/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230202.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 Thursday, February 2, 2023, Vol. 26, No. 25 Headlines A U S T R A L I A AUSTRALIAN INSTITUTE: Ex-Pres. Raise Concerns Over Liquidation E-MOTOR GROUP: Second Creditors' Meeting Set for Feb. 8 ISLAND ESCAPE: Under Probe of 'Insolvent Trading' Before Collapse JACKMAN LABOUR: First Creditors' Meeting Set for Feb. 8 PHAT MANGO: Placed Into Liquidation RUBY BASE: First Creditors' Meetings Set for Feb. 8 SUN CABLE: Administrators Seek Bids by End of April THINK CIVIL: First Creditors' Meeting Set for Feb. 8 TOURICA TOURS: Second Creditors' Meeting Set for Feb.8 C H I N A CHINA: Losses at 3 Big Airlines Likely Widened by 152% in 2022 I N D I A B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating DOLLARS GRAND: CRISIL Lowers Rating on INR15cr Term Loan to D EARTHCON UNIVERSAL: CRISIL Keeps D Ratings in Not Cooperating ELA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating GSM MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category HIMATSINGKA AGENCIES: CRISIL Cuts Rating on INR10.5cr Loan to D JET AIRWAYS: Jalan-Kalrock Needs to Provide for Staff's PF Dues KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating KARNATAKA STATE: Ind-Ra Affirms BB+ Bank Loan Rating KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating KRISHNA CONTAINERS: CRISIL Keeps D Ratings in Not Cooperating MAHARANA PRATAP: CRISIL Keeps D Debt Ratings in Not Cooperating MARUTI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating MOWO INDUSTRY: CRISIL Keeps D Debt Ratings in Not Cooperating MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating NANCY KRAFTS PVT: CRISIL Keeps D Debt Ratings in Not Cooperating NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating NOVARC LABS: CRISIL Keeps D Debt Ratings in Not Cooperating OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating PADMAVATHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating PRE UNIQUE: Ind-Ra Withdraws B Long Term Issuer Rating PRIME HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ROSA POWER: Ind-Ra Withdraws BB Term Loan Rating SHANKAR MOTORS: CRISIL Lowers Rating on INR16.5cr Loan to D J A P A N AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings J FRONT: Egan-Jones Retains B- Senior Unsecured Ratings NISSAN MOTOR: Egan-Jones Retains BB+ Senior Unsecured Ratings NOMURA HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings N E W Z E A L A N D A L CONCRETE: Creditors' Proofs of Debt Due on Feb. 25 AVS INVESTMENTS: Creditors' Proofs of Debt Due on March 10 CLASSIC HOLDINGS: Rodewald Appointed as Receiver and Manager DONG SH: Creditors' Proofs of Debt Due on March 13 QUALITY LOCAL: Court to Hear Wind-Up Petition on Feb. 28 S I N G A P O R E DEVELOPMENT 83: Creditors' Proofs of Debt Due on March 1 EZION OFFSHORE: Commences Wind-Up Proceedings MODERN ACCESS: Commences Wind-Up Proceedings ZILINGO PTE: Sells nCinga, Tech Assets to Zurich-based Buyogo - - - - - ================= A U S T R A L I A ================= AUSTRALIAN INSTITUTE: Ex-Pres. Raise Concerns Over Liquidation -------------------------------------------------------------- Inside Imaging reports that former presidents of the Australian Institute of Professional Photography (AIPP) have expressed concern to the Institute's administrator that the Institute's intellectual property will not be preserved, and the remaining cash assets will fall into inappropriate hands. A letter was sent to the AIPP administrator, Matthew Gallant (CJG Advisory), in July 2022 and signed by 14 past presidents, who represent decades of Institute leadership, the report recalls. The letter highlights the AIPP's core purposes as outlined in the AIPP Constitution, which includes the promotion of professional photography, advocating for the rights of professional photographers, educating members, and enacting a Code of Ethics. The letter was sent shortly after Inside Imaging speculated that a newly-formed, invite-only group designed to participate in an international photo contest, WPC Team Australia, may be the benefactor of the AIPP's remaining funds. The AIPP had AUD164K cash in the bank when it went into voluntary administration in late 2021. This came as a surprise to many members, as the sudden and abrupt liquidation suggested the financial outlook was far more dire, Inside Imaging says. After the liquidators are paid - with an amount of AUD30K estimated in official documents - the AIPP's leftover funds will be allocated to a 'a not-for-profit entity' with purposes similar to the AIPP. According to the AIPP Constitution, distributing the surplus assets is determined in one of two ways, Inside Imaging relays. Ideally, there would be a 'special resolution of members at or before the time of winding up'. This didn't happen as the Institute wrapped up with unseemly haste, within hours of the announcement. So the alternate option, 'if the members do not make this decision', is an application to the Supreme Court. Daniel Sizer, manager of CJG Advisory, informed Inside Imaging that the Supreme Court application for the remaining funds is 'progressing'. Expect it to be issued in 'the near future'. It's speculated that WPC Team Australia may be a front-runner for the AIPP money and other assets partly due to the timing of it being registered as an 'unincorporated entity' in February 2022, just over a month after the AIPP's demise, according to Inside Imaging. Several AIPP board members and admin who served when the Institute went into voluntary administration are members of the invitation-only WPC Team Australia, Inside Imaging discloses. This includes Les Morrison, who was in the leadership Chair role. Morrison emerged as a key player in the last year or so of the AIPP's existence. He is largely unknown to most people in the professional photography community. Inside Imaging says the past presidents feel it would not honour the AIPP's legacy if WPC Team Australia is the benefactor, given the AIPP's lifelong purpose goes far beyond participating in a photo contest. The World Photographic Cup is essentially a light-hearted get-together for photo industry association representatives. It's has a low profile outside of photo association circles. While the AIPP was an active WPC member, participating wasn't integral for the Institute. After sending the letter to the administrator, former AIPP president, Eric Victor, had discussions with Morrison about potentially setting up a foundation, Inside Imaging reports. The next step, Morrison told Victor, was to schedule a meeting with various AIPP stakeholders to establish how a foundation could preserve the AIPP's intellectual property. No meeting has yet taken place, and it's unclear if it will go ahead given the Supreme Court application is 'progressing'. Although Victor came away from the discussions with Les Morrison with an understanding that WPC Team Australia may not qualify for the leftover funds. Mathew Gollant of CJG Advisory was appointed as administrator of the Australian Institute of Professional Photography (AIPP) on Nov. 17, 2021. AIPP has gone into voluntary administration due to financial hardship that is attributed to a 'devastating reduction in membership revenue'. E-MOTOR GROUP: Second Creditors' Meeting Set for Feb. 8 ------------------------------------------------------- A second meeting of creditors in the proceedings of E-Motor Group Pty. Ltd. has been set for Feb. 8, 2023 at 11:00 a.m. at Level 29, 360 Collins Street in Melbourne and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 7, 2023 at 4:00 p.m. Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed as administrators of the company on Dec. 22, 2022. ISLAND ESCAPE: Under Probe of 'Insolvent Trading' Before Collapse ----------------------------------------------------------------- ABC News reports that the directors of a luxury cruise company that left customers thousands of dollars out of pocket after going bankrupt may be forced to repay more than half a million dollars of illegally accrued debt if any insolvent trading occurred. Island Escape Cruises NZ advertised voyages along the Kimberley coast before cancelling in mid-2022 with little notice, leaving customers devastated - and without a refund. Its Australian counterpart went into voluntary administration late last year after creditors voted to wind up and sell assets, the ABC notes. According to the report, the multimillion-dollar superyacht Island Escape was put up for sale in an attempt to recover funds and pay off debts incurred. The company's finances are under review by administrator BCR Advisory. Its most recent report, seen by the ABC, outlines potential claims against directors if the company was trading while insolvent. In the report, administrator Dane Skinner said directors could be liable for the debt incurred if insolvent trading occurred. "Based on my investigations, my best estimate is that the company has been insolvent since May 2022 to August 2022, when the vessel was arrested by the Federal Court of Australia," he wrote, the ABC relays. "I believe that insolvent trading can be established at this time with a potential claim against the director, shadow director or parent company of up to AUD586,820." It is unclear how the debts were incurred. However, Mr. Skinner said reimbursements could be required. "The director and shadow director may be liable to compensate the company for losses incurred when trading the company while it was insolvent," he wrote, notes the report. According to the ABC, University of Western Australia legal and business expert Richard Winter said directors could be in breach of their legal obligations even if they did not know a company was insolvent. "Being a director, you don't get a free pass," the report quotes Mr. Winter as saying. "It's irrelevant that they don't actually know [they were insolvent]. It's what a director in their position should know. "If you're not going to reach that standard of care, that's your problem." The ABC adds that Mr. Skinner's review is also investigating whether the company made any unfair preference payments. These are payments to an unsecured creditor with an advantage over other creditors and can be voided in some situations. "My limited investigations have identified to date potential unfair preference payments totalling AUD12,500," he said. Investigations are still ongoing and Mr. Skinner's findings will be submitted to ASIC for further review, the ABC notes. JACKMAN LABOUR: First Creditors' Meeting Set for Feb. 8 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Jackman Labour Hire Pty Ltd will be held on Feb. 8, 2023, at 10:30 a.m. at the offices of Magnetic Insolvency at 52/41-49 Norcal Road, Nunawading in Victoria and via virtual meeting technology. Peter Goodin of Magnetic Insolvency was appointed as administrator of the company on Jan. 27, 2023. PHAT MANGO: Placed Into Liquidation ----------------------------------- ABC News reports that Darwin's Phat Mango is one of the most popular restaurants in the Top End. It boasts having been #1 on Trip Advisor's best restaurants in Darwin, has won so many Gold Plate awards there's hardly any room on the walls, and is a restaurant of choice for suitors trying to impress a date. Despite its apparent popularity, Phat Mango has had to close its doors, and will not be reopening for the foreseeable future, ABC says. Martin Bouchier the Chef is the owner of Phat Mango which has been placed into liquidation. He told ABC Radio Darwin's Jo Laverty what went wrong. RUBY BASE: First Creditors' Meetings Set for Feb. 8 --------------------------------------------------- A first meeting of the creditors in the proceedings of Ruby Base Pty Ltd and Reddog Drilling Pty Ltd will be held on Feb. 8, 2023, at 9:00 a.m. and 10:00 a.m. respectively, at the offices of The Executive Centre at Level 25, 108 St Georges Terrace in Perth. Glen Oldham of Oldhams Advisory was appointed as administrator of the company on Jan. 29, 2022. SUN CABLE: Administrators Seek Bids by End of April --------------------------------------------------- Reuters reports that FTI Consulting said on Jan. 31 that they had started the sale process for the collapsed Australia-Asia PowerLink (AAPL) project developer Sun Cable and were seeking binding proposals by the end of April this year. The Singapore-based company collapsed earlier this month after its owners failed to agree on future funding plans, the report says. Sun Cable is owned by the private firms of two of Australia's richest men, Andrew Forrest's Squadron Energy and Mike Cannon-Brookes' Grok Ventures. Once completed, the AAPL project would have sent power from a 20 gigawatt (GW) solar farm with the world's biggest battery in northern Australia across what would be the world's longest undersea cable, to Singapore. Together, it was estimated to cost more than AUD20 billion. According to Reuters, FTI Consulting, the appointed administrator for Sun Cable, said they have secured funding to "allow the continued development of Sun Cable's development projects". FTI has set an end-of-May target for the sale's completion, Reuters says. THINK CIVIL: First Creditors' Meeting Set for Feb. 8 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Think Civil Pty Ltd and Heading Pty Ltd, trading as Heading and Associates, will be held on Feb. 8, 2023, at 11:00 a.m. and 12:00 p.m. respectively, via teleconference facilities. Domenico Alessandro Calabretta, Mitchell Ball and Thyge Trafford-Jones of Mackay Goodwin were appointed as administrators of the company on Jan. 27, 2022. TOURICA TOURS: Second Creditors' Meeting Set for Feb.8 ------------------------------------------------------ A second meeting of creditors in the proceedings of Tourica Tours Pty. Ltd. has been set for Feb. 8, 2023 at 11:00 a.m. at the offices of Hamilton Murphy Advisory at Level 21, 114 William Street in Melbourne and via virtual meeting. 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 Feb. 7, 2023 at 4:00 p.m. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on Dec. 22, 2022. ========= C H I N A ========= CHINA: Losses at 3 Big Airlines Likely Widened by 152% in 2022 -------------------------------------------------------------- Yicai Global reports that China's three biggest airlines probably widened their net losses by an average 152% last year because of the impact of Covid-19, higher fuel prices, and a weaker Chinese yuan versus the US dollar. The net losses at Air China, China Eastern Airlines, and China Southern Airlines are expected to reach CNY35 billion (USD5.2 billion), CNY35 billion, and CNY30 billion, respectively, in the year ended Dec. 31, deepening from 100 percent to 200 percent from 2021, the state-owned carried said Jan. 30, Yicai Global discloses. The deficits were mainly due to the fact that Covid-19 had a long-lasting impact on their business and travel demand was low throughout the year, they said, noting that high oil prices and the softer yuan added to cost pressures. Yicai Global relates that the airlines, which accounted for more than 60 percent of total transport volume in China in 2021, said they will enhance the links between passenger and cargo services and control costs to ease the adverse impact of the pandemic. Smaller rivals Juneyao Airlines, Spring Airlines, Hainan Airlines, and China Express Airlines predicted total losses of about CNY30 billion, the report adds. The number of domestic flights is limited, so rising demand will likely result in higher ticket prices, Guosen Securities predicted in a report published on Jan. 29, according to Yicai Global. International air passenger traffic will return this year to 50 percent to 60 percent of the level in 2019, Tang Bing, a director at China Eastern, said earlier, citing optimistic estimates, according to a report by The Paper. ========= I N D I A ========= B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of B. R. Steel Products Private Limited (BRSPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.26 CRISIL D (Issuer Not Cooperating) Pre Shipment Credit 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BRSPPL 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 BRSPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BRSPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BRSPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. During March 2004, BRSPPL was acquired by Mr. J K Dholakia. The company is engaged in manufacturing ceramic colours and is an export oriented unit. The unit is located in MIDC, TTC Industrial Area, Navi Mumbai. The company has a manufacturing capacity of 3000 tpa. DOLLARS GRAND: CRISIL Lowers Rating on INR15cr Term Loan to D ------------------------------------------------------------- CRISIL Ratings has downgraded the rating on the bank facilities of Dollars Grand Club Private Limited (DGCPL) to 'CRISIL D' from 'CRISIL B/Stable. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (Downgraded from 'CRISIL B/Stable') The rating downgraded reflects delays in repayment of term debt obligations on account of weak liquidity. The rating continues to reflect DGCPL's below average financial risk profile, and its working capital intensive operations. These rating weaknesses are partially offset by the extensive industry experience of DGCPL's promoters Key Rating Drivers & Detailed Description Weaknesses: * Exposure to project risks: The company is exposed to project implementation risk for the portion of the project that is yet to be completed. Timely completion of the project without any cost overrun and stabilisation of operations will be key monitorable over the medium term. * Expected leveraged capital structure: DGCPL is expected to have an average financial risk profile over the medium term with high gearing and modest debt protection metrics. Gearing is at over 11.68 times in fiscal 2022. Debt protection metrics are likely to be weak, as indicated by interest coverage of 1.00 time in fiscal 2022. * Vulnerability to cyclicality in the hospitality industry: The hotel industry is vulnerable to changes in the domestic and global economy. Companies that have high financial leverage are more vulnerable to cyclicality because of their fixed financial commitments. Strengths: * Extensive industry experience of the promoters: The promoters have over 10 years of experience in the real estate and construction industry. This has given them a strong understanding of the market dynamics and helped establish healthy relationships with suppliers and customers. Liquidity: Poor Liquidity is poor as reflected in delays in repayments of term loan. Rating Sensitivity factors Upward factors * Timely repayment of debt obligations continuously for atleast 90 days. * Timely completion of the project and stabilisation of operations * Ability to generate cash accrual of more than INR2 crore in the medium term. Incorporated in 2017, DGCPL is setting up a hotel in Tirupati, Andhra Pradesh, under the brand name Dollar Grand Club. The company is owned and managed by C Divakar Reddy and C Monica Devi. EARTHCON UNIVERSAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Earthcon Universal Infratech Private Limited (EUIPL; a part of the Earthcon group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Rupee 25 CRISIL D (Issuer Not Term Loan Cooperating) Rupee Term Loan 100 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with EUIPL for obtaining information through letters and emails dated October 31, 2022 and December 31, 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 EUIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EUIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EUIPL continues to be 'CRISIL D Issuer Not Cooperating'. EUIPL was incorporated in 2009 as Zayat Infratech Pvt Ltd and got its present name in 2010. Greater Noida Industrial Development Authority, through a bid system, allotted a 65,330-square-metre plot of land in Sector-I, Greater Noida, to a consortium of Universal Construction Company (a partnership firm), Earthcon Construction Pvt Ltd, and Omaxe Ltd. For the purpose of allotment and development of the land, EUIPL was set up as a special purpose vehicle with shareholding in a ratio of 46:44:10, respectively. Omaxe Ltd later transferred its shareholding to other shareholders. The Earthcon group, promoted by Mr Shabad Khan, constructs residential and commercial apartments in northern India. Since inception, the group has delivered various projects, including villas, cottages, and apartments in Delhi, Noida, Lucknow, Moradabad, and Nainital. ELA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ela Nirman Private Limited (ENPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ENPL 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 ENPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ENPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ENPL continues to be 'CRISIL D Issuer Not Cooperating'. ENPL was incorporated in January 2011 by Mr. Subhash Agrawal and Mrs. Rekha Agrawal in Raigarh (Chhattisgarh). The company has constructed a mall in Raigarh and is also engaged in trading of broken rice which accounts for major portion of the revenues. It is also constructing a hotel. GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Green India Irrigation Limited (GIIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GIIL 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 GIIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GIIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GIIL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in August 2008, GIIL manufactures drip and sprinkler irrigation systems. Mr. Diliprao Autade Patil, and Mr Mahesh Aher are the promoters. The manufacturing unit is in Shrirampur MIDC, Ahmednagar District, Maharashtra. GSM MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of GSM Mega Infrastructures Private Limited (GSM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 25 CRISIL D (Issuer Not Cooperating) Long Term Loan 35 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GSM for obtaining information through letters and emails dated October 31, 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 GSM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GSM continues to be 'CRISIL D Issuer Not Cooperating'. GSM was set up in 2011 by Mr M V S Seshagiri Rao, Mr Murali Mohan Reddy, Mr Siva Shankar Reddy, and Mr Veera Sekhar Reddy. The company develops real estate. Its ongoing commercial real estate project, comprising a mall and a multiplex, is at Serilingampally in Telangana. HIMATSINGKA AGENCIES: CRISIL Cuts Rating on INR10.5cr Loan to D --------------------------------------------------------------- CRISIL Ratings has downgraded the rating on the bank facilities of Himatsingka Agencies Private Limited (HAPL) to 'CRISIL D' from 'CRISIL BB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 10.5 CRISIL D (Downgraded from Facility 'CRISIL BB/Stable') The rating reflects delays in servicing debt obligation on account of weak liquidity and average financial risk profile. These weaknesses are partially offset by the extensive industry experience of promoters. Analytical Approach CRISIL Ratings has combined the business and financial risk profiles of HAPL, Maurya Motors Private Limited (MMPL) and Shankar Motors Private Limited (SMPL), as the three companies, collectively referred to as the Maurya Motors group, are in the same business and have a common promoter. Key Rating Drivers & Detailed Description Weaknesses: * Delays in servicing debt obligation: There have been irregularities in debt servicing by the group during September'22 to November'22. * Average financial risk profile: The financial risk profile is constrained by modest networth estimated at INR60.23 crore as on March 31, 2022 (INR54.18 crore a year earlier). The total outside liabilities to tangible networth (TOLTNW) ratio and gearing are high estimated at 2.26 times and 1.49 times, respectively, as on March 31, 2022 (2.37 times and 1.7 times, respectively, a year earlier), due to large debt to fund inventory. Debt protection metrics were average, as indicated by estimated interest coverage of 2.16 times and net cash accrual to adjusted debt ratio of 0.1 time in fiscal 2022 (1.11 times and 0.03 time, respectively, in fiscal 2021). Strength: * Extensive industry experience of the promoter: The promoter, Mr Mohan Himatsingka, has experience of more than three decades in the automobile dealership business, which will continue to support the business risk profile. Liquidity: Poor Liquidity is poor as reflected in irregularities in debt servicing by the company during September'22 to November'22. Rating Sensitivity factors Upward factors * Timely repayment of debt obligations continuously for atleast 90 days. * Significant improvement in liquidity on back of substantial improvement in operating performance, restructuring of debt or infusion of equity. Patna-based HAPL was set up in December 2007 by Mr Mohan Himatsingka. It deals in commercial vehicles of TML in Bihar and Jharkhand. SMPL is a dealer of passenger vehicles and MMPL is a dealer of commercial vehicles of TML. JET AIRWAYS: Jalan-Kalrock Needs to Provide for Staff's PF Dues --------------------------------------------------------------- The Economic Times reports that lenders to Jet Airways are set to ask the Jalan-Kalrock consortium how it will fund new liabilities arising out of the Supreme Court order that requires it to clear unpaid provident fund and gratuity dues amounting to INR250 crore to the former employees of the grounded airline. According to the report, bankers said the apex court's order on Jan. 30 has finally clarified that the employee liabilities have to be borne by the consortium and the ball is now in their court to clarify and ensure there is enough funding to take care of these new liabilities. "We will now need clarity from them on how they plan to fund this. The money has to come from them, which is clear after the SC order. It means that they will need to bring in more money to fund this plan. All this will have to be taken into account now before the company is handed over to them," ET quotes a person aware of the process as saying. In a meeting on Jan. 31, lenders approved the appointment of a new legal counsel and also decided to take up the funding of employee dues with the consortium. According to the resolution plan approved by the committee of creditors (CoC) in November 2020, the consortium had proposed a total cash infusion of INR1,375 crore, including INR475 crore for payment to stakeholders, ET notes. Out of this, INR380 crore was to come to financial creditors to settle their admitted claims of over INR7,801 crore for a 5% recovery. Lenders said given that the new liabilities of INR250 crore on employee dues have been added, Jalan-Kalrock has to rejig their plan to include that amount. "How they do it is their call. Though the lenders will not get this money, we will have to naturally figure out what they plan to do to bring in the extra money," said a second person aware of the process, ET relays. Last week lenders led by the State Bank of India (SBI) challenged the National Company Law Tribunal (NCLT) order allowing the transfer of ownership of Jet Airways to the winning bidder Jalan-Kalrock consortium, ET reports. Lenders have challenged the NCLT citing non-completion of conditions mentioned in the plan. Bankers said the non-payment of employee dues will also be a hindrance in completing the handover to the consortium. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited was one of India's top airlines founded by Naresh Goyal. It provided passenger and cargo air transportation services as well aircraft leasing services. It operated flights to 66 destinations in India and international countries. Jet Airways on April 17, 2019, halted all flight operations after its lenders rejected its plea for emergency funds. On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai Bench, accepted an insolvency petition against Jet Airways filed by its creditors as they attempt to recover some of their dues. Ashish Chhawchharia of Grant Thornton India has been named as the resolution professional in the case. Law firm Cyril Amarchand Mangaldas will represent the interests of the lenders' consortium, according to a Reuters report. Creditors have filed claims worth INR30,907 crore, according to Financial Express. The RP has so far admitted claims worth over INR14,000 crore. In July last year, the Jalan-Kalrock consortium was declared as the winning bidder for Jet Airways. In June last year, the NCLT approved the consortium's resolution plan for the troubled carrier. Jet Airways got its air operator certificate revalidated in May this year. The Mumbai-based company had plans to resume operations in October but has not provided any official comments on the same, according to Financial Express. KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kamal Suitings Private Limited (KSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.5 CRISIL D (Issuer Not Cooperating) Standby Letter 0.5 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 3.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KSPL 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 KSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by Mr. Kapil Maheshwari. The company manufactures and markets synthetics blended suiting cloth, which it supplies to wholesalers all over the country. KARNATAKA STATE: Ind-Ra Affirms BB+ Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Karnataka State Road Transport Corporation's (KSRTC) bank facilities as follows: -- INR1,974.30 bil. (reduced from INR2,885.50 bil.) Bank loan affirmed with IND BB+/Stable rating; and -- INR3,025.70 bil. (increased from INR2,114.50 bil.) Proposed bank loan affirmed with IND BB+/Stable rating. Analytical Approach: Although KSRTC's policy and strategic decisions are controlled by the government of Karnataka (GoK), the entity does not receive any explicit financial support from the state government to meet the debt service obligations in a timely manner. Hence, Ind-Ra has classified KSRTC as a non-dependent public sector entity and has applied a bottom-up approach based on its Rating Criteria for Public Sector Entities. Key Rating Drivers The ratings reflect KSRTC's weak standalone credit profile. The corporation's main source of income is traffic revenue from the sale of tickets, followed by the revenue grants received from the GoK. The corporation's revenue also includes non-traffic revenue, commercial establishment revenue, and advertisements revenue. Although its traffic revenue from the sales of tickets increased 29.81% yoy to INR20,375.79 million in FY22, it remained lower than the pre-COVID-19 level of INR31,822.63 million in FY20. The corporation incurred an EBITDA loss of INR2,576.58 million in FY22 (FY21: negative INR3,939.26 million), due to a 16.75% yoy increase in total expenses excluding depreciation and interest to INR31,102.81 million. Its total income increased 25.66% yoy to INR28,526.23 million in FY22 (FY21: INR22,701.02 million). The corporation's EBITDA remained above INR812 million over FY18-FY20. The operating losses in FY21 were due to a sharp fall in income, the continued high fixed costs, and an increase in fuel prices. The operating cost remain generally high for road transportation corporations and KSRTC cannot pass on the increased operational cost to its customers as it does not operate with a profit maximization objective. As KSRTC has not revised the fare after February 2020, its fare income is likely to remain low in FY23. Simultaneously, the fuel cost is likely to remain high due to a significant increase in fuel cost during FY21-FY23 (till December 2022). Ind-Ra expects KSRTC's EBITDA to remain negative during FY23-FY24 until the corporation revises the tickets fare charges. KSRTC's operational performance improved in FY22, after having been impacted by COVID-19-led disruptions in FY21. The effective kilometers (km) operated by KSRTC improved 21.91% yoy to INR657.3 million kms in FY22 (FY21: INR539.2 million. The corporation had maintained the number of operated schedules at above 7,476 during FY21-FY22. KSRTC did not add any new bus in FY21-FY22 and plans to add new buses in FY23 to improve the operational performance. Ind-Ra expects the operational performance to improve in FY23 due to a rise in passenger load and it operates in the largest area of the state. At the same time, KSRTC's debt levels are likely to increase to fund the capex and will also depend on grants from the GoK to support the capex-funding requirements during FY23-FY24. In case of lower capital grants, KSRTC's debt service commitments will increase. The fare revision and fuel prices will be key rating monitorable for the corporations' liquidity profile. Liquidity Indicator – Stretched: Despite an increase in revenue in FY22, KSRTC reported negative EBITDA. Consequently, the corporation's liquidity profile continued to be stretched. Its creditor days remained elongated at 211 days in FY22 (FY21: 182 days), further indicating tight liquidity position of the corporation. The creditor days remained high at above 67 days during FY18-FY20. KSRTC's debt service commitments were about 4% of total income during FY21-FY22. And it is likely to be at about INR1,180 million during FY23-FY24. KSRTC used cash to pay debt service obligations timely despite reporting net cash loss. A higher cash arises from non-payment of creditors. The corporation is likely to defer payments to creditors further to timely meet its debt service requirements. Outstanding creditors related to revenue supplies and capital supplies were INR5,827.41 million and INR307.72 million in FY22 (FY21: INR4,034.33 million and INR421.89 million), respectively. KSRTC's debt service coverage ratio remained negative over FY21-FY22, due to the negative EBITDA. Its debt service coverage ratio and interest coverage ratio were negative 2.26x and 9.77x in FY22 (FY21: negative 4.20x and 12.13x), respectively. The ratings, however, derive strength from the support provided by the GoK to KSRTC in the form of revenue and capital grants, which are part of the budgetary allocation. However, the use of capital grants is limited to the purchase of buses under the specific schemes and the GoK reimburses the concessional ticket charges issued under various heads such as students passes and concession to senior citizens. KSRTC received INR600 million capital grants and INR8,000 million revenue grants for FY23. Moreover, KSRTC executes strategically important work in the state. As the corporation is providing an important public mission service, Ind-Ra considers the entity to be strategically significant to the GoK. KSRTC is under direct supervision of the GoK, and the strategies and policies are dictated by the GoK's representatives on the board. In Ind-Ra's view, this indicates a substantial control of the sponsors over KSRTC. Rating Sensitivities Positive: The following developments, individually or collectively, could lead to a positive rating action: EBITDA turning positive the strengthening of KSRTC's relationship with the GoK Negative: The following developments, individually or collectively, could lead to a negative rating action: a significant and unexpected increase in the debt burden, leading to pressure on the entity's ability to service debt on a timely basis any weakening of the linkages with the GoK Company Profile KSRTC is a limited liability company, majorly owned by the GoK (83.47%) and the government of India (16.53%). It was formed in 1961 under Section 3 of the Road Transport Corporation Act,1950. KSRTC operates buses and provides road transport services to public in Karnataka and neighboring states. KSRTC's corporate office is in Bengaluru. It covers 17 districts (Bengaluru Urban, Bengaluru Rural, Ramanagar, Kolar, Chickballapur, Tumkur, Chitradurga, Davanagere, Shivamogga, Mangaluru, Udupi, Chickmagalur, Hassan, Mysuru, Mandya, Chamarajnagar, and Coorg) in the state under its operational jurisdiction. KSRTC had 82 depots as of December 2022. KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Khukhrain Cold Storage & Ice Factory (KCS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.50 CRISIL D (Issuer Not Cooperating) Term Loan 1.05 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KCS 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 KCS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCS continues to be 'CRISIL D Issuer Not Cooperating'. Chandigarh-based KCS is a partnership firm promoted by the Sahni family. The firm provides warehousing and logistics services for dairy products, frozen meat products and vegetables, and beverages through a cold storage and a fleet of refrigerated vehicles. KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kodai Cars Private Limited (KCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KCPL 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 KCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 2007 in Tamil Nadu and promoted by Mr. Jayakumar and his wife, Ms. Sunita Jayakumar, KCPL is an authorised dealer for M&M's passenger car. KRISHNA CONTAINERS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krishna Containers (KC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.3 CRISIL D (Issuer Not Cooperating) Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.7 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KC 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 KC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. KC, established in 1999, is promoted by Mr Dinesh Arora and his family, who have been in the business of oil refining and palm oil trading for over two decades. It is based in Kanpur, Uttar Pradesh. The firm trades in crude palm oil (CPO) on a high-seas sale basis. It imports CPO from Malaysia and sells in the domestic market, mainly to refineries based in Uttar Pradesh and Punjab. It also trades in CPO in the domestic market and manufctures corrugated boxes. MAHARANA PRATAP: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharana Pratap Education Centre (MPEC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 3.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 10.5 CRISIL D (Issuer Not Cooperating) Proposed Bank 1 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Bank 26.2 CRISIL D (Issuer Not Guarantee Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Term Loan 4.8 CRISIL D (Issuer Not Cooperating) Term Loan 22 CRISIL D (Issuer Not Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MPEC 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 MPEC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MPEC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPEC continues to be 'CRISIL D Issuer Not Cooperating'. MPEC was established in 1995 by Mr. Ram Singh Bhadauria. It operates institutes providing technical, management, and medical courses in Kanpur and Lucknow (Uttar Pradesh). It also operates three schools named MPEC School, eight higher-education colleges, and Pratap University in Jaipur. MARUTI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maruti Cotton Industries (MCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.18 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.82 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MCI 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 MCI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCI continues to be 'CRISIL D Issuer Not Cooperating'. MCI, a partnership firm, started commercial production in January 2012. The firm gins and presses raw cotton (kapas). There are 11 partners in the firm, with Mr Savji Savsani (holding 15% stake) and Mr Mukesh Ghodsara (5%) actively managing the operations. MOWO INDUSTRY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mowo Industry (MI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Proposed Cash 5.5 CRISIL D (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with MI 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 MI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MI continues to be 'CRISIL D Issuer Not Cooperating'. MI was set up in 2015 and is engaged in the processing and export of red chillies. The firm has been set up by Mr.Nageshwara Rao and family. MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Mughal Foundation Mall (MFM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MFM 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 MFM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MFM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MFM continues to be 'CRISIL D Issuer Not Cooperating'. MFM operates a 1.23 lakh square feet commercial mall in Kodungallur. It was established in 2012 as a partnership firm by Mr Mohamed Ali (who manages the operations) and his family. NANCY KRAFTS PVT: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nancy Krafts Private Limited (NKPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 1.25 CRISIL D (Issuer Not Cooperating) Export Packing Credit 11.6 CRISIL D (Issuer Not Cooperating) Export Packing 5.61 CRISIL D (Issuer Not Credit Cooperating) Letter of credit 3.7 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 1.8 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 6.04 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with NKPL 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 NKPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NKPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NKPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of NKPL and Nancy Krafts (NK). This is because the two entities, together referred to as the Nancy group, are in the same line of business, with a common customer base, and shared promoters and management. NKPL was established in 1988 as a private-limited company. Nancy Krafts was set up in 1980 as a partnership. The two entities manufacture readymade garments, especially for women and children, at their plants in New Delhi. The entities cater to the export market and supply their products to retailers and wholesalers in Latin America, Mexico, Spain, the US, and Europe. NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Nancy Krafts (NK) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 3.5 CRISIL D (Issuer Not Credit Cooperating) Letter of credit 1.1 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 2.4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with NK 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 NK, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NK continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of NK and Nancy Krafts Pvt Ltd (NKPL). This is because the two entities, together referred to as the Nancy group, are in the same line of business, with a common customer base, and shared promoters and management. NK was set up in 1980 as a partnership. Nancy Krafts Private Limited was established in 1988 as a private-limited company. The two entities manufacture readymade garments, especially for women and children, at their plants in New Delhi. The entities cater to the export market and supply their products to retailers and wholesalers in Latin America, Mexico, Spain, the US, and Europe. NOVARC LABS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Novarc Labs Private Limited (NLPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Cash 3 CRISIL D (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with NLPL 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 NLPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NLPL continues to be 'CRISIL D Issuer Not Cooperating'. NLPL was incorporated in September 2014 as a private limited company by Ms. Vishali Sravanthi M. The company, based in Hyderabad, trades in APIs such as chlorothalidone and hydrochlorothiazide. OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Optimal Power Synergy India Private Limited (OPS) 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 1.85 CRISIL D (Issuer Not Cooperating) Foreign Letter 1 CRISIL D (Issuer Not of Credit Cooperating) Proposed Long Term 3.65 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with OPS 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 OPS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OPS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. OPS, incorporated in 2007, is a subsidiary of Optimal Power Solutions Pty Ltd, Australia. The company is involved in renewable energy business, specifically in the manufacture and design of power conditioning units such as inverters and various control systems. OPS also manufactures rooftop solar inverters of 3-30 kilowatt. Dr Swati Purakayastha manages the operations. PADMAVATHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Padmavathi Cotton Industries (PCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.50 CRISIL D (Issuer Not Cooperating) Proposed Cash Credit Limit 0.71 CRISIL D (Issuer Not Cooperating) Term Loan 5.79 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PCI 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 PCI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCI continues to be 'CRISIL D Issuer Not Cooperating'. PCI, located at Chintapally mandal in Nalgonda district of Telangana, is a partnership firm set up in March 2015 and started its operations on 28th January 2016. Mr Ganta Narayana Reddy and Mr Ganta Rajashekar Reddy are the managing partners of the firm. Mr Narayana Reddy has over 2 decades of experience in cotton trading business. The ginning facility includes 48 double roller gins, an auto pressing unit and an auto feeder unit. The installed processing capacity of the unit is ~351,000 kappas per annum. PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Peteresa Realtors (PR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 21.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PR 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 PR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PR continues to be 'CRISIL D Issuer Not Cooperating'. Established in 2008, PR is partnership firm which is engaged in residential real estate activities. PR is undertaking a residential real estate project in Borivali, Mumbai and is managed by Mr Robert Dsouza. PRE UNIQUE: Ind-Ra Withdraws B Long Term Issuer Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has withdrawn Pre Unique (India) Private Limited's Long-Term Issuer Rating of 'IND B (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- The 'IND B' rating on the INR10 mil. Fund-based limits* is Withdrawn; and -- The 'IND B' rating on the INR100 mil. Non-fund-based working limit* is withdrawn. *Ind-Ra is no longer required to maintain the ratings as the agency has received a no-dues certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Company Profile Incorporated in November 2015, Hyderabad-based Pre Unique (India) is engaged in the design, supply, fabrication and commissioning of palm oil mills. It has also ventured into the trading of palm seedlings. PRIME HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Prime Hitech Engineering Limited (PHEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Cash Credit 7.2 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Term Loan 45 CRISIL D (Issuer Not Cooperating) Term Loan 28.3 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PHEL 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 PHEL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PHEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PHEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in April 2010 as a joint venture by Prime Chemfert Industries Pvt. Ltd. (PCI) (51%), Keliburg Holding Ltd (Russian company, 30%), and the promoters of PCI (19%), PHEL carries out fabrication work for transformers and also manufactures turbine parts and drill bits used in in oil exploration and mining operations. PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Professional Educational Trust (PET) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 4 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 21 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PET 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 PET, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PET continues to be 'CRISIL D Issuer Not Cooperating'. PET, located in Palladam (Tamil Nadu), was established in 2009 by Dr. C Subramaniam. The trust offers undergraduate and postgraduate courses in engineering and management. PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of ProTAC Foods International Private Limited (PFIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 13 CRISIL D (Issuer Not Cooperating) Term Loan 5.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PFIPL 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 PFIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PFIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PFIPL continues to be 'CRISIL D Issuer Not Cooperating'. Protac Foods International Pvt Ltd was promoted by Mr Tarun Kunzru (managing director), Mr Chethan MV and Mr Abhishek Gowda M.N to engage in chicken processing, with an integrated cold chain preservative system and sales. The company was incorporated on February 5, 2014. The company has commenced operations since June 2016. ROSA POWER: Ind-Ra Withdraws BB Term Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has withdrawn Rosa Power Supply Company Limited's bank facilities' ratings. The detailed rating actions are: -- The IND BB/Stable rating on the INR32.760 bil. Rupee term loan (RTL) due on September 30, 2024 is withdrawn; and -- The IND BB/Stable rating on the INR14,414.25 bil. External commercial borrowing (ECB) due on December 31, 2023 is withdrawn. Key Rating Drivers Ind-Ra has withdrawn the ratings following the receipt of a no-dues certificate from the rated facilities' lenders. Company Profile Rosa Power Supply Company is a coal-fired thermal power plant located at Rosa, Shahjahanpur District, Uttar Pradesh. It has set up a 1,200MW (4 X 300MW) power plant in two phases of 600MW (2 X 300MW each) capacity. The project site is located 4kms from the Rosa railway station, about 160km from Lucknow. The phase I commenced commercial operations in July 2010, while the phase II came online in April 2012. SHANKAR MOTORS: CRISIL Lowers Rating on INR16.5cr Loan to D ----------------------------------------------------------- CRISIL Ratings has downgraded the rating on the bank facilities of Shankar Motors Private Limited (SMPL) to 'CRISIL D' from 'CRISIL BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 8.5 CRISIL D (Downgraded from Financing Scheme 'CRISIL BB-/Stable') (e-DFS) Proposed Cash 16.5 CRISIL D (Downgraded from Credit Limit 'CRISIL BB-/Stable') The rating reflects delays in servicing debt obligation on account of weak liquidity and average financial risk profile. These weaknesses are partially offset by the extensive industry experience of promoters. Analytical Approach CRISIL Ratings has combined the business and financial risk profiles of SMPL, Maurya Motors Private Limited (MMPL) and Himatsingka Agencies Private Limited (HAPL), as the three companies, collectively referred to as the Maurya Motors group, are in the same business and have a common promoter. Key Rating Drivers & Detailed Description Weaknesses: * Delays in servicing debt obligation: There have been irregularities in debt servicing by the group during September'22 to November'22. * Average financial risk profile: The financial risk profile is constrained by modest networth estimated at INR60.23 crore as on March 31, 2022 (INR54.18 crore a year earlier). The total outside liabilities to tangible networth (TOLTNW) ratio and gearing are high estimated at 2.26 times and 1.49 times, respectively, as on March 31, 2022 (2.37 times and 1.7 times, respectively, a year earlier), due to large debt to fund inventory. Debt protection metrics were average, as indicated by estimated interest coverage of 2.16 times and net cash accrual to adjusted debt ratio of 0.1 time in fiscal 2022 (1.11 times and 0.03 time, respectively, in fiscal 2021). Strength: * Extensive industry experience of the promoter: The promoter, Mr Mohan Himatsingka, has experience of more than three decades in the automobile dealership business, which will continue to support the business risk profile. Liquidity: Poor Liquidity is poor as reflected in irregularities in debt servicing by the company during September'22 to November'22. Rating Sensitivity Factors Upward factors * Timely repayment of debt obligations continuously for atleast 90 days. * Significant improvement in liquidity on back of substantial improvement in operating performance, restructuring of debt or infusion of equity. Patna-based HAPL was set up in December 2007 by Mr Mohan Himatsingka. It deals in commercial vehicles of TML in Bihar and Jharkhand. SMPL is a dealer of passenger vehicles and MMPL is a dealer of commercial vehicles of TML. ========= J A P A N ========= AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings ------------------------------------------------------- Egan-Jones Ratings Company on January 18, 2023, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Aeon Co Ltd. Headquartered in Chiba, Chiba, Japan, AEON Co., Ltd. is a Japanese multinational holding company of ÆON Group. J FRONT: Egan-Jones Retains B- Senior Unsecured Ratings ------------------------------------------------------- Egan-Jones Ratings Company on January 18, 2023, maintained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by J. Front Retailing Co., Ltd. EJR also maintained its C rating on commercial paper issued by the Company. J. Front Retailing Co., Ltd. is a major holding company in Japan, headquartered in Yaesu, Chuo, Tokyo. NISSAN MOTOR: Egan-Jones Retains BB+ Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company on January 11, 2023, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Nissan Motor Co., Ltd. Nissan Motor Co., Ltd., trading as Nissan Motor Corporation and often shortened to Nissan, is a Japanese multinational automobile manufacturer headquartered in Nishi-ku, Yokohama, Japan. NOMURA HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings -------------------------------------------------------------- Egan-Jones Ratings Company on January 18, 2023, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Nomura Holdings, Inc. EJR also upgraded the rating on commercial paper issued by the Company to B from C. Headquartered in Tokyo, Japan, Nomura Holdings, Inc. is a Japanese financial holding company and a principal member of the Nomura Group. ===================== N E W Z E A L A N D ===================== A L CONCRETE: Creditors' Proofs of Debt Due on Feb. 25 ------------------------------------------------------ Creditors of A L Concrete Placing Limited are required to file their proofs of debt by Feb. 25, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 25, 2022. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 AVS INVESTMENTS: Creditors' Proofs of Debt Due on March 10 ---------------------------------------------------------- Creditors of AVS Investments 108 Limited are required to file their proofs of debt by March 10, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 27, 2022. The company's liquidator is: Pritesh Patel Patel & Co 344 Great South Road Papatoetoe Auckland 2215 CLASSIC HOLDINGS: Rodewald Appointed as Receiver and Manager ------------------------------------------------------------ Thomas Lee Rodewald of Rodewald Consulting Limited on Jan. 26, 2023, was appointed as receiver and manager of Classic Holdings (Mount Maunganui) Limited. The receiver may be reached at: Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 DONG SH: Creditors' Proofs of Debt Due on March 13 -------------------------------------------------- Creditors of Dong SH Auckland Limited and JD Enterprises 2021 Limited are required to file their proofs of debt by March 13, 2023, to be included in the company's dividend distribution. Dong SH Auckland Limited commenced wind-up proceedings on Jan. 20, 2023. JD Enterprises 2021 Limited commenced wind-up proceedings on Jan. 26, 2023. The company's liquidator is: Daran Nair Nair Draht Limited 97 Great South Road Greenlane Auckland 1051 QUALITY LOCAL: Court to Hear Wind-Up Petition on Feb. 28 -------------------------------------------------------- A petition to wind up the operations of Quality Local Painters Group Limited will be heard before the High Court at Wellington on Feb. 28, 2023, at 10:00 a.m. Burgess Building Solutions Limited filed the petition against the company on Dec. 23, 2022. The Petitioner's solicitor is: Finn Collins Gibson Sheat Lawyers Level 5, 50 Customhouse Quay Wellington 6011 ================= S I N G A P O R E ================= DEVELOPMENT 83: Creditors' Proofs of Debt Due on March 1 -------------------------------------------------------- Creditors of Development 83 Pte. Ltd. are required to file their proofs of debt by March 1, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 30, 2023. The company's liquidator is Mr Tan Chin Ren of Tan, Chan & Partners. EZION OFFSHORE: Commences Wind-Up Proceedings --------------------------------------------- Members of Ezion Offshore Logistics Hub Pte Ltd, on Jan. 19, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 MODERN ACCESS: Commences Wind-Up Proceedings -------------------------------------------- Members of Modern Access Services Singapore Pte Ltd, on Jan. 19, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 ZILINGO PTE: Sells nCinga, Tech Assets to Zurich-based Buyogo ------------------------------------------------------------- Inc42 reports that beleaguered fashion tech startup Zilingo has sold its tech assets to the Swiss ecommerce management software provider Buyogo AG, along with its Sri Lanka-based acquired entity nCinga Innovations. Inc42, citing a report by ET, relates that the sale was completed in the first week of January and marked the beginning of the liquidation process at the Singapore-based startup. Inc42 reported in mid-January that Zilingo was headed for liquidation after a months-long struggle for survival which saw hundreds of employees leave the startup, along with key managerial personnel, the celebrity cofounder Ankiti Bose and her long-time supporter and Sequoia India's Shailendra Singh. "Buyogo AG announces the acquisition of nCinga Innovations Pte Ltd, Singapore and Zilingo's technology capabilities in manufacturing, retail and the fashion industry. Buyogo will be investing in R&D and innovation to enhance sustainability and efficiency for manufacturers, brands and retailers," the Zurich-based ecommerce enabler was cited as saying, Inc42 relays. It is also prudent to mention that Zilingo picked up nCinga Innovations for $15.5 million in a cash-and-stock deal in December 2019. However, Inc42 reported last April that the talks with nCinga had begun at a valuation of $5-7 million. Anand Pareek, founder and CEO of Buyogo AG, was cited as saying, "This acquisition complements our current business in terms of technology as well as our shared expertise across Europe and Asia. We will be investing in innovation and growth to help our customers transition to next-generation sales, manufacturing and sourcing technologies." Mr. Aaron Loh Cheng Lee and Ms. Ee Meng Yen Angela of EY Corporate Advisors were appointed as provisional liquidators of Zilingo Pte Ltd on Jan. 20, 2023. ********* 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 ***