/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230216.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 16, 2023, Vol. 26, No. 35 Headlines A U S T R A L I A ADRINA PROPERTY: Second Creditors' Meeting Set for Feb. 21 BABA G: First Creditors' Meeting Set for Feb. 23 EASY ROUTE: First Creditors' Meeting Set for Feb. 22 HALLBURY HOMES: 401 Creditors Unlikely to Receive a Cent MINA ITALIAN: First Creditors' Meeting Set for Feb. 23 OZ CORP: Second Creditors' Meeting Set for Feb. 22 YOUPLA GROUP: Kimberley Families Still in Limbo B A N G L A D E S H BANGLADESH: Inflation Grows by 46% in a Year C H I N A RADIANCE HOLDINGS: S&P Withdraws 'B+' LT Issuer Credit Rating I N D I A A V RAMBABU: CRISIL Reaffirms B- Rating on INR15cr Proposed Loan AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating AIRVISION INDIA: CRISIL Assigns B Rating to INR8.5cr Cash Loan ATAM MANOHAR: Ind-Ra Assigns BB- Long Term Issuer Rating BHILWARA JAIPUR: CARE Reaffirms D Rating on INR16.21cr LT Loan BHUMI PLASTIC: CRISIL Lowers Rating on Long/Short Loan to D CARNATION INDUSTRIES: CRISIL Cuts Rating on INR46.5cr Loan to D CIRCLE INFOTECH: CRISIL Lowers Rating on LT/ST Term Loans to D DIGIKREDIT FINANCE: CRISIL Withdraws B+ Rating on INR100cr Loan EASTERN SILK: CRISIL Keeps D Debt Rating in Not Cooperating FLEXILIS PRIVATE: Ind-Ra Affirms BB+ Long Term Issuer Rating GOOD MORNING: CRISIL Lowers Rating on INR15cr LT Loan to D GRD FOODS: CARE Keeps D Debt Rating in Not Cooperating Category GSS INFOTECH: CRISIL Withdraws B Rating on Long Term Debt JAYAMALAR SPINNING: CRISIL Cuts Rating on INR8cr Cash Loan to C MA MAHAMAYA: CARE Keeps D Debt Ratings in Not Cooperating MYCON CONSTRUCTION: CRISIL Lowers Rating on LT/ST Term Loans to D NOBLE MOULDS: CRISIL Assigns B Rating to INR14cr Cash Loan PARASHMANI MEDICAL: CRISIL Withdraws B Rating on INR15cr Loan PRG BUILDCON: CRISIL Cuts Rating on Long/Short Term Loan to D RADHAKRISHNA CONTRACTORS: CRISIL Cuts Rating on INR5cr Loan to B RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating RAJCHANDRA AGENCIES: CRISIL Cuts Rating on INR20cr Loan to B- RAVINDRA RICE: CARE Keeps D Debt Rating in Not Cooperating RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating SHIVANGI ROLLING: CRISIL Withdraws B+ Rating on INR8cr Cash Loan SUKHMANI MEGA: CARE Lowers Rating on INR11cr LT Loan to D SUSEE PREMIUM: CARE Keeps D Debt Rating in Not Cooperating SVSVS PROJECTS: CRISIL Lowers Rating on Long/Short Term Loan to D VASUMATHY TRADERS: CRISIL Reaffirms B+ Rating on INR5cr Key Loan J A P A N RAKUTEN GROUP: Annual Net Loss Widens to JPY372.8 Billion in 2022 TOSHIBA CORP: Cuts Annual Earnings Estimate; COO Steps Down M A L A Y S I A TOP BUILDERS: Granted 6-mo Extension to Submit Regularisation Plan N E W Z E A L A N D BLENHEIM WORKING: Court to Hear Wind-Up Petition on March 10 EVOLUTION MOTORCYCLES: Creditors' Proofs of Debt Due on March 21 NEW ZEALAND MANUKA: Court to Hear Wind-Up Petition on April 4 REDCURRENT LIMITED: Creditors' Proofs of Debt Due on March 13 THREE GOLD: Court to Hear Wind-Up Petition on March 17 S I N G A P O R E BRANKSOME REALTY: Creditors' Proofs of Debt Due on March 14 G9 ASIA: Creditors' Proofs of Debt Due on March 3 LAGUNA NATIONAL: Court Grants Club Member's Bid to Wind Up Club RESILIANT OFFSHORE: Creditors' Meetings Set for Feb. 21 SC SUNSET: Creditors' Proofs of Debt Due on March 13 SOUTHSEA OFFSHORE: Creditors' Meetings Set for Feb. 23 S R I L A N K A SRI LANKA: Envoy Meets Indian Ministers Seeking Support - - - - - ================= A U S T R A L I A ================= ADRINA PROPERTY: Second Creditors' Meeting Set for Feb. 21 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Adrina Property Management Pty Ltd has been set for Feb. 21, 2023 at 10:00 a.m. at Level 11, 12 The Esplanade in Perth 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. 20, 2023 at 4:00 p.m. Daniel Johannes Bredenkamp of Pitcher Partners was appointed as administrator of the company on Jan. 19, 2023. BABA G: First Creditors' Meeting Set for Feb. 23 ------------------------------------------------ A first meeting of the creditors in the proceedings of Baba G Wholesalers Pty Ltd will be held on Feb. 23, 2023, at 10:00 a.m. at the offices of Hall Chadwick at Level 40, 2 Park Street in Sydney and via teleconference only. John Vouris and David Trim of Hall Chadwick were appointed as administrators of the company on Feb. 13, 2023. EASY ROUTE: First Creditors' Meeting Set for Feb. 22 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Easy Route AUS Pty Ltd will be held on Feb. 22, 2023, at 12:00 p.m. via videoconference facilities. John Vouris and Kathleen Vouris of Hall Chadwick were appointed as administrators of the company on Feb. 13, 2023. HALLBURY HOMES: 401 Creditors Unlikely to Receive a Cent -------------------------------------------------------- News.com.au reports that a whopping 401 creditors are unlikely to receive a cent of their lost money from a collapsed building firm unless the liquidator can find a "pot of gold" buried among the company's limited assets. In January, Melbourne-based residential builder Hallbury Homes went into voluntary administration. The firm owed between AUD8 million and AUD12 million to hundreds of creditors, including 62 homeowners with projects at various stages of completion, the report discloses. Last week, at a creditor's meeting for Hallbury Homes, which also traded as Hallbuild Pty Ltd, the company was wound up in liquidation, according to news.com.au. News.com.au relates that appointed liquidator Michael Caspaney from insolvency firm Menzies Advisory, who was previously the appointed administrator, said the builder was bleeding money in the months leading up to its demise. "In the last 18 months, it appears that they lost between two and AUD3 million," Mr. Caspaney told news.com.au. "When you're losing money like that, I reckon they were insolvent during the 2022 calendar year, probably early on." According to a report lodged with ASIC on February 2, Hallbury Homes was "most likely" insolvent for the "whole" year of 2022. The implosion of Hallbury Homes has left behind 62 devastated customers building residential homes with the construction firm. Of those 62, 42 had already commenced building. A further 20 were in the pipeline to begin construction work. In another devastating twist, 10 of those customers had already paid a five per cent deposit to the builder, news.com.au relates. Only three of them had homeowners warranty insurance, news.com.au says. That means the other seven customers are unsecured creditors. Their losses will not be covered by the state insurer and the only chance of getting their deposit back will be if a dividend is paid out. But that's incredibly unlikely, according to Mr. Caspaney. "My prediction is there's not going to be a dividend," the report quotes Mr. Caspaney as saying. "I think there could be recoveries to cover employee entitlements (but) unless I find a pot of gold there's not going to be any for creditors." The ATO is the largest creditor, owed AUD1.4 million, the report notes. The biggest trade creditors are owed as much as AUD300,000. One of the homeowners paid a AUD78,000 deposit and another has put in a claim for AUD1 million worth of losses due to the firm's sudden collapse, news.com.au notes. All 23 staff members at Hallbury Homes were also all sacked on the spot the day they returned from their Christmas break on Jan. 9, the report adds. MINA ITALIAN: First Creditors' Meeting Set for Feb. 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Mina Italian Pty Ltd will be held on Feb. 23, 2023, at 10:00 a.m. at the offices of Jirsch Sutherland at Level 9, 120 Edward Street in Brisbane and via virtual meeting only. (Melissa) Poh Bee Lau of Jirsch Sutherland was appointed as administrator of the company on Feb. 13, 2023. OZ CORP: Second Creditors' Meeting Set for Feb. 22 -------------------------------------------------- A second meeting of creditors in the proceedings of Oz Corp Building Solutions Pty. Ltd. has been set for Feb. 22, 2023 at 11:00 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 21, 2023 at 5:00 p.m. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on Jan. 20, 2023. YOUPLA GROUP: Kimberley Families Still in Limbo ----------------------------------------------- ABC News reports that Kimberley families left heartbroken by delays in funeral services for deceased loved ones are still seeking compensation, a year after a now-defunct insurance company went insolvent. According to the report, thousands of Indigenous Australians have paid premiums to the insurance company over the past 30 years, formally known as the Aboriginal Community Benefit Fund (ACBF), later rebranded Youpla. ABC relates that the Australian Securities and Investments Commission (ASIC) first took ACBF to the Federal Court in October 2020 and accused the company of "misleading and deceptive conduct", when it falsely marketed itself as an Aboriginal business. As it approaches a year since Youpla's liquidation this March, victims in the Kimberley have called for a resolution from the government, ABC says. Last week, a group of advocates from the Save Sorry Business Coalition made the trip to Canberra, to meet with parliamentarians and discuss the formation of an enduring resolution for Indigenous Australians, ABC relates. According to ABC, Save Sorry Business coordinator Bettina Cooper attended the meeting and said the Aboriginal-led coalition was the only group to consult with First Nations people. "We're asking the government to consider, if they come up with an enduring resolution, that they come up with one with culturally appropriate options based on consultation," ABC quotes Ms. Cooper as saying. ABC adds that Broome CIRCLE financial counsellor Veronica Johnson said it was critical the government took responsibility for their regulatory failures, highlighted in the 2018 banking royal commission. Ms. Johnson said Youpla were able to find ways to avoid certain restrictions, which enabled the creation of multiple accounts, with some clients holding as many as four different plans at once. "The government should be a lot more attentive to what is going on, put in those extra measures, protect people and be more vigilant with all of these different funeral insurance groups," she said. Having already endured a lengthy fight for justice, Ms Johnson is concerned some of her clients' failing health or elderly age will mean they are unable to ever save enough money again for a funeral. A judgement in ASIC's court proceedings against ACBF is yet to be handed down, the report notes. Seven Youpla Group entities went into liquidation between November 2021 and April 2022. Mr. David Stimpson of SV Partners is the liquidator for the entities in the group. =================== B A N G L A D E S H =================== BANGLADESH: Inflation Grows by 46% in a Year -------------------------------------------- Dhaka Tribune reports that inflation in Bangladesh grew by 46% in a year, however, the Wage Rate Index (WRI) increased at the same time. According to the report, State Minister for Planning Shamsul Alam was speaking at the Development Dialogue hosted by the Development Journalists Forum of Bangladesh (DJFB) on Feb. 14 in the city's Sher-e-Bangla Nagar NEC conference room. "The cost of production materials has gone up and so has the cost of fuel. As a consequence, inflation increased to 9.5%. The general inflation was 5.86% in January of 2022 compared to 8.57% in the same month this year, meaning that within the past year, it has grown by 46%. However, it has been gradually declining for a few months," Dhaka Tribune quotes Mr. Shamsul Alam as saying. "The rate of inflation won't go back to where it was, however it could go down. And keep in mind that the wage rate index rose in tandem with inflation. The wage rate climbed in January of this year to 7.06%. It was 5.93% in January of last year." By focusing on the market system, Shamsul Alam also said: "We have to reform the market system. The market is completely fraudulent, especially the rice market. It cannot continue in the rice market. Coarse varieties of rice are polished and cut by buying machinery worth crores of Taka. This kind of cheating cannot be allowed to continue in the commodity market and it will be stopped." He stated that the loan budget will be utilized when necessary, in response to the issue of how this IMF loan will be spent. The DJFB General Secretary Shahanuare Shaid Shahin moderated the development dialogue, which was presided over by DJFB President Hamid-uz-Zaman, the report says. As reported in the Troubled Company Reporter-Asia Pacific in December 2022, Moody's Investors Service has placed the Government of Bangladesh's Ba3 long term issuer and senior unsecured ratings on review for downgrade. Short term issuer ratings are affirmed at Not Prime and the outlook was stable before being placed under review. ========= C H I N A ========= RADIANCE HOLDINGS: S&P Withdraws 'B+' LT Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdrew its 'B+' long-term issuer credit rating on Radiance Holdings (Group) Co. Ltd. at the company's request. The outlook was negative at the time of the withdrawal. S&P has also withdrawn its 'B' long-term issue rating on the senior unsecured notes Radiance issued. ========= I N D I A ========= A V RAMBABU: CRISIL Reaffirms B- Rating on INR15cr Proposed Loan ---------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on bank facilities of A V Rambabu Infra Pvt Ltd (AVRIPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL A4 (Reaffirmed) Bank Guarantee 10 CRISIL A4 (Reaffirmed) Overdraft Facility 4 CRISIL B-/Stable (Reaffirmed) Proposed Working Capital Facility 15 CRISIL B-/Stable (Reaffirmed) Secured Overdraft Facility 10 CRISIL B-/Stable (Reaffirmed) The rating continues to reflect the company's modest scale of operations amid intense competition, susceptibility to risks inherent in tender-based business and large working capital requirement. These weaknesses are partially offset by the extensive experience of the promoters in the civil construction industry and moderate financial risk profile. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations amid intense competition: Intense competition constrains scalability, reflected in operating income of INR40.11 crore in fiscal 2022. The company receives most of its orders from government organizations, which are tender-based. Revenue and profitability are dependent on the ability to bid successfully for tenders and execute them effectively. * Large working capital requirement: Operations are working capital intensive, reflected in gross current assets (GCAs) of 730 days as on March 31, 2022, on account of large inventory. The company receives payment from government departments within 30-60 days, which sometimes gets stretched to 90 days. It makes payment to its suppliers within 45 days and to subcontractors on realization of receivables. The large working capital requirement is met through working capital loans. Strengths: * Extensive experience of the promoters: The promoters have experience of over three decades in the civil construction industry. This has given them a strong understanding of market dynamics and helped to establish healthy relationships with suppliers and customers. * Moderate financial risk profile: Gearing and total outside liabilities to tangible networth ratio were 1.08 time and 1.91 times, respectively, as on March 31, 2022, owing to minimal term loans. Debt protection metrics were adequate, indicated by interest coverage and net cash accrual to total debt ratios of 2.03 times and 0.08 time, respectively, in fiscal 2022. The metrics will remain at similar levels over the medium term Liquidity: Stretched Bank limit utilisation is high at around 96 percent for the past twelve months ended December 2022. Cash accruals are expected to be over INR3-4 crore in medium term with repayment obligation of 0.83 -1.10 crs. Current ratio are healthy at 2.4 times on March 31, 2022 The promoters are likely to extend support in the form of equity and unsecured loans to meet its working capital requirements and repayment obligations. Unsecured loans infused by promoters & his family as on 31st December 2022 is INR12.30 crs. There has been instances of overdrawals for more than 30 days in two instances in 1st June 2022 and 1st September 2022 as per the bank statements available with CRISIL Ratings. These instances of overdrawals as confirmed by the banker were on account of operational issues at the bank's end and not due to liquidity issues at AVRIPL's end. Outlook Stable CRISIL Ratings believes AVRIPL will continue to benefit from the extensive experience of the promoters and its established track record. Rating Sensitivity factors Upward factors * Increase in revenue by over 20% and stable operating margin, leading to higher cash accrual around INR3.50 crs * Improvement in liquidity through fund infusion by promoters or enhancement in bank lines Downward factors * Decline in net cash accrual below INR2 crore on account of fall in revenue or operating profit * Delays in execution of work orders leading to pile-up of inventory, weakening liquidity AVRIPL was set up in 2008 by Mr AV Rambabu, Ms Anna Durga Kumari and Mr A Krishna Chaitanya in Hyderabad to take over the operations of the proprietorship firm, AV Rambabu. The company undertakes water supply and treatment projects, pipeline works, irrigation works, civil contracts and other infrastructure projects. Operations are managed by Mr A Krishna Chaitanya. AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Agrimony Tradex Vyaappar Private Limited (ATVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 26, 2021, placed the rating(s) of ATVPL under the ‘issuer non-cooperating' category as ATVPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ATVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 12, 2022, October 22, 2022, November 1, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Agrimony Tradex Vyaappar Private Limited (ATVPL) was incorporated in 2017 and is promoted by Mr. Sunil Kumar Choudhary, who is the managing director and the Chief Executive Officer of the company; he looks after the overall business operations of the company and has two decades of experience. He is ably supported by Mr. Bivor Bagaria, who is the director and Chief Financial Officer of the company and has an overall experience of over a decade and takes care of finance. ATVPL is part of Narayani group; the group comprises of five companies namely Narayani Steels Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar Private Limited (ATVPL). Narayani group is engaged in trading of blooms, billets, TMT bars, pellets, wire coils and manufacturing of TMT bars and other long products such as rounds, flats, angles, channels, etc. Further, the group has a wide network for the sales and distribution of the products across Andhra Pradesh, Telangana and other states in India. AIRVISION INDIA: CRISIL Assigns B Rating to INR8.5cr Cash Loan -------------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Airvision India Pvt Ltd (AIPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 8.5 CRISIL A4 (Assigned) Open Cash Credit 8.5 CRISIL B/Stable (Assigned) The rating reflects the large working capital requirement and exposure to intense competition leading to volatility in operating margin. These weaknesses are partially offset by the extensive experience of the promoters in the consumer durables industry. Key rating drivers & detailed description Weaknesses: * Large working capital cycle: Gross current assets (GCAs) stood at 205 days as on March 31, 2022 and were high ranging from 116 to 205 days over the past three fiscals. The company needs to extend long credit period to its customers, in line with industry standards, as it caters to small and mid-sized players. It also holds large work-in-process inventory and finished goods given the nature of business. * Exposure to intense competition leading to fluctuation in operating margin: The Indian consumer electronics market is intensely competitive. Entry of several large players has led to significant price competition over the past few years and has adversely affected the operating margin of most players. Fluctuation in raw material prices exerts further pressure on profitability as players do not have much scope to pass on such hike in cost to their customers. However, with better price orders, the operating margin has improved to 8.3% in fiscal 2022 and should remain around 8.3% in fiscal23. Sustenance of the margin is a key monitorable. Strength: * Extensive experience of the promoters: The three-decade-long experience of the promoters in the consumer electronics and durables industry, their strong understanding of market dynamics and healthy relationships with suppliers and customers will continue to support the business risk profile. Liquidity: Poor Expected cash accrual of INR2-3 crore may not suffice to cover the term debt of INR4-5 crore in the medium term. Bank limit utilization was also high, averaging around 96% for the 12 months ended December 31, 2022. Current ratio was moderate at 1.12 times as on March 31, 2022. Outlook: Stable CRISIL Ratings believes AIPL will continue to benefit from the extensive experience of its promoter in the consumer electronics and durables industry, and established relationships with clients. Rating sensitivity factors Upward factors * Sustained growth in revenue by 20% and a steady operating margin, leading to cash accrual above INR5 crore * Bank limit utilization averaging less than 90% on a sustained basis. * Improvement in working capital cycle, with GCAs improving to 150 days Downward factors * Decline in profitability or revenue leading to lower cash accrual below INR2 crore * Substantial increase in working capital requirement weakening financial risk profile and liquidity. AIPL was incorporated in 1995. The company manufactures printed circuit boards used in LED televisions and compact fluorescent light bulbs. Further, it is also engaged in assembly of coolers. Operations are managed by the promoter, Mr Sarbjit Singh Kalra and his family members. ATAM MANOHAR: Ind-Ra Assigns BB- Long Term Issuer Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned ATAM Manohar Ship Breakers Private Limited (AMSBPL) a Long-Term Issuer Rating of 'IND BB-' .The Outlook is Stable. The instrument-wise rating actions are: -- INR1.150 bil. Non-fund-based working capital limits* assigned with IND A4+ rating; -- INR172.5 mil. Fund-based working capital limits (sublimit of non-fund-based working capital limits)* assigned with IND BB- /Stable/IND A4+ rating; and -- INR17.4 mil. Derivative limits* assigned with IND A4+ rating. *Total limits restricted to INR1,167.4 bil. Key Rating Drivers The ratings reflect AMSBPL's small scale of operations as indicated by revenue of INR1,103.76 million in FY22 (FY21: INR936.05 million). The growth in revenue was mainly attributable to increased sales of scrap, as the company had purchased large-sized ships in FY21. The company's revenue is highly dependent on the type of ships procured for dismantling, leading to the absence of revenue visibility. During 10MFY23, the company booked revenue of INR1,400 million as it purchased two big ships during the year. Thus, Ind-Ra expects the revenue to remain at a similar level in the short term, due to the similar nature of operations. The ratings also factor in the company's modest EBITDA margins of 3.54% in FY22 (FY21: 3.74%) with a return on capital employed of 5.2% (5.7%). The margins ranged between 1.7% and 3.74% over FY18-FY22, reflecting the volatility in the prices of steel scrap as well as purchase price of ships. The ratings also reflect AMSBPL's modest credit metrics with the interest coverage (operating EBITDA/gross interest expenses) of 1.66x in FY22 (FY21: 1.39x) and net leverage (total adjusted net debt/operating EBITDAR) of 0.67x (11.26x). The improvement in the credit metrics was driven by a marginal improvement in EBITDA as well as higher amount of fixed deposits maintained by the company, leading to a lower net debt. Ind-Ra expects the credit metrics to remain modest in the short term, due to the similar nature of operations. Liquidity Indicator - Stretched: AMSBPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The net working capital cycle was elongated, despite reducing to 65 days in FY22 (FY21: 203 days) due to a decline in the inventory holding period to 54 days (196 days) as no ship was purchased at end-FY22. Furthermore, the cash flow from operations declined to INR21.7 million in FY22 (FY21: INR55.63 million), due to unfavorable changes in working capital. Consequently, the free cash flow decreased to INR16.3 million in FY22 (FY21: INR46 million), due to the absence of any major capex. The cash and cash equivalents stood at INR410.97 million at FYE22 (FYE21: INR224.54 million). The company's average maximum utilization of the non-fund-based limits was 53.68% during the 12 months ended January 2023. It has a sublimit of fund-based limits with utilization of 12.78% with consolidated utilization of 55.60% during the same period. As on 31 January 2023, the company had outstanding letters of credit of INR830.7 million due on 9 May 2023; against this, it has an inventory of INR470 million and a fixed deposit reserve of INR400 million. However, the ratings are supported by the promoters' nearly two decades of experience in the ship breaking industry, leading to established relationships with its customers and suppliers. Rating Sensitivities Positive: A substantial increase in the scale of operations, along with an improvement in the overall credit metrics with the interest coverage increasing above 2.0x and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or a further pressure on the liquidity position, all on a sustained basis could lead to a negative rating action. Company Profile Incorporated in 1997, AMSBPL is engaged in ship breaking. Its office is registered in Bhavnagar, Gujarat. The company is promoted by Anil Jain and Kamleshrani Jain. BHILWARA JAIPUR: CARE Reaffirms D Rating on INR16.21cr LT Loan -------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Bhilwara Jaipur Toll Road Private Limited (BJTRPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.21 CARE D; Reaffirmed Facilities Rationale and key rating drivers The rating assigned to the bank facilities of BJTRPL continues to factor in ongoing delays in debt servicing by the company. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely repayment of debt obligations for more than three months along with improvement in liquidity position of the company. Analytical approach: Standalone Key weaknesses * Ongoing delays in debt servicing: State Govt. of Rajasthan had exempted toll collection from private vehicles from April 1, 2018, leading to lower revenue resulting in delays in debt servicing. BJTRPL had served a notice for termination of the concession agreement in respect of the toll road project on account of breach of terms & conditions and an arbitrator was appointed by Hon'ble High court of Rajasthan to resolve the matter. The Arbitrator subsequently issued an interim award u/s 17 of Arbitration Act dated October 30, 2019, directing the PWD-Rajasthan Government to deposit INR191 crores in an escrow account and take back the possession of the project highway. State Government has now also allowed toll collection from private vehicles (earlier exempt since April 1, 2018) w.e.f. Nov 1, 2019. Hon'ble High court, in its order dated October 12, 2020, directed PWD, Rajasthan, to take over the project highway as directed by the Arbitrator and deposit Rs.191 crore with the lenders of BJTRPL in the escrow account till the final disposal of the appeal pending before the commercial court. However, during December 2021, Hon'ble High Court of Rajasthan ordered to allow the lenders to adjust the amount standing in credit of Escrow account against the exposure of BJTRPL. However, accumulated interest on the term loans for the period wherein the outstanding for banks was not adjusted against the amount deposited by PWD in escrow account, which is still pending and has not been serviced by the company and the matter remains subjudice. Liquidity: Poor The liquidity of the company is poor, owing to delays in debt servicing. Bhilwara Jaipur Toll Road Pvt. Ltd. (BJTRPL) is a Special Purpose Vehicle (SPV) promoted by SPML Infra Ltd (SIL) and Om Infra Limited to undertake the upgradation/ improvement and strengthening work for development of a road project awarded by Public Works Department (PWD), Government of Rajasthan. SIL currently has 51% stake in the project while OIL has a 49% stake. BHUMI PLASTIC: CRISIL Lowers Rating on Long/Short Loan to D ----------------------------------------------------------- CRISIL Ratings is downgraded the ratings of Bhumi Plastic Pipes Private Limited (BPPPL) to 'CRISIL D/CRISIL D/Issuer not cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from CRISIL B+/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with BPPPL for obtaining information through letters and emails dated May 10, 2022, and July 27, 2022, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BPPPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. According to the information available in the public domain, the company has defaulted in its repayment obligations. Hence CRISIL Ratings is downgraded the ratings to 'CRISIL D/CRISIL D/Issuer not cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. BPPPL, commenced operations from October 2017 at Guntur (Andhra Pradesh), manufactures polyvinyl chloride pipes and high-density polyethylene pipes with capacity of 7,200 tonne per year. Status of noncooperation with previous CRA: BPPPL has not cooperated with Care Analysis and Research Limited (CARE) which has classified it as non-cooperative vide release dated August 30, 2019. The reason provided by CARE is non-furnishing of information for monitoring of ratings. CARNATION INDUSTRIES: CRISIL Cuts Rating on INR46.5cr Loan to D --------------------------------------------------------------- CRISIL Ratings has downgraded the rating on the bank facilities of Carnation Industries Limited (CIL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL A4 Issuer Not Cooperating' as there have been delay in repayments of interest and debt obligations. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Short Term Rating 46.5 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with CIL for obtaining information through letters and emails dated April 29, 2022 and June 28, 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 has failed to receive any information on either the financial performance or strategic intent of CIL, which restricts CRISIL Ratings's ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes information available on CIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has downgraded the rating on the bank facilities of CIL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL A4 Issuer Not Cooperating' as there have been delay in repayments of interest and debt obligations. Carnation Industries Ltd (CIL) was started in the February, 1983 in Kolkata by Mr. R .P. Sehgal. The company is engaged in manufacturing and export of grey iron and ductile castings (mainly for sanitary and water distribution purposes). CIRCLE INFOTECH: CRISIL Lowers Rating on LT/ST Term Loans to D -------------------------------------------------------------- CRISIL Ratings has downgraded the rating on the bank facilities of Circle Infotech Private Limited (CIPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with CIPL for obtaining information through emails dated January 28, 2023, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CIPL is consistent with 'Assessing Information Adequacy Risk'. The rating on the bank facilities of CIPL has been downgraded to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' due to DPDs of 335 days in Term loan and 275 days in CC. CIPL, incorporated in 2008, is a Mumbai-based company that imports computer peripherals from manufacturers in China and sells them in India under the in-house brand, Circle. The products range from desktop cabinet, switched-mode power supply (power systems), key boards, mouse, card readers, speakers, head phones, earplugs and other high-end gaming products. Mr Sanjeev Kumar and Ms Sneha Kumar are the promoters. Status of noncooperation with previous CRA CIPL had not cooperated with CARE ratings which classified it as non-cooperative vide release dated Oct 1, 2019. The reason provided by CARE ratings is non-furnishing of information by CIPL for monitoring of ratings. DIGIKREDIT FINANCE: CRISIL Withdraws B+ Rating on INR100cr Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the debt instruments and bank facilities of Digikredit Finance Private Limited (Digikredit) following the request from the company and on receipt of 'no dues certificate' from the bankers and confirmation from debenture trustees that the outstanding against the respective instruments has been prepaid. The withdrawal is in line with CRISIL Ratings' withdrawal policy. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 100 CRISIL B+/Watch Negative (Withdrawn) Non Convertible 15 CRISIL B+/Watch Negative Debentures (Withdrawn) Non Convertible 25 CRISIL B+/Watch Negative Debentures (Withdrawn) Commercial Paper 25 CRISIL A4 (Withdrawn) On December 26th, 2022, the company had signed the business transfer agreement with Ambit Finvest Private Limited, wherein, the all the assets except sundry debtors and all the liabilities (including PTC) except sundry creditors, was taken over by Ambit Finvest Private Limited on a going concern and slump sale basis. The transaction was subsequently completed on December 30th, 2022. On the day of transaction, all the outstanding borrowings of Digikredit was pre-paid by Ambit Finvest Private Limited and currently the company does not have any debt outstanding. Digikredit is a non-deposit taking non-systemically important NBFC that provided unsecured business loans and loans against property, with focus on the SME segment in India. The company began operations from fiscal 2016 as an online marketplace. From fiscal 2017, it entered the lending phase with loans being booked on partner books. After receiving the NBFC license in February 2018, Digikredit commenced on-book lending. The AUM of the company grew at a 3-year CAGR of 39% to reach at INR535 crore as on March 31, 2022. Given the business model of the company, around INR365 crores was on partner books with rest being on-book. Post the consummation of transaction, the assets and liabilities of Digikredit Finance have been transferred to Ambit Finvest Private Ltd. EASTERN SILK: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Eastern Silk Industries Limited (ESIL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 471.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with ESIL for obtaining information through letters and emails dated October 31, 2022 and December 31, 2022, 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 ESIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ESIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ESIL continues to be 'CRISIL D Issuer Not Cooperating'. ESIL, incorporated in 1946, manufactures silk yarn, made-ups, home furnishings, fashion fabrics, handloom fabrics, double-width fabrics, and embroidered fabrics. The manufacturing facilities are at Anekal and Hobli in Bengaluru, and Nanjangud (all in Karnataka), and Falta Special Economic Zone (West Bengal). FLEXILIS PRIVATE: Ind-Ra Affirms BB+ Long Term Issuer Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised Flexilis Private Limited's (FPL) Outlook to Stable from Positive while affirming its Long-Term Issuer Rating at 'IND BB+'. The instrument-wise rating action is: -- INR940 mil. (increased from INR440 mil.) Fund-based working capital limits affirmed; Outlook revised to Stable from Positive with IND BB+/Stable/IND A4+ rating. The Outlook revision reflects Ind-Ra's expectation of a deterioration in FPL's profitability and credit metrics in FY23. Key Rating Drivers Ind-Ra expects FPL's EBITDA margin to decline in FY23 due to volatility in product prices and a fall in commission income, resulting from the closure of the refinery for planned maintenance in 1QFY23. In FY22, the EBITDA margin had remained healthy but had fallen to 8.72% (FY21: 12.29%) as FPL was unable to fully pass on a rise in prices to its customers and also because of an increase in the revenue share of black carbon, which offers lower margins than rubber. The ROCE was 15.9% in FY22 (FY21: 19%). Furthermore, Ind-Ra expects the credit metrics to weaken in FY23 due to the likely fall in absolute EBITDA coupled with an increase in long-term secured debt. In FY22, the gross interest coverage (operating EBITDA/gross interest expense) had improved to 8.47x (FY21: 5.69x) due to a reduction in interest expenses, and the net financial leverage (adjusted net debt/operating EBITDA) had improved to 1.33x (2.13x) due to increased cash and equivalents. Liquidity Indicator – Stretched: FPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The net working capital cycle remained elongated but improved to 119 days in FY22 (FY21: 221 days) due to a reduction in inventory days to 65 days (103) and debtors days to 132 days (203). FPL's average month-end utilization of the fund-based and non-fund-based limits was 54.47% during the 12 months ended December 2022. The cash flow from operations rose to INR314.55 million in FY22 (FY21: INR111.92 million) owing to increased realizations of trade receivables. The free cash flow turned positive at INR304.72 million in FY22 (FY21: negative INR111.28 million). The cash and cash equivalents stood at INR256.23 million at FYE22 (FY21: INR5.74 million). The company has scheduled debt obligations of INR107.2 million each in FY23 and FY24. The ratings factor in FPL's continued medium scale of operations, as indicated by revenue of INR2,133 million in FY22 (FY21: INR1,686 million). The revenue grew because of a sharp increase in the prices of the company's products. In 9MFY23, FPL achieved a revenue of INR1,707 million. Ind-Ra expects the revenue to rise slightly on a yoy basis in FY23 due to continued increase in the prices of products such as carbon black and polymer. The ratings are supported by FPL's established relationships with its channel partners, such as ExxonMobil Chemical Asia Pacific, and Indian Synthetic Rubber Private Limited. The ratings also draw comfort from the promoters' experience of more than three decades in the rubber industry. Rating Sensitivities Negative: A significant decline in the scale of operations and profitability, leading to deterioration in the overall credit metrics, with the interest coverage falling below 2.2x and/or deterioration in the liquidity, could lead to negative rating action. Positive: A significant improvement in profitability, along with maintaining its overall credit metrics and improvement in the liquidity, all on a sustained basis, could lead to a positive rating action. Company Profile Incorporated in 1989, FPL is a family managed company engaged in trading of synthetic rubber, carbon black, rubber chemicals and rubber process oil. Its head office is situated at Mumbai (Maharashtra)and its branch offices are located at Ahmedabad (Gujarat), Chennai (Tamil Nadu), Faridabad (Haryana), Agartala (Tripura) and Kochi (Kerala). GOOD MORNING: CRISIL Lowers Rating on INR15cr LT Loan to D ---------------------------------------------------------- CRISIL Ratings has downgraded the rating of Good Morning India Media Private Limited (GMIMPL) to 'CRISIL D; Issuer not cooperating' from 'CRISIL BB/Stable'; as the company has delayed servicing its debt obligation. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 15 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB/Stable') CRISIL Ratings has been consistently following up with GMIMPL for obtaining information through email dated February 6, 2023, 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 or 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-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'Issuer not cooperating' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of the entity, which restricts its ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes the rating action on GMIMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the best available information and feedback from the banker, CRISIL Ratings has downgraded the rating to 'CRISIL D; Issuer not cooperating' from 'CRISIL BB/Stable'; as the company has delayed servicing its debt obligation. GMIMPL, incorporated in 2006, undertakes printing, publishing and circulating daily, weekly, fortnightly and monthly newspapers, magazines, periodicals, journals and other publications. Currently, only the printing press of Ambala (Haryana) and Noida (Uttar Pradesh) are operational. GMIMPL is owned and managed by Mr Rakesh Sharma and Mr Intzar Ali. GRD FOODS: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GRD Foods Private Limited (GFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 25, 2021, placed the rating(s) of GFPL under the ‘issuer non-cooperating' category as GFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 11, 2022, October 21, 2022, October 31, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2012, GRD Foods Private Limited (GFPL) is engaged in the manufacturing of dairy products like ghee, whole milk powder (WMP), skimmed milk powder (SMP), dairy whitener, butter etc. The operations of GFPL started in April, 2014. The company has its milk processing unit in Kathua (Jammu and Kashmir) and sells its products under the brand name 'GRD' to wholesalers and institutional clients all over India. GSS INFOTECH: CRISIL Withdraws B Rating on Long Term Debt --------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of GSS Infotech Limited (GSS; part of the GSS group) to 'CRISIL B/Stable/CRISIL A4/Issuer not cooperating'. CRISIL Ratings has withdrawn its rating on bank facility of GSS following a request from the company and on receipt of a 'no dues certificate' from the banker. Consequently, CRISIL Ratings is migrating the ratings on bank facilities of GSS from 'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL B/Stable/CRISIL A4'. The rating action is in line with CRISIL Ratings' policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL B/Stable (Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Short Term Rating - CRISIL A4 (Migrated from 'CRISIL A4 ISSUER NOT COOPERATING'; Rating Withdrawn) GSS, incorporated in 2003, is a CMMI Level 5 company and a provider of information technology and IT-enabled solutions and services to companies worldwide. The company was formerly known as GSS America Infotech Ltd. and changed its name to GSS in March 2011. The day to-day operations of the company are managed by Mr. Bhargav Marepally. The company is listed on the Bombay Stock Exchange and the National Stock Exchange. JAYAMALAR SPINNING: CRISIL Cuts Rating on INR8cr Cash Loan to C --------------------------------------------------------------- CRISIL Ratings has revised its rating on the long-term bank facilities of Sri Jayamalar Spinning Mills Private Limited (SJSMPL) to 'CRISIL C Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating'. The rating action takes into account delays in the repayment of unrated loans. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL C (ISSUER NOT COOPERATING; Revised from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Long Term Loan 1.5 CRISIL C (ISSUER NOT COOPERATING; Revised from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Proposed Long Term 1.5 CRISIL C (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL B-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SJSMPL for obtaining information through letters and emails dated October 21, 2022, December 30, 2022 and December 31, 2022 among others, apart from telephonic communication. However, the issuer has remained noncooperative. '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 SJSMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SJSMPL is consistent with 'Assessing Information Adequacy Risk'. SJSMPL was incorporated in 2004 by Mr. Krishnaswamy and his wife Mrs. K. Rathinam. The company is engaged in manufacture of cotton yarn. MA MAHAMAYA: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ma Mahamaya Rice Mill Private Limited (MMRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.36 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 23, 2021, placed the rating(s) of MMRMPL under the 'issuer non-cooperating' category as MMRMPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MMRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 9, 2022, October 19, 2022, October 29, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ma Mahamaya Rice Mill Private Limited was incorporated in July 2006 with an objective to enter into the rice milling and processing business. The manufacturing unit of the company is located at Madhyamgram, Dist: Burdwan with an installed capacity of 40000 metric tons per annum. The company sells its finished product under the brand name of Mahamaya Bhog. The company is procuring raw paddy from the local farmers and small paddy agents. Mr. Sandip Hazra (Director) and Mrs. Madhumita Hazra who have around 21 years and 16 years of experiences, respectively, in similar line of business, are looking after the day-to-day operation of the company. MYCON CONSTRUCTION: CRISIL Lowers Rating on LT/ST Term Loans to D ----------------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Mycon Construction Limited (MCL) to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'. The downgrade reflects the delay in servicing interest by the company due to tight cash flows owing to business pressure. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (Downgraded from 'CRISIL B-/Stable) Short Term Rating - CRISIL D (Downgraded from 'CRISIL A4') The ratings continue to reflect the company's weak liquidity on account of stretched working capital cycle, below-average financial risk. These weaknesses are partially offset by the long track record of the promoters in the construction business and moderate order book. Key Rating Drivers & Detailed Description Weaknesses * Delays in debt servicing: The company has delayed the interest servicing for the months of December 2022 and January and 2023, mainly due to tight liquidity arising from business pressures. * Working capital-intensive operations: Gross current assets was high at 892 days as on March 31, 2022 mainly driven by substantial work-in-progress at different project sites and stretched receivables as most of the customers are public sector units. Working capital requirement will remain large over the medium term. * Below-average financial risk profile: Debt protection metrics were expected to be weak, with net cash accrual to total debt and interest coverage ratios of 0.01 time and 0.20 times, respectively, for fiscal 2022. Total outside liabilities to tangible networth (TOLTNW) ratio was high at 4.23 times as on March 31, 2022; however, networth was large at INR25 crore. Strength * Established track record in the construction business and moderate order book: The company has a track record of over five decades in the construction industry, backed by experienced promoters and long-term relationships with key customers. The company has an unexecuted order book of over INR100 crore that provides moderate revenue visibility. Liquidity: Poor Liquidity is expected to remain poor over the medium term. Expected annual cash accrual of INR0.90 crore would remain insufficient to meet yearly debt obligation of around INR2.2 crore, over the medium term. This shortfall should be met through unsecured loans from the promoters. Working capital limit of INR10 crore was utilized at an average of over 101% during the 12 months through January 2023. Rating Sensitivity Factors Upward Factors: * Track record of timely debt servicing for 90 days or more * Sustainable improvement in working capital management * Net cash accrual to repayment of more than 1.1 times * Better financial risk profile aided by decline in TOLTNW to less than 2 times MCL was set up as a partnership firm in 1946 in Bengaluru. It was reconstituted as a closely held public limited company in 1989. MCL undertakes civil and structural construction for public and private sector entities in Karnataka, Tamil Nadu, and Odisha. NOBLE MOULDS: CRISIL Assigns B Rating to INR14cr Cash Loan ---------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of Noble Moulds Private Limited (NMPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 14 CRISIL B/Stable (Assigned) The rating reflects the highly leveraged capital structure of NMPL, fluctuations in the operating margin and large working capital requirement. These weaknesses are partially offset by extensive experience of the promoters in the consumer durables-consumer electronic products industry. Key rating drivers and detailed description Weaknesses * Highly leveraged capital structure: Total outside liabilities to adjusted networth ratio has been above 4.00 times for the past three fiscals and stood at 4.07 times as on March 31, 2022. * Fluctuations in operating margin: Operating margin improved to 8.3% per annum in fiscal 2022, from historic levels of 5-6%, owing to better-priced orders. Sustenance of the margin at around 8% shall remain a key monitorable. * Large working capital requirement: Gross current assets have been sizeable at 134-194 days for the past three fiscals and were 194 days as on March 31, 2022. The company needs to extend credit to customers (all small- and medium-sized players) and maintain a huge inventory to supply on time and as per the seasonal requirement. Strength * Extensive experience of the promoters: The promoters have more than three decades of experience in the consumer durables-consumer electronic products industry; their strong understanding of market dynamics and healthy relationships with suppliers and customers should continue to support the business. Liquidity: Poor Bank limit utilisation stood at 97.98% for the 12 months through November 2022. Cash accrual is projected at more than INR5.0 crore per annum, against term debt obligation of INR3.5-4.5 crore over the medium term. Current ratio was moderate at 1.08 times on March 31, 2022. Outlook: Stable NMPL will continue to benefit from the extensive experience of its promoters and their established relationship with clients. Rating sensitivity factors Upward factors * Steady revenue growth per annum with operating margin above 6%, leading to cash accrual more than INR7 crore * Bank limit utilisation moderating to less than 90% on sustained basis * Improvement in the working capital cycle Downward factors * Decline in revenue and profitability margin dropping below 5%, resulting in cash accrual lower than INR6 crore * Large, debt-funded capital expenditure * Further stretch in the working capital cycle NMPL, incorporated in 1992, manufactures moulding and other plastic products used in electronic goods such as televisions, washing machines and refrigerators. Its facilities are in Noida (Uttar Pradesh). The company is promoter by Mr Sarabjit Singh Kalra and Gurmeet Kaur Kalra. PARASHMANI MEDICAL: CRISIL Withdraws B Rating on INR15cr Loan ------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Parashmani Medical Centre Private Limited (PMCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL A4/Issuer Not Cooperating (Withdrawn) Cash Credit 15 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with PMCPL 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 PMCPL. This restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PMCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PMCPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. CRISIL Ratings has withdrawn its ratings on the bank facilities of PMCPL on the request of the company and receipt of a no objection certificate from its bank. The rating action is in line with CRISIL Ratings' policy on withdrawal of its ratings on bank loans. PMCPL was incorporated in 2014. It is engaged in providing healthcare services through its 300 bedded tertiary multi- specialty hospital in Durgapur- Kolkata. Hospital having specialized departments for ENT, Gynecology, Orthopedic, Endocrinology, Cardiology, Ophthalmology & others. It has started commercial operation in August 2017 under the name of Healthworld Hospitals and promoted by Dr Arunangshu Ganguly. PRG BUILDCON: CRISIL Cuts Rating on Long/Short Term Loan to D ------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the bank facilities of PRG Buildcon India Private Limited (PRG) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' based on publicly available information. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with PRG for obtaining information through letters and emails dated September 22, 2021, November 12, 2021, January 16, 2023 and January 30, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PRG, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PRG is consistent with 'Assessing Information Adequacy Risk'. Established in 2012 as Naya Infrastructure Pvt Ltd (NIPL) and later renamed a PRG Buildcon India Pvt Ltd (PRG), it primarily undertakes execution of irrigation projects in Hyderabad (Telangana). The day to day operations of the company are managed by Mr. Sunil Kumar Bontha. Status of non cooperation with previous CRA PRG has not cooperated with ICRA Ltd and India Ratings And Research Private Limited which has classified it as non-cooperative vide release dated 01 October, 2019 and 12 October 2021 respectively. The reason provided by ICRA Ltd and India Ratings And Research Private Limited is non-furnishing of information for monitoring of ratings. RADHAKRISHNA CONTRACTORS: CRISIL Cuts Rating on INR5cr Loan to B ---------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the long-term bank facilities of Radhakrishna Contractors (RC) to 'CRISIL B/Stable' from 'CRISIL B+/Stable' and reaffirmed the short-term rating at 'CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 CRISIL A4 (Reaffirmed) Cash Credit 5 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Proposed Cash Credit Limit 3 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The downgrade factors in the significant concentration risk with high dependence on a single counterparty AP Transco. Further liquidity is stretched with high bank limit utilisation of 90% for the 12 months through December 2022. Timely realisation of payments from AP Transco will be a key monitorable. The rating reflects the modest scale of operations of the firm, significant single counterparty risk and exposure to intense competition. These weaknesses are partially offset by the extensive experience of the proprietor in the civil construction industry. Key rating drivers and detailed description Weaknesses: * Small scale of operations and modest order book: Scale of operations is expected to remain subdued with revenue of about INR19 crore in fiscal 2022. * Significant single counterparty risk: Majority of RC's order book depends on a single counterparty. * Exposure to intense competition: The firm's revenue depends largely on its ability to win tenders, and hence, it has to bid aggressively to counter intense competition inherent in the civil construction industry. Intense competition and limited bargaining power with customers will continue to constrain its revenue and profitability. Strength: * Extensive experience of the proprietor: The proprietor's experience of over two decades in the civil construction industry, strong understanding of local market dynamics and healthy relationships with suppliers and customers will continue to support the business. The firm has a track record of executing several telecommunication, power and civil works projects Liquidity: Stretched Bank limit utilisation was high at 90% on average for the 12 months through December 2022. Cash accrual is expected to be INR1.25-1.9 crore which is sufficient against term debt obligation of INR0.62 crore over the medium term. In addition, it will cushion the liquidity of the firm. Current ratio was moderate at 1.16 times as on March 31, 2022. Outlook: Stable CRISIL Ratings believes RC will continue to benefit from the extensive experience of the proprietor. Rating sensitivity factors Upward factors: * Sustained improvement in revenue to over INR30 crore and stable operating margin of 12% * Improvement in the working capital cycle Downward factors: * Delay in execution of orders resulting in lower revenue and operating margin falling below 5% * Significant stretch in the working capital cycle or any large, debt-funded capital expenditure weakening the financial risk profile and liquidity Set up in 2013 by the proprietor, Mr Kiran M, RC provides infrastructural services to telecommunication and power companies. It also undertakes civil work for roads and drainages. It is based in Rajahmundry, Andhra Pradesh. RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raheja Developers Limited (RDL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,171.64 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 16, 2021, placed the rating(s) of RDL under the 'issuer non-cooperating' category as RDL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RDL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 2, 2022, October 12, 2022, October 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Raheja Developers Limited (RDL) was incorporated in 1990 and was promoted by Mr. Navin M Raheja and his family members. The company is engaged in real estate development (residential and commercial). Mr. Navin M Raheja (Chairman & Managing Director) has an established track record in the real estate sector. He is also chairman of real estate committee of FICCI (Federation of Indian Chambers of Commerce and Industry) and a chairman of advisory council of National Real Estate Development Council (NAREDCO). A recent judgement, NCLAT has halted the insolvency proceedings against the RDL and handed over the management of the company back to its board of directors. RAJCHANDRA AGENCIES: CRISIL Cuts Rating on INR20cr Loan to B- ------------------------------------------------------------- CRISIL Rating has downgraded its rating on the long-term bank facility of Rajchandra Agencies (RA) to 'CRISIL B-/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL B-/Stable (Downgraded from 'CRISIL B+/Stable') The downgrade reflects deterioration of firm's financial risk profile particularly liquidity. Firm's accruals are expected to remain modest tightly matched against repayment obligations. Further, firm's bank limit utilization has remained full with average utilization at 98% for last 12 months ended December 2022. Firm had also availed adhoc during this period. Firm has repayment obligations of around INR1-1.5 crore over per annum over medium term. Ability to meet repayment obligation will remain sensitive to improvement in operating performance of the firm. The rating continues to reflect firm's below average financial risk profile, and high geographical concentration in revenue. These weaknesses are partially offset by the extensive experience of RA's partners in distribution of fast-moving consumer goods (FMCG), the diverse product portfolio, and longstanding relationships with customers. Key Rating Drivers & Detailed Description Weakness: * Below average financial risk profile: The financial risk profile is constrained by modest networth of INR7.3 crore as on Mar 31, 2022 marked by low accretion to reserve arising out of modest scale of operations. Capital structure is average marked by gearing and total outside liabilities to tangible networth at 3.6 times and 3.74 times, respectively, as on March 31, 2022. Debt protection metrics are weak with interest cover of 1.33 time and net cash accruals to adjusted debt ratio of 0.01 time as on March 31, 2022. * Geographical concentration in revenue profile: RA has a limited geographical reach for its distributorship business. The firm is a distributor for Airtel's prepaid products (from Bhyandar to Borivali (All), Kandiwali East & Malad East), ITC's products (Dahisar and Borivali) and Vivo mobile's handsets (Nalasopara to Dahanu) all within Western Mumbai region. With the entire revenue generated from few western suburbs of Mumbai, the firm faces high geographic concentration risk. Strengths: * Extensive experience of partners: The more than a decade's experience of the partners, Mr Mukesh Gupta and Mr Hari Gupta in distribution of FMCG products for nearly two decades and healthy relationship with suppliers and customers should continue to support the business. Partners have maintained association with its major principals- ITC, Airtel and Vivo Moblies for almost a decade which has supported business risk profile of the firm. * Diverse product portfolio: The firm is wholesale distributor for Bharti Airtel Ltd, ITC (cigarettes, confectionaries, noodles, aata, soaps, deodorants etc), and Vivo (mobile handsets). The diversified product range reduces dependence on any particular brand. Liquidity: Poor Bank limit utilization is high at around 98 % for the past 12 months and company taken adhoc limit for 9 of 12 months ended Dec 2022. Cash accrual are expected to be over INR1.1 - 2.6 crore which are insufficient against term debt obligation of INR1.5 - 1.6 crore over the medium term. Current ratio are healthy at 1.33 times on March 31, 2022. Moderate cash and bank balance of around Rs.1.4 Crore as on March 31, 2022. Outlook: Stable CRISIL Rating believes RA will continue to benefit from its established relationship with customers and suppliers, and the extensive experience of its partners. Rating Sensitivity Factors Upward factors * Sustained increase in revenue and profitability leading to Net cash accruals to repayment obligation ratio (NCA/RO) of over 1.2 times * Improvement in financial risk mainly infusion of capital resulting in reduced reliance on external debt Downward factors * Decline in revenues or profitability, resulting in net cash accruals to repayment obligation remaining below 1 time * Large working capital cycle resulting in deterioration in financial risk profile with bank limit utilization continuing to remain high. Set up in 2004 as a partnership concern by Mr Mukesh Gupta and Mr Hari Gupta, RA is an authorized distributor for Bharti Airtel Ltd's prepaid products; ITC's cigarettes, foods, and personal care products; and Vivo's mobile handsets for western suburbs of Mumbai. RAVINDRA RICE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ravindra Rice and General Mills (RRGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 2, 2022, placed the rating(s) of RRGM under the 'issuer non-cooperating' category as RRGM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RRGM continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 19, 2022, December 29, 2022, January 8, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ravindra Rice and General Mills (RRGM) got established in 1998 as a partnership firm and are currently being managed by Mr. Ravinder Kumar Girdhar and Mr Sanjeev Kumar Girdhar. RRGM is engaged in the processing of paddy at its manufacturing facility located at Fazilka (Punjab). The firm is also engaged in milling for various government entities like PUNSUP, Pungrain, etc. RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RPN Engineers Chennai Private Limited (RECPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.26 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.87 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 29, 2021, placed the rating(s) of RECPL under the 'issuer non-cooperating' category as RECPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RECPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 15, 2022, October 25, 2022, January 30, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). RECPL was established as a proprietorship firm (M/s. Lookmans Engineering Contractors) in 1995 by Mr. P.K. Luqmman Basha and was reconstituted into a private limited in May 1999 in Chennai. RPN is engaged in the business of civil and mechanical constructions like laying of pipes for state and central government agencies and contract work for the Indian railways. SHIVANGI ROLLING: CRISIL Withdraws B+ Rating on INR8cr Cash Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Shivangi Rolling Mills Private Limited (SRMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Letter of Credit 0.5 CRISIL A4/Issuer Not Cooperating (Withdrawn) Long Term Loan 0.72 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term Bank Loan Facility 0.41 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SRMPL for obtaining information through letters and emails dated June 20, 2022 and August 18, 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 SRMPL. This restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRMPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. CRISIL Ratings has withdrawn its ratings on the bank facilities of SRMPL on the request of the company and receipt of a no objection certificate from its bank. The rating action is in line with CRISIL Ratings' policy on withdrawal of its ratings on bank loans. Promoted by Mr. Divyanshu Bansal and his family, SRMPL was incorporated in 2003. Company is based out of Indore and is engaged in manufacturing of thermo-mechanically treated bars. SUKHMANI MEGA: CARE Lowers Rating on INR11cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sukhmani Mega Structure Private Limited (SMSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and Revised from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 24, 2021, placed the rating(s) of SMSPL under the 'issuer non-cooperating' category as SMSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 10, 2022, October 20, 2022, October 30, 2022 and February 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The rating revision also considers the ongoing delays in debt servicing as recognized from publicly available information i.e., CIBIL filings. Sukhmani Megastructures Private Limited (SMP) was incorporated in May, 2007 as a private limited company and is currently being managed by Mr. Jaspreet Singh and Mrs. Parmeet Kaur. SMP undertakes civil construction work in Punjab, Chandigarh, Delhi, Haryana, Uttar Pradesh, Uttarakhand and Bihar which includes infrastructure development, road works, erection of sewage systems, earthwork etc. SUSEE PREMIUM: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Susee Premium Automobiles Private Limited (SPAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 26, 2021, placed the rating(s) of SPAPL under the 'issuer non-cooperating' category as SPAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SPAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 12, 2022, October 22, 2022, November 1, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Susee Premium Automobiles Private Limited (SPAPL) was incorporated in the year 2008 by Mr. S. Jeyabalan, Mr. J. Rajiv Subramanian and Ms. J. Nirmala. SPAPL is the authorised dealer of Ford India Private Limited for vehicles and spare parts. It has two operating showrooms named Rockcity Ford in Trichy and Salem, Tamil Nadu. The company procures the vehicles and spare parts directly from FIPL's manufacturing units in Gujarat and Chennai. The registered office is located in Madurai, Tamil Nadu. SVSVS PROJECTS: CRISIL Lowers Rating on Long/Short Term Loan to D ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of SVSVS Projects Private Limited (SVSVS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SVSVS for obtaining information through letters and emails dated August 24, 2022, and October 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 SVSVS, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. According to the information available in the public domain, the company has defaulted in its repayment obligations. Hence CRISIL Ratings is downgrading the ratings to 'CRISIL D/CRISIL D Issuer not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating' Incorporated in 2007, SVSVS undertakes construction of roads, bridges, dams, buildings, and irrigation works. SVSVS is promoted by Mr. V Rama Mohan Rao and his family and is based in Hyderabad. VASUMATHY TRADERS: CRISIL Reaffirms B+ Rating on INR5cr Key Loan ---------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the bank facilities of Vasumathy Traders (VT). The rating continues to reflect the firm's modest scale of operations in an intensely competitive segment and below-average financial risk profile. These weaknesses are partially offset by the experience of its proprietor. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL B+/Stable (Reaffirmed) Key Loan 5 CRISIL B+/Stable (Reaffirmed) Proposed Cash Credit Limit 0.5 CRISIL B+/Stable (Reaffirmed) Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations in intensely competitive segment: Small scale is reflected in modest revenue of INR70.93 crore in fiscal 2022. Also, operating margin has historically remained in the range of 5-8% due to trading nature of operations. Intense competition, trading nature of the business, and volatile product prices may continue to constrain scalability, pricing power, and profitability. * Below-average financial risk profile: Networth continues to remain modest at INR7.88 crore as on March 31, 2022. Debt protection metrics are moderate, with interest coverage at 2.95 times for fiscal 2022. However, total outside liabilities to tangible networth ratio is high at 1.64 times as on March 31, 2022. Strengths: * Experience of proprietor: Benefits from proprietor's experience of four decades and strong reputation with the Government of Tamil Nadu for procurement of imported pulses for its various civil schemes should continue to support business. Liquidity: Stretched Bank limit utilisation is moderate at around 85.53 percent for the past nine months ended December 2022. Cash accrual are expected to be over INR1-2 Crore which are sufficient against term debt obligation of Rs.0.3-0.6 Crore over the medium term. In addition, it will be act as cushion to the liquidity of the company. Current ratio are healthy at 1.81 times on March 31, 2022. Outlook: Stable CRISIL Rating believes VT will continue to benefit from its proprietor's experience. Rating Sensitivity factors Upward factor * Increase in revenues while maintaining the operating profitability leading to cash accruals of above Rs. 2 crores * Improvement in financial risk profile Downward factor * Decrease in revenue or operating profitability to below 5% * Stretch in working capital cycle weakening financial risk profile, especially liquidity Set up in 1977 in Virudhunagar, Tamil Nadu, as a proprietorship firm by Mr A Surendran, VT sells imported pulses and spices to the Government of Tamil Nadu and a few private players. ========= J A P A N ========= RAKUTEN GROUP: Annual Net Loss Widens to JPY372.8 Billion in 2022 ----------------------------------------------------------------- The Japan Times reports that Rakuten Group has reported a record group net loss of JPY372.8 billion in 2022, far bigger than the year-before loss of JPY133.8 billion. The cybermall and mobile phone group incurred a net loss for the fourth straight year due chiefly to massive costs to build mobile phone base stations, the report says. According to The Japan Times, the company logged a loss of JPY492.8 billion on its mobile phone business, against the year-before loss of JPY421.1 billion. The number of subscribers to its mobile phone service at the end of 2022 fell to 5.06 million from 5.37 million a year before, after Rakuten abolished its zero-yen plan for those who use a low amount of data. "This is going to be a crucial year," President Hiroshi Mikitani told an online news conference Feb. 14. He said his company aims to bring the mobile phone business back to profitability on a monthly basis by the end of 2023 chiefly by reducing costs of roaming, or borrowing communications networks from other carriers, and television commercial expenses, The Japan Times relates. Meanwhile, Rakuten Group's overall sales grew 14.6% to a record JPY1,927,878 million, led by the strong performances of its domestic e-commerce business and financial service operations, adds The Japan Times. About Rakuten Japan-based Rakuten Group provides e-commerce, fintech, digital content, and communications products and services. As recently reported in the Troubled Company Reporter-Asia Pacific, S&P Global Ratings affirmed its 'BB' issue credit rating to Rakuten Group Inc.'s (BB/Negative/--) U.S. dollar-denominated senior unsecured bonds ($500 million; issued in November 2022; due in 2024) following the company's announcement of a potential additional issuance. TOSHIBA CORP: Cuts Annual Earnings Estimate; COO Steps Down ----------------------------------------------------------- Reuters reports that Toshiba Corp cut its annual earnings estimate after third-quarter profit slumped and its chief operating officer resigned over the inappropriate use of entertainment expenses. Reuters says the weak performance and the departure of Goro Yanase come at a time when the scandal-ridden industrial conglomerate is assessing a binding buyout proposal from a consortium led by private equity firm Japan Industrial Partners (JIP). The sluggish results "would make it hard for a bidder to offer a high price (for a buyout)," Reuters quotes Yoshiharu Izumi, senior equity analyst at SBI Securities as saying. Hit by weak demand for hard disk drives from data centre customers, Toshiba said quarterly operating profit fell 88% to JPY5.3 billion ($40.4 million), far below the Refinitiv consensus estimate of JPY37 billion, Reuters discloses. Reuters relates that the industrial conglomerate also took a large charge relating to an old project for its power generation systems business, as well as an appraisal loss on a further drop in printer unit Toshiba Tec Corp's share prices. Its profit estimate for the year ending in March was cut by a quarter to JPY95 billion. Adding to the woes, Kioxia Holdings Corp, a memory chip maker 40.6% owned by Toshiba, slipped to a net loss of JPY84.6 billion in the quarter, due to weak demand for personal computers and smartphones, Reuters relays. According to Reuters, Toshiba said Mr. Yanase had resigned over the inappropriate use of entertainment expenses in 2019 when he was an executive at a company unit. Toshiba declined to comment on details of the JIP proposal, but board chairperson Akihiro Watanabe said in a statement it was "important to reach a final conclusion on the strategic alternatives of the company as soon as possible and to start working towards a new stage," according to Reuters. The JIP consortium submitted its formal proposal last week, after sources said the investors had secured JPY1.4 trillion in loan commitments for their buyout including a commitment line of JPY200 billion for working capital. Reuters says the final buyout proposal would also include an equity portion of about JPY1 trillion, the sources said, adding that many details of the potential deal have to yet to be fixed. A buyout, if successful, would draw a line under years of upheaval for the industrial conglomerate ranging from accounting scandals, heavy losses, corporate governance concerns as well as friction with activist investors that led to a strategic review, Reuters adds. About Toshiba Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances. As reported in the Troubled Company Reporter-Asia Pacific, S&P Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer credit rating and 'B' short-term issuer and issue credit ratings on Toshiba Corp. S&P removed the long-term issuer credit rating from CreditWatch with negative implications, on which S&P placed it on Nov. 16, 2021. The outlook is negative. =============== M A L A Y S I A =============== TOP BUILDERS: Granted 6-mo Extension to Submit Regularisation Plan ------------------------------------------------------------------ theedgemarkets.com reports that Bursa Securities has granted Practice Note 17 (PN17) company Top Builders Capital Bhd a six-month extension to submit its regularisation plan to regulatory authorities. According to a Bursa Malaysia filing on Feb. 14, the new deadline for the piling and engineering group to submit its regularisation plan to the Securities Commission Malaysia (SC) or Bursa Securities has been extended to June 29, 2023, theedgemarkets.com relays. On Jan. 3 the group had requested a three-month extension from Dec. 29, 2022. On Dec. 1 last year, the company said it was still in the midst of formulating a regularisation plan to address its financial condition. More recently, Top Builders' unaudited financial results for the financial year ended June 30, 2022 (FY2022) indicated it had returned to the black with a net profit of MYR150.39 million on the back of an approved scheme of arrangement. Revenue stood at MYR19.63 million, the report discloses. However, its unaudited financial statements for FY2022 also showed that its current liabilities exceeded its current assets by MYR108.55 million. Top Builders previously posted three consecutive financial years of net losses - MYR239.1 million in FY2021, MYR144.35 million in FY2019 and MYR26.93 million in FY2018, theedgemarkets.com relates. On Dec. 30, 2020, the group had changed its financial year end from Dec. 31 to June 30. theedgemarkets.com notes that trading of Top Builders shares has been suspended since Nov. 8 last year pending the submission of its FY2021 annual report. The counter last traded at two sen, giving the group a market capitalisation of MYR14.1 million. About Top Builders Top Builders Capital Berhad specializes in engineering and construction services. The Company designs, engineers, and constructs piling and foundation, bridges, and buildings. Top Builders was classified as a Practice Note 17 (PN17) company in January 2022 after Bursa Malaysia Securities Bhd rejected the company's request for a six-month extension of the exemption period. Top Builder first triggered the PN17 criteria in June, 2020. Known as Ikhmas Jaya at the time, its external auditor Messrs KPMG PLT raised doubt about the company's ability to continue as a going concern, as the loss-making company's current liabilities had exceeded its current assets by MYR21.6 million. At the same time, its shareholders' equity on a consolidated basis was 25% or less of the share capital (excluding treasury shares), and such shareholders' equity was less than MYR40 million. But thanks to the relief measures introduced by Bursa and the Securities Commission Malaysia, Ikhmas Jaya was not classified as a PN17 listed issuer for a period of 18 months, theedgemarkets.com said. The company is still in the midst of formulating a regularisation plan to address its financial condition. It has been a loss-making company since FY18. ===================== N E W Z E A L A N D ===================== BLENHEIM WORKING: Court to Hear Wind-Up Petition on March 10 ------------------------------------------------------------ A petition to wind up the operations of Blenheim Working Men's Club will be heard before the High Court at Blenheim on March 10, 2023, at 10:00 a.m. The Registrar of Friendly Societies filed the petition against the company on Nov. 16, 2022. The Petitioner's solicitor is: Crispin Ross Vinnell Anthony Harper Level 9, Anthony Harper Tower 62 Worcester Boulevard PO Box 2646 Christchurch EVOLUTION MOTORCYCLES: Creditors' Proofs of Debt Due on March 21 ---------------------------------------------------------------- Creditors of Evolution Motorcycles Limited are required to file their proofs of debt by March 21, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 14, 2023. The company's liquidators are: Paul Manning Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 NEW ZEALAND MANUKA: Court to Hear Wind-Up Petition on April 4 ------------------------------------------------------------- A petition to wind up the operations of New Zealand Manuka Apiculture Limited will be heard before the High Court at Auckland on April 4, 2023, at 10:45 a.m. NZ Honey Group Limited filed the petition against the company on Jan. 19, 2023. The Petitioner's solicitor is: Krishneel Naidu Sainsbury Logan & Williams Solicitors 61 Tennyson Street Napier 4110 REDCURRENT LIMITED: Creditors' Proofs of Debt Due on March 13 ------------------------------------------------------------- Creditors of Redcurrent Limited are required to file their proofs of debt by March 13, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 13, 2023. The company's liquidators are: Rhys Cain Larissa Logan EY PO Box 2091 Level 4, 93 Cambridge Terrace Christchurch THREE GOLD: Court to Hear Wind-Up Petition on March 17 ------------------------------------------------------ A petition to wind up the operations of Three Gold Trading Limited will be heard before the High Court at Auckland on March 17, 2023, at 10:00 a.m. Tokyo Food Company Limited filed the petition against the company on Dec. 5, 2022. The Petitioner's solicitor is: Brett Leeson Martelli Level 1, 19 Mauranui Avenue Newmarket Auckland ================= S I N G A P O R E ================= BRANKSOME REALTY: Creditors' Proofs of Debt Due on March 14 ----------------------------------------------------------- Creditors of Branksome Realty 1 Pte. Ltd. are required to file their proofs of debt by March 14, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 10, 2023. The company's liquidator is Tan Chin Ren of Tan, Chan & Partners. G9 ASIA: Creditors' Proofs of Debt Due on March 3 ------------------------------------------------- Creditors of G9 Asia XVII Pte. Ltd. are required to file their proofs of debt by March 3, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 3, 2023. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 LAGUNA NATIONAL: Court Grants Club Member's Bid to Wind Up Club --------------------------------------------------------------- The Business Times reports that Singapore's High Court on Feb. 13 granted the application by a pioneer member of the Laguna National Golf and Country Club to wind up the club, and said that the club's trustee, British and Malayan Trustees (BMT), would be in a position of conflict of interest once the winding-up starts. BT relates that Lim How Teck had filed a petition to wind up the club after it failed to pay back millions of dollars owed to a group of noteholders. The 30-year-old notes, issued to finance the construction of the club, were due for redemption in June 2021. The notes amounted to SGD70.6 million in value, the club's 2020 financial statements indicated. According to BT, the owner of the club, motoring tycoon Peter Kwee, had written to the trustee the day before the redemption date, saying the club was unable to fulfil the redemption due to its "current financial position". Laguna had fought Mr. Lim's petition, filed April 4, 2022, arguing that a clause in the notes agreement said that only the trustee may pursue action to enforce the rights of noteholders against the company, unless it fails to do so. In the last court hearing on Feb. 6, senior counsel Tan Chee Meng, representing Mr. Lim, referred to evidence that BMT had demonstrated "unjustifiable unwillingness" to take action against Laguna, BT says. On Feb. 13, judge Chua Lee Ming noted that BMT had confirmed that it would act if directed in writing by sufficient noteholders as required, so the court did not agree that BMT had been "unjustifiably unwilling" to carry out its duty. BT says the court also noted that BMT does not have to comply with directions from the noteholders, unless it is "indemnified to its satisfaction against all actions, proceedings, claims and demands", which may thereby render itself liable. In the Feb. 6 hearing, senior counsel Tan had also argued that the trustee would be in a conflict-of-interest situation if it were the applicant in the winding-up proceedings against the club, while also facing "a potential claim by some noteholders for breach of its duties under the Trust Deed". According to the report, Tan did not show how the trustee's interest in protecting itself against potential claims by some noteholders would result in a conflict of interest, but the court has said that BMT would indeed be in a position of conflict of interest "once the winding up commences". BT relates that the court said that once the club is ordered to be wound up, BMT - as the applicant in the winding-up proceedings - would need to continue liaising with the liquidators and provide them with all relevant information, thereby considering the noteholders' interests. The court said: "As the trustee is facing potential claims by some noteholders, its interest in protecting itself against such claims would conflict with its duty to protect the interests of the noteholders. "The trustee may have information that is relevant to the liquidators, but which may be adverse to its own interests in any action brought by the noteholders against it." Because there is no dispute that the club is unable to pay its debts, the court ordered that the club be wound up. It also appointed Cameron Lindsay Duncan and David DongWon Kim of KordaMentha Restructuring, as liquidators, BT discloses. The court also ordered that the costs of the proceedings be taxed and be paid to Mr. Lim out of the assets of the company. An e-mail notice sent to club members on Feb. 13 referred to Laguna National Golf and Country Club as the "old company" and, announced that a liquidator has been appointed to handle the matter of the unsecured notes. In the notice, members were also reassured that the new company, Laguna National Golf Resort Club, would not be affected by the winding-up, the report relays. Club owner Peter Kwee, in an earlier interview with The Business Times, said that another move he took to ringfence the company's liabilities - that is, the liabilities of the Laguna National Golf and Country Club - was to move its core business and assets to another company, Laguna Hotel Holdings. He told BT that he had to set up a new company to get financing from banks to build the new hotel and revamp the golf course when he took over the club in 2001 from a joint venture led by NatSteel Resorts International (now NSL Resorts International). As at Jun 11, 2021, the day the unsecured notes were due for redemption, Laguna National Golf and Country Club had ceased operations, he said. RESILIANT OFFSHORE: Creditors' Meetings Set for Feb. 21 ------------------------------------------------------- Resiliant Offshore Pte Ltd, Swiber Marine Pte. Ltd., Rawabi Swiber Offshore Marine Pte. Ltd., and Equatoriale International Pte. Ltd. will hold meetings for their creditors on Feb. 21, 2023, at 10:30 a.m., 4:00 p.m., 4:30 p.m. and 5:30 p.m., respectively, via electronic means. Agenda of the meeting includes: a. to receive a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims; b. to confirm the appointment of Mr. Chan Kwong Shing, Adrian, Mr. Bob Yap Cheng Ghee and Ms. Toh Ai Ling all care of KPMG Services Pte. Ltd. as the joint and several Liquidators of the Company pursuant to Section 167(1) of the Act for the purpose of winding up the affairs of the Company at such emuneration based on time costs (the “Liquidators”); c. to resolve that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; d. to form a Committee of Inspection of not more than 5 members, if thought fit; and e. any other business. SC SUNSET: Creditors' Proofs of Debt Due on March 13 ---------------------------------------------------- Creditors of SC Sunset Heights Pte. Ltd. are required to file their proofs of debt by March 13, 2023, to be included in the company's dividend distribution. The company's liquidator is: Lim Yau Wen 7500A Beach Road #11-320 The Plaza Singapore 199591 SOUTHSEA OFFSHORE: Creditors' Meetings Set for Feb. 23 ------------------------------------------------------ Southsea Offshore Pte Ltd, Whitmer Offshore Pte. Ltd., and Swiber Capital Pte. Ltd. will hold meetings for their creditors on Feb. 23, 2023, at 3:00 p.m., 4:00 p.m., and 5:00 p.m., respectively, via electronic means. Agenda of the meeting includes: a. to receive a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims; b. to confirm the appointment of Mr. Chan Kwong Shing, Adrian, Mr. Bob Yap Cheng Ghee and Ms. Toh Ai Ling all care of KPMG Services Pte. Ltd. as the joint and several Liquidators of the Company pursuant to Section 167(1) of the Act for the purpose of winding up the affairs of the Company at such emuneration based on time costs (the “Liquidators”); c. to resolve that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; d. to form a Committee of Inspection of not more than 5 members, if thought fit; and e. any other business. ================= S R I L A N K A ================= SRI LANKA: Envoy Meets Indian Ministers Seeking Support ------------------------------------------------------- Hindustan Times reports that Sri Lankan high commissioner Milinda Moragoda on Feb. 14 met with union commerce minister Piyush Goyal and union finance minister Nirmala Sitharaman to discuss India's support for his country's economic recovery, including through the expansion of bilateral trade and use of the rupee for trade settlement. According to Hindustan Times, India provided economic assistance worth almost $4 billion, including a currency swap and lines of credit for emergency purchases of food, medicines and fuel to Sri Lanka during last year's unprecedented economic crisis. New Delhi also took the lead in providing guarantees to the International Monetary Fund (IMF) to help Colombo access a $2.9 billion bailout package. Mr. Moragoda has been meeting key Indian ministers for discussions on Sri Lanka's economic recovery. During his meeting with Goyal, the two sides focused on a range of issues related to bilateral trade and commerce, particularly aimed at the island country's economic recovery, the Sri Lankan high commission said in a statement, the report relays. In this context, the two sides looked at ways to establish and promote rupee trade as a means of economic recovery in Sri Lanka, mexchanisms for expanding bilateral trade, and the possibility of bilateral integration in the textiles and garment sector, the statement said. In his meeting with Sitharaman, Mr. Moragoda thanked India for the aid being provided to Sri Lanka, particularly the regulations and approvals being put in place to facilitate rupee trade between the two countries. According to Hindustan Times, the discussions also focused on ways to utilise available resources in the $1 billion Indian line of credit to import urgently required pharmaceuticals, which are in short supply in Sri Lanka. Mr. Moragoda briefed Sitharaman on Sri Lanka's discussions with the IMF to obtain the extended fund facility and the current status of his country's debt restructuring process. While apprising her of the drastic impact of the economic contraction on Sri Lanka's population, Mr. Moragoda expressed appreciation for efforts to garner international support for Colombo's case, including at the G20. During the meetings, Mr. Moragoda thanked the Indian side for its "unprecedented support" to Sri Lanka to mitigate the impacts of the economic crisis, the report relays. Recalling India's timely issuance of financial assurances to the IMF, the first creditor to do so, Mr. Moragoda emphasised the key role that India can play in the recovery phase of Sri Lanka's economy. The meetings took place just ahead of the first meeting of the G20 finance ministers, scheduled to be chaired by Sitharaman in Bengaluru during February 24-25, the report notes. About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, and southeast of the Arabian Sea; it is separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka shares a maritime border with India and the Maldives. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. Sri Lanka has been mired in turmoil amid surging inflation, a plummeting currency and an economic crisis that has left the country short of the hard currency it needs to import food and fuel, according to Bloomberg News. Public anger has boiled over into violent protests and led the government to announce in April 2022 it would halt payments on its US$12.6 billion pile of foreign debt to preserve cash for essential goods. That marks the nation's first sovereign debt default since it gained independence from Britain in 1948, Bloomberg said. Its bonds are among the worst performers in the world in 2022 and trade deep in distressed territory, with holders bracing for losses approaching 60 cents on the dollar. Sri Lanka's crisis sparked months of mass protests and eventually forced then president Gotabaya Rajapaksa to flee the country. On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's new head of state backed by a majority of lawmakers from ousted leader Gotabaya Rajapaksa's party. Sri Lanka is in talks with the International Monetary Fund for a bailout and needs to negotiate a debt restructuring with creditors. As reported in the Troubled Company Reporter-Asia Pacific in December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted Default). Fitch typically does not assign Outlooks to ratings of 'CCC+' or below. Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed on July 14, 2022, following the publication of the updated Sovereign Rating Criteria. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***