/raid1/www/Hosts/bankrupt/TCRAP_Public/230424.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 24, 2023, Vol. 26, No. 82
Headlines
A U S T R A L I A
BRILLIANTFIT PTY: Second Creditors' Meeting Set for May 2
CREATIVEMASS ENTERPRISES: 2nd Creditors' Meeting Set for April 28
IN2FOOD (OPERATIONS): Commences Wind-Up Proceedings
KSCH CRANES: First Creditors' Meeting Set for May 3
MAHERCORP PTY: Enters Voluntary Administration
MULTIGLAZED PTY: Placed in Administration
PEPPER SPARKZ 6: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes
PERENTI GLOBAL: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
RESIMAC BASTILLE 2023-1NC: Moody's Gives B2 Rating to Cl. F Notes
TRANSPORTABLE SHADE: Goes Into Liquidation; Owes AUD1.3 Million
C H I N A
BRILLIANCE AUTO: Shenyang Mulls Buying Brilliance China Stake
DALIAN WANDA: Bond Prices Slide on Loan Extension Concerns
SUNAC CHINA: Creditors Agree on US$91B Debt Restructuring Plan
WEIFANG URBAN: Fitch Lowers LongTerm IDRs to 'BB+', Outlook Stable
H O N G K O N G
HEALTH AND HAPPINESS: S&P Affirms 'BB+' ICR, Outlook Negative
I N D I A
BRIJ RAJ: CARE Lowers Rating on INR2cr LT Loan to B
CAMEL SHELTERS: Insolvency Resolution Process Case Summary
CHESA DENTAL: Insolvency Resolution Process Case Summary
D J AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
FIBCOM INDIA: CARE Keeps D Ratings in Not Cooperating Category
FOOTPRINT VENTURES: Voluntary Liquidation Process Case Summary
GAJANAN AGRO: Liquidation Process Case Summary
GANESH JEWELLERS: CARE Keeps B Debt Rating in Not Cooperating
GATIK TEA: CARE Lowers Rating on INR5.75cr LT Loan to C
GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating
GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category
GURUKRUPA METALS: ICRA Keeps B- Debt Rating in Not Cooperating
HARRIN POULTRY: CARE Keeps D Debt Rating in Not Cooperating
HLL BIOTECH: ICRA Keeps D Debt Ratings in Not Cooperating
IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category
JAIDEEP SHIKSHA: CARE Keeps C Debt Rating in Not Cooperating
KAMAKHYA BOARD: ICRA Keeps B Debt Rating in Not Cooperating
KLM INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
KRISHNA REDDY: CARE Keeps D Debt Rating in Not Cooperating
LUCKY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
M. S. ENGINEERING: ICRA Keeps B+ Debt Rating in Not Cooperating
MBE COAL: CARE Keeps D Ratings in Not Cooperating Category
NITASHA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
PARI AGRO: CARE Keeps B- Debt Ratings in Not Cooperating
PHOENIX STRUCTURAL: CARE Keeps B- Debt Ratings in Not Cooperating
PRABHU DAYAL: CARE Keeps D Debt Rating in Not Cooperating
PROTONN INTERACTIVE: Voluntary Liquidation Process Case Summary
RELIABLE AGENCIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
S. K. HATCHERIES: CARE Keeps D Debt Rating in Not Cooperating
SAI EARTH: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SATYESHWAR HIMGHAR: CARE Keeps D Debt Ratings in Not Cooperating
SHASHVATHA RENEWABLE: Voluntary Liquidation Process Case Summary
STELLA UDYOG: CARE Keeps C Debt Rating in Not Cooperating
TROIX CHEMICALS: CARE Lowers Rating on INR12cr LT/ST Loan to B
UMANG OILS: CARE Keeps B Debt Ratings in Not Cooperating Category
ZEE ENTERTAINMENT: Talks With Creditors to Close Sony Merger
N E W Z E A L A N D
BOTICA INSULATION: Court to Hear Wind-Up Petition on May 12
BRP BUILDERS: Court to Hear Wind-Up Petition on May 5
ON POINT: Court to Hear Wind-Up Petition on April 28
UMBRELLA PROPERTY: Creditors' Proofs of Debt Due on June 11
ZGBBUILDERS LIMITED: Creditors' Proofs of Debt Due on April 27
P H I L I P P I N E S
CHELSEA LOGISTICS: Could Go Bankrupt Amid Debt, Auditors Warn
S I N G A P O R E
GROUP LEASE: Court to Hear Wind-Up Petition on May 5
HYPERFORMANCE PTE: Court to Hear Wind-Up Petition on May 5
JAMCO SINGAPORE: Creditors' Proofs of Debt Due on May 20
LZ CONSTRUCTION: Court Enters Wind-Up Order
NEWISH TRANSPORTATION: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
BRILLIANTFIT PTY: Second Creditors' Meeting Set for May 2
---------------------------------------------------------
A second meeting of creditors in the proceedings of Brilliantfit
Pty Ltd has been set for May 2, 2023, at 2:30 p.m. via MS 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 May 1, 2023, at 5:00 p.m.
Matthew Kucianski of Worrells was appointed as administrator of the
company on March 21, 2023.
CREATIVEMASS ENTERPRISES: 2nd Creditors' Meeting Set for April 28
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Creativemass
Enterprises Pty Ltd has been set for April 28, 2023, at 10:00 a.m.
Level 6, 18 Oliver Lane, Melbourne VIC 3000 and virtually.
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 27, 2023, at 4:00 p.m.
Christian Sprowles and Michael Hogan were appointed as
administrators of the company on March 15, 2023.
IN2FOOD (OPERATIONS): Commences Wind-Up Proceedings
---------------------------------------------------
Members of In2Food (Operations) Pty Ltd, In2Food (Manufacturing)
Pty Ltd, In2Food (WA) Pty Ltd, and In2Food (Industrial) Pty Ltd on
April 19, 2023, passed a resolution to voluntarily wind up the
group's operations.
The company's liquidators are:
Todd Gammel
Matthew Levesque-Hocking
HLB Mann Judd
Level 5
10 Shelley Street
Sydney, NSW 2000
KSCH CRANES: First Creditors' Meeting Set for May 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of KSCH Cranes,
Hoists & Rigging Pty Ltd will be held on May 3, 2023, at 11:00 a.m.
at the offices of Rodgers Reidy, Level 2A, 181 Elizabeth Street, in
Brisbane, Qld.
David James Hambleton and Kaily Lyn Chua of Rodgers Reidy
were appointed as administrators of the company on April 19, 2023.
MAHERCORP PTY: Enters Voluntary Administration
----------------------------------------------
ABC News reports that construction firm Mahercorp has entered
voluntary administration, adding to a growing tally of homebuilders
facing financial difficulties amid rising cost pressures.
The ABC relates that the construction of about 730 homes will be
put on hold as Mahercorp, which is the parent company for builders
Eight Homes and Urbanedge Homes, works with administrators.
The news comes in the wake of the collapse of construction firm
Porter Davis, which left uninsured customers stranded and in need
of government intervention.
However, in a statement to customers, Mahercorp chief executive
Steve Maher made clear that the firm was not in the same position
as Porter Davis, the report relates.
"I want to emphasise that Mahercorp has not collapsed and is not in
liquidation," the report quotes Mr. Maher as saying.
"My intention is to work with the administrator on a plan that I
hope allows us to restructure the business, creating a more
sustainable footing and to complete your home."
Accordig to the ABC, Mr. Maher laid the blame on "skyrocketing"
building and labour costs along with rising inflation and said that
all builders were facing "unprecedented challenges".
"To ease the strain of these cost increases, for some months now we
have been renegotiating our trading terms with our suppliers and
insurers. Their support to date has helped us manage spiralling
costs," Mr. Maher said.
"Entering voluntary administration was the only option after being
advised earlier this week that the insurer for our supplier of
essential safety equipment, would no longer support our business."
The ABC adds that Mahercorp has informed customers that
construction on new homes will be put on hold for the five-week
duration of the voluntary administration.
The company has operated in Victoria since 2002.
MULTIGLAZED PTY: Placed in Administration
-----------------------------------------
Trent Andrew Devine and Peter John Moore of Jirsch Sutherland on
April 20, 2023, were appointed as administrators of Multiglazed Pty
Ltd.
The administrators may be reached at:
Trent Andrew Devine
Peter John Moore
Jirsch Sutherland
GPO BOX 4256
Sydney, NSW 2001
PEPPER SPARKZ 6: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No. 6's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking Australian automotive and equipment lease and
loan receivables originated by Pepper Asset Finance Pty Limited, a
subsidiary of Pepper Money Limited (Pepper). The notes will be
issued by BNY Trust Company of Australia Limited as trustee for
Pepper SPARKZ Trust No.6.
Entity/Debt Rating
----------- ------
Pepper SPARKZ
Trust No.6
A1-a LT AAA(EXP)sf Expected Rating
A1-x LT AAA(EXP)sf Expected Rating
B LT AA(EXP)sf Expected Rating
C LT A(EXP)sf Expected Rating
D LT BBB(EXP)sf Expected Rating
E LT BB(EXP)sf Expected Rating
F LT B(EXP)sf Expected Rating
G LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
The total collateral pool at the 28 February 2023 pool cut date was
sized at AUD600 million and consisted of 15,008 receivables with a
weighted-average (WA) remaining maturity of 58.8 months.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples for each risk
tier classification A, B & C.
Its base-case gross-loss expectations and 'AAAsf' default multiples
are as follows:
Risk Tier A: 2.25% (6.0x)
Risk Tier B: 6.00% (5.3x)
Risk Tier C: 12.00% (4.5x)
The recovery base case is 30.0%, with a 'AAAsf' recovery haircut of
50.0% across all risk grades. The WA base-case default assumption
was 4.4% and the 'AAAsf' default multiple was 5.3x.
Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite increasing
interest rates. GDP growth in 2022 was 2.7% and unemployment was
3.5% in March 2023. Fitch expects GDP growth to slow to 1.5% in
2023, with unemployment reaching 4.2%, reflecting high inflation
combined with a slowdown in consumer spending.
Excess Spread Supports A1-x Note Repayment: The transaction
includes a class A1-x note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall; above the class B to F notes. However, the rated notes
still pass the cash flow analysis at their respective rating
levels.
Class A to F notes will receive principal repayments pro rata upon
satisfaction of pro rata conditions. The percentage of credit
enhancement (CE) provided from the G note will thus increase as the
A to F notes amortise.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.
Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The transaction includes
interest-rate swaps with a fixed schedule, which allows for future
over- or under-hedging, depending on the level of prepayments and
defaults. Fitch conducted additional sensitivity analysis for these
hedging scenarios.
Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by backup servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.
No Residual Value Risk: There is no residual value exposure in this
transaction. However, 27.6% of the portfolio by loan value has
balloon amounts payable at maturity.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.
Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in CE and remaining loss-coverage levels available to
the notes. Decreased CE may make certain note ratings susceptible
to negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions. Fitch stresses the
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.
Downgrade Sensitivity
Note: A1-a / A1-x / B / C / D / E / F
Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
Rating Sensitivity to Increased Default Rates
Defaults increase 10%: AAAsf / AA+sf / A+sf / A-sf / BBB-sf / BB-sf
/ less than Bsf
Defaults increase 25%: AA+sf / AA+sf / Asf / BBB+sf / BB+sf / Bsf /
less than Bsf
Defaults increase 50%: AA-sf / AA-sf / A-sf / BBB-sf / BBsf / less
than Bsf / less than Bsf
Rating Sensitivity to Decreased Recovery Rates
Recoveries decrease 10%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / less than Bsf
Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / less than Bsf
Recoveries decrease 50%: AAAsf / AAAsf / A+sf / A-sf / BBB-sf /
B+sf / less than Bsf
Rating Sensitivity to Combined Stresses
Defaults increase 10% and recoveries decrease 10%: AAAsf / AA+sf /
A+sf / BBB+sf / BBB-sf / B+sf / less than Bsf
Defaults increase 25% and recoveries decrease 25%: AA+sf / AA+sf /
Asf / BBBsf / BBsf / Bsf / less than Bsf
Defaults increase 50% and recoveries decrease 50%: A+sf / AA-sf /
BBB+sf / BB+f / B+sf / less than Bsf / less than Bsf
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Macroeconomic conditions, collateral performance and credit losses
that are better than Fitch's baseline scenario or sufficient
build-up of CE that would fully compensate for the credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal
The class A notes are at 'AAAsf', which is the highest level on
Fitch's scale cannot be upgraded. For these notes that are at
'AAAsf', upgrade sensitivity stresses are not relevant. However,
results for the remaining rated notes are as follows:
Upgrade Sensitivity
Expected Rating Sensitivity to Reduced Defaults and Increased
Recoveries
Note: B / C / D / E / F
Rating: AAsf / Asf / BBBsf / BBsf / Bsf
Defaults decrease 10%/recoveries increase 10%: AA+sf / A+sf /
BBB+sf / BB+sf / B+sf
DATA ADEQUACY
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
environmental, social and governance (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.
PERENTI GLOBAL: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Perenti Global Limited's
Long-Term Issuer Default Rating at 'BB+'. The Outlook is Stable.
The affirmation reflects Perenti's strong financial performance in
the first half of the financial year ending June 2023 (1HFY23). The
results demonstrated operational improvements due to better
business conditions and revised contract rates, which offset
industry-wide inflationary pressure and the termination of
low-profit legacy contracts. The company's work-in-hand (WIH) at
end-June 2022 also remained steady while it continued the shift
towards low-risk mining jurisdictions.
The Stable Outlook reflects Fitch's expectation Perenti's
operational performance will be stable over the medium term and
leverage will improve, which has created solid headroom for the
rating's negative sensitivities.
KEY RATING DRIVERS
Improving Jurisdictional Risk Profile: Fitch expects revenue from
investment-grade jurisdictions to continue making up more than 60%
of Perenti's revenue. The increase comes after it won and extended
several contracts from lower-risk countries and recently concluded
contracts in Egypt and Mali. Its strategy is to limit exposure to
frontier markets and bring its operating risk profile in line with
that of peers. It generated around 70% of WIH and 61% of revenue
from Australia (AAA/Stable), United States of America (AAA/Stable),
Canada (AA+/Stable) and Botswana in 1HFY23.
Stable Cash Flow from Underground Mining: Perenti's underground
mining division makes the largest contribution to EBITDA, at around
67% (before group function cost) in 1HFY23, and allows stable cash
flow through the cycle. This is evident from the division's steady
EBITDA contribution over the last decade compared with the
company's surface mining and investment divisions as well as
against competitors.
The division's stability provides a buffer against cyclical
commodity prices, and is underpinned by the low-cost position of
the mines that Perenti serves, a focus on production-related
services and the higher barriers to entry and lower capital
intensity than surface mining.
Leading Market Position in Australia: Perenti is the second-largest
mining-service company in Australia with around AUD1.2 billion in
revenue from the country in FY22. Its Australian WIH was AUD3
billion at end-June 2022 (AUD3.2 billion at end-June 2021), or
almost half of its order book of AUD6.5 billion. Fitch believes
mining activity in Australia will continue to gradually increase,
although it will be cyclical. This will support stable demand for
Perenti's services and offset declines in revenue in high-risk
mining jurisdictions, where the company plans to reduce
operations.
Conservative Financial Policy: Perenti is targeting a reduction in
its leverage, which it defines as net debt/EBITDA, to less than 1x.
The strong first-half results mean it now expects to achieve the
target by FYE23 (1HFY23: 1.1x). Fitch believes the successful
deleveraging and commitment to maintaining a conservative financial
profile will better position the company to withstand
commodity-price downturns.
Perenti maintains conservative leverage metrics through
capital-management initiatives, such as limiting capex, suspending
dividends and divesting non-core assets. Fitch expects Perenti's
EBITDA net leverage to improve to 1.0x in FY23 and remain at or
below that level over at least the next few years on higher EBITDA
generation.
DERIVATION SUMMARY
Perenti's rating reflects stable cash flow from diversified
underground-mining service contracts and a competitive cost
position at the mines it serves. This compares favourably against
Indonesia-based peer, PT Bukit Makmur Mandiri Utama (BB-/Stable),
which has a less diversified business model due to concentrated and
lower-quality counterparties. Perenti has better scale, as
Australia's second-largest mining contractor, as well as superior
credit metrics and diversified commodity exposure and customer
base. These factors underscore the two-notch rating differential
between the two entities.
Thiess Group Holdings Pty Ltd (BBB-/Stable), the world's largest
mining-service company, has better scale, a wider profit margin and
no exposure to countries with high sovereign risks in comparison
with Perenti. However, this is countered by Thiess' more volatile
cash flow profile due to its exposure to mines with weak cost
positions. Both companies have conservative leverage profiles.
These factors underscore the one-notch rating differential between
the two entities.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Revenue growth of 15% in FY23 due to new contract wins and
the extension of existing contracts, and flat revenue
thereafter
- Fitch-adjusted group EBITDA margin of around 18% over the
next four years
- Net capex of AUD320 million in FY23 and 12% of revenue on
average thereafter
- No new acquisitions or divestments assumed
- Dividends of 25% of net profit from FY25 as net leverage falls
below 1x
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Improved scale to be in line with higher-rated peers
- Fitch-adjusted EBITDA margin rising above 20% for a
sustained period (FY22: 16.2%)
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA net leverage rising above 1.7x for a sustained
period (FY22: 1.3x)
- Decline in revenue and WIH from stable mining
jurisdictions to below 60% for a sustained period
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Perenti had cash and equivalents of AUD322.5
million at end-December 2022 (FYE22: AUD349.5 million), against
interest-bearing liabilities of around AUD859 million (FYE22:
AUD861.5 million). The company's liabilities included USD433
million (FYE22: USD450 million) in senior unsecured debt and a
AUD420 million revolving credit facility, of which AUD205 million
was undrawn at end-December 2022. The next material maturity is in
October 2025.
ISSUER PROFILE
Perenti is a leading global provider of contract and other mining
services. Perenti has become one of the largest mining-service
companies listed on the Australian Securities Exchange since
operations started in 1987.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Perenti Global
Limited LT IDR BB+ Affirmed BB+
RESIMAC BASTILLE 2023-1NC: Moody's Gives B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Trustee Company Limited as
trustee of the RESIMAC Bastille Trust in respect of the RESIMAC
Series 2023-1NC.
Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC
Bastille Trust in respect of the RESIMAC Series 2023-1NC
AUD700.0 million Class A Notes, Assigned Aaa (sf)
AUD130.0 million Class AB Notes, Assigned Aaa (sf)
AUD106.0 million Class B Notes, Assigned Aa1 (sf)
AUD15.0 million Class C Notes, Assigned A2 (sf)
AUD18.0 million Class D Notes, Assigned Baa2 (sf)
AUD15.0 million Class E Notes, Assigned Ba2 (sf)
AUD7.0 million Class F Notes, Assigned B2 (sf)
The AUD9.0 million Class G Notes are not rated by Moody's.
The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by RESIMAC Limited (RESIMAC,
unrated).
RESIMAC is an Australian non-bank lender, specialising in
non-conforming and prime residential mortgage lending. As of
December 31, 2022, RESIMAC's Australian mortgage portfolio was
around AUD15.2 billion.
RATINGS RATIONALE
The definitive ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance (excluding Class G and Class Z
Notes), the legal structure, the experience of RESIMAC as servicer
and the presence of Perpetual Trustee Company Limited as the backup
servicer.
According to Moody's, Class A Notes and Class AB Notes benefit from
30.0% and 17.0% subordination respectively, compared with the 12.1%
MILAN CE. However, Moody's notes that the transaction features some
credit weaknesses such as a relatively high weighted average
scheduled LTV (70.1%) and loans underwritten on an alternative
documentation basis (94.0%).
Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 12.1%. Moody's expected loss for this transaction is 1.4%.
Key transactional features are as follows:
Initially, principal payments will be made sequentially, starting
with Class A Notes. All classes of notes, excluding Class G and
Class Z Notes, will start receiving their pro-rata share of
principal on a payment date 24 months after closing, provided that
step-down test is met. The test provisions include, among others,
no unreimbursed charge-offs and at least 26.4% subordination to the
Class A Notes. Principal payments will revert to sequential on and
after the call option date, occurring on the earlier of the payment
date falling in April 2027 and when the invested balance of notes
falls below 20% on the initial balance of the notes.
The servicer is required to maintain the weighted average interest
rates on the mortgage loans at a level sufficient for the trust to
meet the required payments when due, plus 0.25%.
Under the retention mechanism, prior to the call date, certain
proportion of excess spread remaining after reimbursement of
losses, carry-over charge-offs and payment of Class G interest will
be used to repay principal on the Class F Notes, thereby limiting
their exposure to losses. Issuance of an equivalent amount of
subordinated Class Z Notes at the same time will preserve the level
of credit enhancement available to the more senior ranking notes.
Key pool features are as follows:
The pool has a weighted-average scheduled loan-to-value (LTV) of
70.1%, although only 6.2% of the loans have scheduled LTVs over
80%.
The pool has a weighted average seasoning of 8.5 months.
At least 77.5% of loans in the pool are to self-employed
borrowers. The income of these borrowers is subject to higher
volatility than employed borrowers, and they may experience higher
default rates. For further 8.2% of loans, borrower employment type
is not provided, and for 1.1% of loans it is classified as other.
Alternative documentation loans make up around 94.0% of the pool.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance,
and fraud.
TRANSPORTABLE SHADE: Goes Into Liquidation; Owes AUD1.3 Million
---------------------------------------------------------------
Daily Mail Australia reports that a shed building company has
suddenly collapsed - leaving Aussies across the country thousands
of dollars out of pocket and in the lurch.
According to the report, Transportable Shade Sheds, based on the
Sunshine Coast, went into liquidation on April 17, leaving
customers with half-built sheds.
The business owed at least AUD1.3 million to about 160 trade
supplies and creditors.
A Facebook group was previously set up by affected customers and
has been flooded by angry Aussies, some who claim to have paid
AUD25,000 for sheds that have never been delivered, the report
says.
Daily Mail relates that Robson Cotter of Robson Cotter Insolvency
Group, revealed staff were also owed money in holiday pay,
superannuation and other costs.
He told the Courier Mail: 'And at least that amount again in
customers with partially or fully incomplete orders.
'The amount potentially owing to customers with partially or fully
incomplete orders delivered is currently unquantified,' Daily Mail
relays.
Chris Reeds, from Beenleigh, is a member of the Facebook group and
said he lost AUD6,000 after ordering a shed from the company to
cover his campervan.
'It's quite amazing when you hear the stories of what other people
have gone through.
'My wife and I had saved for quite some time to be able to afford
this.
'It's extremely stressful at the moment and I've never been in this
position.'
Another customer wrote: 'Has anyone worked out a way to get your
money back? We paid over AUD9,000 for a double shed. It's money we
just can't afford to lose.'
According to Australian Security and Investment Commission
documents Robert Salomon, originally from the UK, is the company
director.
Mr. Salomon and his wife Kylie run the firm but a liquidator report
showed that there were six companies set up as a group of related
entities.
'The affairs of the companies are intertwined such that there is
intercompany payables and receivables between multiple entities
that require investigations and potential recovery between
entities,' the report, as cited by Daily Mail, read.
Industry leaders have warned financial woes will see the building
industry crisis worsen amid repeated interest rate rises and
skyrocketing material costs.
Across Australia, there were 549 administrations and liquidations
in March alone, a jump of 23% when compared to last year.
=========
C H I N A
=========
BRILLIANCE AUTO: Shenyang Mulls Buying Brilliance China Stake
-------------------------------------------------------------
Bloomberg News reports that the northeastern Chinese city of
Shenyang is considering buying a stake in Hong Kong-listed
Brilliance China Automotive Holdings Ltd., giving it exposure to a
local joint venture with BMW AG, according to people familiar with
the situation.
Bloomberg relates that the municipal government is discussing a
potential acquisition of a 30% stake in Brilliance China held by
state-backed Brilliance Automotive Group Holdings Co., which is in
a court-led restructuring process, the people said, asking not to
be identified as the information is confidential.
A 30% stake in Brilliance China is worth about $588 million based
on the company's current market value of around HK$15.4 billion ($2
billion). Shares of Brilliance China closed 2.7% higher after
climbing as much as 5.1% following the Bloomberg News report.
Shenyang is considering eventually acquiring control of all of
Brilliance China, the people said, Bloomberg relays. Buying a stake
of 30% or more in a Hong Kong-listed company would trigger a
mandatory unconditional offer to purchase the remaining shares,
though the buyer could seek a waiver from the market regulator,
according to Bloomberg.
Bloomberg notes that the city's potential move to become an
investor in a local automaker with a lucrative joint venture comes
as China's vehicle industry matures into a fierce competitor on the
global stage. The country is poised to become the world's No. 2
exporter of passenger vehicles, even as a price war has broken out
among the country's fast-growing electric vehicle makers,
pressuring margins.
Deliberations are ongoing and may not eventually lead to any
transaction, the people said.
According to Bloomberg, a deal could provide funds for Brilliance
Auto Group, also sometimes referred to as Huachen Automotive Group
Holdings Co., to repay creditors. The company is looking to exit
the restructuring process that began in 2020 after it defaulted on
debt.
Bloomberg says the administrator overseeing the restructuring has
solicited strategic investors that may bid for all or part of
Brilliance Auto Group's assets, including the Brilliance China
stake. They are set to sign agreements on divesting the assets as
soon as the end of May, the people said. Shenyang's government has
set up a new entity called Shenyang Automobile Co. for the proposed
acquisition, the people, as cited by Bloomberg, said.
Any deal would be included in the bankruptcy settlement, which is
subject to final creditor approval, one of the people said.
Creditors rejected the company's first proposal in July.
Brilliance China holds a 25% stake in BMW Brilliance Automotive
Ltd., its joint venture with BMW, after the German automaker
boosted its stake to 75% from 50% late last year for about EUR3.6
billion ($3.9 billion). The deal saw BMW record in 2022 a one-time
gain of EUR7.7 billion from the re-measurement of its equity
interest in the venture.
Buying Brilliance Auto Group's entire 30% stake would make the
local government the biggest shareholder in Brilliance China,
giving it effective control over the firm's stake in the BMW joint
venture, Bloomberg states.
BMW's China venture posted strong results despite a challenging
operating environment due to Covid-19 last year. It launched two
new models in 2022 and saw sales of its electric vehicles in China
grow by more than 80% to over 39,000 cars, Bloomberg discloses
citing Brilliance China's annual report.
Brilliance China reported net income of CNY2.4 billion ($348
million) from the JV in 2022, compared to CNY14.5 billion a year
earlier, attributing the decline to the sale of the 25% stake to
BMW, the report showed. As a result of the disposal, the company
now has cash and equivalents amounting to CNY28.5 billion.
About Brilliance Auto
Shenyang-based Brilliance Auto Group Holdings Co., Ltd.,
manufactures automobiles. The Company produces passenger cars,
commercial cars, and more. Brilliance Auto Group Holdings also
sells spare parts.
Brilliance Auto started bankruptcy restructuring in November 2020
after it failed to repay money due creditors, Caixin Global noted.
A local court determined that the company did not have sufficient
assets to repay all its debts but that it "has value and could
possibly be saved," Caixin said.
DALIAN WANDA: Bond Prices Slide on Loan Extension Concerns
----------------------------------------------------------
The South China Morning Post reports that the offshore bonds of
Dalian Wanda Commercial Management, the commercial property
management arm of Chinese conglomerate Dalian Wanda Group, have
taken a hit last week despite the company denying recent rumours of
possible extensions to onshore trust loans.
The Post relates that the slide in bond prices also comes as a
six-month deadline by the Hong Kong stock exchange for the initial
public offering of an entity controlled by Dalian Wanda Commercial
Management is due to expire by the end of this month.
The notes of Wanda Properties International, a subsidiary of Dalian
Wanda Commercial Management, due January 2024, were traded at
around 81.25 cents to the dollar on April 19, compared with 88.375
cents on April 21, the Post discloses citing Refinitiv data.
Its affiliate Wanda Properties Global's 11% bond due February 2026
was offered at 75.5 cents to the dollar, compared with 81.625 cents
on April 21.
The Post relates that the drops came as rumours swirled around in
bond traders' chat rooms that an unspecified subsidiary of Dalian
Wanda Commercial Management intends to extend all of its onshore
trust loans. Trust loans serve as an important financing channel
for developers, usually as a debt instrument to raise funds from
investors to finance property companies' projects.
The rumours have triggered concerns about the financial health of
Dalian Wanda, controlled by its billionaire founder Wang Jianlin,
and its affiliates, the report says.
It also comes ahead of the month-end deadline for the IPO of Zhuhai
Wanda Commercial Management Group, which would raise much-needed
cash for the company. Dalian Wanda Commercial owns 69.66% of Zhuhai
Wanda.
"The IPO process is advancing, everything is normal," a source
close to Dalian Wanda Group told the Post on April 19, without
elaborating. He also declined to comment further on the loan
rumours.
According to the Post, Zhuhai Wanda filed an application with the
Hong Kong exchange at the end of October last year, aiming to raise
up to US$4 billion, the third attempt by the company to list in the
city.
The Post says the company could face trouble if it fails to launch
its IPO. The company will have to repurchase CNY30 billion (US$4.4
billion) of equity from its pre-IPO investors if it is unable to
successfully list by the end of 2023.
The China Securities Regulatory Commission had questioned Dalian
Wanda in March about the delay to Zhuhai Wanda's IPO and its impact
on Dalian Wanda Commercial's debt repayment capability, the Post
recalls.
Dalian Wanda Commercial issued a US$400 million bond in February,
the Post notes.
Dalian Wanda was placed on a watch list by regulators in 2017 along
with Anbang Group, Fosun Group and HNA Group. These privately
controlled Chinese conglomerates had accumulated some of the
world's largest debts after snapping up overseas trophy assets,
often at premium prices, and were facing significant debt
maturities.
About Dalian Wanda
Dalian Wanda Commercial Management Group Co., Ltd. operates as a
commercial property developer, owner, and operator. The Company
develops and manages mixed-use property projects including retail,
office, hotel, residential, restaurant, entertainment, and other
projects. Dalian Wanda Commercial Management Group conducts
businesses in China.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
16, 2023, Fitch Ratings has assigned a rating of 'BB' to Dalian
Wanda Commercial Management Group Co., Ltd.'s (Wanda Commercial,
BB+/Stable) proposed US dollar senior unsecured notes, which will
be issued by its wholly owned subsidiary, Wanda Properties Global
Co. Limited.
SUNAC CHINA: Creditors Agree on US$91B Debt Restructuring Plan
--------------------------------------------------------------
South China Morning Post reports that debt-laden Chinese developer
Sunac said creditors representing 75% of its US$9.1 billion
offshore debt have agreed to restructuring terms.
The Post relates that the creditors have until May 4 to finalise
their support for the restructuring plan, Sunac said in a brief
filing to the Hong Kong stock exchange on April 20.
It marks a step forward for the embattled developer, which said on
March 28 that it had reached an agreement with offshore creditors
representing over 30% of its outstanding debt. A source familiar
with the deal said the progress indicates "creditors' recognition
of Sunac's capability to continue its operation in the future," the
report relays.
"Investors are concerned about how indebted developers will
eventually solve their debt issue. When the restructuring plan is
approved and creditors agree to it, it provides an exit for
creditors. Everybody should be happy with it," the Post quotes
Raymond Cheng, managing director and head of China/Hong Kong
research and property at CGS-CIMB, as saying. "No one wants to see
bankruptcy or liquidation."
According to the Post, Sunac proposed to creditors that they can
swap US$1 billion of debt into US$1 billion nine-year convertible
bonds. They will have a 12-month window to convert the bonds into
shares for HK$20 apiece once the restructuring plan kicks in.
Otherwise, the bonds can only be redeemed once they mature.
Another proposal is to swap their debt claims into a zero-coupon,
five-year bond, subject to a cap of US$1.75 billion.
This new bond is convertible into the company's shares at HK$10
each within six months of the effective date of the restructuring.
The conversion is subject to a cap of 25% of the outstanding value
of the new bond, the Post notes.
Other holders of the new bond can choose to convert their holding
into shares later, but the conversion price - not less than HK$4.58
- will vary according to the average market price over 90 trading
days prior to notification of conversion.
The Post says the progress in Sunac's restructuring efforts comes
after China Evergrande Group, the world's most heavily indebted
property developer, managed to get support from some of its
creditors for a US$19 billion debt workout earlier this month.
Recent progress by debt-stricken heavyweights such as Sunac and
Evergrande sends a signal that the property sector could "further
recover once more developers can get through their debt
restructuring and back to normal operations," said Yan Yuejin,
director of Shanghai-based E-house China Research and Development
Institution.
According to the report, Leonard Law, a credit analyst at Lucror
Analytics, believes Sunac is in much better shape than its peer,
Evergrande, which is carrying more than US$300 billion in total
liabilities.
"We believe Sunac's business remains viable, due to its better
quality assets and management track record. Hence, the completion
of its debt restructuring would enable the company to focus on
business operations going forward," the Post quotes Mr. Law as
saying. "On the other hand, we believe Evergrande remains at high
risk of liquidation."
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn Sunac China
Holdings Limited's Ca corporate family rating and its C senior
unsecured ratings. Prior to the withdrawal, the rating outlook was
negative. Moody's has decided to withdraw the ratings because it
believes it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.
WEIFANG URBAN: Fitch Lowers LongTerm IDRs to 'BB+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded China-based Weifang Urban Construction
and Development Investment Group Co., Ltd.'s (WUCDI) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB+'
from 'BBB-'. The Outlook is Stable. Fitch has also downgraded the
ratings on WUCDI's USD400 million 2.6% senior unsecured bond due
2024, and USD100 million 6% senior unsecured bond due 2025, to
'BB+' from 'BBB-'.
The downgrade follows Fitch's reassessment of the sponsoring
Weifang municipal government. This is based on its perception that
the Weifang municipality will have a slightly lowered ability to
provide legitimate support to WUCDI due to deteriorating fiscal
performance and increasing level of debt.
KEY RATING DRIVERS
Status, Ownership and Control: 'Very Strong'
The company is 90%-owned by the Weifang State-owned Assets
Supervision and Administration Commission (SASAC) and 10%-owned by
Shandong Caixin Asset Operation Co., Ltd. The Weifang municipal
government appoints the company's board of directors and senior
management. WUCDI's major operational and financing decisions
require government guidance and approval.
Support Track Record: 'Strong'
WUCDI is a major government-related entity (GRE) in Weifang with a
strong government support record. It has received a large amount of
capital injections over the past few years. In addition, WUCDI
received government subsidies of over CNY1 billion in 2021. WUCDI
also received large amount of special-purpose bond from the
government, including around CNY200 million in 2022 and over CNY1
billion in 2023. Fitch expects the government support to continue.
However, the company's financial profile remains weak due to its
high leverage. This drives its 'Strong' assessment of the support
record.
Socio-Political Implications of Default: 'Moderate'
The company conducts urban infrastructure construction, land sales,
water and heat supply in Weifang. A default by the company could
jeopardise its policy business. Even so, subsidiaries conduct some
of the policy businesses and Fitch expects the government to
provide support to ensure the continued operation of the key
subsidiaries if WUCDI were to default. The Weifang government may
also appoint other GREs in the city as substitutes, if needed.
Financial Implications of Default: 'Very Strong'
Fitch believes that the government has 'Very Strong' incentive to
provide support to avoid the WUCDI default because the company has
borrowed substantially on the government's behalf from state-owned
banks and debt capital markets over the past few years to carry out
urban infrastructure projects in Weifang. WUCDI's total assets
reached around CNY113 billion by end-2021, while its total debt was
over 20% of Weifang government debt. It is also a regular issuer in
onshore and offshore bond markets.
A financial default by the company would damage the government's
reputation and affect the funding for other enterprises owned by
the government.
Standalone Credit Profile
Fitch has lowered the Standalone Credit Profile (SCP) to 'b', from
'b+', due to a weaker liquidity profile. The SCP is derived from
its 'Midrange' revenue defensibility and operating risk as well as
'Weaker' financial profile, based on its Public Sector,
Revenue-Supported Entities Rating Criteria. WUCDI relies on
refinancing to repay debt. Over 30% of WUCDI's total debt is
short-term debt and its cash is not sufficient to cover its
short-term debt. Fitch will keep monitoring WUCDI's liquidity
profile and refinancing ability. Fitch may considers reassessing
the SCP if the company's liquidity profile remains weak.
Revenue Defensibility 'Midrange'
Fitch assesses revenue defensibility to be 'Midrange'. Revenue rose
to CNY17 billion in 2021 from CNY9.5 billion in 2020. Revenue is
generated from land sales, heat and water supply, water
conservatory construction, trading, landscaping and auto parts.
Fitch expects the company's revenue in 2022 to remain at a similar
level to 2021.
The revenue defensibility is assessed as 'Midrange' because both
demand and pricing characteristics are assessed as 'Midrange'.
Demand is driven by its stable urban infrastructure, land sales,
heat and water supply business. Its price-setting power for the
public sector business is limited, but this is mitigated by the
government subsidies the company receives.
Operating Risk 'Midrange'
Fitch assesses the operating risk to be 'Midrange' on identified
cost drivers, an adequate supply of resources and labour, and a
satisfactory mechanism for capital planning and management.
Financial Profile 'Weaker'
Fitch assesses the financial profile to be 'Weaker', considering
WUDCI's high leverage with net debt/EBITDA of more than 20x at
end-2021. Fitch expects its leverage to remain over 20x in the next
three to five years. The high leverage is mitigated by the
company's strategic links with the government, which may provide
financial support.
Derivation Summary
The company's rating is derived from the four factors under Fitch's
Government-Related Entities Rating Criteria, combined with the 'b'
SCP under its Public Sector, Revenue-Supported Entities Rating
Criteria.
Liquidity and Debt Structure
WUCDI had around CNY50 billion of total debt at end-September 2022,
of which more than 30% is short-term debt. WUCDI had cash of CNY8.4
billion and it has good relationships with state-owned banks and
local banks.
Issuer Profile
WUDCI, established in 2016, is a major GRE in Weifang, a city in
Shandong province. Its businesses include urban infrastructure
construction, land sales, heat and water supply, water conservatory
construction, trading, landscaping and auto parts.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A lowering of Fitch's credit view of the Weifang municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations;
- A significant weakening of the socio-political or financial
implications of a default, a weaker government support record or a
dilution of the government's shareholding or control;
- A downgrade of WUCDI's IDRs will result in a similar change in
the rating of the notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- An upward revision in Fitch's credit view of the Weifang
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations;
- A stronger assessment of the government's support record,
socio-political implications of a default;
- A improvement in WUCDI's SCP;
- An upgrade of WUCDI's IDRs will result in a similar change in the
rating of the notes.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Weifang Urban
Construction
and Development
Investment
Group Co.,Ltd. LT IDR BB+ Downgrade BBB-
LC LT IDR BB+ Downgrade BBB-
senior
unsecured LT BB+ Downgrade BBB-
=================
H O N G K O N G
=================
HEALTH AND HAPPINESS: S&P Affirms 'BB+' ICR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on
Health and Happiness (H&H) International Holdings Ltd., and the
'BB' issue rating on its senior secured notes.
S&P said, "The negative outlook reflects our view that H&H's
adjusted leverage could stay above the downgrade threshold of 3.0x
beyond 2023. Intense competition in China's baby formula market and
any faster decline in demand for nutrition products than we
anticipate could slow EBITDA growth and deleveraging."
Solid growth in the adult nutrition and pet business should support
H&H's EBITDA growth over the next 12-24 months. This could help the
company reduce adjusted leverage below S&P's downgrade threshold of
3.0x by early or mid-2024. The company's topline growth of 17% in
the first quarter of 2023 exceeded its prior full-year forecast of
about 6% due to strong demand for the company's probiotics and
supplement products. Based on the strong result, S&P increased its
forecast for H&H's full-year revenue growth to 8%. Very high growth
in the first quarter will likely moderate over time as Chinese
consumer's concerns regarding COVID-19 abate, thereby reducing
demand for some supplement products.
That said, the country's aging population, and increasing
supplement penetration and health awareness, should still support
solid growth. H&H is launching more "blue hat" (i.e., China's
health food registration) products to increase its market share in
normal trade channels. S&P estimates 10% annual topline growth for
H&H's adult nutrition business in 2023 and 2024.
H&H's pet business revenue will rise 20%-25% annually in 2023-2024,
by our estimates, compared with like-for-like growth of 21% in
2022. This will be driven by 8%-10% industry growth in the U.S.,
thanks to higher category penetration and spending per pet, and
H&H's expansion into offline retail channels such as Walmart.
S&P's base case assumes growth in adjusted EBITDA of 15% in 2023
and 18% in 2024. As such, H&H's adjusted leverage should decline to
3.4x in 2023 and 2.4x in 2024, from 4.2x in 2022.
A structural shift in China's baby formula market is a risk.
China's infant milk formula market, which accounts for 40%-50% of
H&H's EBITDA, has seen flattish growth over the past two years due
to China's declining birth rate. Additionally, intense competition
and stricter regulation in the sector have pushed out several
foreign and domestic brands. S&P anticipates competition will
intensify further.
The company's strategy is to go up market into the super-premium
subsegment, where growth and profit margins are higher. However,
competition will likely intensify in this segment as well, thereby
driving down some margins. S&P projects H&H's reported EBITDA
margin in the overall baby nutrition segment will stay largely flat
at 16.5%-17.0% in 2023, despite a more favorable mix from super
premium baby formula and probiotics products. A 10% decline in the
company's EBITDA from baby nutrition would result in leverage being
0.2x above our base case in 2023.
Higher cash interest payments and increased shareholder returns
will reduce H&H's discretionary cash flows (DCF). S&P forecasts DCF
of Chinese renminbi (RMB) 770 million in 2023, below our prior
forecast of RMB1.0 billion. The revision follows weaker DCF of
RMB465 million in 2022, compared with its forecast of about RMB900
million. Higher interest expenses and shareholder returns were the
main reasons for the decline.
Higher rate conditions will cause cash interest payments to stay at
a high level of about RMB620 million for 2023. Concurrently, H&H
has increased its dividend payout ratio to 50% (back to its
historical norm) from 30% in 2021, and the company has been buying
back shares. These factors would reduce the company's ability to
lower its debt leverage. A moderate decline in capital expenditure
could partly mitigate this.
S&P said, "The negative outlook reflects our view that H&H's
adjusted leverage could stay above our downgrade threshold of 3.0x
beyond 2023. Intense competition in China's baby formula market and
a faster decline in demand for nutrition products than we
anticipate could slow the company's EBITDA growth and
deleveraging.
"We could lower the ratings if H&H's operating performance weakens
meaningfully due to competition or poor consumer demand for baby
formula or nutrition products in China, resulting in debt-to-EBITDA
staying above 3x beyond 2023.
"We would revise the outlook to stable if H&H can continue its
growth trajectory. This would entail an increased likelihood of the
company reducing debt leverage below 3x by early or mid-2024. We
will try to make that determination post the company's 2023 interim
results."
ESG credit indicators: E-2, S-2, G-2
=========
I N D I A
=========
BRIJ RAJ: CARE Lowers Rating on INR2cr LT Loan to B
---------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Brij Raj Holdings (BRH), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 12.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 2, 2022,
placed the rating(s) of BRH under the 'issuer non-cooperating'
category as BRH had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BRH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2023, January 26, 2023, February 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Amritsar based Brij Raj Holdings (BRH) was established in 1995 as a
partnership firm by Mr. Rajiv Mehra, Mrs. Karuna Mehra (mother of
Mr. Rajiv Mehra) and Mrs. Rashmi Mehra (wife of Mr. Rajiv Mehra).
Currently, the firm is being managed by Mr Rajiv Mehra and Mrs
Rashmi Mehra; sharing profit and loss equally. The firm is engaged
in the trading of chemicals, namely, Titanium Dioxide. BRH imports
this product from USA, Thailand, Singapore and Taiwan and sells
domestically to various wholesalers and paint manufacturing
companies.
CAMEL SHELTERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Camel Shelters Private Limited
III Floor, Selva Towers 320/4,
Avinashi Road,
Coimbatore, Tamil Nadu-641004
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 27, 2023
Court: National Company Law Tribunal, Chennai Bench-I
Insolvency
Professional: Mr. N. Veerapandian
New No 36 Second Street, Gopalapuram,
Thiru Vi Ka Nagar, Jawahar Nagar,
Chennai, Tamil Nadu – 600082
Email: veerapandian.cbi@gmail.com
14th Floor, 1412, Real Tech Park,
Sector 30 A,Vashi, Navi Mumbai – 400 703
Email: cirp.camel@ancoraa.com
Last date for
submission of claims: April 17, 2023
CHESA DENTAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Chesa Dental Services Limited
Unit No. 507, 5th Floor Keshava
Commercial Premises Co Op So Ltd,
Bandra East Mumbai,
Maharashtra - 400051
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 29, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Mahesh Pareek
E-802, Sterling Court, Road No. 16,
M I D C, Andheri East,
Near Hotel Suncity,
Mumbai Suburban, Maharashtra- 400093
Email: mpareek63@hotmail.com
Email: chesa.cirp@gmail.com
Last date for
submission of claims: April 17, 2023
D J AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of D J Agro
Industrial Project Private Limited (DJAIPPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 74.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 28, 2022,
placed the rating(s) of DJAIPPL under the 'issuer non-cooperating'
category as DJAIPPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. DJAIPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 11, 2023, February 21, 2023, March 3,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
D J Agro Industrial Project Private Limited (DJAIPPL) was
incorporated in April 2012 with an objective to enter the business
of manufacturing of jute bags from raw jute. The manufacturing unit
of the company is located at Mandakata (North Guwahati, Assam) with
a proposed installed capacity of 50 Metric Ton Per Day (17,500
tpa). Promoters of the company, Mr. Dipjyoti Mahanta and Mrs. Mili
Mahanta having long experience in similar line of business,
proposes to look after the day-to-day operation of the company
along with adequate support from a team of experienced personnel.
The company also has three associate companies in the name of "Apex
Yarn Private Limited", "Ashoka Weaving Private Limited" and
"Atlanta Modular Private Limited". All the three companies were
incorporated on August 7, 1997.
FIBCOM INDIA: CARE Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fibcom
India Limited (FIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.02 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 67.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 3,
2022, placed the rating(s) of FIL under the 'issuer
non-cooperating' category as FIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. FIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2022, December 30, 2022, April 12,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
FIL was established in December 1994 as a Joint Venture (JV)
between NKT Elektronik, Denmark, ITI Limited and IFU, Denmark. In
2006, Delhi based Lalit Suri group acquired the company from the
promoters. Suri group has diversified business interest in sectors
including auto ancillary, auto dealership, hospitality, aviation,
education etc. Group companies of FIL include Subros Limited,
Bharat Hotels Limited, Rohan Motors Limited. FIL is engaged into
manufacturing of telecom networking equipment and also offer
Installation & Commissioning (I&C) of telecommunication projects
and network consultancy services. FIL is into manufacturing of
optical transmission products (SDH/DWDM), integrated network
solutions and telecom infrastructure development projects. The
manufacturing and R&D facility of FIL is located in Noida, Uttar
Pradesh.
FOOTPRINT VENTURES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Footprint Ventures Consultancy Private Limited
Plot No.16, 2nd Floor, 7th Main,
1st Block Koramangala, Bangalore-560034
Liquidation Commencement Date: March 23, 2023
Court: National Company Law Tribunal Bangalore Bench
Liquidator: Ganesh Panduranga Pai
No. 68, 6B, 6th Floor,
Chitrapur Bhawan 8th Main,
15th Cross Malleshwaram Bangalore 560055
Email: pragnya.cas@gmail.com
Tel No: 9845666596; 080-23565641
Last date for
submission of claims: April 22, 2023
GAJANAN AGRO: Liquidation Process Case Summary
----------------------------------------------
Debtor: Shree Gajanan Agro Farms Private Limited
Flat No. 101, Vishvkarma Complex K Building,
Devkar Panand Vasahat Kolhapur - 416012
Liquidation Commencement Date: March 17, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Kamal Kishor Gurnani
Flat No. 402, Building No. 23E,
Palazzio CHS Ltd., Mahada Housing Society,
Powai, Mumbai-400076.
Email: kamalgurnaniip@gmail.com
101, Kanakia Atrium 2, Cross Road A,
Chakala MIDC,
Andheri East, Mumbai – 400093.
Email: liq.gajananagro@rirp.co.in
Last date for
submission of claims: April 16, 2023
GANESH JEWELLERS: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Jewellers Limited (SGJL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.60 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 3, 2022,
placed the rating(s) of SGJL under the 'issuer non-cooperating'
category as SGJL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SGJL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 17, 2023, January 27, 2023, February 6, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SGJL, incorporated in the year 1997, is engaged in the business of
manufacturing and trading of gold jewellery, diamond/precious
stones, gold coins, etc. The company sells its jewellery and
precious stones to retail customers at its showroom located at
First Mall, Mall Road, Ludhiana under the brand name of 'Ganpati
Jewellers'.
GATIK TEA: CARE Lowers Rating on INR5.75cr LT Loan to C
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gatik Tea Co Private Limited (GTCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 0.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 30, 2022,
placed the rating(s) of GTCPL under the 'issuer non-cooperating'
category as GTCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GTCPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 13, 2023, February 23, 2023, March 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of GTCPL have been
revised on account of non-availability of requisite information.
The ratings also consider decline in scale of scale of operation,
accumulation of net loss, highly leveraged capital structure and
weak debt coverage indicators during FY22.
GTCPL was set up as a private limited company in 2013, by Mr.
Swapan Das and Mr. Ashok Kumar Agarwal of Siliguri, West Bengal.
The company is engaged in the business of processing of black CTC
tea in Siliguri, West Bengal. The company is setting up a
manufacturing unit in Jalpaiguri, West Bengal. The company is
planning to sell its tea in auction and through brokers. The
company has started its operations from December 2017, with FY18
being the first year of operation. This apart, the company has two
associate companies namely Mahamaya Agro Industries Ltd and
Sovarani Tea Company Private Ltd. Further, the company was acquired
by Mr. Prasant R Khimkaa, Chairman, and Mr. Harsh Vardhan Khemka,
Managing Director in February 2020, along with the previous
directors.
GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings of Great Value Fuels
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 113.10 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 16.90 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Great Value Fuels Private Limited (GVF) was incorporated in 2008
and had entered into an agreement with Department of Transport
(DoT), Government of Delhi to run public buses in Delhi. The DoT
Govt of Delhi has launched a scheme to the Private Stage Carriage
operation of buses in Delhi and appointed Delhi Integrated Multi
Modal Transit System Limited (DIMTS) as Integrated Mechanism for
the Private stage carriage buses corporatisation scheme.
GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Green Space
Infraheights Private Limited (GSIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 17, 2022,
placed the rating(s) of GSIPL under the 'issuer non-cooperating'
category as GSIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GSIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 31, 2023, February 10, 2023, February 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Green Space Infraheights Pvt Ltd (GSIPL) is a real estate
development firm, incorporated in 2013. It belongs to 'Shree
Vardhman group' and is incorporated for the affordable housing
residential project 'Green Space' located in Panchkula, Haryana.
GURUKRUPA METALS: ICRA Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Gurukrupa Metals in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 10.00 [ICRA]B-(Stable);ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Gurukrupa Metals (GM) is a metal merchant based in Jamnagar,
Gujarat and has been in operations since September 2011. The firm
primarily trades imported non-ferrous metallic scrap, such as
brassscrap, ingots, copper alloys and zinc in and around Jamnagar.
HARRIN POULTRY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Harrin
Poultry Farm (HPF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.32 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 8,
2022, placed the rating(s) of HPF under the 'issuer
non-cooperating' category as HPF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 25, 2022, January 4, 2023, January 14,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Combined. For the purpose of analysis, CARE
has combined the financials of Harrin Poultry Farm (HPF) and Harrin
Feeds (HF); proprietary concern. The firm engaged in similar line
of business, have common proprietor along with having significant
operational linkages.
Harrin Poultry Farm (HPF) is promoted by Mr. Senthil Kumar as a
Proprietorship firm. HPF is engaged in poultry farming for the
production of eggs. HPF's chick shed construction was completed in
March 2017 after which the first batch of 50,000 birds were
purchased and housed in the chick shed for 10 weeks (chicks up to
10 weeks), grower shed for another 10 weeks (chicks upto 20 weeks
old chicks) after which they were ready for laying eggs (chicks
above 20 weeks upto 80 weeks). After 80 weeks, the birds are sent
for culling. The birds are purchased through brokers in Namakal,
Tamil Nadu and then sold to wholesalers. HPF supplies 90% of egg to
the associate concern namely; Harrin Feeds and remaining 10% are
supplied to their customers located at Tamil Nadu and Kerala
through brokerage. The poultry farm is located at Kattuputtur,
Namakal, Tamil Nadu. HPF procures feeds (100%) from Harrin Feeds
(HF), for which eggs are transferred as consideration. Harrin feeds
engaged in manufacturing of feeds by using raw materials such as
maize, broken rice, soya cake, groundnut cake, etc. The
manufacturing unit is located at Kathapally, Namakkal, Tamil Nadu.
HLL BIOTECH: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term and Short-term ratings of Hll
Biotech Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 309.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term (175.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
HBL was incorporated in 2012 as a wholly owned subsidiary of HLL
(HLL Lifecare Limited) to manufacture and market vaccines primarily
for the GoI's Universal Immunisation Programme (UIP). HBL is
setting up an integrated vaccine complex in Chengalpattu district
of Tamil Nadu, with initial plans to manufacture UIP vaccines for
BCG (tuberculosis), measles, hepatitis B apart from pentavalent
combination vaccines (DTP-HepB-Hib) and other new generation
vaccines such as Japanese encephalitis and anti-rabies. The
original project cost was estimated at INR594.0 crore, to be funded
through an equity of ~INR285 crore and the rest through a bank debt
of INR309 crore (53:47 funding ratio). The project witnessed
delays; and as against the initial expected COD of December 2017,
the COD was extended to December 2018 and then to December 2019.
However, on account of time and cost overrun witnessed by the
project due to delays in getting approvals, technical tie ups with
suitable partners and underestimation of costs related to required
trials/tests and validation of the products; the project witnessed
shortage of funds and could not be completed. While the management
had submitted a revised DPR in January 2020 to the Government's
authorities, wherein the project cost has been revised to INR879.02
crore considering the cost overruns, the approval had not been
received as on Decemner 2020. HBL which was earlier a wholly owned
subsidiary of HLL Lifecare Limited (HLL) has been hived off from
HLL and is now wholly owned by the Government of India.
IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind Barath
Thermotek Private Limited (IBTPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible
Debentures 779.00 CARE D; ISSUER NOT COOPERATING;
Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 26, 2018,
placed the rating of IBTPL under the 'issuer non-cooperating'
category as IBTPL had failed to provide information for monitoring
of the rating. IBTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated March 6, 2023, March 16, 2023 and March 26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the debt instrument of Ind Barath Thermotek
Private Limited factors in the stretched liquidity position of the
company resulting in delays in debt servicing.
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
At the time of last rating on April 20, 2022, the following were
the rating strengths and weaknesses:
Key weaknesses
* Stretched liquidity position: The cashflows of IBTPL is majorly
dependent on the commencement of business operation and performance
of the company; Ind Barath Energy (Utkal) Limited (IBEUL) as IBTPL
was floated to provide O&M to the said company. On account of
delayed project implementation of IBEUL and non-commencement of
business operation, there has been no cashflow generation for IBTPL
also resulting in stretched liquidity and delays in debt servicing
obligation.
Key strengths
* Long track record of group in the power segment: The group has
experience in successfully commissioning power projects with varied
fuels like coal, gas, biomass, hydro and wind. Mr K Raghu
Ramakrishna Raju, the promoter of the Ind-Barath group, has more
than 15 years of experience in the power sector.
Ind-Barath Thermotek Private Limited (IBTPL) belongs to Ind Barath
Group and is a subsidiary (99.9%) of Ind-Barath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on
December 15, 2014, IBTPL was set-up to carry out Operation and
Maintenance (O&M) activity of the subsidiary Ind-Barath Energy
Utkal Limited which is setting up a 700 MW (2*350MW) coalbased
power plant in Orissa.
JAIDEEP SHIKSHA: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jaideep
Shiksha Utthan Samiti (JSUS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.25 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 17,
2022, placed the rating(s) of JSUS under the 'issuer
non-cooperating' category as JSUS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JSUS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 3, 2023, January 13, 2023, January 23,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaideep Shiksha Utthan Samiti (JSU) got registered under the
Society Registration Act- 1860 in 1996 and is currently being
managed by Mr. Jagdish Jaglan, Mrs. Sudesh Jaglan, Mr. Ankit Singh,
Mr. Ramphal Singh, Mr. Rajinder Singh, Mr. Yudhvir Singh and Mrs.
Bimla as the members with an objective to provide education
service. The society is running one school under the name of
"Greenwood Public School" and two colleges under the name of
"Greenwood College of Education" and "Greenwood Degree College" in
Karnal, Haryana. Greenwood Public School is offering classes from
Nursery to 8th standard and is Haryana Board of School Education
(HBSE) affiliated and whereas the colleges are offering courses
like B.A., B.Com, B.Sc, B.Ed, JBT/ D.Ed, Post Graduate diploma in
Yoga, certificate course in Yoga which are duly approved by NCTE
(National Council for Teacher Education) and are also affiliated to
Kurukshetra University, Kurukshetra (KUK).
KAMAKHYA BOARD: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Kamakhya
Board in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Non fund based– 5.75 [ICRA] A4; ISSUER NOT
Others COOPERATING; Rating Continues
to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 1999, the Kamakhya Board is a proprietorship concern
engaged in manufacturing wooden pallets, sawn timber and timber
trading. The entity's facility is located at Gandhidham in the
Kutch district of Gujarat, and is managed by the proprietor, Mr.
Shashinath Sharma, who has a four-decade-long experience in the
timber industry.
KLM INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term ratings of KLM Infra in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 29.28 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.72 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
KLM Infra (KLM) was established in 2013 as a partnership firm based
in Surat, Gujarat. The firm is engaged in construction of
a residential-cum-commercial project—Sapphire 8—at
Parvat–Magob in Surat. The partners have almost 15 years of
experience in the real estate business through the KLM Group, which
is actively engaged in real estate construction in Bharuch,
Ahmedabad and Surat.
KRISHNA REDDY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krishna
Reddy Rural Godown (KRRG) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 8,
2022, placed the rating(s) of KRRG under the 'issuer
non-cooperating' category as KRRG had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KRRG
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 25, 2022, January 4, 2023, January 14,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Telangana based, Krishna Reddy Rural Godown (KRRG) was established
as a proprietorship firm in the year 2017 and promoted by Mr. P.
Krishna Reddy. The firm is engaged in providing ware house on lease
rental to Avenue Supercar's Limited ((D- Mart). The property is
built on total land area of 165000 square feet and comprises of 4
godowns, with an aggregate storage capacity of around 24406 MT
(Metric Tons), for agricultural products, fertilizers, consumer
goods etc.
LUCKY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the short-term ratings of Lucky Exports in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term– 46.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Non-fund 120.00 [ICRA]D ISSUER NOT COOPERATING;
Based– Rating continues to remain
under
Limits 'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Continues to remain under the
Limites 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
LE was established in 1990 with focus on export of agri & other
commodities to Russia & Commonwealth of Independent States. Over
the years, LE diversified its geographical presence into African
countries as well. Starting from 2004, it ventured into proje
management related activities in African countries, mostly under
the line of credit facility of the Indian Govt. or grants or aid
programme of other international developmental agencies.
M. S. ENGINEERING: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term ratings of M/S. M. S. Engineering
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 1984 as a partnership firm, M/S. M. S. Engineering
(MSE) is promoted and managed by Mr. Debabrata and Mr. Satyabrata
Das. MSE construct, repairs and maintains roads and bridges. The
firm undertakes projects for Government departments like the Public
Works Department (PWD) and the Pradhan Mantri Gram Sadak Yojana
(PMGSY) of West Bengal and companies like Indian Oil Corporation
Limited, Haldia Petrochemicals Limited etc. It is recognised as a
Class-I Government contractor by the government departments in West
Bengal.
MBE COAL: CARE Keeps D Ratings in Not Cooperating Category
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MBE Coal &
Mineral Technology India Private Limited (MCMTIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 29, 2022,
placed the rating(s) of MCMTIPL under the 'issuer non-cooperating'
category as MCMTIPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. MCMTIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 12, 2023, February 22, 2023, March 4,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
MCMT belongs to B.M. Khaitan Group of Kolkata. It is a subsidiary
of McNally Sayaji Engineering Ltd. The company is engaged in
turnkey engineering & project execution of coal and mineral
beneficiation plants, manufacturing of various material handling
equipment and trading of material handling equipment.
NITASHA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Nitasha Constructions in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Based in Chandigarh, Nitasha Constructions was established as a
proprietorship concern in 1987 by Mr. Prakash Bhambhani. In April
2012, the firm was converted into a partnership with Mr. Prakash
Bhambhani and Mr. Ashish Bhambhani as the partners. The firm is
listed as S class contractor under the Military Engineering
Services (MES) which enables it to bid for contracts up to value of
INR15 crore. The main line of operations of the firm involves
setting up of sewerage water treatment plant and Air conditioning
plant for MES and other related bodies like CPWD. Apart from
setting up STP and air conditioning plants, the firm also takes up
contracts related to installing boilers, hot water generators,
incinerators and related civil work. The firm is a channel
associate with Thermax Limited, Pune through which it procures the
water treatment plants and other plants. All the civil, mechanical,
erection work including project management and supervision is
undertaken by the company.
PARI AGRO: CARE Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pari Agro
Exports (PAE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.46 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 14,
2022, placed the rating(s) of PAE under the 'issuer
non-cooperating' category as PAE had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PAE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 31, 2022, January 10, 2023, January 20,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Pari Agro Exports (PAE) is Amritsar (Punjab) based, partnership
firm established in 2009 by Mr. Vaneet Sachdeva and Mr. Varun
Sachdeva sharing profit and loss equally. The firm is engaged in
the processing of paddy and has two manufacturing facilities, one
located at Tarn Taran (rented facility), Punjab and another at
Ajnala Road (owned facility), Punjab.
PHOENIX STRUCTURAL: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Phoenix
Structural and Engineering Private Limited (PSEPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.37 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 7.00 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 23, 2022,
placed the rating(s) of PSEPL under the 'issuer non-cooperating'
category as PSEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PSEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 6, 2023, February 16, 2023, February 26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2007, Phoenix Structural and Engineering Private
Limited was promoted by Mr. Sunil Patil, Mrs. Prema Patil and Mr.
Varun Patil based out of Nagpur, Maharashtra. However, the company
commenced September 2012 The company has been engaged in
engineering, structural designing, forging, fabricating, supply and
installation of transmission towers, telecom towers, steel
structural parts, substation structures etc. The company mainly
caters to the needs of power, telecom and other infrastructure
sectors.
PRABHU DAYAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prabhu
Dayal And Brothers (PDB) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 25, 2022,
placed the rating(s) of PDB under the 'issuer non-cooperating'
category as PDB had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PDB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 8, 2023, February 18, 2023, February 28, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based, Prabhu Dayal and Brothers (PDB) was
established in October 1988 as a partnership firm and is currently
managed by Mr. Rajendra Prasad and Mrs. Shashi Arora sharing
profits and losses equally. PDB is engaged in the distribution and
trading of fertilizers, pesticides, seeds and other allied
products. The firm procures these traded products from
manufacturers all over India and further sells these products to
the retailers and farmers who are situated in Allahabad, Ghaziabad
and nearby regions.
PROTONN INTERACTIVE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Protonn Interactive Private Limited
Site No 761, BBMP Khata No 2977/761 Sector II
HSR Layout Bangalore 560102
Liquidation Commencement Date: March 24, 2023
Court: National Company Law Tribunal, Bangalore Bench
Liquidator: Ganesh Panduranga Pai
No. 68, 6B, 6th Floor,
Chitrapur Bhawan 8th Main,
15th Cross Malleshwaram Bangalore 560055
Email: pragnya.cas2gmail.com
Tel No: 9845666596; 080-23565641
Last date for
submission of claims: April 22, 2023
RELIABLE AGENCIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Reliable
Agencies in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.21 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.30 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.49 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity. The rating action has been taken
in accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.
Reliable Agencies was established in the year 1972 by Mr.
M.Venkataraman with the objective of engaging in the business of
distributing welding equipment and consumables. Over the years the
entity has expanded its business into distribution of all the
reputed brands of welding equipment and consumables. The firm
currently has exclusive distribution rights for the products of
Ador, D&H Secheron and Schutz Carbon in the Hyderabad region of
Telangana.
S. K. HATCHERIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. K.
Hatcheries (SKH) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.23 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 24, 2022,
placed the rating(s) of SKH under the 'issuer non-cooperating'
category as SKH had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SKH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 8, 2023, February 17, 2023, February 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
S. K. Hatcheries (SKH) was established in 2005 by Mr. Ramehar Singh
as a proprietorship firm and is engaged in poultry farming of egg
laying poultry birds (chicken) and trading of broiler hen in the
poultry farm located in Village Jatauli, Haryana. Firm procures
feeding material i.e. maize, millets, soyabean, DCP (Di Calcium
Phosphate), vitamins and medicines etc. from suppliers based in
Delhi NCR.
SAI EARTH: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri Sai
Earth Movers in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 10.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 1990, SSEM was involved in earth-work related
activities like excavation and site development, among others till
FY2015. During FY2016, the entity ventured into civil-construction
business. The entity is a proprietorship concern owned and managed
by Mr. P. Raghupathy and is based out of Bangalore, Karnataka. The
proprietor has an experience of more than three decades in this
line of business.
SATYESHWAR HIMGHAR: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Satyeshwar
Himghar Private Limited (SHPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.01 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.18 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 17, 2022,
placed the rating(s) of SHPL under the 'issuer non-cooperating'
category as SHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 31, 2023, February 10, 2023, February 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SHPL was incorporated in September 2014 to set up a cold storage
unit by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka Sekhar
Ghosh, Mr. Kinkar Prasad Ghosh and Mr. Shankar Ghosh. SHPL had
started loading its cold storage from February 2016 onwards. SHPL
is into providing cold storage services primarily for potatoes to
local farmers and traders on rental basis with an aggregate storage
capacity of 178000 quintals. The cold storage facility is located
at Paschim Medinipur, West Bengal. Besides providing cold storage
facility, the company also provides interest bearing advances to
farmers for their agricultural activities against the receipts of
the potatoes stored.
SHASHVATHA RENEWABLE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: M/s Shashvatha Renewable Energy P LTD
I floor Shriram House, No.4 Burkit Road, T. Nagar,
Chennai 600017, Tamil Nadu, India
Liquidation Commencement Date: March 15, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Madhu Desikan
1/4 Balasubramanium Street,
Mylapore,Chennai 600004
Email: desikan.madhu@gmail.com
Mobile: 96000 83355
Last date for
submission of claims: April 15, 2023
STELLA UDYOG: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Stella
Udyog (SU) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 7.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 21, 2022,
placed the rating(s) of SU under the 'issuer non-cooperating'
category as SU had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 4, 2023, February 14, 2023, February 24, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Stella was incorporated on November 29, 2014 as a partnership firm
by its partner; Mr. Prem Prakash Bansal to engage in trading
business of knitted fabric which is to be used for manufacturing of
hosiery garments by its customers. Mr. Prem Prakash Bansal has
jointly promoted this entity with M/s Advaith Investment Ltd (AIL)
which is a family concern and was incorporated as an investment
entity in May 2008. The flagship entity of the promoters namely Yug
Industries which is also engaged in trading of knitted fabric and
hosiery garments since May 2011. The commercial trading activity of
Stella has started from January 2015.
TROIX CHEMICALS: CARE Lowers Rating on INR12cr LT/ST Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Troix Chemicals Private Limited (TCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 12.00 CARE B; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B+; Stable/CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 7, 2022,
placed the rating(s) of TCPL under the 'issuer non-cooperating'
category as TCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 21, 2023, January 31, 2023, February 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating also considers low profitability
vis-à-vis high overall debt in FY22.
Established in the year 1984, Troix Chemicals Private Limited
(TCPL) is a private limited company engaged into trading and
distribution of petrochemicals i.e. solvents (Ethyl Hexanol,
Iso-Butanol and n-Butanol) which find application primarily in the
coatings (viz. paints, thinners and varnish), elastic and
pharmaceutical industry. It is an authorized distributor of Andhra
Petrochemicals Limited (APL) for all over India and operates out of
its office in Mumbai.
UMANG OILS: CARE Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umang Oils
Private Limited (UOPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 10,
2022, placed the rating(s) of UOPL under the 'issuer
non-cooperating' category as UOPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. UOPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 27, 2022, January 6, 2023, January 16,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Umang Oils Private Limited (UOPL) was incorporated in 2006 and is
currently being managed by Mr Sanjay Kumar Mansinghka and Ms
Sangeeta Mansinghka. The company is engaged in the extraction of
rice bran oil from rice bran at its processing facility located in
Varanasi, Uttar Pradesh. The company manufactures rice bran oil
which is sold to whole sellers on PAN India basis. Furthermore, the
company also sells its by product i.e. residual of rice bran cake
to cattle feed manufacturers, soap manufacturers etc. The main raw
material is rice bran which is mainly procured from rice millers
located in nearby region. Furthermore, the company has one group
concerns, namely, Mansingh Agency engaged in trading of edible oil
since 1990.
ZEE ENTERTAINMENT: Talks With Creditors to Close Sony Merger
------------------------------------------------------------
Bloomberg News reports that Zee Entertainment Enterprises Ltd. has
started settlement talks with its creditors to repay debts and
remove the last hurdle in completing a merger with the Sony Group
that would create a $10 billion media giant, according to people
familiar with the matter.
The Indian television network has offered IDBI Bank Ltd., one of
the creditors that moved insolvency court, to repay a loan of about
INR1.49 billion (US$18.1 million) in tranches, the people said,
asking not to be named as the information isn't public, Bloomberg
relays. Zee's founders are in separate discussions with Axis Bank
Ltd. and JC Flowers & Co.'s asset reconstruction unit to settle
dues of INR400 million each made to entities controlled by them,
they said.
According to Bloomberg, the repayments are crucial for the merger,
which will create a media firm with the biggest viewership and
pricing power in the country of more than 1.4 billion people. Sony
Pictures Networks India Pvt. will own a little more than half the
shares once the deal is completed and Zee's founders will hold
3.99% while public shareholders will get the rest.
Several creditors to the company and its founders had been
approaching the bankruptcy court seeking repayments, Bloomberg
says. Just last month, the company repaid dues of one creditor
IndusInd Bank Ltd., and the lender will withdraw its objections
against the merger, Zee said in a filing.
Atlanta-based Invesco Developing Markets Fund, which owned the
largest chunk in Zee with an 18% shareholding at the time of the
merger announcement, exited its entire holdings in the company as
of last week, Bloomberg discloses citing exchange filings. India's
antitrust regulator approved the sixteen-month-old merger agreement
in October.
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
=====================
N E W Z E A L A N D
=====================
BOTICA INSULATION: Court to Hear Wind-Up Petition on May 12
-----------------------------------------------------------
A petition to wind up the operations of Botica Insulation Services
Limited will be heard before the High Court at Auckland on May 12,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 23, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way, Manukau City
Auckland 2104
BRP BUILDERS: Court to Hear Wind-Up Petition on May 5
-----------------------------------------------------
A petition to wind up the operations of BRP Builders Limited will
be heard before the High Court at Auckland on May 5, 2023, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 21, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way, Manukau City
Auckland 2104
ON POINT: Court to Hear Wind-Up Petition on April 28
----------------------------------------------------
A petition to wind up the operations of On Point Civil Limited will
be heard before the High Court at Auckland on April 28, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 4, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way, Manukau City
Auckland 2104
UMBRELLA PROPERTY: Creditors' Proofs of Debt Due on June 11
-----------------------------------------------------------
Creditors of Umbrella Property Holdings Limited and Beyond Getaway
Limited are required to file their proofs of debt by June 11, 2023,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 11, 2023.
The company's liquidator is:
Thomas Lee Rodewald
Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
ZGBBUILDERS LIMITED: Creditors' Proofs of Debt Due on April 27
--------------------------------------------------------------
Creditors of ZGBBuilders Limited are required to file their proofs
of debt by April 27, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 27, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
=====================
P H I L I P P I N E S
=====================
CHELSEA LOGISTICS: Could Go Bankrupt Amid Debt, Auditors Warn
-------------------------------------------------------------
Bilyonaryo.com reports that one of Philippine's biggest auditors
has alerted Dennis Uy that his loss-making Chelsea Logistics and
Holdings could go bankrupt due to its massive debt.
"The group (Chelsea) is highly debt-leveraged, which exposes the
group to increasing liquidity risk," Punongbayan and Araullo Grant
Thornton (P&A) partner Ramilito L. Nañola in the firm's 2022
annual financial statement, Bilyonaryo.com relays.
Mr. Nañola added that Chelsea has to grapple with the conflict in
Russia-Ukraine (which has increased the fuel prices and other
expenses needed by the company) while most of their businesses are
still struggling to recover from the effects of the COVID-19
pandemic.
In its reply, Chelsea remains confident it can still keep going,
Bilyonaryo.com relays.
"Management will continue to take actions to improve the operations
of the group. Based on these factors, the group projects sufficient
cash flows to fund for its operations. The group also projects
recovery from the financial and operational risks of the pandemic
and the Russia-Ukraine conflict. Accordingly, management has not
determined material uncertainty that may cast significant doubt on
the group's ability to continue as a going concern," Bilyonaryo.com
quotes Mr. Nañola as saying in his report.
P&A cited Chelsea's PHP2.526 billion losses in 2022, which pushed
its total red ink to PHP11.1 billion since 2018, a year after its
ill-fated initial public offering. It also took note of Chelsea's
capital deficit of PHP9.5 billion which is nearly equivalent to its
total bank loans of PHP10.32 billion, Bilyonaryo.com discloses.
This is the third straight year that P&A has underscored concerns
on Chelsea's ability to to continue operating as a going concern.
Another major concern raised by P&A is on how Chelsea computes its
freight revenues, charter fees, passage fees, rendering of services
and tugboat fees which amounted to PHP6.4 billion in 2022, 42
percent up from PHP4.5 billion in 2021, Bilyonaryo.com says.
"The group focuses on revenue as a key performance measure, which
could create an incentive for management to overstate revenues. In
our view, revenue recognition is a key audit matter due to its
significance to profit or loss and high volume of revenue
transactions. Relative to this, we consider that there is higher
risk associated with revenue occurrence and recognition of revenues
in the appropriate accounting period," said P&A.
Bilyonaryo.com relates that to make sure Chelsea's financial
statements accurately reflect the revenue earned, P&A said it
checked the firm's internal controls; reviewed contracts for
compliance with accounting standards; checked a sample of billing
invoices and vessel fixture notes to make sure revenue is recorded
in the right period; and scanned revenue data and compared it to
expectations.
According to Bilyonaryo.com, P&A also reiterated its concerns on
two other issues:
* impairment of good will (the premium paid by the firm over the
fair market value of the assets it acquired) which was valued at
PHP1.77 billion in 2022; and
* the fair value of its vessels and vessel equipment (PHP14.45
billion 44 percent of its assets in 2022) which were used as
collateral for its loans.
Chelsea Logistics & Infrastructure Holdings Corp operates as a
holding company. The Company, through its subsidiaries, provides
marine shipping services. Chelsea Logistics & Infrastructure
Holdings transports passengers, cargos, petroleum, oil, chemicals,
and other bulk products. Chelsea Logistics & Infrastructure
Holdings serves customers in Philippines.
=================
S I N G A P O R E
=================
GROUP LEASE: Court to Hear Wind-Up Petition on May 5
----------------------------------------------------
A petition to wind up the operations of Group Lease Holdings Pte
Ltd will be heard before the High Court of Singapore on May 5,
2023, at 10:00 a.m.
JTrust Asia Pte Ltd filed the petition against the company on April
12, 2023.
The Petitioner's solicitors are:
Wong & Leow LLC
8 Marina Boulevard
#05-01, Marina Bay Financial Centre Tower 1
Singapore 018981
HYPERFORMANCE PTE: Court to Hear Wind-Up Petition on May 5
----------------------------------------------------------
A petition to wind up the operations of Hyperformance Pte Ltd will
be heard before the High Court of Singapore on May 5, 2023, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on April 13,
2023.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
JAMCO SINGAPORE: Creditors' Proofs of Debt Due on May 20
--------------------------------------------------------
Creditors of Jamco Singapore Private Limited are required to file
their proofs of debt by May 20, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 17, 2023.
The company's liquidators are:
Sam Kok Weng
c/o 7 Straits View
Marina One East Tower, Level 12
Singapore 018936
LZ CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 14, 2023, to
wind up the operations of LZ Construction Holding Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
NEWISH TRANSPORTATION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on April 14, 2023, to
wind up the operations of Newish Transportation Pte. Ltd.
Symy Intraco Pte. Ltd. filed the petition against the company.
The company's liquidators are:
Mr. Tan Wei Cheong
Ms. Khoo Christina
c/o Deloitte & Touche LLP
6 Shenton Way
#33-00 OUE Downtown 2
Singapore 068809
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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