/raid1/www/Hosts/bankrupt/TCRAP_Public/230412.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
Wednesday, April 12, 2023, Vol. 26, No. 74
Headlines
A U S T R A L I A
DALTREY PTY: Second Creditors' Meeting Set for April 18
DOORDASH: Shutters Dashmart Just Four Months After Launch
GATEWAY PARRAMATTA: First Creditors' Meeting Set for April 19
JDM AUST: Second Creditors' Meeting Set for April 18
LABS WA: Second Creditors' Meeting Set for April 17
MECHASTEEL PTY: Second Creditors' Meeting Set for April 18
STARFISH FINANCIAL: ASIC Cancels AFS Licence
I N D I A
AACHI SPECIAL: CRISIL Withdraws B+ Rating on INR10cr Whse Debts
ANANDA LAKSHMI: Insolvency Resolution Process Case Summary
ARUN ENGINEERING: CRISIL Moves B- Debt Ratings to Not Cooperating
B N G GLOBAL: Insolvency Resolution Process Case Summary
BAJAJ HERBALS: CRISIL Assigns D Rating to INR6cr Cash Credit
BESTO TRADELINK: CRISIL Lowers Rating on INR6cr Cash Loan to B-
CHAHAL PARIVAHAN: Liquidation Process Case Summary
CHOUDHURY COLD: CRISIL Moves B Debt Ratings to Not Cooperating
GAMBS INDIA: Liquidation Process Case Summary
GAZIABAD FORGINGS: CRISIL Moves B+ Debt Rating to Not Cooperating
GEETA REFINERY: CRISIL Cuts Long and Short Term Debt Rating to D
MAITREYA: CRISIL Moves B Debt Rating to Not Cooperating
NINE NINES: Voluntary Liquidation Process Case Summary
PALA DECOR: Insolvency Resolution Process Case Summary
PANNA TEXTILE: CRISIL Reaffirms B+ Rating on INR5cr LT Bank Loan
PERCEPT LIVE: Insolvency Resolution Process Case Summary
PRAMUKH PETROLEUM: CRISIL Moves B+ Ratings to Not Cooperating
RAI BAHADUR: CRISIL Moves B Debt Ratings from Not Cooperating
RASUL ENTERPRISES: CRISIL Moves B+ Debt Rating to Not Cooperating
SAMARTH SHRINIWAS:Insolvency Resolution Process Case Summary
SHAHANSHAH AGRO: CRISIL Assigns B+ Rating to INR9.55cr Term Loan
SHAKTI LIFESCIENCE: CRISIL Moves B Ratings to Not Cooperating
SHEEN INDIA: Insolvency Resolution Process Case Summary
SIX SIGMA: CRISIL Moves Debt Ratings from B+/Not Cooperating
SREI EQUIPMENT: CRISIL Keeps B+(SO) Rating on INR175.25cr Notes
STARLIT POWER: Insolvency Resolution Process Case Summary
SUNCO ENTERPRISES: CRISIL Reaffirms B+ Rating on INR2cr Loan
SURBHI SATCOM: CRISIL Withdraws B Rating on INR15cr Cash Loan
SURYA INTERNATIONAL: CRISIL Assigns D Rating to INR7.5cr Loan
TARADE BROTHERS: CRISIL Moves B Debt Ratings to Not Cooperating
U.K. TEXTILES: CRISIL Reaffirms B+ Rating on INR13cr Debt
UTOPIAN SUGARS: Insolvency Resolution Process Case Summary
VARSHIL PACKAGING: CRISIL Moves B+ Ratings to Not Cooperating
VENKATESWARA ELECTRICAL: CRISIL Moves B+ Ratings to Not Cooperating
VERSATRON SOLUTIONS: CRISIL Moves B- Rating to Not Cooperating
WADHAWAN GLOBAL: Insolvency Resolution Process Case Summary
WELPACK PPOLYMERS: CRISIL Moves B+ Ratings to Not Cooperating
ZEE ENTERTAINMENT: Insolvency Resolution Process Case Summary
I N D O N E S I A
GOLDEN ENERGY: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable
N E W Z E A L A N D
CK MIIRACLE: Court to Hear Wind-Up Petition on April 21
CURIOUS DOG: Bookshop to Close End of May Due to Rising Rent
DEREK ALLOMES: Creditors' Proofs of Debt Due on June 12
DL DIGGERS: Court to Hear Wind-Up Petition on May 5
FERRYMEAD AGADIR: Creditors' Proofs of Debt Due on May 5
SEE ONE: Creditors' Proofs of Debt Due on May 25
P H I L I P P I N E S
CEBU PACIFIC: Buys PHP4 Million Shares in Budget Carrier
JG SUMMIT: Unit Reports Wider Annual Loss of PHP14.9BB in 2022
S I N G A P O R E
ACL BUILDING: Creditors' Meetings Set for April 14
CML HOSPITALITY: Creditors' Proofs of Debt Due on May 6
KEMAKMURAN HOLDING: Creditors' Proofs of Debt Due on May 8
KWS JAPAN: Creditors' Proofs of Debt Due on May 7
RW TODA: Creditors' Proofs of Debt Due on May 7
SEROJA INVESTMENTS: Gets Delisting Notice From Singapore Bourse
S O U T H K O R E A
ASIANA AIRLINES: Korean Air Goes All Out to Get OK for Takeover
LOTTE GROUP: Seeks Cash to Dispel Concerns Over Liquidity Crisis
- - - - -
=================
A U S T R A L I A
=================
DALTREY PTY: Second Creditors' Meeting Set for April 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of Daltrey Pty Ltd
and Daltrey Australia Pty Ltd has been set for April 18, 2023 at
11:00 a.m. at the offices of Chartered Accountants ANZ at 33
Erskine St in Sydney and 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 April 17, 2023 at 4:00 p.m.
Stewart Free and Bradd William Morelli of Jirsch Sutherland were
appointed as administrators of the company on March 3, 2023.
DOORDASH: Shutters Dashmart Just Four Months After Launch
---------------------------------------------------------
The Sydney Morning Herald reports that food courier platform
DoorDash has abandoned its foray into rapid grocery delivery just
four months after launching in Sydney, Melbourne and Brisbane and
claiming it would succeed where its rivals had failed.
In November, DoorDash launched three "DashMart" miniature
warehouses that stocked supermarket items for delivery by its
riders, with initial plans to open 29 more by the end of this year,
SMH recalls.
According to SMH, rival rapid delivery companies Voly and Send had
already collapsed when DashMart launched as rising interest rates
exposed weaknesses in the business model, which requires expensive
leases, logistics and labour to compete with the supermarket giants
that dominate the AUD100 billion sector.
"We wouldn't be launching and expanding if we weren't confident,"
DoorDash Australia, Canada and New Zealand general manager Rebecca
Burrows told this SMH last year.
On April 6, DoorDash confirmed the stores were closing, which will
cost 11 staff members their jobs, SMH reports.
"We are always evaluating where to invest in a way that supports
the business and meets the needs of the communities we serve," Ms.
Burrows said in a statement. "As we continue to invest in grocery
and convenience in Australia, we have decided to focus our efforts
on prioritising selection for consumers, and supporting our
merchants and partners."
Sydney, Melbourne and Brisbane customers can continue to access
DashMart for another month, with the final day of operations
scheduled for Friday May 5, the report relates.
DoorDash, a US$24 billion US-listed company, will instead focus on
doing deliveries for partner retailers such as Coles and 7-Eleven.
According to SMH, San Francisco-based DoorDash senior executive
Kyra Huntington informed affected DashMart staff of their
redundancies on Tuesday morning [April 4] before announcing it to
the broader DoorDash team in a local all-hands meeting that
afternoon.
A source, close to the matter but not authorised to speak publicly,
said staff morale had been "ripped out" by the December
redundancies, which employees were told had been made to prevent
future cuts, SMH relays.
"It wasn't handled well. It felt like no one knew what was going
on, and the trust that had been built until that stage was eroded
very quickly," the source said.
"No one's got answers . . . It's just bad decision after bad
decision."
DoorDash had initially planned to establish 32 DashMart sites
around Australia by the end of 2023. This figure was eventually
reduced to 12, then down to eight, the source, as cited by SMH,
said. DoorDash did not respond to detailed questions about
DashMart's operations.
DoorDash had leased two sites in Melbourne, one in Coburg and
another in Camberwell, with the intention of launching DashMart
warehouses.
Its decision to pull out of the rapid grocery delivery market
leaves more space for serial entrepreneur Dany Milham's Milkrun,
which has had to close stores and cut staff to extend its cash
reserves. Supermarket giant Woolworths' Metro60, which uses Uber
for deliveries, is also in the industry.
DoorDash's shares are down about 70 per cent from their highs
during the pandemic as investors have turned away from unprofitable
technology companies.
SMH notes that DoorDash's closure of its DashMart operations also
follows the end of Deliveroo, which pulled the plug on the
Australian market last November. The food delivery platform was
never profitable in Australia and incurred losses of more than
AUD120 million in 2022.
GATEWAY PARRAMATTA: First Creditors' Meeting Set for April 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Gateway
Parramatta One Commercial Pty Ltd will be held on April 19, 2023,
at 9:00 a.m. via videoconference only (Microsoft Teams).
Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on April 6, 2023.
JDM AUST: Second Creditors' Meeting Set for April 18
----------------------------------------------------
A second meeting of creditors in the proceedings of:
- JDM Aust Pty Ltd;
- JDM Fabrication Pty Ltd;
- KSS Enterprises Pty Ltd; and
- KSJM Enterprises Pty Ltd
has been set for April 18, 2023 at 10:30 a.m. at the offices of SV
Partners at 22 Market Street in Brisbane.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 17, 2023 at 5:00 p.m.
David Michae Stimpson and Adam Peter Kersey of SV Partners were
appointed as administrators of the company on April 18, 2023.
LABS WA: Second Creditors' Meeting Set for April 17
---------------------------------------------------
A second meeting of creditors in the proceedings of Labs WA Pty Ltd
has been set for April 17, 2023 at 10:30 a.m. at the offices of
Ticcidew Pty Ltd at 463 Scarborough Beach Road in Osborne Park 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 April 16, 2023 at 5:00 p.m.
Simon Roger Coad of Ticcidew was appointed as administrator of the
company on March 2, 2023.
MECHASTEEL PTY: Second Creditors' Meeting Set for April 18
----------------------------------------------------------
A second meeting of creditors in the proceedings of MechaSteel Pty
Ltd, Mecha Holdings Pty Ltd, and Tetris Holdings Pty Ltd has been
set for April 18, 2023 at 11:00 a.m. via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 17, 2023 at 5:00 p.m.
Rajiv Goyal and Joseph Hayes of Wexted Advisors were appointed as
administrators of the company on March 3, 2023.
STARFISH FINANCIAL: ASIC Cancels AFS Licence
--------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
Starfish Financial Services Pty Ltd.
The licence authorised Starfish to deal in interests in managed
investment schemes to wholesale clients.
ASIC cancelled the licence because Starfish failed to maintain the
required organisational competence to provide the financial
services covered by its AFS licence and to meet its financial
reporting obligations.
Starfish is permitted to provide financial services that are
reasonably necessary for, or incidental to the winding up of the
fund it operates until April 30, 2023.
Starfish may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision.
Starfish has held AFS licence no. 495223 since Oct. 3, 2017.
=========
I N D I A
=========
AACHI SPECIAL: CRISIL Withdraws B+ Rating on INR10cr Whse Debts
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Aachi Special Foods Private
Limited (ASFPL) to 'CRISIL B+/Stable/Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of ASFPL
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 ASFPL from 'CRISIL
B+/Stable/Issuer Not Cooperating to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 10 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING;
Rating Withdrawn)
Based in Chennai, ASFPL was set up in 2012 by Mr Ashwin Pandian and
Mr Abhishek Abraham to trade in red chillies, black pepper,
coriander, and cumin. The company is part of the Chennai-based
Aachi group, to which it makes its entire sales.
ANANDA LAKSHMI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sri Ananda Lakshmi Narasimha Industries India Private
Limited
930/3A, Velivennu Road,
Samisragudem Village Nidadavole Mandal,
Andhra Pradesh 543302
Insolvency Commencement Date: March 20, 2023
Estimated date of closure of
insolvency resolution process: September 16, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Mr. Raghu Babu Gunturu
1st Floor, Golden Hieghts,
Plot No. 9, Opp. Raheja IT Mind Space,
HUDA Techno Enclave, Madhapur,
Hyderabad-500081, India
Email: raghu@ezresolve.in
Email: srianandalakshmi@ezresolve.in
Last date for
submission of claims: April 3, 2023
ARUN ENGINEERING: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Arun Engineering Projects Private Limited (AEPPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.5 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 5 CRISIL B-/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 7.5 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with AEPPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of AEPPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from AEPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on AEPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AEPPL
migrated to 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'.
AEPPL was originally set up in 1972 as a proprietorship by the late
Mr R A Harry at Bengaluru; it got reconstituted as a
private-limited company in 1998. The company provides engineering,
procurement, and construction services in the water supply and
underground drainage water system segments.
B N G GLOBAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: B N G Global Private Limited
GD. ITL A-09 Northex Tower 5th Floor 504
NSP Pitampura Delhi
North Delhi DL 110034 India
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 13, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Harish Taneja
236-L, Model Town,
Near Mukhija hospital, Sonipat -131001
Email: harishtaneja78@gmail.com
302, R G Trade Tower,
Netaji Subhash Place,
Pitampura, New Delhi – 110034
Email: cirp.bngglobal@gmail.com
Mr. Amit Talwar
Mr. Gagan Gulati
Mr. Rajiv Bajaj
Mr. Avneesh Srivastava
Mr. Alok Kaushik
Mr. Nitin Kochhar
Last date for
submission of claims: April 4, 2023
BAJAJ HERBALS: CRISIL Assigns D Rating to INR6cr Cash Credit
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the bank
facilities of Bajaj Herbals Limited (BHL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Assigned)
Term Loan 6.8 CRISIL D (Assigned)
The rating reflects delay by BHL in servicing the equated monthly
installments of its term loan in December 2022, January 2023 and
February 2023 on account of weak liquidity and fully utilised cash
credit limit.
The rating also reflects BHL's modest scale of operations, working
capital-intensive operations and weak financial profile. These
weaknesses are partially offset by the extensive experience of the
promoters in the fast-moving consumer goods (FMCG) industry and
geographical diversification in revenue.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: BHL's business profile is constrained
by its scale of operations in the intensely competitive FMCG
industry. Subdued scale will continue to limit the company's
operating flexibility.
* Large working capital requirement: Operations are working capital
intensive as reflected in gross current assets (GCAs) of 550 days
as on March 31, 2022. Large working capital requirement arises from
high debtor and inventory levels.
* Weak financial profile: Negative and low networth limits
financial flexibility and restricts the financial cushion required
by the company in case of any adverse conditions or downturn in the
business.
Strengths:
* Extensive industry experience of the promoters: The promoters
have experience of over a decade in the FMCG industry. This has
given them a strong understanding of the market dynamics and
enabled them to establish healthy relationships with suppliers and
customers.
* Geographical diversification in revenue: BHL caters to a wide
number of clients, both in India and overseas. It derives over 20%
of its revenue from exports. Diversity in geographical reach and
clientele should continue to support the business risk profile.
Liquidity: Poor
The bank limit is fully utilised in the 12 months through February
23. Cash accrual is expected to be INR0.46-0.99 crore which is
insufficient against term debt obligation of INR1.81 crore over the
medium term. In addition, it will cushion the liquidity of the
company.
Current ratio was healthy at 2.88 times as on March 31, 2022. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet the working capital requirement and debt
obligation.
Rating Sensitivity factors
Upward factors
* Track record of timely servicing of debt and absence of any
irregularity for at least three months
* Significant improvement in liquidity and working capital
management
BHL was established in 1998 and was subsequently incorporated in
2005. It manufactures and exports herbal cosmetic products such as
hair care, oral care, skin care and personal care items. The
company exports mainly to Middle East, Africa, Southeast Asia and
some European countries. BHL has its manufacturing facilities in
Ahmedabad, Gujarat.
The company is part of Bajaj group of companies. It is owned and
managed by Mr Dwarkaprasad Bajaj, Mr Sanjay Bajaj and Mr Gautam
Bajaj.
BESTO TRADELINK: CRISIL Lowers Rating on INR6cr Cash Loan to B-
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on long term bank
facilities of Besto Tradelink Limited (BTL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'. The short-term rating has been reaffirmed
at 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2 CRISIL A4 (Reaffirmed)
Cash Credit 6 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Proposed Non
Fund based limits 7 CRISIL A4 (Reaffirmed)
The downgrade is in lines with the downfall in trading activity of
the company which resulted in significant dip in the turnover.
The ratings continue to reflect BTL's low operating margins due to
trading nature of the business, highly leveraged capital structure
and weak financial profile. These weaknesses are partially offset
by its extensive industry experience of the promoters.
Analytical Approach
CRISIL Ratings has considered standalone financials of Besto
Tradelink Limited for the bank loan ratings. Unsecured loan as on
March 31, 2022 is treated as debt.
Key Rating Drivers & Detailed Description
Weakness:
* Weak market position: The revenue of the company declined by more
than 50% in FY 2023 due to issue in the company of one of the major
customers. However, it is expected to resolve and the revenue will
revive over medium term. The small initial investment and the low
complexity of operations have resulted in existence of innumerable
entities, much smaller in size, leading to significant
fragmentation and low operation margins.
* Weak financial profile and leveraged capital structure: BTL has
average financial profile marked by gearing of 2.56 and total
outside liabilities to adj tangible net worth (TOL/ANW) of 6.41 for
year ending on 31st March 2022. BTL's debt protection measures have
also been at weak level in past due to high gearing and low
accruals from the operations. The interest coverage and net cash
accrual to total debt (NCATD) ratio are at 1.77 times and 0.06
times for fiscal 2022. BTL debt protection measures are expected to
remain at similar level with high debt levels.
Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over More than 3 decades in trading industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.
Liquidity: Poor
Bank limit utilization is high around 87.56 percent for the past
twelve months ended February 2023. Cash accruals are expected to be
over INR81 lacs which are sufficient against term debt obligation
of INR20 lacs over the medium term.
Current ratio is at 1.51 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.
Outlook Stable
CRISIL Ratings believes, BTL will continue to benefit over the
medium term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in
trading business.
Rating Sensitivity factors
Upward factors:
* Revenue growth and stable operating margin leading to higher cash
accrual
* Better working capital management, with gross current assets
(GCAs) around 100 days
Downward factors:
* Further decline in revenue or profitability weakening the
business risk profile
* Increase in debt weakening the capital structure, with interest
coverage ratio below 1.5 times
BTL was incorporated in 1997, it is engaged in trading of Chemical
& Allied Products, Fabrics & Others, Hardware, minerals & Metals,
Plastics Materials and Welding Materials BTL is owned & managed by
Mr. Rakesh Patel.
CHAHAL PARIVAHAN: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Chahal Parivahan Private Limited
House No. 5, Shop No.-1,
Block B-5 Model Town City
Delhi North West DL - 110009
Liquidation Commencement Date: March 24, 2023
Court: National Company Law Tribunal, New Delhi Bench-VI
Insolvency
Professional: Mukesh Gupta
F-1, Milap Nagar, Uttam Nagar,
New Delhi-110059
Email: camukeship@rediffmail.com
Email: liquidation.cppl@gmail.com
Last date for
submission of claims: April 28, 2023
CHOUDHURY COLD: CRISIL Moves B Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Choudhury Cold Storage Private Limited (CCSPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.9 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Working Capital Loan 5.3 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with CCSPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CCSPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from CCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on CCSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of CCSPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.
CCSPL was incorporated in 1997, by the promoters, Mr Sukumar
Choudhury, Mr Subodh Choudhury and Mr Subhankar Choudhury. The
company operates a cold storage unit (primarily for storing
potatoes) in the Medinipur district of West Bengal. The unit has
the capacity to store 1,40,000 quintals.
GAMBS INDIA: Liquidation Process Case Summary
---------------------------------------------
Debtor: Gambs India Private Limited
CTS NO. 714 F, Plot No. 508 NR
National College, V.P Road,
Bandra West Mumbai -400050
Liquidation Commencement Date: March 21, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Dinesh Kumar Aggarwal
1507 07, Highland Park, KolshetRoad,
Behind D Mart, Thane, Maharashtra-400607
Email: dinesh.aggrawal31@gmail.com
Unit#207, 2nd Floor, Kshitij,
Near Azad Nagar Metro Station,
Veera Desai Road,
Andheri West, Mumbai - 400053
Email: cirp.gambs@gmail.com
Last date for
submission of claims: April 22, 2023
GAZIABAD FORGINGS: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Gaziabad Forgings Private Limited (GFPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with GFPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of GFPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from GFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on GFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of GFPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 1978, GFPL manufactures steel forgings and heavy
machinery parts. Mr MP Goel, Mr Sanjay Goel and Mr Saurabh Chatwal
are the promoters.
GEETA REFINERY: CRISIL Cuts Long and Short Term Debt Rating to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Geeta Refinery Private Limited (GRPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to account being classified as NPA.
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 GRPL for
obtaining information through letters and emails dated April 3
2023, March 14, 2022 and May 9, 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 GRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRPL
is consistent with 'Assessing Information Adequacy Risk.'
GRPL was incorporated in 1998 by the Mantri family of Jalna. The
company is engaged in refining of edible oil, primarily soya and
cotton oils. The company has its manufacturing unit in Jalna
(Maharashtra). The day to day operations of GRPL are managed by Mr.
Atul Mantri.
MAITREYA: CRISIL Moves B Debt Rating to Not Cooperating
-------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of The Maitreya (TM), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 14 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with TM for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of TM to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from TM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on TM is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of TM migrated to
'CRISIL B/Stable Issuer Not Cooperating'.
The Maitreya (TM) was established in Mar 2022 by Mrs. Shikha Garg,
Mr. Sachin Garg , and Mr. Tanishk Garg. TM is currently setting a
72room hotel at 189/2, Rajpur Road, Dehradun, Uttarakhand . The
hotel would be operated under franchise agreement with Ginger, (A
TATA Brand). The hotel would include restaurants/bars/coffee
shop/banquet halls/conference rooms spread over an area of approx.
1070 SQM.
NINE NINES: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Nine Nines Lifestyle Private Limited
Plot No. 7 & 7A, Survey No. 184,
Kondapur Village Serlingampally Mandal,
Ranga Reddy District,
Hyderabad - 500 084
Liquidation Commencement Date: March 18, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Anjaneyulu Sadhu
1st Floor, Golden Heights, Plot No. 9
Opp: Raheja IT Mindspace
HUDA, Techno Enclave
Madhapur, Hyderabad,
Telangana 500 081
Email: anjaneyulu@ezresolve.in
Tel No: 8008047788
Last date for
submission of claims: April 17, 2023
PALA DECOR: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Pala Décor Private Limited
319, Sector-22, Gurgaon Haryana-122015
Insolvency Commencement Date: March 15, 2023
Estimated date of closure of
insolvency resolution process: September 11, 2023 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Naveen Singal
302, Tower 5, Valley View Estate,
Gwal Pahari, Fadirabad Road,
Gurgaon, Haryana-122003
Email: naveen.singal@yahoo.co.in
Email: cirp.paladecor@gmail.com
Last date for
submission of claims: March 29, 2023
PANNA TEXTILE: CRISIL Reaffirms B+ Rating on INR5cr LT Bank Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Panna Textile Industries Pvt
Ltd (PTIPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Bill
Purchase-
Discounting 3.5 CRISIL A4 (Reaffirmed)
Letter of Credit 1.5 CRISIL A4 (Reaffirmed)
Packing Credit 3 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the modest scale of operations of
PTIPL amid intense competition and its large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoters in the textile industry and moderate
financial risk profile.
Analytical Approach
Unsecured loan of INR1.05 crore (as on March 31, 2022) has been
treated as debt.
Key rating drivers & detailed description
Weaknesses:
* Modest scale of operations amid intense competition: The company
faces intense competition from small players because of low entry
barriers to the industry and limited differentiation in the product
offered by the company. The competition has kept the company's
scale of operations modest as indicated by operating income of
INR11.30 crore in fiscal 2022 and estimated around INR15.2 crore
for fiscal 2023. PTIPL has low pricing power, which restricts
profitability. The company booked operating margin of 1.2% in
fiscal 2022, and the same is estimated at 4-4.5% for fiscal 2023.
* Large working capital requirement: The operations are working
capital intensive as reflected in gross current assets (GCAs) of
318 days as on March 31, 2022. The GCA days are high due to
inventory of 101 days and receivables of 98 days owing to low
bargaining power with customers. The working capital cycle is
supported by payables of 108 days as on March 31, 2022. The working
capital cycle is expected to remain in similar range for fiscal
2023 as well. The working capital cycle will remain stretched over
the medium term and will remain key monitorable.
Strengths:
* Extensive experience of the promoters: The promoters of the
company have an extensive experience of over three decades in the
textile industry. Over the time they have developed strong
understanding of the market dynamics and have established healthy
relationship with their customers and suppliers.
* Moderate financial risk profile: Financial risk profile of the
company is marked with modest networth at INR4.33 crores as on
March 31, 2022. It is estimated to improve to INR4.47 crore as on
March 31, 2023 due to accretion of reserves. Further, it is
expected to further improve over the medium term with steady
accretion to reserve and stable profitability. Capital structure is
marked moderate with gearing and total outside liabilities to
adjusted networth (TOL/ANW) ratio at 1.19 times and 1.64 times,
respectively as of March 31, 2022 and the same is estimated to be
in the range of 1.8-1.9 times and 2.2-2.3 times, respectively as of
March 31, 2023. Debt protection metrics is marked with low interest
coverage ratio and net cash accruals to adjusted debt (NCAAD) at
0.95 times and 0.07 times respectively as of March 31, 2022 and the
same is estimated to be in the range of 1.6-1.7 times and 0.04-0.06
times as of March 31, 2023. In the absence of any major debt-funded
capital expenditure (capex) plans, capital structure is expected to
improve over the medium term.
Liquidity: Stretched
Liquidity is marked with low bank limit utilisation is at around
58.46 percent for the past 12 months ended January 2023. Net cash
accruals are expected to be in the range of INR0.40-0.51 crores
which are sufficient against term debt repayment obligation of
INR0.22 crores and INR0.14 crores in fiscal 2024 and 2025,
respectively. In addition, it will act as cushion to the liquidity
of the company. Moderate cash and bank balance of around Rs.2.23
crores as on March 31, 2022. The promoters are likely to extend
support in the form of equity and unsecured loans (Rs. 1.05 crores
as of March 31, 2022) to meet its working capital requirements and
repayment obligations.
Outlook: Stable
CRISIL Ratings believes PTIPL will continue to benefit from the
extensive experience of its promoters.
Rating Sensitivity factors
Upward factors:
* Steady increase in revenue, leading to net cash accrual of above
INR1 crore.
* Steady improvement in debtor and/or inventory days, leading to
reduction in GCA days.
Downward factors:
* Deterioration of the financial risk profile, leading to increase
in gearing above 2 times.
* Decline in revenue, leading to lower-than-expected net cash
accruals.
Incorporated in 1982 and based in Kolkata, PTIPL trades in fabrics
and garments and manufactures ready-made garments for export to
major brands and garment companies around the globe. It has a unit
each in Kolkata and Mumbai. Mr Anilkumar Poddar and Mr Umang Poddar
are the promoters.
PERCEPT LIVE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Percept Live Private Limited
P2, Level 04, Percept House,
Raghuvanshi Estate,
11/12 S. B. Marg, Lower Parel Mumbai
Mumbai City Maharashtra 400013
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 13, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Devesh Ranjan Mishra
602, Ankita CHS,
SVP Nagar, Lokhandwala,
Andheri-West,
Near Jankidevi Public School,
Mumbai Suburban, Maharashtra 400053
Email: ca.devesh@yahoo.com
A-402 Suashish IT Park,
Dattapada Road, Borivali (East),
Mumbai - 400066
Email: cirp.percept@gmail.com
Last date for
submission of claims: March 31, 2023
PRAMUKH PETROLEUM: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Pramukh Petroleum (PP), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.95 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 0.05 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with PP for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of PP to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from PP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on PP is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of PP migrated to
'CRISIL B+/Stable Issuer Not Cooperating'.
PP was formed as a proprietary concern in September 2021 by Mrs.
Rekhaben Nimesh Valvai. The firm will engage in trading and
bottling of liquefied petroleum gas. Currently, it is setting up a
storage and bottling unit at Halol (GIDC), Gujrat. Operations are
expected to commence from May 2022.
RAI BAHADUR: CRISIL Moves B Debt Ratings from Not Cooperating
-------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facility of Rai Bahadur Narain Singh
Sugar Mills Ltd (RBNL) to 'CRISIL D Issuer Not Cooperating'.
However, the management of the company has subsequently started
sharing the information necessary for a comprehensive review of the
rating. Consequently, CRISIL Ratings is migrating the rating to
'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 45 CRISIL B/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
Cash Credit 50 CRISIL B/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
Cash Credit 40 CRISIL B/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
Term Loan 18 CRISIL B/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
Warehouse Receipts 30 CRISIL B/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
Warehouse Receipts 90 CRISIL B/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
Working Capital 40 CRISIL B/Stable (Migrated
Facility from 'CRISIL D ISSUER NOT
COOPERATING')
The ratings are driven by improvement in the business risk profile
of RBNL with healthy profitability resulting in cash accrual of
INR56 crore in fiscal 2022. Though the accrual is estimated to have
reduced in fiscal 2023 with moderation in profitability, it is
likely to be sufficient to meet debt obligation. The rating also
factors in timely reservicing of debt over the three months since
December 2022.
The rating also reflects the company's exposure to cyclicality in
the sugar business and dependence on monsoon, the susceptibility of
its profitability to volatility in raw material prices and its
working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of the promoters in
the sugar industry and the company's above-average debt protection
metrics.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to cyclicality in the sugar business and dependence on
monsoon: Cane production is highly dependent on monsoon and
realisations for other crops such as rice and wheat, which may
prompt farmers to switch to other crops. Also, cane availability is
restricted to the command area allocated to each company. In India,
alternative sweeteners to sugar are gur and khandsari. Lower
sugarcane yields and an increase in the sale of sugarcane to gur
and khandsari manufacturers may lead to reduced availability of
sugar for RBNL.
* Susceptibility of profitability to volatility in material prices:
Sugarcane and the by-products in the manufacturing process are
extremely sensitive to fluctuations in commodity prices, thereby
impacting the revenue and profitability of the company.
* Working capital-intensive operations: Gross current assets were
at 246-300 days over the three fiscals through 2022, and at 246
days as on March 31, 2022, because of sizeable inventory.
Strengths:
* Extensive industry experience of the promoters: RBNL was
incorporated in 1932 and the extensive experience of the promoter
family in the sugar industry has given them an understanding of the
market dynamics and helped establish relationships with suppliers
and customers, which will continue to support the business.
Moreover, moderate scale provides the company with operating
flexibility in an intensely competitive industry.
* Above-average debt protection metrics: Healthy profitability has
led to above-average debt protection metrics, as indicated by
interest coverage and net cash accrual to total debt ratio of 6.6
times and 0.22 time, respectively, for fiscal 2022 (4.65 times and
0.17 time, respectively, in fiscal 2021). The debt protection
metrics are expected to remain at similar levels over the medium
term.
Liquidity: Stretched
Bank limit utilisation was low at 29% on average for the 12 months
through February 2023. Cash accrual is expected over INR31 crore
against term debt obligation of INR12.9 crore over the medium term,
and will cushion liquidity. CRISIL Ratings notes that RBNL had
delayed meeting its debt obligation in December 2022. However, debt
servicing has been regular since then. Current ratio was
comfortable at 1.49 times on March 31, 2022.
Outlook: Stable
RBNL will continue to benefit from the extensive experience of its
promoters.
Rating Sensitivity Factors
Upward Factors
* Steady revenue growth of 20% and stable operating margin, leading
to higher cash accrual
* Sustained improvement in the capital structure
Downward Factors
* Decline in revenue or profitability leading to net cash accrual
below INR15 crore
* Large, debt-funded capital expenditure weakening the capital
structure or liquidity
RBNL was incorporated in 1932 by Rai Bahadur Narain Singh and
started commercial production in 1934-35. The company has capacity
of 8,400 TCD and 30 MW of power (12 MW captive usage).
RASUL ENTERPRISES: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Rasul Enterprises (RE), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 20 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RE for
obtaining NDS through letters / emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of RE to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from RE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on RE is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of RE migrated to
'CRISIL B+/Stable Issuer Not Cooperating'.
RE was set up in 2018, it is engaged in trading of mobile
accessories. RE is owned & managed by Meeran Ibrahim Gani.
SAMARTH SHRINIWAS:Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Samarth Shriniwas Infra Private Limited
Office no 102, SR 925A FC Road, Shivaji NGR,
Opp Dinday, Pune-411016,
Maharashtra, India
Insolvency Commencement Date: February 10, 2023
Estimated date of closure of
insolvency resolution process: August 9, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Vinit Gangwal
Office No. 503, 5th Floor,
Varun Capital, CTS No. 364-365/13,
Off JM Road, Bharat Petroleum Lane,
Next to Citiotel,
Shivaji Nagar, Pune - 411005
Email: ip.samarthshriniwas@sankalp-ipe.com
401, 4th Floor, The Central Building,
Shell Colony Road, Chembur, Mumbai, Maharashtra -
400071
Last date for
submission of claims: February 24, 2023
SHAHANSHAH AGRO: CRISIL Assigns B+ Rating to INR9.55cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Shahanshah Agro Farms Pvt Ltd
(SAFPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Assigned)
Proposed Working
Capital Facility 1.1 CRISIL B+/Stable (Assigned)
Term Loan 0.35 CRISIL B+/Stable (Assigned)
Term Loan 9.55 CRISIL B+/Stable (Assigned)
The rating reflects the company's exposure to risks related to
adverse climatic conditions and working capital intensive
operations. These weaknesses are partially offset by the extensive
experience of the promoters in the cold storage industry,
locational advantage and comfortable financial risk profile of the
company.
Key rating drivers and detailed description
Weaknesses
* Exposure to risks related to adverse climatic conditions: The
operating income of the company is directly dependent on the apple
yield in a particular year. The apple yield is, in turn, dependent
on climatic conditions such as change in temperature, ground frost
and hailstorm, and subsequent adversities in terms of proliferation
of insect-pest and diseases, loss of soil fertility, water
availability, and natural calamities, which may pose threats to
apple production. CRISIL Ratings believes SAFPL's business will
remain vulnerable to climatic factors impacting the apple produce.
* Working capital intensive operations : The operations of the
company are working capital intensive with Gross current assets
[GCA] days expected to be in range of 250-340 days as on March 31,
2023 as the realisation from customers are expected to be received
within 45-60 days and inventory of 8-10 months is expected to be
held by the company. GCA days are further expected to be in range
of 250-280 days as on March 31, 2024.
Strengths
* Extensive industry experience of the promoters : The promoters
have an experience of over a decade in horticulture and cold chain
business. This has given them a sound understanding of the dynamics
of the market and enabled them to establish relationships with
suppliers and customers. Company has achieved an operating income
of INR~7.0 crores during the 9 months ended December 31, 2022 and
is expected to clock ~Rs 10.0 crores for full year fiscal 2023.
Operating margins of the company are expected to remain around 30%
over the medium term driven by its strategy of selling apples
during off season and thus, commanding a premium price.
* Locational advantage: Proximity of the cold storage in Jammu and
Kashmir to the apple producing belt will help in achieving optimum
capacity utilisation and maximum price advantage over the medium
term.
* Comfortable financial risk profile: Although the company has
made net losses of INR0.03 crores in fiscal 2022, the networth of
the company was moderate at INR12.0 crores as on March 31, 2022 on
account of capital subsidy of INR12.0 crores received as on March
31, 2022. Networth is expected to be nearly INR11 crores as on
March 31, 2023, as the company is expected to make net losses of
around INR1.25 crores, on account of high depreciation charge due
to capital investments made in fiscal 2023. Gearing and total
outside liabilities to tangible networth (TOL/TNW) ratio are
expected to be around 3.2-3.3 times each respectively as on March
31, 2023. Interest cover is expected to remain comfortable in range
of 2.2-2.3 times in fiscal 2023 on account of healthy operating
profitability. NCAAD is expected to remain at modest levels, in
range of 0.05-0.06 times in fiscal 2023 on account of high debt
obligations.
Liquidity: Poor
Limit utilisation has been ~45% for last 12 months ended February
2023; limit utilisation increased from September of each year for
procurement of apples and starts to moderate from March of
following year when realisations from sale of apples during
off-season starts to pickup. Net cash accruals are expected to be
in range of INR1.75-INR3.10 crores, which would be sufficient to
meet the annual repayment obligations of INR1.3-1.4 crores over
medium term. Cash and bank balances are expected to be in range of
INR12.4-13 crores (unencumbered: INR0.5-1 crores) with current
ratio in range of 3-3.2 times as on March 31, 2023.
Outlook: Stable
CRISIL Ratings believes SAFPL will continue to benefit from the
extensive experience of its promoters, and established
relationships with clients.
Rating sensitivity factors
Upward factors:
* Sustained improvement in operating income by more than 30% along
with sustenance of operating margin at around 30% leading to
higher-than-expected net cash accruals.
* Sustained improvement in networth and capital structure.
Downward factors:
* Substantial decline in operating margins or decline in revenue,
leading to net cash accruals declining below INR1.5 crore.
* Any large stretch in working capital cycle or unanticipated debt
funded capex, impacting the financial risk profile and liquidity.
Incorporated in April 2018, SAFPL owns and operates a post
controlled-atmosphere (CA) facility for storage of fruits and
vegetables, mainly apples with capacity of 5000 million tonne at
IGC Aglar Shopian, Jammu and Kashmir. The company was taken over by
Bhat family in October 2022.
SHAKTI LIFESCIENCE: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Shakti Lifescience Pvt Ltd (SLPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.9 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 6.75 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SLPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SLPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from SLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SLPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SLPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.
SLPL was set up in 2015 as a partnership between Mr Dahyabhai
Patel, Mr Babubhai Patel, Mr Milind Patel, Mr Jignesh Amin and Mr
Bhavin Shah. This Boisar (Maharashtra)-based firm manufactures
active pharmaceutical ingredients; it commenced commercial
operations from December 2018. Firm was converted into Pvt company
from Dec 2021. are the promoters.
SHEEN INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sheen India Private Limited
H. NO. 211 Near Santhmath Satsang Ashram,
Mahroli Delhi DL 110068 India
Insolvency Commencement Date: January 30, 2023
Estimated date of closure of
insolvency resolution process: July 29, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Tapan Chakraborty
Plot No. 100/11, Rathtala,
Bankpara, Barasat,
Kolkata, West Bengal - 700 124
Email: tapanchakraborty2611957@gmail.com
YMCA Building, 2nd Floor,
25 Jawaharlal Nehru Road,
Kolkata - 700 087
Email: insolvency.sheenindia@gmail.com
Last date for
submission of claims: February 13, 2023
SIX SIGMA: CRISIL Moves Debt Ratings from B+/Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL Rating, in line with SEBI
guidelines, had migrated the rating of Six Sigma Medicare and
Research Limited (SSMRL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of SSMRL to 'CRISIL
B/Stable' from 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B/Stable (Migrated from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Long Term Loan 16.96 CRISIL B/Stable (Migrated from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Overdraft Facility 1.72 CRISIL B/Stable (Migrated from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Proposed Fund- 0.82 CRISIL B/Stable (Migrated from
Based Bank Limits 'CRISIL B+/Stable ISSUER NOT
COOPERATING')
The ratings migration reflects weaker operating performance and
stretched liquidity profile of the company. With discontinuation of
the Malegaon unit, the revenue was estimated to decline further in
fiscal 2023. Overall scale has declined significantly from fiscal
2021 and profitability also remains lower.
Cash accruals are estimated to be tightly matched with debt
repayments and available working capital bank limits remains almost
fully utilised.
The ratings also continue to reflect the company's weak financial
risk profile, working capital intensive operations and exposure to
intense competition and geographical concentration risk in. These
weaknesses are partially offset by the extensive experience of the
promoters in the hospital industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Weak financial risk profile: The financial risk profile of the
company remains weak, as reflected in high gearing and total
outside liabilities to tangible networth ratio of 12.16 times and
16.98 times, respectively, as on March 31, 2022, with modest
networth of INR1.87 crore and increased dependence on external
debt. The capital structure is expected to remain at similar level
in fiscal 2023 as well. With subdued operating performance and
significantly lower cash accruals, the financial risk profile
remains weak. Debt protection metrics were weak, indicated by
interest coverage and net cash accrual to adjusted networth ratios
of 1.61 times and 0.06 time, respectively, in fiscal 2022. These
metrics are expected to remain weak in fiscal 2023 as well.
Sustained improvement in operating performance remains critical.
* Working capital intensive operations: Elongated receivables lead
to large working capital requirements and same are largely funded
by creditors and high dependence on bank limits. Receivables have
remained in the range of 90-125 days in last three fiscals.
* Exposure to competition and geographical concentration in
revenue: Operations are confined to Nashik in Maharashtra, with
patients primarily from nearby regions, exposing the company to
geographical concentration risk. Also, the company's hospital faces
competition from other government and private hospitals in its area
of operations, which has led to its modest scale and muted revenue
growth. Company has recently discontinued operations at Malegaon
unit leading to loss of revenue.
Strength:
* Extensive experience of the promoters: Dr Anuj Bhasin and Dr
Abhay Bhorse bring their technical expertise to the running of the
hospital. Mr Sandeep Khivansara is a leading infrastructure
developer. The promoters' combined experience should continue to
benefit the company over medium term.
Liquidity: Stretched
Bank limits are highly utilised at around 100 pc for the past
twelve months ended Feb 2023. Cash accruals are modest and tightly
matched with scheduled term debt obligation of over the medium
term. There was need based fund support from the promoters in
current fiscal for supporting the business. Current ratio was
moderate at 1.13 times on March 31, 2022.
Outlook: Stable
SSMRL will continue to benefit from the promoters' entrepreneurial
experience.
Rating Sensitivity factors
Upward factors
* Sharp improvement in revenue along with better operating
performance leading to higher cash accrual
* Improvement in the capital structure, with gearing of less than
3.5 times
Downward factors
* Significant drop in revenue or operating margin leading to cash
accrual of less than INR1.2 crore
* Any stretch in the working capital cycle or an large capex
further weakening the financial risk profile
Incorporated in 2012, SSMRL manages a multi-speciality hospital in
Nashik and Malegaon, with a combined capacity of around 150 beds.
Dr Anuj Bhasin, Dr Abhay Bhorse, Mr Sandeep Khivansara, Ms Sneha
Kulkarni, Mr Swapnil Parekh and Ms Sonika Bhasin are the promoters
of the company.
SREI EQUIPMENT: CRISIL Keeps B+(SO) Rating on INR175.25cr Notes
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of SREI
Equipment Finance Limited (SEFL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Series A PTCs 175.25 CRISIL B+ (SO)/Watch
Negative/ISSUER NOT COOPERATING;
Continues on 'Rating Watch with
Negative Implications'
CRISIL Ratings has been consistently following up with SREI
Equipment Finance Limited (SEFL) through emails dated March 26,
2021, April 2, 2021, July 21, 2021, October 4, 2021, January 7,
2022, April 5, 2022, June 23, 2022, Sept 30,2022, Dec 28,2022,
March 23, 2023 and March 30, 2023. However SEFL has been unable to
provide up to date information on an ongoing basis.
'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 information on the status of the
insolvency resolution, clarity regarding overdue status of obligors
in the pool and access to the cash collateral in/ this transaction.
CRISIL Ratings believes that the rating action is consistent with
'Assessing Information Adequacy Risk'.
On October 04, 2021, RBI superseded the Board of Directors of SIFL
and SEFL owing to governance concerns and payment defaults by SREI
Group Companies. Through an order on October 08, 2021, NCLT Kolkata
bench initiated corporate insolvency resolution process against
SREI Group Companies under the Insolvency and Bankruptcy Code 2016.
Based on application filed by the Administrator, NCLT, vide Order
dated February 14, 2022, has directed consolidated insolvency
resolution process for SEFL and SIFL. Any further development in
this relation shall be closely monitored by CRISIL.
On account of continued weakness in the credit profile of the
servicer, rating on Series A pass-through certificates (PTCs)
issued by 'IIALRT-I Trust' remains at 'CRISIL B+ (SO) Issuer Not
Cooperating'. The rating continues on 'Rating Watch with Negative
Implications'.
The PTCs are backed by IT, Healthcare and Construction Equipment
rental receivables leased out by SREI Equipment Finance Limited
(SEFL) to corporate lessees. The transaction has a timely interest
and ultimate principal structure.
CRISIL Ratings' methodology for rating PTCs factors the credit risk
profile of the originator/servicer along with the expected
collection performance of the underlying pool. Linkage to servicer
is critical from two aspects: 1) Collections or recovery from
underlying contracts and 2) Bankruptcy-remoteness of cash
collateral. CRISIL Ratings has noted that there was a judicial
precedent on access to cash collateral for securitised pools in one
specific originator / servicer. Hence, CRISIL Ratings' believes
that weakening of the credit risk profile of the servicer reduces
the extent of de-linkage of securitised pool rating from the
servicer credit profile.
Key Rating Drivers & Detailed Description
Strengths:
* Credit quality of the obligors: The underlying lessees are of
good credit quality with most of the lessees estimated to have
credit quality equivalent to investment grade.
Weaknesses:
* Credit quality of the servicer/lessor: The lessees directly
deposit the lease rentals into the C&P account hence servicing risk
in this transaction is considerably lower than that in typical
securitisation transactions. However, servicing remains critical as
recoveries post default of any of the lessors will be dependent on
the ability of the servicer to effect roll-backs and settlements
with the defaulting parties.
* Heightened Fixed Deposit (FD) accessability risk: Trustee's
ability to access credit collateral by getting approval from SEFL
is a key monitorable.
* Borrower concentration: The pool is concentrated with top 5
lessees constituting the major proportion.
* Receivables are non-financial obligations of the obligors: The
lease rentals are operating obligations of the lessees and not
financial obligations. As per the lease agreements, the lease
obligations are non-cancellable, absolute and unconditional
obligations of the lessees, which provides comfort regarding the
lease repayments.
Liquidity: Poor
The company is under CIRP and the credit enhancement for the PTCs
is on books of the company with lien marked in favor of the Trust,
access to it remains a key monitorable
CRISIL Ratings has adequately factored these aspects in its rating
analysis.
Rating Sensitivity factors
Upward factors
* Trustee able to demonstrate access to cash collateral in a timely
manner.
Downward factors
* Inability of the Trustee to access cash collateral as set out
under transaction terms.
* Deterioration in pool performance.
About the Pool
The pool comprises rental receivables from construction, IT and
healthcare equipment leases originated by SEFL.
STARLIT POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Starlit Power Systems Limited
A-1/51, LGF, Safdarjung Enclave,
New Delhi- 110029,
South Delhi, India
Insolvency Commencement Date: March 20, 2023
Estimated date of closure of
insolvency resolution process: September 17, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Mr. Khushvinder Singhal
House No. 339, Sector 12-A,
Panchkula-Haryana-134112
Email: kvsinghal@gmail.com
SCO-818, 1st Floor, NAC Manimajra,
Chandigarh-160101
Email: starlit.cirp@gmail.com
Mobile no: +91-9914030030
Last date for
submission of claims: April 4, 2023
SUNCO ENTERPRISES: CRISIL Reaffirms B+ Rating on INR2cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Sunco Enterprises (SE) at 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 2 CRISIL B+/Stable (Reaffirmed)
Packing Credit 2 CRISIL B+/Stable (Reaffirmed)
Post Shipment Credit 2 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1 CRISIL B+/Stable (Reaffirmed)
SE's ratings continue to reflect its working capital-intensive
nature and modest scale of operations. These weaknesses are
partially offset by extensive experience of promoters in the auto
components industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Working Capital Intensive Nature of Operations: Gross current
assets were at 248-340 days over the three fiscals ended March 31,
2022. Its intensive working capital management is reflected in its
gross current assets (GCA) of 248 days as on March 31, 2022. Its's
large working capital requirements arise from its high debtors of
140 days as on 31st March 2022 which reduced to around 123 days as
on December 31,2022. The firm relies on its creditors which were
around 46 days around March 31,2022 and its bank lines to finance
its working capital requirements. Operations are expected to remain
working capital intensive over the medium term.
* Modest Scale of Operations: Although on an improving trend, the
scale of operations continues to remain modest at INR20.52 Cr in
fiscal 2022 as against INR10.62 Cr in fiscal 2021. Firm is
venturing into selling of tyres and taking direct dealerships from
other OEM players, all these factors are expected to contribute to
the business risk profile of the firm, the firm has already earned
a revenue of INR20.85 Cr till December 2022 and expected to close
the fiscal 2023 at INR24 Cr.
Strengths:
* Extensive Experience of Promoters: Owing to the experience of
over four decades in the auto components industry the partners have
developed a strong understanding of the business cycles, industry
dynamics and strong relationships with its suppliers and customers.
This has enabled the firm to forge a healthy presence in the export
market which has not only resulted in repeat order from existing
customer but also addition of new customers.
* Comfortable Interest Coverage Ratio: The interest coverage ratio
of the firm was comfortable at above 4.94 times in fiscal 2022 as
against 1.94 times in fiscal 2022, resulting from increase in
operating profit in fiscal 2022. It is expected to remain in the
same range over the medium term.
Liquidity: Stretched
Liquidity of the firm continues to remain stretched as evidenced in
the bank limit utilization averaging at around 92% for the last
twelve months ended February 2023. Firm is expected to generate
cash accruals in the range of INR0.87-0.95 Cr against repayment
obligations worth INR0.35-0.50 Cr over the medium term. Current
ratio of the firm was healthy at 1.53 times for fiscal 2022. Firm
does not have any major debt funded capex plans over the medium
term.
Outlook: Stable
CRISIL Ratings believes SE will continue to benefit over the medium
term from the extensive experience of its partners and
long-standing relationship with its customers and suppliers.
Rating Sensitivity factors
Upward Factors:
* Increase in revenue while maintaining operating margin resulting
in net cash accruals of above INR1.0 crore
* Improvement in working capital cycle, leading to lower stretch on
liquidity of the firm
Downward Factors:
* Stretch in working capital cycle resulting in gross current
assets to increase beyond 350 days.
* Larger-than-expected debt-funded capex or acquisition, or
more-than-expected dividend payouts, weakening the financial risk
profile, particularly liquidity
SE, set up in 1970s, is a Mumbai based partnership firm engaged in
exporting of of various auto components of 2/3 wheelers and spare
parts of 4 wheelers majorly in Middle East countries and Africa.
SURBHI SATCOM: CRISIL Withdraws B Rating on INR15cr Cash Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Surbhi Satcom Private
Limited (SSPL; part of the Surbhi group) to 'CRISIL B/Stable/Issuer
not cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of SSPL 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 SSPL
from 'CRISIL B/Stable/Issuer Not Cooperating to 'CRISIL B/Stable'.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING'; Rating Withdrawn)
Long Term Loan 7 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING'; Rating Withdrawn)
Analytical Approach
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of SSPL, Surbhi Broadband Pvt
Ltd (SBPL), and Surbhi Telelinks Pvt Ltd (STPL). This is because
the entities, together referred to as the Surbhi group, are under a
common management, operate in related businesses and have common
customers and suppliers, and common treasury operations.
About the Group
Incorporated in 1981 by the Aggarwal family, the Surbhi group has
been in various verticals of manufacturing and trading wires and
cables, Catv /Smatv, IPTv set top boxes, telecom equipment, and
software development. Operations are managed by Mr Rajeev Kumar
Aggarwal (chairman) and Mr Alok Aggarwal (managing director).
SPPL manufactures set top boxes for Internet Protocol TV (IPTV) and
Cable TV (CATV), with fiscal 2016 being its first year of
operations.
SBPL imports and trades in telecommunication and CATV products.
STPL manufactures and markets wires, cables, and connectors.
SURYA INTERNATIONAL: CRISIL Assigns D Rating to INR7.5cr Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-term
bank facilities of Surya International - Ahmedabad (SIA).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Assigned)
Loan Against
Property 0.91 CRISIL D (Assigned)
Proposed Long Term
Bank Loan Facility 0.11 CRISIL D (Assigned)
Term Loan 6.48 CRISIL D (Assigned)
The rating reflects delays by SIA in servicing its debt in the
previous four months due to weak liquidity. The firm has
below-average financial risk profile and its operating margin is
vulnerable to fluctuations in foreign exchange (forex) rates. SIA,
however, benefits from the extensive experience of the partners in
the FMCG industry and its established customer base.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delays in debt servicing due to weak liquidity: SIA has delayed
servicing its term debt due to weak liquidity because of lower
profitability, insufficient net cash accrual to meet the debt
obligation, and high utilisation of the bank limit.
* Below-average financial risk profile: The financial risk profile
is constrained by high gearing of 3.43 times and total outside
liabilities to adjusted networth ratio of 4.67 times as on March
31, 2022. Debt protection metrics have been weak in the past due to
high gearing and low accrual from operations, but are expected to
improve with repayment of term debt. The interest coverage and net
cash accrual to total debt ratio were 1.25 times and 0.03 time,
respectively, for fiscal 2022.
* Vulnerability of operating margin to fluctuations in forex rates:
Since majority of the revenue comes from the international market
(85-90%), any sharp movement in forex rates affects realisations
and accrual, rendering the operating margin susceptible to
fluctuations in forex rates.
Strength:
* Extensive industry experience of the partners and established
customer base: Experience of over 20 years in the food products
industry has given the promoters an understanding of market
dynamics and helped establish relationships with suppliers and
customers. SIA has longstanding relationships with its customers
and suppliers.
Liquidity: Poor
The firm's liquidity remains weak due to stretched working capital
cycle driven by large receivables cycle and sizeable inventory. Net
cash accrual is expected to be low over the medium term and will be
insufficient to meet fixed debt obligation of INR2-3 crore over the
medium term. SIA has delayed the repayment of debt obligation for
last four months. Bank limit utilisation was moderate at 78.31% on
average for the 12 months through February 2023. Large working
capital requirement and leveraged capital structure will continue
to constrain liquidity.
Rating Sensitivity Factors
Upward Factors
* Track record of timely servicing of debt for at least three
months
* Significant improvement in liquidity
Established in 1998, SIA manufactures and exports food products
such as liquid food colour, food powder, flavouring essence, rose
syrup, rose water and kewra water. Its manufacturing facility is in
Ahmedabad. SIA is part of the Bajaj group of companies, owned and
managed by Dwarkaprasad Bajaj, Sanjay Bajaj and Gautam Bajaj.
TARADE BROTHERS: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Tarade Brothers Constructions Private Limited (TBC), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5.25 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 1.25 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 3.50 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with TBC for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of TBC to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from TBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on TBC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TBC
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
Set up in 1993 as a proprietorship entity by Mr Mirasaheb Tarade,
the firm was reconstituted into a private-limited company. The
company, based in Belgaum (Karnataka), undertakes civil
construction, mainly of roads, bridges, drains, and underpasses for
government bodies.
U.K. TEXTILES: CRISIL Reaffirms B+ Rating on INR13cr Debt
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long bank facilities of U.K. Textiles (UKT) while short term rating
assigned at 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill
Negotiation 13 CRISIL B+/Stable (Reaffirmed)
Inland/Import
Letter of Credit 2 CRISIL A4 (Reassigned)
Packing Credit 15 CRISIL B+/Stable (Reaffirmed)
CRISIL Ratings has also withdrawn the rating on the INR9 crore
proposed working capital facility at company's request and on
receipt of No Due Certificates (NDC) from the bank. The withdrawal
is in line with CRISIL Ratings policy.
The rating continues to reflect UKT's modest financial risk profile
and large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the promoter in the
ready-made garments (RMG) segment.
Key Rating Drivers & Detailed Description
Weakness:
* Modest financial risk profile: The financial risk profile of the
company is moderate as reflected by the leveraged capital structure
and moderate debt protection metrics. The expected gearing and net
worth is around 2.7 times and INR11 crore, respectively for fiscal
2023. The debt protection metrics of the company is also expected
to be moderate as reflected by the interest coverage and net cash
accruals to total debt of 1.51 times and 0.03 times, respectively
for FY2023.
* Large working capital requirements: UKT's operations are working
capital intensive, as reflected in its high GCA days, at 377 as on
March 31, 2022. This is primarily on account of its large inventory
holding requirements of around 135 days on account of its long
working capital cycle. However, the same is partially supported by
credit period received from the suppliers.
Strength:
* Extensive experience of the promoter in the RMG segment: UKT
benefits from the extensive industry experience and domain
expertise of its promoter in the textile segment. The promoter Mr.
Unni Krishnan Menon, who has been in the RMG segment for over four
decades, set up UKT in 1983 to cater to the export markets. Strong
market presence over the years has led to development of healthy
trade relations with both export as well as domestic customers,
reflected in steady revenue growth rate. Promoter's comprehensive
market understanding is expected to continue supporting business
risk profile over the medium term.
Liquidity: Stretched
Bank limit utilization is moderate at around 88 percent for the
past twelve months ended Nov 2022. Cash accruals are expected to be
over INR0.9 – 1 crore which are sufficient against nil over the
medium term.
Current ratio is moderate at 1.33 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.
Outlook Stable
CRISIL Ratings believes that UKT will continue to benefit over the
medium term from its established relationship with key customers.
Rating Sensitivity factors
Upward Factors:
* Strong revenue growth and EBITDA margin leading to net cash
accruals of more than Rs.2 crore
* Efficient working capital management and maintenance of moderate
capital structure
Downward Factors:
* Major decline in revenues or operating margin falling below 5%
Stretch in working capital cycle or significant debt funded capex
UKT, set up as a proprietorship firm in 1983, manufactures knitted
RMG, primarily for women. Its day-to-day operations are managed by
Mr. Unni Krishnan Menon.
UTOPIAN SUGARS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Utopian Sugars Private Limited
Gat No 64 Karad Road-Near Govt Warehouse;
Isabavi Pandharpur MH 413304 India
Insolvency Commencement Date: December 16, 2022
Estimated date of closure of
insolvency resolution process: June 14, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Ritesh Raghunath Mahajan
B-203 Devgiri, Ganeshmala,
Sinhagad Road,
Pune- 411030, Maharashtra
Email: riteshmahajancs@gmail.com
Email: utopiancirp@gmail.com
Last date for
submission of claims: December 30, 2022
VARSHIL PACKAGING: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Varshil Packaging Private Limited (VPPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 9.85 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 17 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with VPPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VPPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VPPL
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
VPPL, incorporated in 2010, manufactures multilayer films and other
packing materials such as protection films, laminated film rolls,
agriculture mulch films, surface printing films and surface
protection films; its facility is based in Mehsana, Gujarat. Mr
Bhavik Patel, Mr Chintan Patel, Mr Sanjay Patel and Mr Vipul Patel
are the promoters.
VENKATESWARA ELECTRICAL: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Venkateswara Electrical Industries Private Limited (VEIPL; part
of the Venkateswara group), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 29 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Bill Discounting 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 20 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Inland/Import 1 CRISIL A4 (ISSUER NOT
Letter of Credit COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with VEIPL for
obtaining NDS through letters / emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 31,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VEIPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VEIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VEIPL
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
CRISIL Ratings has combined the business and financial risk
profiles of VEIPL and Senthil Engineering Company (SEC) as the two
entities, together referred to as the Venkateswara group, are under
common management, engaged in similar businesses and have fungible
cash flows.
VEIPL was set up in 1978 by Mr V K Arumugam, the father of the
current managing director, Mr A Siva Subramani. Based in Chennai,
the company manufactures a wide range of power and distribution
transformers. SEC manufactures distribution transformers, mainly of
low capacity. The group has its manufacturing units in Chennai. It
derives its revenue largely from sales to the Tamil Nadu
Electricity Board.
VERSATRON SOLUTIONS: CRISIL Moves B- Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Versatron Solutions (VS), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Working 5 CRISIL B-/Stable (ISSUER NOT
Capital Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with VS for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VS to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VS is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of VS migrated to
'CRISIL B-/Stable Issuer Not Cooperating'.
Versatron Solutions (VS) was established in 2010 by Mr. Bhaskar
Rao. VS is engaged in designing, developing, and servicing of
high-end communication systems used in defense agencies. Mr Bhaskar
Rao worked as Chief Designer in Alternate Lightings before starting
his own company Versatron Solutions in 2010. He has done M Phil in
Electronics communication.
WADHAWAN GLOBAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Wadhawan Global Hotels and Resorts Private Limited
4th Floor, Hdil Towers, Anant Kanekar Marg,
Bandra-East Mumbai MH-400051 India
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 12, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. S. Gopalakrishnan
203, The Ghatkopar Nilkanth CHS,
Jethabhal Lane, Ghatkopar (East),
Mumbai - 400077
Email: EroDi63.iD@gmail.com
Email: soarkresolutfoms.goDal@gmail.com
Email: wadhawanglobal.cirp@gmail.com
Last date for
submission of claims: April 2, 2023
WELPACK PPOLYMERS: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Welpack Ppolymers Limited (WPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash 2 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
Proposed Long Term 3 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Proposed Long Term 0.3 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 6.72 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Working Capital 1.73 CRISIL B+/Stable (ISSUER NOT
Demand Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with WPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of WPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from WPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on WPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of WPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2017, WPL manufactures polypropylene woven bags,
which are used in the packaging industry, at its facility in
Bharuch, Gujarat.
ZEE ENTERTAINMENT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Zee Entertainment Enterprises Limited
18th Floor, "A" wing, marathon Futurex N.M
Joshi Marg, Lower Parel
Mumbai-400013 Maharashtra India
Insolvency Commencement Date: February 22, 2023
Estimated date of closure of
insolvency resolution process: August 21, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Sanjeev Kumar Jalan
Ruturaj Apartment, Wing A,
Room9/10, Juhu Road,
Santacruz West, Mumbai, 400049
Email: sanjeev_jalan@yhaoo.com
BDO Restructuring Advisory LLP,
Level 9, The ruby,
North-west wing, Senapati Bapat Road,
Dadar (W), Mumbai 400028,
Maharashtra, India
Email: cirpzeel@gmail.com
Last date for
submission of claims: March 9, 2023
=================
I N D O N E S I A
=================
GOLDEN ENERGY: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded PT Golden Energy Mines Tbk's (GEMS)
Long-Term Issuer Default Rating to 'BB-' from 'B+'. At the same
time, Fitch Ratings Indonesia has upgraded GEMS's National
Long-Term Rating to 'A+(idn)' from 'A(idn)'. The Outlook is
Stable.
The upgrade reflects an improvement in GEMS's business profile
after an increase in production in 2022, making its operational
scale comparable with that of 'BB-' rated peers in Indonesia. GEMS
is now rated one notch above the consolidated credit profile of its
parent, Golden Energy and Resources Limited (GEAR, B+/Rating Watch
Negative), given its assessment of 'Open' legal ring-fencing,
'Porous' access and control and 'Porous' funding and cash
management under the strong subsidiary-weak parent path.
GEAR is in the midst of transferring its 62.5%% stake in GEMS to
its parent, PT Dian Swastika Sentosa (DSS), via a distribution in
specie. Fitch does not expect the transaction to have an impact on
GEMS's rating. GEMS will be rated on a standalone basis, even if
GEAR's stake transfer is successful. The 'BB-' rating has factored
in its conservative assumptions on shareholder returns, including
higher dividend payouts to reflect potential influence from DSS and
the ultimate shareholder, the Sinar Mas family.
'A' National Long-Term Ratings denote expectations of low default
risk relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.
KEY RATING DRIVERS
Enlarged Scale: GEMS's business profile has improved materially
over the last few years as it has consistently added production,
increasing its scale to 38 million tonnes per annum (mtpa) in 2022
(2021: 30mtpa, 2020: 34mtpa). GEMS is now the third-largest thermal
coal miner in Indonesia and Fitch expects its annual production to
continue to ramp up until it reaches 50-55mtpa over the medium
term, in line with management guidance and subject to regulatory
approvals on production quotas.
Low Capex Requirement: GEMS's capex on infrastructure to support
the higher production volume will be minimal at about USD25
million-35 million per annum in 2023-2026 to upgrade the capacity
of hauling roads, coal-handling plants and barge-loading
facilities. Fitch expects GEMS's robust operating cash flow to be
sufficient to fund the modest capex and does not expect the company
to need any additional external funding till 2026.
Cost Flexibility: Fitch expects GEMS's flexibility to manage its
costs to move in line with coal prices and its key mine's low-cost
structure, with a life-of-mine strip ratio of 4.5x (2022: 5.1x), to
support its operating cash flow through the commodity cycle. GEMS
has been in a competitive cost position and was able to
meaningfully curtail costs during the previous downturn in
2019-2020. Fitch therefore expects the miner to be able to sustain
its EBITDA per tonne above USD8 in 2024-2025 and above USD6 in
2026, when Fitch assumes substantially lower coal prices in line
with Fitch's commodity price deck.
Asset Concentration: GEMS's mine, PT Borneo Indobara (BIB),
accounts for more than 90% of its total production and about 67% of
proven and probable (2P) reserves. BIB's production ramp-up plans
mean the contribution from GEMS's other mines will remain small, at
least until 2026. The reserve concentration risk is partly offset
by BIB's spread-out operations in light of its large scale.
Fitch believes the operational risk is mitigated by GEMS's
contracts with well-known Indonesian mining contractors with good
operational records, such as PT Putra Perkasa Abadi, PT Saptaindra
Sejati, a subsidiary of PT Adaro Indonesia (BBB-/Stable), and PT
Cipta Kridatama, a subsidiary of PT ABM Investama Tbk (B+/Stable).
Long Reserve Life: GEMS has the fourth-largest reserves in
Indonesia, with proven reserves of around 770 million tonnes and 2P
reserves of about 993 million tonnes, which translate to a proven
reserve life of 20 years. GEMS's BIB mine contributes 72% of the
proven reserves at about 560 million tonnes, with the mining
licence valid until 2036.
Conservative Financial Profile: Fitch expects GEMS to be able to
maintain a conservative financial profile on strong operating cash
flow from increasing volumes coupled with minimal capex
requirements. This is even as Fitch expects GEMS to continue its
policy of paying about 80% of its free cash flow as dividends to
its shareholders. Fitch forecasts GEMS's gross leverage, defined by
gross debt/EBITDA, to remain below 0.1x and net cash position to be
maintained over the next four years.
DERIVATION SUMMARY
GEMS's closest peer is PT Indika Energy Tbk (BB-/Stable). Fitch
thinks both Indika and GEMS have a competitive cost position with
demonstrated ability to manage costs in line with coal price
movements and an adequate reserve life for their key mines. Fitch
thinks GEMS has a moderately larger scale with plans to expand
further, which is offset by Indika's stable and well-established
operations with a much longer track record. Fitch thinks Indika's
diversification strategy beyond thermal coal would help it mitigate
the challenges arising from tightening funding access for thermal
coal players from increasing ESG considerations. However, Fitch
thinks this difference is offset by GEMS's more conservative
financial profile with a net cash position and limited dependence
on external funding, justifying rating both at the same level.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Volume reaching 40mtpa in 2023 (2022: 38.4mtpa) before increasing
by about 4mtpa until 2026.
- Coal prices in line with the coal price deck on an
energy-adjusted basis. Fitch assumes an average selling price of
USD57/tonne (t) in 2023 (2022: USD75.1/t), USD42.2/t in 2024,
USD40.6/t in 2025 and USD34.7/t in 2026;
- Strip ratio for the BIB mine to increase to about 4.8x in 2023
before reducing to 3.5x-4.2x in 2024-2026 as Fitch factors in the
company's flexibility to reduce costs in line with its coal price
assumptions;
- Cash cost, excluding royalties, of USD32.7/t in 2023, USD28.5/t
in 2024, USD26.9/t in 2025 and USD24.1/t in 2026;
- Annual capex of USD35 million in 2023 and remaining at USD25
million in 2024-2026.
- Dividend payout ratio of 80%. Special dividend of USD200 million
in 2024 and USD50 million in 2025 to maintain the cash balance in
line with historical levels.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch does not expect an upgrade in the near term as the
company's operational scale is expected to remain commensurate with
the current rating level in the rating horizon to 2026.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Sustained increase in the net debt-to-EBITDA ratio to above 2.0x;
and/or
- Evidence of weakened external funding access.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: GEMS has strong free cash flow generation, a
net cash position, and well-distributed amortising debt, which
support its comfortable liquidity position. Fitch does not expect
its debt to increase over the next three-to-four years because of
its modest capex requirements. Its short-term debt is about USD66
million, which is easily covered by its cash position of about
USD330 million as of end-2022. GEMS also has a committed credit
line of USD64.5 million from a domestic bank, with less than USD10
million being utilised currently.
ISSUER PROFILE
GEMS is a coal-mining company in Indonesia with the fourth-largest
reserves in the country. GEMS operates three mining concessions,
with BIB the largest. Its proven reserve life is 19 years and 2P
reserve life is 25 years. Singapore-based GEAR owns 62.5% of GEMS
and Indonesian entity ABM Investama, via a subsidiary, owns 30%.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
GEMS's rating is subject to a cap of "consolidated+1" based on its
Parent and Subsidiary Linkage Rating Criteria. Hence, GEMS's rating
cannot be more than one notch higher than the rating of its parent,
GEAR.
ESG CONSIDERATIONS
GEMS's ESG Relevance Score for GHG Emissions & Air Quality was
raised to '4' from '3' due to its revenue concentration in thermal
coal, which faces the risk of declining demand in the medium term
because of its high carbon footprint. Funding access for thermal
coal companies has also progressively tightened, which has a
negative impact on GEMS's credit profile and is relevant to the
rating in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
PT Golden Energy
Mines Tbk LT IDR BB- Upgrade B+
Natl LT A+(idn) Upgrade A(idn)
=====================
N E W Z E A L A N D
=====================
CK MIIRACLE: Court to Hear Wind-Up Petition on April 21
-------------------------------------------------------
A petition to wind up the operations of CK Miiracle Limited will be
heard before the High Court at Auckland on April 21, 2023, at 10:45
a.m.
W Blake Limited filed the petition against the company on Feb. 7,
2023.
The Petitioner's solicitor is:
T. J. G. Allan (Kirstin Wakelin acting)
Grove Darlow & Partners, Lawyers
Level 9, 2 Commerce Street
Auckland
CURIOUS DOG: Bookshop to Close End of May Due to Rising Rent
------------------------------------------------------------
Stuff.co.nz reports that a dyslexic historian and author has taken
the painful decision to shut her Curious Dog bookshop before a big
rise in the rent she is charged by the owner of Christchurch's
Colombo Mall.
According to Stuff, it's been a tough start to the year for
booksellers with recession and high mortgage rates biting into
household's disposable income, and the high-profile closure at the
end of March of Vic Books at Victoria University.
But brick and mortar booksellers have been boosted by news that
Amazon is shutting its online bookstore Book Depository, which
began targeting New Zealand in 2018 with free delivery of books
bought from it.
Amazon will continue selling books from its Australian warehouses,
but delivery is no longer automatically free, and depends on order
size, and also on the location of the buyer, the report says.
Stuff says Caroline Fitzgerald became an accidental bookshop owner
a year ago, taking over the store she worked in, buying it from the
owners of the mall for almost nothing in order to save it.
But in May, rent on the unit she occupies is going to rise from
NZD200 a week to about NZD900, and that's too much for the bookshop
to survive.
"It's just not viable," said Ms. Fitzgerald, who is the author of
Te Wiremu, the story of her ancestor Reverend Henry Williams, who
was involved in the translation of the Treaty of Waitangi into te
reo Māori.
According to Stuff, mall owner Lily Cooper said the deal Ms.
Fitzgerald did to buy the bookshop included reduced rent for a
year, and that was coming to an end.
"It's a beautiful wee store, but they can't sell enough books to
make a living," Stuff quotes Ms. Cooper as saying. "We are very
sad to lose our bookstore."
Ms. Cooper said the mall's rents were low, and none of the 36
tenants were in arrears.
"I'm very reasonable," she said. But "we are landlords. That's our
business."
Stuff adds that Ms. Fitzgerald said she had felt an obligation to
buy the store and make a go of it because it provided not only a
place for New Zealand authors to sell their books, but a place for
people to come, talk and meet.
"I honestly see it as a community service," she said.
The Curious Dog would close at the end of May, she said.
DEREK ALLOMES: Creditors' Proofs of Debt Due on June 12
-------------------------------------------------------
Creditors of Derek Allomes Trading Limited and Phoenix Fine Foods
Limited are required to file their proofs of debt by June 12, 2023,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 4, 2023.
The company's liquidators are:
Christopher Carey McCullagh
Stephen Mark Lawrence
C/- PKF Corporate Recovery & Insolvency Limited
PO Box 3678
Auckland 1140
DL DIGGERS: Court to Hear Wind-Up Petition on May 5
---------------------------------------------------
A petition to wind up the operations of DL Diggers Limited will be
heard before the High Court at Auckland on May 5, 2023, at 10:45
a.m.
Rock and Rubble Limited filed the petition against the company on
March 21, 2023.
The Petitioner's solicitor is:
Brett Leeson Martelli
Level 1, 19 Mauranui Avenue
Newmarket
Auckland
FERRYMEAD AGADIR: Creditors' Proofs of Debt Due on May 5
--------------------------------------------------------
Creditors of Ferrymead Agadir Limited are required to file their
proofs of debt by May 5, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 5, 2023.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
SEE ONE: Creditors' Proofs of Debt Due on May 25
------------------------------------------------
Creditors of See One Design Limited are required to file their
proofs of debt by May 25, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Benjamin Francis and Simon
Dalton of Gerry Rea Partners as liquidators on March 31, 2023.
=====================
P H I L I P P I N E S
=====================
CEBU PACIFIC: Buys PHP4 Million Shares in Budget Carrier
--------------------------------------------------------
Bilyonaryo.com reports that Lance Gokongwei has increased his
personal holdings in his family's budget airline, Cebu Pacific
(CEB).
Mr. Gokongwei bought 101,900 shares of CEB at a price range of
PHP41.25 to PHP41.50 on March 31, Bilyonaryo.com says.
The CEB chairman only had 6,600 shares of the airline previously.
CEB has lost a total of PHP61 billion over the last three years -
PHP14 billion in 2022, PHP24.9 billion in 2021, and PHP22.2 billion
in 2020, Bilyonaryo.com discloses. He relinquished his post as
president and CEO of the airline at the end of 2022.
Cebu Air Inc. operates an airline which provides air transportation
services. The Company offers passenger transportation, cargo
transportation, e-ticketing, and various other services.
JG SUMMIT: Unit Reports Wider Annual Loss of PHP14.9BB in 2022
--------------------------------------------------------------
Bilyonaryo.com reports that three years on from the pandemic's
outbreak, JG Summit's petrochemical unit remains a stubborn
challenge for ultra bilyonaryo Lance Gokongwei, who has yet to find
a way to turn around its tanking fortunes.
JG Summit Olefins Corp. (JGSOC) has announced a startling loss of
PHP14.9 billion for 2022, a figure almost four times higher than
the PHP4.1 billion loss the company experienced in both 2020 and
2021, Bilyonaryo.com discloses.
This is worse than JG's previous loss leader, Cebu Pacific, which
lost by only PHP14 billion in 2022 (on 261 percent growth in
revenues to PHP56.8 billion) after cratering a whopping P24 billion
in 2021. (Mr. Gokongwei has relinquished his executive duties in
Cebu Pacific starting this year).
In its annual report, Mr. Gokongwei blamed JSOC's poor sales to the
lingering impact of the pandemic on the global economy and closure
of China's (a major buyer of petrochemicals) border, according to
Bilyonaryo.com.
With surging prices of the raw materials and the cost of shipping,
Mr. Gokongwei said "JGSOC strategically implemented a three-month
facility shutdown in mid-2022 along with other petrochemical
players in the region," Bilyonaryo.com relays.
By collectively shutting down their facilities, JGSOC and other
players in the region aimed to reduce the supply of petrochemicals
on the market, which would help to increase the price and erase
what Mr. Gokongwei called "negative petrochemical spreads."
Nearly half of JGSOC's losses were due to rising interest expenses
and mounting foreign exchange losses, the report notes.
Despite the losses, Mr. Gokongwei remains optimistic on
petrochemicals as he poured P5 billion in new investments poured
into the business last year after finally getting a three-year
tariff cover against rival imports under the newly-installed Marcos
administration, Bilyonaryo.com notes.
JG Summit Holdings, Inc. operates in the consumer foods,
agro-industrial and commodity food products, and textiles
industries. The Company also invests in real estate, manages hotel,
and provides apartment management services. In addition, JG also
provides banking and financial services, and invests in
telecommunications, petrochemicals, and air transportation
businesses
=================
S I N G A P O R E
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ACL BUILDING: Creditors' Meetings Set for April 14
--------------------------------------------------
ACL Building Project Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on April 14, 2023, at 10:30 a.m. via
Zoom.
Agenda of the meeting includes:
a. to update the creditors on the status of the liquidation of
the Company;
b. to approve the Liquidator’s fees and disbursements; and
c. any other business.
The company's liquidator is:
Gary Loh Weng Fatt
c/o 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
CML HOSPITALITY: Creditors' Proofs of Debt Due on May 6
-------------------------------------------------------
Creditors of CML Hospitality Pte. Ltd. are required to file their
proofs of debt by May 6, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 31, 2023.
The company's liquidator is:
Farooq Ahmad Mann
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
KEMAKMURAN HOLDING: Creditors' Proofs of Debt Due on May 8
----------------------------------------------------------
Creditors of Kemakmuran Holding Pte. Ltd. are required to file
their proofs of debt by May 8, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 3, 2023.
The company's liquidator is:
Najeeb Assan
c/o IP Consultants
80 Robinson Road #15-02
Singapore 068898
KWS JAPAN: Creditors' Proofs of Debt Due on May 7
-------------------------------------------------
Creditors of KWS Japan Pte. Ltd. and TD Japan Pte. Ltd. are
required to file their proofs of debt by May 7, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 31, 2023.
The company's liquidators are:
Keoy Soo Earn
Muk Siew Peng
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
RW TODA: Creditors' Proofs of Debt Due on May 7
-----------------------------------------------
Creditors of RW Toda Pte. Ltd. and RW Toda Spe 1 Pte. Ltd. are
required to file their proofs of debt by May 7, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 31, 2023.
The company's liquidators are:
Keoy Soo Earn
Muk Siew Peng
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
SEROJA INVESTMENTS: Gets Delisting Notice From Singapore Bourse
---------------------------------------------------------------
The Business Times reports that mainboard-listed Seroja Investments
has received a notification of delisting, now that its appeal for
more time to sign a definitive agreement to acquire a new business
has been rejected.
In a regulatory statement on April 11, the company disclosed that
Singapore Exchange Securities Trading (SGX-ST) had notified it of
its failure to meet listing rules, given that talks with a new
target company for a potential reverse takeover were still
ongoing.
BT relates that SGX-ST also noted that "there remained significant
uncertainties whether any definitive agreement would be executed"
between the parties, and that the company must make a fair and
reasonable exit offer to its shareholders.
Late last month, Seroja Investments announced plans to apply for
more time to meet listing requirements, after it received an email
from SGX-ST informing it of the impending delisting notice, BT
recalls. The company said then that it was in discussions with a
new company for a potential reverse takeover.
These came in the days after Seroja Investments announced that
plans for it to acquire Denway Development in a reverse takeover
had failed.
Seroja Investments became a cash company after selling its
operating business in marine transportation and assets in 2019, the
report notes. It has since been searching for a new viable business
in line with listing rules.
Seroja Investments Ltd. provides charter services of tugboats and
barges. The ships are primarily used to transport thermal coal,
sand and other quarry materials.
=====================
S O U T H K O R E A
=====================
ASIANA AIRLINES: Korean Air Goes All Out to Get OK for Takeover
---------------------------------------------------------------
The Korea Times reports that Korean Air is putting all-out efforts
into completing its takeover of Asiana Airlines by mobilizing and
investing heavily to persuade competition authorities in major
countries, according to the company, April 10.
Competition authorities in each country are making various demands
due to monopoly concerns. In order to dispel their concerns, Korean
Air is continuing to consult on various corrective measures,
according to the report.
The Korea Times relates that to persuade the authorities of the
countries that have not yet approved the deal, the company is
operating a dedicated expert group for each country consisting of a
total of 100 personnel who are cooperating with domestic and
foreign law firms and economic analysis companies.
From December 2020 to February this year, Korean Air spent well
over KRW100 billion (US$75.6 million) on expenses for domestic and
foreign law firms and advisers.
"Through active discussions, we have made considerable progress in
securing and persuading new airlines to enter the U.S., EU and
Japan routes," the report quotes an official at Korean Air as
saying. "We are doing our best to ensure that the competitiveness
of the Korean aviation industry is not damaged in the long term."
Korean Air must obtain business combination approval from a total
of 14 countries, including Korea, to acquire Asiana Airlines, the
report notes. Among them, 11 countries, including Turkey, Taiwan,
Thailand, Singapore, Australia and China, have approved the sale,
while the U.S., the EU and Japan are still reviewing the deal.
Among countries that are still in the process of screening the
takeover deal, Japan is expected to give its approval first,
according to the report. Japan started consultations on corrective
measures last month and plans to conclude prior consultations
within the first half of this year. After that, it is expected to
decide whether to approve the deal.
The Korea Times says the EU is also expected to announce the
results of the screening at the same time as Japan. The EU started
the second stage of its review in February and is expected to
announce its decision in early August at the earliest.
In the U.S, the Department of Justice extended its review deadline
last November. Industry officials believe the U.S. will make its
decision after the EU and Japan. If Japan and the EU approve, the
U.S. is highly likely to follow suit in the second half of this
year.
"After the acquisition and integration of Asiana Airlines, we will
strive to develop the domestic aviation industry and improve
customer convenience," the report quotes an official from Korean
Air as saying.
About Asiana Airlines
Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business. Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.
State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat. In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted. Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.
In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.
LOTTE GROUP: Seeks Cash to Dispel Concerns Over Liquidity Crisis
----------------------------------------------------------------
The Korea Times reports that Lotte Group is going all out to raise
more money from domestic financial firms, amid the conglomerate's
continuous efforts to dispel worries among market insiders over the
company's financial soundness, according to industry officials,
April 9.
On April 7, the group signed an agreement with KB Kookmin, Shinhan,
Woori and Hana banks to draw a combined KRW5 trillion (US$3.8
billion) investment from them over the next five years. The money
will be used to nurture Lotte's core businesses for the future,
such as battery materials, green energy and biotech.
"The investment is expected to improve our credibility in the
market," Lotte said in a press release.
According to the report, the conglomerate's recent cooperation with
the nation's four largest commercial banks came a few months after
its construction unit agreed with Meritz Financial Group in January
to create a KRW1.5 trillion fund.
The Korea Times relates that the fund enabled Lotte E&C at that
time to overcome a liquidity crisis caused by difficulties in
repaying its debts for project financing.
Before Lotte E&C joined hands with Meritz, Lotte Group's major
affiliates had put up over KRW1 trillion to rescue the
cash-strapped builder, the report notes. Lotte Group Chairman Shin
Dong-bin's personal assets were even used for Lotte E&C, which was
hit by the country's worsening housing market conditions.
In this regard, Financial Supervisory Service Governor Lee Bok-hyun
praised the deal signed between Lotte and Meritz, saying that they
pursued profitability and public interests at the same time.
As Lotte Group succeeded in securing the additional KRW5 trillion,
the conglomerate is expected to accelerate efforts to dismiss
concerns over its large-scale investments in the chemical sector.
Local credit ratings agencies, however, saw that it will take more
time for Lotte Group's affiliates to improve their credit ratings,
because they are yet to improve their financial structures.
According to the Korea Times, NICE Investors Service said that
Lotte Group's ability to repay its debts has continuously
weakened.
Its analysis is based on the conglomerate's deteriorating earnings
from its petrochemical business and financial burdens caused by
mega-size projects, including the LINE, a $4 billion project to
build a giant petrochemical complex in Indonesia, the report
states.
"Amid the financial burdens caused by the acquisition of Iljin
Materials, Lotte has continued large-scale investments including
the LINE Project," the credit ratings agency said. "Due to the
burdens caused by its investments in biotech and healthcare
sectors, the group will face difficulties in reducing its debts."
According to the agency, the size of Lotte Group's net debt rose to
KRW28 trillion as of September last year from KRW24.8 trillion in
late 2021, the report discloses.
*********
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.
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