. A 12-year payment extension is "by far the weakest proposal observed" and "would seem to be out of question" for offshore bondholders, according to Mervyn Teo, a credit analyst at DBS Bank. Other distressed mainland builders have generally proposed extending payment options lasting about three to seven years in their debt-restructuring offers, along with coupons of 4 percent to 8 percent, he said. This came as Evergrande said on Jan. 16 that its auditor PricewaterhouseCoopers had resigned amid disagreements over matters relating to the audit of its 2021 accounts, the report notes. The issues included the timeline and scope of work involved in assessing the company's going concern basis as well as additional audit work and procedures required for the assets impairment assessment, Evergrande said in a statement, The Standard adds. 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. CHINA: Court Ruling Adds to Pressure on Indebted LGFVs ------------------------------------------------------ Caixin Global reports that two Shanghai courts have threatened to take action against a large local government financing vehicle (LGFV) in Yunnan province for defying a court order to repay CNY330 million (US$48.8 million) in debt, according to a ratings agency report. The rulings are one of the latest signs of financial stress on China's multitude of LGFVs, whose failure to repay their debts could spread to local governments that are already feeling the pinch from an unprecedented real estate credit crisis, Caixin says. JIANGXI ZHENGBANG: Faces Delisting Amid Insolvency Risk ------------------------------------------------------- Guo Yingzhe at Caixin Global reports that the Shenzhen Stock Exchange has warned Jiangxi Zhengbang Technology Co. Ltd. it faces potential delisting amid risk of insolvency, according to a Jan. 25 filing by the company. Caixin relates that the crisis facing one of the largest Chinese hog producers came as it reported huge losses during a downward trend in hog and pork prices in 2021 after making big investments when the prices were rising - a risk that all pork producers face when navigating what is known as the "hog cycle." Jiangxi Zhengbang Technology Co. Ltd. engages in the production and distribution of feedstuffs and feedstuff additives. The Company operates its businesses through four segments. The Feedstuffs segment is engaged in the provision of pig feedstuffs, poultry and a small amount of aquatic feeds. The Pig Farming segment mainly provides pigs, piglets and boar products. The Veterinary segment mainly provides pigs and veterinary drugs. The Pesticide segment mainly provides herbicides, insecticides, fungicides and plant growth regulators. The Company's main products include full price materials, concentrates and premix feeds. The Company is also engaged in the trading of raw materials. The Company distributes its products within domestic markets. MEINIAN ONEHEALTH: Moody's Withdraws 'B2' Corporate Family Rating ----------------------------------------------------------------- Moody's Investors Service has withdrawn Meinian Onehealth Healthcare Holdings Co., Ltd.'s B2 corporate family rating. Prior to the withdrawal, the rating outlook on Meinian Onehealth was negative. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. COMPANY PROFILE Headquartered in Shanghai, Meinian Onehealth Healthcare Holdings Co., Ltd. is a Chinese preventive healthcare solutions provider offering medical examinations and various other services. The company was listed on the Shenzhen Stock Exchange in 2015. VNET GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Investors Service has affirmed VNET Group, Inc.'s B2 corporate family rating and changed its outlook to negative from stable. "The change in outlook to negative reflects Moody's view that it has taken longer than expected for VNET to reduce its debt leverage to below 6.0x on a sustained basis, and its significant refinancing task to bolster its weakened liquidity position amid a tight funding environment," says Shawn Xiong, a Moody's Vice President and Senior Analyst. "The rating affirmation considers the company's sound business profile with solid growth track record in China's internet data center market under stable demand, which has enabled the company to generate steady operating cash flow and raise onshore or offshore debt or non-debt financing over the years; and the company's operational flexibility to slow its investment pace as needed," adds Xiong. RATINGS RATIONALE VNET's B2 CFR reflects the company's solid position in China's internet data center (IDC) market, its strategically located data centers, operating track record, and partnerships with leading cloud service providers. On the other hand, the rating is constrained by VNET's relatively limited scale and significant investment needs for capacity additions over the next two years. Moody's expects VNET's revenue to grow by 17%-20% over the next 12-18 months, driven primarily by increasing utilization of its new cabinets. The company's revenue grew by 27% and 28% in 2020 and 2021, respectively. Moody's also forecasts the company's adjusted EBITDA margin to be around 31% over the next 12-18 months. Higher utility costs have hurt its profitability, although these have been partially offset by cost reductions in the business. At the same time, the company's monthly recurring revenue per retail cabinet remained stable at RMB9,287 as of the end of the third quarter of 2022. As a result, Moody's expects VNET's debt leverage, as measured by Moody's-adjusted debt-to-EBITDA, to stay around 6.0x over the next 12-18 months; and that the company could gradually deleverage as utilization ramps up. VNET's liquidity position is weak. It had an unrestricted cash balance of RMB3.5 billion at the end of September 2022, which combined with an expected operating cash flow of around RMB2.0 billion per annum will be insufficient to cover an expected capital spending of around RMB3.0 billion-RMB4.0 billion per annum, and upcoming debt maturities including USD68 million (around RMB0.5 billion) of convertible bonds that will become puttable in March 2023 and USD600 million (around RMB4.2 billion) of convertible bonds that will become puttable in February 2024. Moody's notes that VNET has good access to offshore funding markets, as reflected by its issuance of a total of USD1.2 billion through a combination of convertible bonds and preferred shares over the past three years. Additionally, the company has gained better access to project financing in domestic funding markets. Most of VNET's planned capital spending is growth-orientated and its management has some flexibility in managing the spending. If the company were to reduce its capital spending significantly, it will likely reduce its funding needs over the next 12 months. Nevertheless, VNET needs to raise significant new funds for its future capital spending and upcoming debt maturities amid a tough funding environment. ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS VNET's ESG credit impact score is highly negative (CIS-4). This assessment reflects the company's highly negative exposure to governance risks and moderately negative exposure to environmental risks. ESG risks have had a negative credit impact on the company, primarily driven by its aggressive financial policy to meet its investment needs. This has resulted in periodically elevated financial leverage due to the lag between debt-funded investment and the ramp-up of new cabinets at its data centers, as well as its large financing needs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The negative outlook reflects the longer-than-expected time VNET will require to reduce its leverage to below 6.0x on a sustained basis; and its need to bolster its liquidity amid a tight funding environment and raise new funds for its upcoming debt maturities. It also reflects Moody's expectation that the company will continue to incur negative free cash flow and secure additional funding for its planned capital spending. Moody's could revert the outlook to stable if the company is able to refinance or repay its upcoming debt maturities, including the USD600 million of convertible bonds becoming puttable in February 2024, while keeping its solid business profile and reducing its debt leverage to below 6.0x, all on a sustained basis. Moody's could downgrade the rating if the company fails to put in place a concrete refinancing plan within the next six months; its debt leverage remains above 6.0x on sustained basis; and its profitability and cash flow weaken. The principal methodology used in this rating was Communications Infrastructure published in February 2022. Headquartered in Beijing, VNET Group, Inc. (VNET) began operations in 1999 and listed on the NASDAQ in 2011. The company is China's largest carrier- and cloud-neutral IDC services provider, operating in more than 30 cities. It also provides interconnectivity services and complementary value-added services, such as cloud services, virtual private network services and hybrid IT services. ================= H O N G K O N G ================= HONG KONG: HKICPA Expects Deficit to be Double the Official Figure ------------------------------------------------------------------ The Standard reports that the Hong Kong Institute of Certified Public Accountants estimates Hong Kong's fiscal deficit for the past year will hit HK$113.9 billion, double the government's prediction in February, attributing that mainly to a drop in land sales last year. HKICPA expects land-sale revenue to come in at HK$84.9 billion, a 46.9 percent drop from HK$141.1 billion in 2021/2022, The Standard relates. Fiscal reserves are expected to fall to HK$843.2 billion by the end of March, its president, Loretta Fong Wan-huen, said. According to The Standard, the institute put spending on consumption vouchers to stimulate local consumption last year at more than HK$66 billion. However, unlike PwC, it does not think it's a priority to distribute cash again as the retail sector could recover with the border reopening. Instead, it suggests the SAR spends more on attracting entrepreneurs and talent to improve the city's competitiveness rather than distributing consumption vouchers, which it sees as a short-term stimulus measure, the report relays. The Standard notes that the introduction of international companies can bring more tax revenue. Besides, it suggests the government could offer a 50 percent profits tax concession to attract more overseas investment as well as subsidies for start-ups. To encourage overseas skilled workers, it recommends incentives be introduced to support their families, such as educational allowances for children, the report adds. ========= I N D I A ========= A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A. K. Pipe Fitting Private Limited (AKPFL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AKPFL 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 AKPFL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AKPFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AKPFL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AKPFL was incorporated in 1997, by promoters, Mr Anil Kadakia, Mr Bakul Kadakia, and Mr Kalpesh Kadakia. The company manufactures precision seamless and welded pipe fittings, forged and screwed fittings flanges, pipe spools, and long radius induction bends. ACADEMY OF MANAGEMENT: CRISIL Cuts Rating on INR7.75cr Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Academy of Management Studies (AMS) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') Cash Credit 7.75 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with AMS 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 AMS, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AMS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMS revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. AMS was registered under society act, in 1991. It is engaged in providing specialized consultancy services, primary market research, custom research surveys services, monitoring projects services for central and state government departments across various sectors of development, including education, livelihood & income generation, poverty alleviation, public health and sanitation, agriculture, women & child development and social welfare etc. Its head office is located at Lucknow- Uttar Pradesh and also having pan India presence, which allowed the organization to take up large number of assignments with both state-specific and pan India samples. It is promoted by Mr. A.K. Dwivedi. ACTIVE SPORTS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Active Sports continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Active Sports 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 Active Sports, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Active Sports is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Active Sports continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Active Sports was established in 1999 as a proprietorship concern by Mr Dinesh D Patel. The firm trades in knitted fabrics and manufactures active wear for women. Mr Patel has been engaged in the same line of business since 1995 through own retail shops. The manufacturing facility is in Jogeshwari, Mumbai. Other units have also been established in Mumbai for cutting, pressing, stitching, and quality inspection of garments. ADARSH PRAGYA: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Adarsh Pragya Vidhya Mandir Samiti (APVMS) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.2 CRISIL A4 (Issuer Not Cooperating) Overdraft Facility 3 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with APVMS 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 APVMS, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on APVMS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APVMS continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. APVMS, founded in 2000, imparts education in dental and nursing courses. It is affiliated to Rajasthan University. The trust operates one campus in Kota, Rajasthan. It is managed by Mr Anil Daswani and his family members. ADITHYA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Adithya Global Health care Private Limited (AGHPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.25 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 10 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 15.25 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AGHPL 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 AGHPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AGHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AGHPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2015, AGHPL is setting up a 150-bed hospital at Visakhapatnam, Andhra Pradesh. The hospital is expected to be operational by April 2018. Mr Suresh Naidu is the promoter. ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Advait Steel Rolling Mills Private Limited (ASR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.75 CRISIL D (Issuer Not Cooperating) Term Loan 3.04 CRISIL D (Issuer Not Cooperating) Working Capital 4.21 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with ASR 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 ASR, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ASR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ASR continue to be 'CRISIL D Issuer Not Cooperating'. Set up in 2004 by Mr B S Garg, ASR has a thermo-mechanically treated bar manufacturing facility in Puducherry, with a capacity of 36,000 tonne per annum. AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of AG Conveying Systems Private Limited (AGCSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.85 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.8 CRISIL D (Issuer Not Cooperating) Working Capital 2.85 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with AGCSPL 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 AGCSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AGCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AGCSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AHALYA AGENCIES: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ahalya Agencies (Ahalya) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.4 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Ahalya 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 Ahalya, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Ahalya is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Ahalya continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Ahalya, established in 1968 by Mr. Vasudevan Nair, is engaged in the trading of kitchen utensils and crockeries in Kerala. AJIT CONSTRUCTION: CRISIL Lowers Rating on INR7.04cr Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Ajit Construction Company (ACC) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10.96 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') Cash Credit 7.04 CRISIL B /Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with ACC 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 ACC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACC revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. Founded in 1978 by Mr Ajit Singh Chawla, Inderpal Singh Chawla and other Chawla family members, ACC undertakes civil contracts for road construction. The firm is based in Karnal, Haryana. AKASH COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Akash Cotex (AC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL B/Stable (Issuer Not Cooperating) Proposed Term Loan 3 CRISIL B/Stable (Issuer Not 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 Issuer Not Cooperating'. AC was set up in 2013 at Rajkot (Gujarat) as a partnership between Mr Rajesh Kasundra, Mr Shivlal Vashrambhai, Mr. Shaileshbhai Vekariya and Mr. Kalpesh Gopani The firm gins and presses raw cotton (kapas) to produce cotton bales. ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alaska Fabtech Private Limited (AFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.75 CRISIL D (Issuer Not Cooperating) Cash Credit 4.50 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.75 CRISIL D (Issuer Not Cooperating) Packing Credit 2 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Term Loan 9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AFPL 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 AFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AFPL, based in Derabassi (Punjab), manufactures terry towels, bath robes, hooded towels, and children's bibs. It was incorporated in 2011 to take over SR Industries Ltd (SRIL). In April 2012, after all the legal formalities were completed, the new management took over and renamed it AFPL. Mr Shankar Bansal manages operations. AMP UNIVERSAL: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of AMP Universal Realty Private Limited (AMP) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental Discounting Loan 0.9 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 17.1 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AMP 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 AMP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AMP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMP continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2006, AMP is promoted by the Meharia consortium, the Tavarya group, the Shanta Subhasree group, and the Shivalik group. It was formed to develop a commercial complex, AMP Baisakhi in Kolkata, in a joint venture with Bidhannagar Municipality. AMRUTVAHINI SHETI: CRISIL Cuts Rating on INR7.5cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Amrutvahini Sheti and Shikshan Vikas Sanstha (ASSVS) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') Proposed Long Term 7.5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with ASSVS 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 ASSVS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ASSVS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ASSVS Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. ASSVS was established in 1978 by the late Mr Bhausaheb Thorat. It has set-up 10 educational institutions in Sangamner (Maharashtra). It offers school level education, junior college and dental, engineering, management, and pharmacy courses. The trust is currently managed by Mr. Balasaheb Thorat (son of Mr Bhausaheb Thorat). ANANDTARA PROPERTIES: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Anandtara Properties (AP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7 CRISIL B/Stable (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 B/Stable Issuer Not Cooperating'. AP was set up in 2006, by Mr. Suhas Gaikwad and his family members. The firm, which is the part of the Anandtara group, is engaged in real estate development, largely in Pune. The Anandtara Haritara project is currently being constructed. ANNAPURNA CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Coop. ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Annapurna Constructions and Transmissions Private Limited (ACTPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Bank 2.7 CRISIL A4 (Issuer Not Guarantee Cooperating) CRISIL Ratings has been consistently following up with ACTPL 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 ACTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACTPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. ACTPL was originally established in 1987 as a partnership firm, which was later reconstituted as a private-limited company in June 2012. The company undertakes civil and mechanical works for installation of extra-high voltage transformers on a turnkey basis. It is promoted by two brothers, Mr T Muralidhar and Mr T.Kaladhar. ANUPAM COLOURS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Anupam Colours Private Limited (ACPL) 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 ACPL 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 ACPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. ACPL, was incorporated in 1992, is a Mumbai-based company that manufactures inorganic and organic pigments, which are used to make paints, printing ink, powder coating, and plastic master batches. Mr Vikram Trivedi and Mr Vinod Mehra are the promoters. ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Associate Lumbers Private Limited (ALPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 58 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ALPL 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 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 D Issuer Not Cooperating'. ALPL, incorporated in 1986, is a joint venture between Agicha and Darvesh families. Based in Mumbai, it trades in timber. AUTOLIGHT GLASS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Autolight Glass Private Limited (AGPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 6.5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AGPL) 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 AGPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AGPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2009 and promoted by Mr Amit Kumar Gupta, Mr Mukulkumar Gupta, and Ms Sarla Gupta, AGPL manufactures ceramic frit glazes that are used by ceramic tiles manufacturers for finishing purposes. BALAJEE ARUN: CRISIL Lowers Rating on INR25cr Term Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on bank facilities of Balajee Arun Educational Society (BAES) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 25 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') Term Loan 10 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with BAES 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 BAES, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BAES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BAES Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Established in 2004, BAES runs three DPS franchisee schools in Mahendra Hills, Nacharam and Nadergul in Hyderabad. The society is promoted by Mr M Komaraiah and family. DELHI INTERNATIONAL: Fitch Affirms BB- LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Delhi International Airport Limited's (DIAL) Long-Term Issuer Default Rating (IDR) and rating on senior secured notes at 'BB-'. The Outlook is Stable. At the same time, Fitch has downgraded the ratings on India Airport Infra's senior secured notes to 'B+' from 'BB-' to reflect orphan SPV risk. The Outlook is Stable. RATING RATIONALE DIAL's rating is supported by a steady improvement in passenger traffic with domestic traffic exceeding pre-Covid-19 levels in December 2022. The ratings are constrained by DIAL's high debt to fund its expansion plans resulting in a weak financial profile in the next one to two years. Any unfavourable outcome from the arbitration tribunal with respect to past concession payments (between January 2021 and March 2022) would be credit negative. India Airport Infra is an orphan financing vehicle with no legal linkage to DIAL. The downgrade reflects Fitch's assessment of risk in an orphan issuance structure. Fitch believes that the orphan SPV issuer provides less protection to offshore US dollar noteholders in a failure of a hedge counterparty and termination of its hedge agreements before the notes mature. The sponsor is not legally obliged to replace hedge counterparties or allowed to cover for any additional costs associated with these events, including early termination amount payable to defaulting hedge counterparties. KEY RATING DRIVERS Gateway Airport to the Country: Revenue Risk - Volume - Revised to 'High Stronger' from 'Stronger' Fitch has revised its revenue volume risk assessment to 'High Stronger' from 'Stronger' following the publication of the new Transportation Infrastructure Rating Criteria on 16 May 2022. Delhi Airport, India's largest international airport, handled 39 million passengers in the financial year ended March 2022. Growth is supported by favourable demographics and an increasing propensity to fly. Domestic traffic has surpassed pre-Covid levels and international traffic reached 86% pre-Covid levels in December 2022. Its rating case assumes FY23 passenger traffic at 63 million with total traffic recovering to pre-Covid levels by end-2023. Tariff Visibility Improving: Revenue Risk - Price - 'Midrange' DIAL operates under a hybrid till regulatory framework with 30% non-aeronautical revenue used for cross-subsidisation. The Airports Economic Regulatory Authority (AERA) has determined that the aeronautical tariffs charged by DIAL must be no less than base airport charges + 10% (BAC+10%) as stipulated in the state support agreement between DIAL and the Indian government. The same has been approved as tariffs by AERA in control period 3 (CP3) from FY20-FY24. The tariffs at BAC+10% serve as a floor for aeronautical tariffs and removes downside risk to DIAL's airport charges. Furthermore, a favourable Supreme Court order for DIAL on calculating tax related to aeronautical revenue should improve tariffs in CP4. However, the Supreme Court has ruled that the concession fee related to aeronautical revenue should not form part of expenses to calculate aeronautical profit, which is in line with the terms of Operation, Management and Development Agreement. Fitch has taken a conservative approach and assumed a partial increase in tariffs in CP4 in the Fitch rating case. Experienced Management to Deliver Expansion Capex: Infrastructure Dev. & Renewal - 'Midrange' DIAL has an intensive capex plan from FY20-FY24, involving the construction of a fourth runway, Eastern cross taxiway and expansion of Terminal 1. This will increase the airport's passenger capacity to 100 million from 66 million. The project has a total cost of INR115 billion (including interest during construction), financed by debt including Indian rupee-denominated non-convertible debentures (NCDs) issued in June 2022 and internal accruals. DIAL had spent INR86 billion on the project up to December 2022, reaching 80% completion with the balance of INR29 billion scheduled for FY23 and FY24. AERA has provided approval for INR91 billion (excluding interest during construction) of the total capex undertaking and the balance will be approved when DIAL demonstrates execution of the expansion programme. DIAL's management has a record of executing expansion programmes within a tight timeline. Protection for Debt Holders, Manageable Refinance Risk: Debt Structure - Senior - 'Midrange' DIAL's debt structure mainly comprises US dollar bullet bonds and benefits from structural covenants, including defined cash waterfall, restrictions on dividend payments, and a fixed-charge cover ratio test for additional debt, excluding debt incurred for regulated capex. The proceeds from the US dollar bonds issued by the orphan financing vehicle have been used to subscribe to green Indian rupee-denominated NCDs issued by DIAL. The rupee NCDs from the orphan issuance structure and the rupee NCDs raised in FY23 are senior in ranking with other US dollar bonds issued by DIAL. However, the refinancing risk of the bullet bonds is mitigated by their laddered maturity between 2025 and 2029, and the current airport initial concession term until 2036. PEER GROUP Mumbai International Airport Limited (MIAL, BB+/Stable) is DIAL's closest peer. Both airport operators benefit from a solid 'High Stronger' volume risk assessment, with DIAL and MIAL being the largest and second-largest airports in India. DIAL caters to the national capital region and MIAL to India's financial and industrial hub. Fitch has assessed the price risk at both airports as 'Midrange' because there is some regulatory uncertainty with tariff implementation, but the base airport charges mitigate any downside risk to aeronautical tariff determination. Fitch estimates MIAL's leverage as much lower than DIAL's, decreasing to below 6x in FY26 from 12x in FY23, while DIAL's leverage decreases to around 9x in FY26. MIAL's lower leverage supports its two-notch higher credit assessment. DIAL can also be compared to GMR Hyderabad International Airport Limited (GHIAL, BB+/Stable). DIAL has a larger catchment area than GHIAL, which serves Hyderabad, a vibrant but smaller city than Delhi. DIAL's volume risk is assessed as 'High Stronger' against GHIAL's 'High Midrange'. Both DIAL and GHIAL have the same economic regulatory framework with price risk assessed as 'Midrange'. Fitch expects a hike in DIAL's tariff to be in line with GHIAL's in the next control period. Both airport operators have concentrated capex in the near term. DIAL has a higher rating case leverage in the interim, before decreasing to around 8x in FY27. GHIAL has leverage of 12x in FY23 before decreasing below 5x by FY27. The high leverage and uncertainty in revenue share deferment have resulted in a two-notch differential despite DIAL's better volume risk assessment. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - deterioration in the liquidity levels; - rating case net debt/EBITDA sustained above 10x in the medium term Factors that could, individually or collectively, lead to positive rating action/upgrade: - positive rating action is not expected in the medium term, due to high debt-funded capex and uncertainties in the outcome of revenue share arbitration. CREDIT UPDATE A significant improvement DIAL's top-line has occurred across all business segments post the pandemic. DIAL's total passenger traffic reached 97% of pre-Covid levels with domestic traffic surpassing the levels as of December 2022. Financial Performance: Revenue from operations increased by 42% to INR18 billion in 1HFY23 from INR13 billion in 1HFY22. However, operating expenses increased by 132% due to resumption in payment of concession fees. As a result, DIAL's EBITDA fell by 36% to INR4 billion in 1HFY23 from INR7 billion in 1HFY22. Liquidity Position: DIAL had a cash balance of INR16 billion as of December 2022, including INR10 billion of bond proceeds earmarked for capex. Fitch expects DIAL to raise lease financing or any other similar funding in the next one to two years to complete its remaining capex. DIAL has a working capital facility of INR4.9 billion with a further INR500 million non-fund-based limit. Of this, a INR4.3 billion fund-based facility was available at end-December 2022. Concession Fee Arbitration: DIAL invoked the force majeure clause in December 2020 to temporarily cease its revenue sharing with the Airports Authority of India (AAI) after the pandemic caused low traffic and revenue. DIAL is required to pay 45.99% of its annual revenue as a concession fee to AAI. A High Court of India order on 5 January 2021 upheld the right of non-payment of the annual fee to AAI until an arbitration tribunal decides the matter. The first arbitration hearing was held on 29 January 2021 where the tribunal recognised the pandemic as a force majeure event. DIAL did not make any revenue share payment between January 2021 and March 2022. Management expects the matter to be resolved before June 2023. The rating case assumes staggered repayment of the unpaid revenue share of INR13 billion between FY25 and FY30 with 30% repayment by FY27. Any unfavourable outcome in this regard would be viewed as credit negative. Indian Rupee NCD Issuance: DIAL has raised INR10 billion from issuing NCDs in the domestic market in FY23 to fund its capex expansion plan. The five-year NCDs have a bullet repayment due in June 2027. FINANCIAL ANALYSIS Fitch's base case assumes recovery of passenger traffic to pre-Covid levels by mid-2023. A 100% hike in the tariff is assumed in CP4, in line with management expectation. Capex is also considered in line with the management's committed expansion plan. No waiver in annual concession fee payment is considered beyond FY22. Staggered repayment of the unpaid revenue share has been considered between FY25 and FY30 with 30% repayment by FY27. Leverage is high in the short term before it drops to 4x by FY27. Under Fitch's rating case, Fitch assumes recovery of passenger traffic by end-2023. A partial hike in the tariff is assumed in CP4. Only contracted income from commercial property development has been considered. Staggered repayment of unpaid revenue share has been considered between FY25 and FY30 with 30% repayment by FY27. Leverage remains high in the short term before it reaches around 9x by FY27. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Prior ----------- ------ ----- Delhi International Airport Limited LT IDR BB- Affirmed BB- Delhi International Airport Limited/ bond/note/1 LT LT BB- Affirmed BB- India Airport Infra India Airport Infra/senior secured/1 LT LT B+ Downgrade BB- ORIENT CRAFT: CRISIL Moves D Rating on Long Term/Short Term Debts ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings of Orient Craft Limited (OCL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with OCL for obtaining information through letters and emails dated December 21, 2022, December 26, 2022, December 28, 2022 and January 2, 2023 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 OCL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that ratings action on OCL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating'. OCL was established by Mr Sudhir Dhingra in 1972 as a proprietorship concern. In 1978, the firm was reconstituted as a private limited company. Mr Dhingra's friends, Mr Anoop Thatai and Mr K K Kohli joined the business with their investment in the company in 1978 and 1987 respectively. As on March 31, 2020, Mr Dhingra held 57.3% stake in OCL, while Mr Thatai and Mr Kohli held 19.5% each. The company is recognised by the Indian government as a four-star export house. OCL manufactures and exports readymade garments, primarily for women and children. It mainly manufactures high-end garments with intricate designs, which attract higher realisations. The company has 21 facilities in the National Capital Region, covering 13.5 lakh square feet. It exports mainly to the US and Europe and caters to high-end brands such as GAP, Macy's, Debenhams, French Connection, Ann Taylor, Marks & Spencer's, Abercrombie & Fitch, Sainsbury, UCB and Next. V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of V M Yarns Private Limited (VMYPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VMYPL 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 VMYPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VMYPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VMYPL continues to be 'CRISIL D Issuer Not Cooperating'. VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh Kanoria and Ms. Payal Kanoria. The company trades various types of yarns such as cotton yarn, linen yarn, polyester yarn, PC yarn, viscose yarn, and PV yarns. VASUNDHARA POWER: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vasundhara Power and Infrastructure Private Limited (VPIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 1 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) CRISIL Ratings has been consistently following up with VPIPL 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 VPIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VPIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. VPIPL, was incorporated in February 2009 and is promoted by Mr Ghanshyam Dalmia and Mr Kamal Pat Dalmia. VPIPL executes coal crushing, screening and grading and also undertakes coal trading. The company has two units in Sundergarh, Odisha with annual capacity of 150 tonne per day. VIJAS DIGITAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vijas Digital India Private Limited (VDIPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.60 CRISIL A4 (Issuer Not Cooperating) Cash Credit 7.20 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.65 CRISIL B+/Stable (Issuer Bank Loan Facility Not Cooperating) Term Loan 2.55 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/CRISIL A4 Issuer Not Cooperating'. Incorporated in 2002, VDIPL was promoted by Agwan family. The company is engaged into flex printing and offset printing to clients situated in various states across India. It has a printing capacity 40 lac sqft per month. Its printing facilities are located in Mumbai, Patna, Bangalore and Lucknow. VIJAY V: CRISIL Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vijay V. Salunkhe (VVS) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 CRISIL A4 (Issuer Not Cooperating) Cash Credit 4.00 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VVS 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 VVS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VVS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VVS continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. VVS, established in 1996 and based in Pune, Maharashtra, is a proprietorship concern of Mr Vijay Vasantrao Salunkhe. The firm is a registered Class-1 contractor with Pune Municipal Corporation, Pimpri-Chinchwad Municipal Corporation, and Maharashtra Jivan Pradhikaran. It primarily undertakes construction and maintenance contracts for water supply systems and drainage-sewer lines. VINAYAK ULTRAFLEX: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vinayak Ultraflex Private Limited (VUPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Foreign Bill 1 CRISIL B/Stable (Issuer Not Purchase Cooperating) Letter of Credit 0.75 CRISIL A4 (Issuer Not Cooperating) Proposed Term Loan 0.11 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 0.14 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VUPL 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 VUPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VUPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. VUPL, incorporated in 1996 and based in Kanpur, Uttar Pradesh, is promoted by the Paliwal family. The company manufactures flexible packaging materials such as polyester laminated rolls and pouches. [*] INDIA: Proposes Sweeping Overhaul to Its Bankruptcy Law ----------------------------------------------------------- Bloomberg News reports that India has proposed more than 40 amendments to its insolvency law, which could impact how recoveries are shared among creditors, decriminalize business failures, allow empires to be broken up, and give the government special powers in cases of public interest. According to Bloomberg, the seven-year-old Insolvency and Bankruptcy Code was enacted at a time when India's banks were weighed down by over-leveraged companies and soaring defaults. The law saw some early success but was overall mired by delays in litigation, followed by disruptions from the pandemic. Of the so-called Dirty Dozen - 12 large delinquent firms pushed by policymakers into bankruptcy soon after the law was enacted in 2017 - four remain unresolved. But 64% of the roughly 2,000 ongoing cases have exceeded the stipulated resolution time of 270 days, Bloomberg relates. The Ministry of Corporate Affairs has sought public comment on the proposals by 5:30 p.m. local time Feb. 7. Bloomberg notes that the key proposals include: - Compulsory admission: A tribunal has to admit an insolvency application if default is established. This resolves confusion stemming from a recent Supreme Court order that allowed tribunals the discretion to reject applications. - Competing bids: Creditors will have to weigh competing resolution plans through a special challenge mechanism. This aims to deter higher bids that come in late in the process and trigger litigation delays. - Real estate resolution: If a developer has defaulted, only impacted projects can be pushed into insolvency, which allows the main company to continue work on its other projects. - Piecemeal resolution: Assets of a corporate debtor may be resolved separately from the company as long as one plan provides for resolution of the debtor as a going concern. Bloomberg says the discussion paper recommends changes to the hierarchy in which creditors are repaid - the waterfall mechanism - that will benefit unsecured creditors and government dues. However it clarifies that all so-called statutory dues be treated equally with unsecured creditors except where security interest is specifically created. This clarification would restore a credit hierarchy that had been upturned by a recent Supreme Court decision that said the committee of creditors cannot secure their own dues at the cost of statutory dues such as unpaid taxes. India's government has also sought to appoint an administrator in insolvency cases involving public interest, which would enhance its powers, Bloomberg relays. And grant itself powers to exempt certain classes of companies. Bloomberg adds that the proposals also seek to offer consolidated resolution for companies and their subsidiaries, fast-track out of court settlements, extend pre-packaged insolvency processes to larger companies, tighten recovery from personal guarantors and make failures to comply with the bankruptcy code civil violations rather than criminal offenses. ===================== N E W Z E A L A N D ===================== FITBIT NZ: Creditors' Proofs of Debt Due on Feb. 28 --------------------------------------------------- Creditors of Fitbit NZ are required to file their proofs of debt by Feb. 28, 2023, to be included in the company's dividend distribution. Andrew McKay and Rees Logan of BDO Auckland were appointed joint and several liquidators of the company by its shareholder on Jan. 17, 2023. The company's liquidator is: Andrew McKay BDO Auckland Level 4, BDO Centre 4 Graham Street Auckland 1010 GOLDEN SIAM: Court to Hear Wind-Up Petition on Feb. 9 ----------------------------------------------------- A petition to wind up the operations of Golden Siam Limited will be heard before the High Court at Christchurch on Feb. 9, 2023, at 10:00 a.m. Bush Inn Shopping Centre Limited filed the petition against the company on Nov. 14, 2022. The Petitioner's solicitor is: Tracey Preston Level 7 18 Shortland Street Auckland JAMES TYLER: Court to Hear Wind-Up Petition on Feb. 24 ------------------------------------------------------ A petition to wind up the operations of James Tyler (NZ) Limited will be heard before the High Court at Auckland on Feb. 24, 2023, at 10:00 a.m. Fonterra Brands (New Zealand) Limited filed the petition against the company on Sept. 15, 2022. The Petitioner's solicitor is: M. D. Branch Harkness Henry 8th Floor, KPMG Tower 85 Alexandra Street, Hamilton Email: murray.branch@harkness.co.nz RELIEF DRIVERS: Creditors' Proofs of Debt Due on Feb. 19 -------------------------------------------------------- Creditors of Relief Drivers (NZ) 2015 Limited are required to file their proofs of debt by Feb. 19, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 19, 2023. The company's liquidator is: Brenton Hunt PO Box 13400 City East, Christchurch 8141 SURREY ROAD: Court to Hear Wind-Up Petition on March 10 ------------------------------------------------------- A petition to wind up the operations of Surrey Road Quarry Limited will be heard before the High Court at New Plymouth on March 10, 2023, at 2:15 p.m. Taranaki Regional Council filed the petition against the company on Nov. 24, 2022. The Petitioner's solicitor is: Catherine Louise Waugh Credit Consultants Group NZ Limited Level 12, 15 Willeston Street Wellington Central Wellington 6011 =============== P A K I S T A N =============== PAKISTAN: Has Become 'Politically, Morally Bankrupt,' Ex-Sen. Says ------------------------------------------------------------------ The Times of India reports that former Pakistan Senator Mustafa Nawaz Khokhar on Jan. 22 said that Pakistan has become "politically and morally bankrupt", according to a news report. "We have become politically and morally bankrupt. Even today, people are not being told the truth, which the country needs," the report quotes Khokhar as saying while addressing the second session of the national dialogue in Quetta. TOI relates that the conference initiated by Khokhar, aims to identify Pakistan's problems and find solutions. Khokhar's colleagues and Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail were also part of the conference. The session was organised by the Balochistan Peace Forum, the Pakistan-based The News International Newspaper reported, TOI relays. During the conference, the former Pakistan People's Party (PPP) leader said that communication between Pakistan's people and political parties is broken. He said there is a need to address people's issues rather than being engaged in irrelevant political discourses such as the Panama Papers and the Toshakhana case, the paper said. "There were discussions on (Panama papers) and Toshakhana (case), but where were the issues of people? The situation has gotten to a point where if one doesn't leave the country, they are going to the mountains," he said, as quoted by The News International Newspaper. He said that democracy was buried when the dictator violated the country's Constitution. "It was decided on the first day that democracy wouldn't be allowed to flourish in the country. What did we do to the Constitution maker of the country?" he asked, raising questions over the treatment meted out to former prime minister Zulfikar Ali Bhutto, who was hanged by the then-army chief General Zia-ul-Haq, the paper reported. "Courts have been given the responsibility of human rights; they, too, are silent and not paying attention to the issues. The society is disintegrating," Khokhar said, notes the report. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 27, 2022, S&P Global Ratings lowered its long-term sovereign credit rating on Pakistan to 'CCC+' from 'B-', and the short-term rating to 'C' from 'B'. The outlook on the long-term rating is stable. S&P also lowered its long-term issue rating on Pakistan's senior unsecured notes to 'CCC+' from 'B-'. The TCR-AP reported in October 2022, Fitch Ratings has downgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. ================= S I N G A P O R E ================= AN HE SHIPPING: Commences Wind-Up Proceedings --------------------------------------------- Members of An He Shipping Pte Ltd, An Hua Shipping Pte Ltd, An Kang Shipping Pte Ltd, An Sheng Shipping Pte Ltd, and An Ya Shipping Pte Ltd on Jan. 9, 2023, passed a resolution to voluntarily wind up the company's operations. The liquidators may be reached at: Paresh Tribhovan Jotangia Ho May Kee Grant Thornton Singapore c/o 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 AZYMIOS INVESTMENT: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on Jan. 13, 2023, to wind up the operations of Azymios Investment Holdings. Clifford Chance filed the petition against the company. The company's liquidators are: Jason Aleksander Kardachi Patrick Bance Kroll Pte. Limited One Raffles Place Tower 2 #10-62 Singapore 048616 RHODIUM PURE: Commences Wind-Up Proceedings ------------------------------------------- Members of Rhodium Pure Trade Pte Ltd and Rhodium Best Trade Pte Ltd, on Jan. 17, 2023, passed a resolution to voluntarily wind up the company's operations. The liquidators may be reached at: Wong Joo Wan Tina Phan Mei Ting Alternative Advisors 1 Commonwealth Lane #06-21 One Commonwealth Singapore 149544 SEA PUFFIN: Creditors' Proofs of Debt Due on Feb. 20 ---------------------------------------------------- Creditors of Sea Puffin Pte Ltd are required to file their proofs of debt by Feb. 20, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 13, 2023. The liquidators may be reached at: Victor Goh Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 TIGER ROAD: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Jan. 13, 2023, to wind up the operations of Tiger Road Pte. Ltd. Rxmedz Pte Ltd filed the petition against the company. The company's liquidators are: Lau Chin Huat Yeo Boon Keong M/s Technic Inter-Asia Pte Ltd 50 Havelock Road #02-767 Singapore 160050 WENUL ASSETS: Creditors' Proofs of Debt Due on Feb. 22 ------------------------------------------------------ Creditors of Wenul Assets (Industrial) Pte. Ltd. and Wenul Companies Pte Ltd. are required to file their proofs of debt by Feb. 22, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 14, 2023. The company's liquidators are: Don M Ho David Ho Chjuen Meng c/o Avery Corporate Advisory 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 ZILINGO PTE: Appoints EY Corporate as Provisional Liquidator ------------------------------------------------------------ The Business Times reports that Zilingo Pte is set to enter liquidation, capping a months-long crisis that shocked Asia's technology and startup industries. BT relates that the Singapore-based fashion-tech company's board appointed EY Corporate Services as provisional liquidator, people familiar with the matter said, asking not to be named as the matter is private. The board informed major shareholders and creditors of its decision, they said. According to the report, the liquidation process spells an end to a startup whose implosion and months-long battle for survival sent shock waves through South-east Asia and India's tech industries. The once high-flying company pitched into a downward spiral after complaints of financial irregularities, culminating in the dismissal of high-profile co-founder and chief executive officer (CEO) Ankiti Bose in May. Ms. Bose, 31, continued to deny any claims of wrongdoing throughout the crisis and argued she was being unfairly targeted, BT relays. As the clash between Ms. Bose and the board escalated, she hired an attorney to fight back against what she described as a "witch hunt". Ms. Bose argued that she was getting blamed for decisions and practices that were well known by senior managers and directors. The liquidation comes after Zilingo creditors Varde Partners and Indies Capital Partners found a buyer for some of its assets, the people said. Those assets have been transfered to the new owner for an undisclosed purchase price, they said, BT relays. Zilingo had been one of the highest-profile startups to emerge from Singapore, according to BT. Major state investor Temasek Holdings expressed concern the meltdown was tainting its reputation and urged the company to fix the situation. Other prominent investors included Sequoia Capital India, the regional arm of the Silicon Valley firm that backed Apple and Google. At the heart of the company's breakdown was the soured relationship between Ms. Bose, a celebrity CEO who crisscrossed the globe to speak at tech gatherings from Hong Kong to California, and her longtime supporter, Shailendra Singh, head of Sequoia India. Allies for years, they fell out as financial pressures mounted. Singh lost faith in the management skills of the young founder he had championed, while Ms. Bose believed Singh betrayed her by pushing her out of her own company. Zilingo was valued at close to US$1 billion in a 2019 funding round, when Ms. Bose was 27, BT discloses. But the Covid-19 pandemic took a toll on its business, and the company was forced to cuts jobs as revenue dwindled. Chief financial officer Ramesh Bafna, a former chief financial officer of fashion e-commerce platform Myntra, left last May, a mere two months after joining the startup, and chief operating officer Aadi Vaidya departed soon afterwards, BT notes. In June, the board started weighing options, including liquidation and a management buyout, Bloomberg News reported at the time. That included a presentation from its financial adviser Deloitte to sell off the company's assets. Dhruv Kapoor, who co-founded Zilingo with Ms. Bose in 2015, made the pitch for a buyout. Once operating in at least eight countries with hundreds of workers, Zilingo had most recently fewer than 100 staff in India, Indonesia, Sri Lanka and Bangladesh after a major downsizing amid the crisis. Based in Singapore, Zilingo Pte. Ltd -- https://zilingo.com/en/ -- operates as an online store. The Company offers womens and mens clothing, bags, wallets, accessories, jewellery, shoes, make up, and home decorative products. Zilingo serves customers worldwide. ********* 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 ***