/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230510.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 10, 2023, Vol. 26, No. 94 Headlines A U S T R A L I A 20:20 OF MOSMAN: Second Creditors' Meeting Set for May 15 GATEWAY PARRAMATTA: Second Creditors' Meeting Set for May 15 JENNY CRAIG: Australian Business Calls In Voluntary Administrators OURIPTEL HOLDINGS: Second Creditors' Meeting Set for May 15 RENAISSANCE WEDDING: Second Creditors' Meeting Set for May 15 STEP AHEAD: First Creditors' Meeting Set for May 12 C H I N A ANTON OILFIELD: Moody's Affirms B1 CFR & Alters Outlook to Stable BLUEFOCUS INTELLIGENT: Fitch Alters Outlook on 'B' IDRs to Positive HEALTH AND HAPPINESS: Moody's Assigns 'B1' Rating to New USD Notes LEVDEO: Files for Bankruptcy Reorganization [*] CHINA: Builders With Upcoming Lawsuits Just Got 'Wake-Up Call' I N D I A AISHWARYA TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating BATANAGAR EDUCATION: CRISIL Keeps D Ratings in Not Cooperating BEST IT: CARE Keeps D Debt Ratings in Not Cooperating Category BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating CHAITANYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating COCHIN FROZEN: CARE Keeps D Debt Rating in Not Cooperating ESSEL INFRAPROJECTS: CARE Keeps D Debt Rating in Not Cooperating FUTURE ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating FUTURE RETAIL: CARE Keeps D Debt Ratings in Not Cooperating GO FIRST: Asks Tribunal to Urgently Pass Order on Insolvency Plea H K LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating HYDERABAD RING: CARE Keeps D Rating in Not Cooperating Category JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating KODARMA CHEMICAL: CRISIL Withdraws D Rating on INR14.5cr Loan KUTTANADU VIKASANA: CRISIL Keeps D Debt Rating in Not Cooperating MEHTA AND ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating RADHAMADHAV AUTOMOBILES: CARE Keeps D Rating in Not Cooperating REX SEWING: CARE Lowers Rating on INR12.25cr LT Loan to D RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating SEHORE KOSMI: CARE Keeps D Debt Rating in Not Cooperating SIDDHIVINAYAK TIMBER: CARE Keeps D Debt Rating in Not Cooperating SKANDASHREE JEWEL: CRISIL Keeps D Debt Ratings in Not Cooperating SPICEJET LTD: NCLT Seeks Reply on Lessor's Insolvency Plea SUPREME MANOR: CRISIL Keeps D Debt Rating in Not Cooperating TRV GLOBAL: CRISIL Cuts Rating on INR11.75cr Packing Credit to D VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D BODY & HAIR: Creditors' Proofs of Debt Due on May 25 CONCRETE PLACERS: Creditors' Proofs of Debt Due on June 3 EXTRASKILL (SAMOA): Court to Hear Wind-Up Petition on May 12 JET CLEANING: Creditors' Proofs of Debt Due on June 2 KIWI MODULAR: Creditors' Proofs of Debt Due on July 1 P H I L I P P I N E S MACAY HOLDINGS: Annual Loss Narrows to PHP107MM in 2022 S I N G A P O R E AON RANDOLPH: Members' Final Meeting Set for June 9 IGS GREEN: Creditors' Meetings Set for May 19 NU HORIZONS: Final Meeting Set for June 5 VIVA INVESTMENT: Creditors' Proofs of Debt Due on June 6 S R I L A N K A SRI LANKA: India Extends US$1BB Credit Line By a Year SRILANKAN AIRLINES: Sri Lanka Looks to Privatise National Carrier - - - - - ================= A U S T R A L I A ================= 20:20 OF MOSMAN: Second Creditors' Meeting Set for May 15 --------------------------------------------------------- A second meeting of creditors in the proceedings of 20:20 Of Mosman Pty Ltd has been set for May 15, 2023 at 11:30 a.m. via Zoom virtual meeting facilities. 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 12, 2023 at 4:00 p.m. Domenico Alessandro Calabretta and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on Feb. 1, 2023. GATEWAY PARRAMATTA: Second Creditors' Meeting Set for May 15 ------------------------------------------------------------ A second meeting of creditors in the proceedings of: - Gateway Parramatta One Pty Ltd; - Gateway Parramatta Two Pty Ltd; - Gateway Parramatta One Commercial Pty Ltd; and - Gateway Parramatta Two Commercial Pty Ltd has been set for May 15, 2023 at 9:00 a.m., 9:30 a.m., 10:00 a.m. and 10:30 a.m. respectively, via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 12, 2023 at 5:00 p.m. Kathleen Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on April 6, 2023. JENNY CRAIG: Australian Business Calls In Voluntary Administrators ------------------------------------------------------------------ Jessica Yun at The Sydney Morning Herald reports that weight-loss company Jenny Craig's Australian and New Zealand operations have officially folded, just five days after reassuring the public they would "currently continue to operate and support our clients". According to SMH, FTI Consulting's Vaughan Strawbridge, Kate Warwick and Joseph Hansell were appointed voluntary administrators of the Melbourne-founded business and will help it seek a buyer after the US parent company officially filed for bankruptcy on May 6. SMH relates that Jenny Craig Australia will continue to trade, even as the administrators investigate options to restructure the business. The Australian management team was reluctant to appoint administrators, but was left with no choice, Mr. Strawbridge said. "It is unfortunate where an overseas parent company enters bankruptcy and impacts the local business, in particular where they are operated independently to each other," the report quotes Mr. Strawbridge as saying in a statement. "We are working with the Australian and New Zealand leadership team to trade the businesses with a view to attracting new capital to restructure the Australian and New Zealand companies. "Interest has already been received, and we will be working with those parties and stakeholders of the business to secure the ongoing business and provide clarity to its loyal and committed staff and customers as soon as possible." SMH notes that speculation about Jenny Craig Australia's future began after news emerged last week that the US parent company was closing its doors and would terminate jobs by the end of the week. "The Jenny Craig operations here in Australia and New Zealand do act independently," said a statement from the local business five days ago. According to the report, the weight-management and nutrition company has become a household name, known for pairing weight-loss coaching with frozen meals. Jenny Craig and her husband Sidney founded the business in Melbourne in 1983 and set up operations in the US two years later, with more than 600 centres across the world, including Australia, New Zealand and the US. SMH relates that the company has cycled through a number of owners: Miami-headquartered private equity firm HIG Capital acquired the Jenny Craig business, including its Australian operations in 2019, but since earlier this year had been looking to sell the business. HIG Capital was unable to maintain enough cash, and - facing an impending loan due in October 2024 - was holding discussions with lenders to rework US$250 million of debt, SMH relates. Jenny C Holdings LLC and affiliates filed for Chapter 7 bankruptcy on May 5 in Delaware, which will see the US operations liquidated and cease operating, SMH notes. US customers' subscriptions have been cancelled while coaching sessions and merchandise sales have halted. Based in Carlsbad, California, Jenny Craig, Inc. -- http://jennycraig.com/-- often known simply as Jenny Craig, is an American weight loss, weight management, and nutrition company. The company has more than 700 weight management centers in Australia, the United States, Canada, and New Zealand. OURIPTEL HOLDINGS: Second Creditors' Meeting Set for May 15 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Ouriptel Holdings Pty Ltd has been set for May 15, 2023 at 10:30 a.m. at the offices of Worrells at Suite 2, 63 The Esplanade in Maroochydore. 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 15, 2023 at 10:00 a.m. Paul Eric Nogueira of Worrells Solvency & Forensic Accountants was appointed as administrator of the company on April 4, 2023. RENAISSANCE WEDDING: Second Creditors' Meeting Set for May 15 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Renaissance Wedding Reception & Event Centre Pty Ltd has been set for May 15, 2023 at 10:30 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 12, 2023 at 4:00 p.m. Bruce Gleeson of Jones Partners Insolvency & Restructuring was appointed as administrators of the company on March 29, 2023. STEP AHEAD: First Creditors' Meeting Set for May 12 --------------------------------------------------- A first meeting of the creditors in the proceedings of Step Ahead HPC Pty Ltd will be held on May 12, 2023, at 11:00 a.m. at the offices of SV Partners Melbourne at Level 17, 200 Queen Street in Melbourne and via teleconference facilities. Michael Carrafa and Peter Gountzos of SV Partners were appointed as administrators of the company on May 2, 2023. ========= C H I N A ========= ANTON OILFIELD: Moody's Affirms B1 CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Investors Service has changed the outlook on Anton Oilfield Services Group to stable from negative. At the same time, Moody's has affirmed the company's B1 corporate family and senior unsecured ratings. "The change in the rating outlook to stable reflects Moody's expectation that Anton's liquidity profile has improved and that the company will continue to proactively manage its refinancing process using its positive adjusted free cash flow and access to solid banking credit facilities, considering its sound fundamentals and good customer mix," says Chenyi Lu, a Moody's Vice President and Senior Credit Officer. "The rating affirmation reflects Anton's commitment to a healthy capital structure as measured by its adjusted leverage; demonstrated ability to prudently manage capital expenditure and working capital; and use of free cash flow to repay debt," adds Lu. Anton's adjusted debt declined by RMB859 million to RMB2.12 billion as of the end of 2022 as the company repaid its December 2022 bonds with an outstanding balance of RMB1.16 billion ($177.6 million) at the end of 2021, by using cash on hand and positive free cash flows. At the same time, Moody's expects the company to improve its adjusted leverage, as measured by adjusted debt/EBITDA, toward 1.0x-1.5x over the next 12-18 months, which is strong for its rating level. The low leverage helps partially offset the company's reliance on short-term financing and provides buffer against industry volatility. RATINGS RATIONALE Anton's B1 corporate family rating reflects the company's (1) integrated business model; (2) strong market position in the oilfield services sector in China (A1 stable); (3) growing capabilities, improved customer mix and established history of operating geographically diversified businesses; and (4) modest financial leverage. At the same time, Anton's rating is constrained by the company's (1) exposure to oil price volatility and the risks related to its overseas expansion; (2) small scale; (3) high customer concentration; and (4) modest liquidity profile. Moody's expects Anton's revenue to grow about 15% in 2023 and about 10% in 2024, underpinned by growth in its domestic business because it is well positioned to benefit from strong growth in China's natural gas sector over the next two years and relaxed domestic travel restrictions. Recent high oil prices will prompt upstream oil and gas companies to increase their capital spending, leading to higher demand for Anton's oilfield services worldwide. In addition, its operations in Iraq, which had been suspended due to coronavirus restrictions, have fully resumed since the end of May 2022, which will also support strong revenue growth. On March 9, 2023, Moody's raised its medium-term oil price range to $55-$75/barrel (bbl), up from its previous view of $50-$70/bbl, to reflect its expectation that the average cost of production of a marginal barrel of oil will keep increasing, even as demand growth slowed in early 2023. Moody's expects Anton's adjusted EBITDA margin to improve to around 31.5%-32.0% over the next 12-18 months from 25.8% in 2022 because its focus on higher margin businesses given strong demand for its services, sustained costs and expense control measures, and operating efficiencies from higher revenue will mitigate the intense price competition. Therefore, its adjusted EBITDA will increase by about 37.5% to RMB1.24 billion in 2023 and by about 13.5% to RMB1.41 billion in 2024, from RMB905 million in 2022. Moody's estimates that Anton's adjusted debt/EBITDA will improve toward 1.0x-1.5x over the next 12-18 months from 2.3x in 2022, mainly driven by better earnings and a modest decline in adjusted debt because of strong positive adjusted free cash flow for debt repayment. This leverage improvement will provide the company with a buffer against high oil price volatility and its high short-term working capital needs. Moody's also estimates that Anton will generate positive adjusted free cash flows of RMB380 million to RMB385 million in 2023 and RMB575 million to RMB580 million in 2024, versus RMB524 million in 2022, mainly underpinned by solid earnings; continued strong working capital management, including lower account receivable and inventory turnover days; and prudent capital expenditure to maintain its operations. Anton's liquidity is adequate. As of the end of 2022, the company had cash and cash equivalents of RMB728 million. These liquidity sources and its Moody's-estimated operating cash flow of around RMB965 million to RMB970 million over the next 12-18 months will be sufficient to cover its debt of RMB1.22 billion maturing over the next year, its RMB47 million debt maturing within the next 12-18 months, and its estimated maintenance capital spending of about RMB150 million over the next 12-18 months. Anton's short-term debt included RMB1.14 billion in short-term bank loans and RMB79 million in current portions of long-term debt. Moody's also noted Anton's January 2025 notes with an outstanding amount of about RMB802 million (about $116 million) as of the end of 2022. The agency expects the company to be able to repay the outstanding debt even without major refinancing, relying mainly on its existing cash balance and solid operating cash flow. At the same time, Anton has demonstrated its ability to roll over short-term bank borrowings, given its solid operations and good customer mix, including its exposure to major national oil companies over the last two years. It also held around RMB1.6 billion in unencumbered trade receivables as of the end of 2022 that it can use for further secured borrowing, if needed. Anton also has a good track record of securing short-term debt refinancing, especially during periods of weak oil prices in 2015, 2016 and 2020, and a history of having good access to domestic banks and debt and equity capital markets. Anton's senior unsecured bond rating is not notched down for structural subordination. However, subordination risks to holders of its senior unsecured notes could increase if the majority of claims remains at the operating company level on a sustained basis. Environmental, social and governance (ESG) considerations have a moderately negative credit impact on Anton's ratings. Its environmental and social risk exposures are highly negative, mainly due to risks stemming from carbon transition and demographic and societal trends. These risks are partially offset by the company's moderately negative governance risk – reflected in its improved management track record since 2016 – such as better geographic diversification. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable rating outlook reflects Moody's expectation that over the next 12-18 months, Anton's credit and liquidity profiles will improve further because of solid earnings growth and prudent working capital management and capital investments. Moody's could upgrade Anton's rating if the company (1) generates sustained positive free cash flow and maintains adequate liquidity; (2) prudently contains its debt growth and maintains its current credit profile; (3) achieves strong growth in its order backlog, revenue and earnings; all on a sustained basis; and (4) improves its debt capital structure with significant long-term debt funding. Conversely, Moody's could downgrade Anton's rating if (1) the company fails to proactively manage its liquidity position in light of its upcoming debt maturities; and (2) its financial leverage weakens, such that its adjusted debt/EBITDA remains above 4.5x-5.0x on a sustained basis, because of declining profitability or higher debt driven by strain on its working capital. The principal methodology used in these ratings was Oilfield Services published in January 2023. Anton Oilfield Services Group is a major Chinese oilfield services company that offers integrated oil and gas field services solutions covering various phases of field development, including drilling technologies, well completion and oil production services. The company was founded by its chairman, Luo Lin, in 1999 and listed on the Hong Kong Stock Exchange in December 2007. BLUEFOCUS INTELLIGENT: Fitch Alters Outlook on 'B' IDRs to Positive ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on China-based advertising holding company BlueFocus Intelligent Communications Group Co., Ltd. to Positive from Stable and has affirmed the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Positive Outlook reflects its expectation that BlueFocus is likely to demonstrate better working capital management such that its cash flow from operations will be positive on a sustained basis. Fitch also expects its EBITDA leverage to be below 4.5x in 2023-2024 due to improved EBITDA generation on the gradual recovery of its advertisers' budgets following the re-opening of the Chinese economy at end-2022. These customers deferred their advertising budgets in 2022 amid the stringent lockdowns under China's "dynamic zero-Covid" policy. However, Fitch believes BlueFocus' business risk is still high, given the significant geographical concentration in China. Chinese advertising agencies generally compete intensely and are compensated by the difference between the rebates granted from publishers and the rebates awarded to advertisers, which is likely to lead to volatile working capital, and therefore, low visibility on operating cash flow generation. KEY RATING DRIVERS Leverage to Improve: Fitch expects BlueFocus' 2023-2024 EBITDA leverage to fall to 2.1x-2.4x (2022: 5.6x) on a recovery in EBITDA and controlled total debt. The company's Fitch-defined EBITDA fell by 57% in 2022 as advertising customers deferred spending amid the stringent lockdowns in China. In addition, Fitch expects 2023 EBITDA margin to improve to 2.5%-2.6% (2022: 1.2%), close to the 2021 level. However, Fitch expects the 2024 EBITDA margin to drop to 2.2%-2.3% due to faster expansion of the low-margin outbound business. Likely Manageable Operating Cash Flow: Fitch believes BlueFocus may have some ability to manage working capital and, hence, the cash flow from operations. There is a trade-off between achieving higher gross margins and managing cash conversion cycles for BlueFocus and its Chinese peers. To manage working capital, BlueFocus is likely to compromise with lower rebates to accelerate cash received from leading publisher platforms, which have high bargaining power. In addition, BlueFocus can provide higher rebates to advertisers in exchange for faster cash paid from advertisers. High Business Risk: BlueFocus has high geographical concentration in China, which is a highly competitive market with much lower margins than many overseas markets. Chinese advertising agencies tend to operate on a rebate, rather than cost-plus, basis. In addition, BlueFocus' main customers are online game and internet application companies, which may face higher regulatory risk in the medium term, although Fitch believes this risk has stabilised in the near term. Improvement in Debt Structure: Fitch believes BlueFocus's debt structure has improved. BlueFocus was able to borrow USD105 million, or around CNY733 million, of long-term debt in 2022, which accounted for around 29% of total debt, including off-balance-sheet bills receivable factoring of around CNY87 million at end-2022. In the past, BlueFocus has been highly dependent on rolling over short-term bank loans to fund working capital. Short-term loans accounted for 96% of total debt at end-2021. DERIVATION SUMMARY BlueFocus's smaller scale, lower geographical diversification and weaker margins continue to drive its much lower ratings compared with leading global advertising holding companies with investment-grade ratings, such as Interpublic Group of Companies, Inc. (IPG, BBB+/Stable). BlueFocus' financial risk profile is weaker than that of IPG, given its Fitch-forecast 2023-2024 EBITDA leverage of 2.1x-2.4x, higher than IPG's 1.4x-2.0x. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Revenue to grow by 14%-15% yoy in 2023-2024 following the re-opening of Chinese economy and recovery of advertising customers' budgets (2022: -9%) - Fitch-defined operating EBITDA margin of 2.2%-2.5% in 2023-2024 (2022: 1.2%) - Capex to sales ratio at 0.3% in 2023-2024 (2022: 0.3%) - Dividend pay-out ratio of around 20% of net profit in 2023-2024 (2022: 0%) - Effective interest rate on debt of 4%-5% - Annual investments in minority equity stakes and private equity funds of around CNY800 million in 2023-2024 RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Demonstration of ability to manage working capital such that cash flow from operations is positive in 2023, with the expectation that this trend will continue - EBITDA leverage below 4.5x for a sustained period Factors that could, individually or collectively, lead to revision of the Outlook to Stable: - Continued uncertainty in sustained positive cash flow from operations - EBITDA leverage of above 4.5x for a sustained period, which could result from weaker EBITDA generation, significant investments in new businesses, or an aggressive shareholder return policy LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: BlueFocus had around CNY3 billion of cash at end-March 2023, compared with around CNY1.6 billion of short-term debt. Fitch believes continued support from local banks should help BlueFocus manage its liquidity headroom. ISSUER PROFILE BlueFocus is one of China's largest advertising holding companies by revenue. It was the world's eighth-largest public relations firm in 2022, according to market research firm PRovoke Media. Its principal businesses include public relations, marketing services and digital advertising. ESG CONSIDERATIONS BlueFocus has an ESG Relevance Score of '4' for Financial Transparency due to some shortcomings in the segment analysis for its financial reporting, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Prior ----------- ------ ----- BlueFocus Intelligent Communications Group Co., Ltd. LT IDR B Affirmed B LC LT IDR B Affirmed B HEALTH AND HAPPINESS: Moody's Assigns 'B1' Rating to New USD Notes ------------------------------------------------------------------ Moody's Investors Service has assigned a B1 senior unsecured rating to the proposed USD notes to be issued by Health and Happiness (H&H) International Holdings Limited (Ba3 stable). The outlook is stable. H&H's senior unsecured bond rating is one notch lower than its corporate family rating (CFR), because the bond is subordinated to the company's senior secured loan facilities. H&H will use the proceeds from the notes to refinance its existing indebtedness, including USD270 million notes maturing in October 2024. RATINGS RATIONALE "The proposed notes issuance and refinancing transaction, if successful, will improve H&H's liquidity profile and alleviate the refinancing risk on its maturities coming due in the second half of 2024," says Shawn Xiong, a Moody's Vice President and Senior Analyst. Without the proposed notes, the company will face significant upcoming debt maturities in 2H2024, including USD270 million notes due in October 2024 and a USD1,125 million syndicated loan facility. Such a scenario will pressure the company's liquidity profile, which is key to support its current rating category. H&H's Ba3 CFR reflects the company's (1) leading position among domestic infant milk formula (IMF) and vitamin providers in China and among vitamin, herbal and mineral supplement (VHMS) providers in Australia, (2) product and geographic diversification, (3) expected free cash flow generation, and (4) adequate liquidity position and track record of deleveraging after large debt-funded acquisitions. At the same time, the ratings are constrained by (1) the company's developing scale in competitive markets, (2) competitive and structural challenges in China's IMF market, and (3) regulatory and product safety risks. Moody's forecasts that H&H's revenue will rise 4%-6% over the next 12-18 months, driven by (1) growth in its probiotic product and Adult Nutrition & Care (ANC) segment, (2) its increased focus on domestic consumption in Australia and New Zealand, and (3) higher sales contribution from its Pet Nutrition & Care (PNC) segment. Moody's projects the company's adjusted EBITDA margin will remain largely stable at around 14.5% over the next 12-18 months. These projections reflect ongoing changes in its product mix, continued cost optimization and intensifying competition in China's IMF market. As a result, the company's financial leverage, as measured by adjusted debt/EBITDA, will improve to around 4.0x-4.5x over the next 12-18 months. This level of financial leverage is appropriate for its Ba3 CFR. H&H's liquidity position is adequate. Its cash balance of around RMB2.3 billion as of December 31, 2022, combined with its expected annual operating cash flow of RMB1.0 billion-RMB1.1 billion, is sufficient to cover its dividend payments, capital expenditure and debt maturity over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook on the rating reflects Moody's expectation that H&H's credit metrics will gradually improve over the next 12-18 months. It also reflects the company's adequate liquidity position, supported by free cash flow generation. Upward rating pressure is limited in the near term. However, Moody's could upgrade the rating over the medium term if H&H can sustain growth in its key product categories, particularly its IMF segment, and improve its margins. Conversely, the ratings could be downgraded if H&H exhibits (1) weakening sales or market position; (2) deteriorating profit margins and sustained weak credit metrics or liquidity because of increased competition, regulatory changes and aggressive financial policies; or (3) failure to deleverage and/or execute on its growth strategy for its PNC segment. The ratings will also be downgraded if the company fails to complete the new notes issuance as announced so as to refinance its USD270 million notes due in October 2024 in a timely manner, causing its liquidity to weaken over the next several quarters. Credit metrics indicative of a downgrade include adjusted debt/EBITDA increasing above 5.5x, adjusted EBITDA/interest decreasing below 3.0x, adjusted EBIT margin falling below 10% and retained cash flow (RCF)/net debt decreasing below 12%, all on a sustained basis. The principal methodology used in this rating was Consumer Packaged Goods published in June 2022. Health and Happiness (H&H) International Holdings Limited was established in 1999 and is headquartered in Guangzhou. It was listed on the Hong Kong Stock Exchange in December 2010. The company is a global premium nutrition and wellness provider with leading position in infant milk formula in China and vitamin, herbal and mineral supplements (VHMS) in China, Australia and other countries. H&H recently expanded into the pet nutrition and care segment by acquiring Solid Gold and Zesty Paws, both U.S. brands. LEVDEO: Files for Bankruptcy Reorganization ------------------------------------------- Caixin Global reports that Chinese electric vehicle manufacturer Levdeo, also known as Letin, filed for bankruptcy reorganization with a court in Shandong province amid a welter of legal disputes. According to Caixin, the 11-year-old company, a producer of mini-sized purely electric cars, has been engulfed in a growing list of debt disputes since late 2022. Caixin, citing business database Tianyancha, relates that 93 civil cases were filed against Levdeo since October 2022 involving disputes on procurement contracts, payments, loans and bidding deals. The plaintiffs include Levdeo's suppliers, dealers and financial institutions. Levdeo Auto Group is engaged in the research, development and manufacturing of electric vehicles and its key components. Levdeo's main products are low-speed three-wheeled or four-wheeled electric vehicles. [*] CHINA: Builders With Upcoming Lawsuits Just Got 'Wake-Up Call' ------------------------------------------------------------------ Bloomberg News reports that defaulted Chinese developers facing key court dates in coming weeks received an abrupt reminder that it's actions not words that count in restructurings, if you want to avoid getting liquidated. According to Bloomberg, Jiayuan International Group Ltd., a residential and commercial builder focused on areas northwest of Shanghai, received a winding-up order from a Hong Kong court last week despite having launched a debt exchange offer. That made it the first developer during China's property crisis to face court-ordered liquidation after public efforts to restructure debt, Bloomberg relays. The ruling came as a surprise to many observers. It marks a new era in which talking about steps to win over creditors won't necessarily help buy more time in the courts. While two other developers received such orders previously, they hadn't rolled out restructuring plans, making the outcomes less of a shock. "This will be a wake-up call that they can't be complacent," Bloomberg quotes Richard Woodworth, a Hong Kong-based partner at law firm Linklaters LLP, as saying referring to defaulted Chinese property firms. "It's a reminder that when a company is insolvent and going through a restructuring, you've got to listen to your creditors and get them to buy into your process." Bloomberg says a number of Chinese developers with outstanding winding-up lawsuits face a reckoning: they have to show the court a detailed restructuring plan and material creditor support. The next test case is the offshore units of Logan Group Co., whose hearing is scheduled for next week. The builder has been in talks with creditors over its proposal, but has so far yet to release any plan publicly. Winding-up lawsuits, which if successful can lead to a firm's dissolution, became a popular tool for creditors to recover debt after Chinese developers' defaults surged to a record. "The court's decision to wind up Jiayuan demonstrates that Hong Kong courts are keen to protect against abuse by debtors who might be looking to buy time or frustrate the process without a meaningful or tangible restructuring proposal on hand," Bloomberg quotes Daniel Margulies, a partner at Dechert LLP who specializes in restructuring matters in Asia, as saying. Jiayuan's debt-restructuring efforts dragged on for more than eight months, says Bloomberg. It launched the exchange offer in August and repeatedly extended the offer deadline. Eventually the developer scrapped the offer in April and said it would explore a holistic restructuring instead. During the hearing on May 2, a Jiayuan representative said about 70% of bondholders by value backed the exchange offer, near the 75% support level needed for a holistic restructuring. The amount of noteholders accepting the exchange offer outstripped the creditors who appeared and supported the petitioner, she said. That didn't convince Judge Linda Chan, who said "the so-called restructuring is really not a concrete proposal but just an idea put forward by the company," before announcing her decision to issue a winding-up order, Bloomberg relates. Such petitions can be filed against a company in Hong Kong court when a creditor is owed at least HK$10,000 ($1,274), making it accessible for creditors big and small alike. But Jiayuan's case serves as a reminder to creditors that the legal strategy to pressure issuers to talk may backfire and get out of their hands, Bloomberg states. The petition was filed in September by a bondholder named Yeung Man over $14.5 million of unpaid debt. Nine other parties later joined as supporting creditors. In March, Yeung's representative requested a further adjournment, citing a negotiation between Yeung and the debtor. But other creditors, who said they weren't involved in any debt discussions, objected and asked to proceed. Bloomberg relates that the prevailing views from the supporting creditors led to the ultimate liquidation. Yeung's lawyer said during the hearing that she was "neutral" to a request from Jiayuan to further adjourn the proceedings. But an attorney for The Hong Kong and Shanghai Banking Corp., a supporting creditor, demanded an immediate wind-up. "There is always a risk that these things snowball and the company loses control of the situation," James Warboys, a Linklaters restructuring & insolvency and special situations partner, said during an interview last year, Bloomberg relays. "Ultimately it's on the company to manage its creditors including very small creditors because you can hold a very small portion of debt and still bring up a winding-up petition." ========= I N D I A ========= AISHWARYA TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aishwarya Technologies and Telecom Limited (ATTL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.11 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 3, 2017, placed the rating of ATTL under the 'issuer non-cooperating' category as ATTL had failed to provide information for monitoring of the rating. ATTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 26, 2022, January 5, 2023 and January 15, 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 factor in stretched liquidity position with continued delays in debt service obligation. Analytical approach: Standalone Outlook: Not applicable Detailed description of the key rating drivers: At the time of last rating on February 9, 2022, the following were the rating strengths and weaknesses (updated for the information available from stock exchange): Key weaknesses * Continued subdued financial performance and stretched liquidity: The total operating income of the company continued to decline during FY22 by about 22% from INR10.92 in FY21 to INR8.50 crore. The low operating income led to under-recovery of expenses and the company continued to report operating loss of INR2.38 crore (INR4.08 crore in FY21) in FY22. The net loss and cash loss in the past years has resulted in stretched liquidity and has led to continued delays in debt servicing. * Small scale of operation: The scale of operation of the company has deteriorated significantly over the years. The networth of company has also completely eroded as on March 31, 2022 due to continuous losses incurred in the past. Key strengths * Experienced promoters: The promoters of ATTL, Mr. G Rama Krishna Reddy, Rama Manohar Reddy and Mrs. G Amulya Reddy have more than two decades of experience in the telecom sector. * Exclusive distributorship from reputed clients: ATTL has exclusive distributorship from Sumitomo Electric Industries, Japan for India, Bangladesh & Sri Lanka for entire range of splicing machines. The company has further appointed re-sellers in various parts of India, Sri Lanka & Bangladesh, for promoting these splicing machines. Aishwarya Technologies & Telecom Limited (ATTL) was promoted by Mr. G Rama Manohar Reddy and Mrs. G Amulya Reddy as a partnership firm named Advanced Electronics & Communications System. ATTL was formed by taking over the business of the said partnership firm. ATTL is an ISO 9001:2008 certified company, which manufactures testing & measuring equipment like fiber, data and copper cable fault locators for telephone service providers, defence sector, cable TV operators and railways. The company has its manufacturing facilities situated at Hyderabad and it supplies a wide range of telecom & fiber optic products to Bharat Sanchar Nigam Limited, Tata Tele Services, Bharati Airtel, Mahanagar Telephone Nigam Limited, railways & defence sectors in India. BATANAGAR EDUCATION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Batanagar Education and Research Trust (BERT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 11 CRISIL D (Issuer Not Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BERT for obtaining information through letters and emails dated January 30, 2023 and March 31, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BERT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BERT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BERT continues to be 'CRISIL D Issuer Not Cooperating'. BERT was registered in February 2007 as a public, non-profit, charitable trust. It has set up an engineering college, Batanagar Institute of Engineering Management and Science, at Maheshtala in Kolkata. BEST IT: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Best IT World (India) Private Limited (BIWPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 80.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 117.00 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 April 26, 2022, placed the rating(s) of BIWPL under the 'issuer non-cooperating' category as BIWPL 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. BIWPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 12, 2023, March 22, 2023, April 1, 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). Promoted by Mr. Sandeep Parasrampuria in 1996, Best IT World (India) Private Limited (BIWPL) is engaged in the distribution and marketing of computer hardware and peripherals and tablets. The company started marketing its products under the brand 'iBall' from 2001 and continued its dominance in the "Plug and Play Device" segment which constitutes of desk set (keyboard and mouse), speakers, headsets, webcam, microphones, Bluetooth wireless products, MP3 players, pen drives, pen tablets, USB products and various assembled products such as CPU, monitors, laptops; and mobile handsets as well as tablets. During FY11, the company entered into the mobile handset segment and subsequently diversified into tablet segment during FY12. Later in August 2016, the company announced its exit from mobile business due to competitive challenges faced by it which resulted in losses in this segment. The company operates in mainly 5 product segments – Computer peripherals, Networking, Audio, Tablets and Security devices. BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bommidala Purnaiah Holdings Private Limited (BPHL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 24.2 CRISIL C (Issuer Not Cooperating) Proposed Long Term 0.77 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Working Capital 4.8 CRISIL C (Issuer Not Demand Loan Cooperating) CRISIL Ratings has been consistently following up with BPHL for obtaining information through letters and emails dated January 28, 2023 and March 13, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BPHL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BPHL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPHL continues to be 'CRISIL C Issuer Not Cooperating'. Set up in 1996, BPHL is part of the Bommidala group, which has diversified interests in packaging, rope manufacturing, and lease financing. BPHL trades in tobacco. Mr Bommidala Venkata Raja Srinivas is the managing director of the company. It is based in Guntur, Andhra Pradesh. CHAITANYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Chaitanya Educational Society (CES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.96 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 April 20, 2022, placed the rating(s) of CES under the 'issuer non-cooperating' category as CES 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. CES continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 6, 2023, March 16, 2023, 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). Chaitanya Educational Society (CES) was established in the year 2001 as a part of Chaitanya Group under the Societies Registration Act, 1860 (A.P. Societies Registration Act, 2001) at Kakinada, East Godavari District, Andhra Pradesh. The society was founded by Mr. K.V.V. Satyanarayana with an objective of promoting educational institutions of higher learning in the field of Science & Technology, Engineering, Pharmacy, Management etc. Further, he is ably supported by Mr. Sasi Karan Varma, the youngest son of Mr. K.V.V. Satyanarayana Raju, who is the managing director of CES. The society has established two institutions namely Chaitanya Engineering College (CEC) (2002-03), Sri Chaitanya Engineering College (SCEC) (2009-10). CES institutes have been approved by All India Council for Technical Education (AICTE), New Delhi and affiliated to the Jawaharlal Nehru Technological University (JNTU). The courses offered in the CES institutes are B. Tech., M. Tech., M.B.A., and Engineering diploma with an overall sanctioned annual intake of 1848 seats. CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Choudhari Construction Co. (CCC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.8 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with CCC for obtaining information through letters and emails dated January 28, 2023 and March 13, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CCC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CCC was set up as a partnership firm in 1983 by Mr. Hamiram Choudhari and his wife, Mrs. Ratanben Choudhari. It undertakes various infrastructure-related construction activities, comprising construction and repair of roads, buildings, and sewerage systems in Mumbai and Pune. The firm participates in tenders floated by the Brihanmumbai Municipal Corporation, Mumbai Metropolitan Regional Development Authority, and Public Works Department. COCHIN FROZEN: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cochin Frozen Food Exports Private Limited (CFFEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 46.94 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 2, 2022, placed the rating(s) of CFFEPL under the 'issuer non-cooperating' category as CFFEPL 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. CFFEPL 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). Cochin Frozen Food Exports Private Limited (CFFEPL) was established in the year 1989 and is engaged in processing of the seafood, mainly prawn and fish varieties with its corporate base in Aroor, 15 kms to the south of Cochin. The promoter, Mr. K. Prabhakaran, who is the founder chairman of the group is in the field of seafood exporting from the year 1974. The company normally exports its entire produce to the major markets of USA, Europe, Japan, China and the Middle East. ESSEL INFRAPROJECTS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Essel Infraprojects Limited (EIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 146.00 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 April 22, 2022, placed the rating(s) of EIL under the 'issuer non-cooperating' category as EIL 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. EIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 8, 2023, March 18, 2023, March 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). Essel Infraprojects Ltd (EIL) was incorporated in July 1987 in the name 'Essel's Amusement Parks (India) Limited' which was subsequently changed to 'Essel Infraprojects Limited' in February 2007. Promoted by Mr. Subhash Chandra, EIL is infrastructure arm of Essel Group with interest in road projects, urban infrastructure, power, water management and solid waste management. EIL obtains engineering, procurement and construction (EPC) works for group companies but majority of them is handled by another Essel Group company known as Pan India Infraprojects Private Limited. EIL does not undertake EPC work on its own but sub-contacts entirely to third parties. Additionally, EIL derives income in form of consultancy services provided to group companies and interest income from loans and advances extended to subsidiaries/associates. FUTURE ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Future Enterprises Limited (FEL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,175.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 602.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 325.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 358.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 300.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 265.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 327.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 332.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 150.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 425.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 92.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Fixed Deposit 700.00 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 May 3, 2022, placed the ratings of FEL under the 'issuer non-cooperating' category as FEL 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. FEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2023, February 21, 2023, March 19, 2023, March 29, 2023, April 8, 2023, April 17, 2023, April 19, 2023 and April 21, 2023 etc. 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). At the time of last rating on May 3, 2022 the following was the rating weakness (updated for the information available from stock exchange): * Delays in servicing of debt obligation: There are continuing delays in debt servicing. The Mumbai bench of the National Company Law Tribunal (NCLT) had on March 8, 2023 directed initiating CIRP against FEL, admitting a plea filed by an operational creditor. On March 8, 2023, the company has been referred under IBC, and a Resolution Professional has been appointed for the company. Erstwhile Future Retail Ltd. has now been renamed as Future Enterprises Ltd. (FEL) and houses the physical assets (store formats of erstwhile FRL and Bharti Retail Limited including all the infrastructure assets situated in the stores) apart from strategic investments in various companies. The company is also in the business of manufacturing and trading of men's wear, women's wear and kid's wear in denim segment. FEL is also the holding company for future group's various other businesses. FUTURE RETAIL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Future Retail Limited (FRL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3,778.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2,500.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 199.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 3, 2022, placed the ratings of FRL under the 'issuer non-cooperating' category as FRL 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. FRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2023, February 21, 2023, March 19, 2023, March 29, 2023, April 8, 2023, April 14, 2023, April 17, 2023, April 19, 2023 and April 21, 2023 etc. 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). At the time of last rating on May 03, 2022 the following was the rating weakness (updated for the information available from stock exchange): * Delays in servicing of debt obligation: There are continuing delays in debt servicing. The Mumbai bench of the National Company Law Tribunal (NCLT) had on July 20, 2022 directed initiating CIRP against FRL, admitting a plea filed by a lender. On July 20, 2022, the company was referred under IBC, and a Resolution Professional has been appointed for the company. As per the information provided by FRL, as on the Insolvency Commencement date i.e. July 20, 2022, the company had access to 302 leased retail stores spread across 23 states and union territories consisting of 30 large format stores (Big Bazaar and FBB stores) and 272 small format stores. As per intimation on BSE dated April 13, 2023, the timeline for concluding the CIRP has now been extended to July 15, 2023 from April 16, 2023. The company has received Expression of Interest (EoI) from 48 parties to acquire its assets. Future Retail Limited is the flagship company of the Future Group (one of India's leading retailers) and is engaged mainly in home & electronics retailing and value retailing. The company operated Big Bazaar, Easy Day, Foodhall and other small format stores. FRL as on March 31, 2021, operated 1,308 stores with retail space of 15.69msf. GO FIRST: Asks Tribunal to Urgently Pass Order on Insolvency Plea ----------------------------------------------------------------- The Economic Times reports that Go First on May 9 asked the country's company law tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes. ET relates that the beleaguered Wadia Group-led airlines, Go First, on May 4 pleaded to the National Company Law Tribunal (NCLT) for an interim moratorium after facing an acute cash crunch. The airline has also sought direction to appoint an insolvency resolution process (IRP) for the betterment of Go First. The NCLT, after the hearing, reserved its order on Go Airlines' plea. According to the Insolvency and Bankruptcy Code (IBC), the effect of such an interim moratorium is that all pending legal proceedings with respect to any 'debt' are deemed to have been stayed, the report states. ET says crisis-hit Go First had sought various interim directions from the NCLT bench, including restraining lessors from taking back aircraft, and Directorate General of Civil Aviation (DGCA) from taking any adverse action against the airline. The Wadia Group-owned airline has liabilities worth around INR11,000 crore. According to the report, Go First said that its bank account with the consortium is frozen, and it pleaded to the NCLT Court to defreeze its bank account. Go First Airlines said that this is not a case of a malicious petition to avoid payment of dues. According to the petition before the NCLT, the budget airline has sought directions to restrain aircraft lessors from taking any recovery action as well as restrain the DGCA and suppliers of essential goods and services from initiating adverse actions. Another plea is that the DGCA, Airports Authority of India (AAI), and private airport operators should not cancel any departure and parking slots allotted to the company. However, aircraft lessors opposed the airline's request, saying that insolvency proceedings cannot be initiated without hearing them, ET relays. About Go First Go First, formerly known as GoAir, was an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go First was incorporated in April 2004 as GoAir and commenced flight operations in November the following year. Its inaugural flight was from Mumbai to Ahmedabad. The airline is owned by the Wadia Group. As reported the Troubled Company Reporter-Asia Pacific on May 3, 2023, Go First filed an application for voluntary insolvency resolution proceedings before National Company Law Tribunal (NCLT) on May 2. The company said the filing with the NCLT comes after Pratt & Whitney, the exclusive engine supplier for the airline's Airbus A320neo aircraft fleet, refused to comply with an order to release engines to the airline that would have allowed it return to full operations. H K LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of H K Lumbers LLP (HKL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HKL for obtaining information through letters and emails dated January 28, 2023 and March 13, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HKL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HKL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HKL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Established in 2014, HKL is a Gujarat based company engaged in trading of timber. Apart from trading, it would also undertake processing of timber so as to cater to customized orders. The day to day operations will be managed by Mr. Bharat Kumar Rudrani. HYDERABAD RING: CARE Keeps D Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hyderabad Ring Road Project Private Limited (HRRPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 185.11 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 April 25, 2022, placed the rating(s) of HRRPPL under the 'issuer non-cooperating' category as HRRPPL 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. HRRPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 11, 2023, March 21, 2023, March 31, 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). Hyderabad Ring Road Project Private Limited (HRRPPL) is a special purpose vehicle (SPV) promoted by consortium of Era Infra Engineering Limited and Induni CIE SA, for executing and operating a 8-lane expressway (Narsingi to Kollur from km 0.00 to km 12.00 package) under Phase II of Outer Ring Road project of Hyderabad Growth Corridor Limited (HGCL, in which 74% stake is held by Hyderabad Metropolitan Development Authority (HMDA)) on Build Operate Transfer (BOT Annuity) basis. JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jiva Plywoods Private Limited (JPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.46 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 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 April 28, 2022, placed the rating(s) of JPPL under the 'issuer non-cooperating' category as JPPL 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. JPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 14, 2023, March 24, 2023, April 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). Kutch, Gujarat based Jiva Plywoods Private Limited (JPPL) was incorporated in December 2015 by Mr. Moolji Patel and his sons Mr. Govind Patel but started its commercial operations from September, 2016. The company is currently being managed by Mr. Jagdish Patel, Mr. Moolji Bhai Patel and Mr. Jigna Patel. The company is engaged into trading and processing of wooden log into Plywood, doors and boards. JPS imports the raw material mainly wooden logs like Teak, Pine, Hardwood (backed by L/C) from Malaysia, China, Vietnam and Myanmar which are subsequently sized at its saw mill unit in Gandhidham into various commercial sizes as per the requirement of its customers. Plywoods are sold in domestic market to traders, wholesalers, civil engineering and construction companies to PAN India. KODARMA CHEMICAL: CRISIL Withdraws D Rating on INR14.5cr Loan ------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Kodarma Chemical Private Limited (KCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.5 CRISIL D/Issuer Not Cooperating (Withdrawn) Term Loan 3.05 CRISIL D/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with KCPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KCPL. This restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCPL continues to be 'CRISIL D Issuer Not Cooperating'. CRISIL Ratings has withdrawn its ratings on the bank facilities of KCPL on the request of the company and receipt of a no objection certificate from its bank. The rating action is in line with CRISIL Ratings' policy on withdrawal of its ratings on bank loans. Incorporated in June 2008 and promoted by Mr. Khiru Shaw and Mr. Panchdev Kumar Shaw, KCPL refines and distils industrial fuels, lubricants, and solvents (coal tar, fuel oil, and various industrial and laboratory chemicals) at its facility in Kodarma, Jharkhand. KUTTANADU VIKASANA: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kuttanadu Vikasana Samithy (KVS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with KVS for obtaining information through letters and emails dated January 31, 2023 and March 31, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KVS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KVS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KVS continues to be 'CRISIL D Issuer Not Cooperating'. KVS is a non-profit organisation managed by Fr Thomas Peelianickal. The organisation was registered in 1979, and was taken over by the current management in 1993. The company operates in Alappuzha, Kerala and provides microfinance loans to poor women. MEHTA AND ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mehta and Associates Fire Protection Systems Private Limited (MAFPSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 2.25 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 April 18, 2022, placed the rating(s) of MAFPSPL under the 'issuer non-cooperating' category as MAFPSPL 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. MAFPSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 4, 2023, March 14, 2023, March 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). Ahmedabad-based (Gujarat), MAFPSPL was incorporated in October 1984 as a private limited company primarily promoted by Mr. Jayant Mehta. Later Mr. Kunal Mehta and Mr. Kaushal Mehta joined MAFPSPL as directors in 2001 and 2005 respectively. MAFPSPL imparts service of designing fire detection and protection system as per the requirement of clients and later implements the same by assembling, erecting and commissioning fire suppression system, fire detection system, firefighting system and allied products mainly designed for heavy power equipment. MAFPSPL also carries out research and development (R & D) activities pertaining to fire protection system from its R & D centre situated in Ahmedabad, Gujarat. It mainly caters to power sector industries which include government as well as private entities spread across India. RADHAMADHAV AUTOMOBILES: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radhamadhav Automobiles Private Limited (RAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.87 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 April 25, 2022, placed the rating(s) of RAPL under the 'issuer non-cooperating' category as RAPL 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. RAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 11, 2023, March 21, 2023, March 31, 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). Radhamadhav Automobiles Private Limited (RAPL) belongs to Radha Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a trading organization. Radha Group Toyota is engaged in the business of sales and service of passenger vehicles of Toyota Kirloskar Motors Pvt Limited (TKML) and it is an authorized dealer of TKML. The group was promoted by Mr. M Subrahmanyam (Chairman), who has more than five decades of experience in trading and more than two decades of experience in automobile industry. Mr. M Srinivas (Managing Director) has more than two decades of experience in automobile industry. The group comprises of four automobile companies namely Radha Krishna Automobiles Private Limited, Radha Madhav Automobiles Private Limited, Leela Krishna Automobiles Private Limited and Yashoda Krishna Automobiles Private Limited located in Andhra Pradesh and Telangana. These four companies are in to similar line of business catering to different regions in both states. RAPL and LKAPL are operating in the state of Andhra Pradesh, whereas RKAPL an d YKAPL are operating in the state of Telangana with a total of 15 showrooms in both the states. REX SEWING: CARE Lowers Rating on INR12.25cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Rex Sewing Machine Company Private Limited (RSMCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 2.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and Revised from CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 12, 2022, placed the rating(s) of RSMCPL under the 'issuer non-cooperating' category as RSMCPL 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. RSMCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 28, 2023, April 7, 2023, April 17, 2023, April 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 bank facilities of RSMCPL have been revised on account of non–availability of requisite information. The ratings also consider delays in debt servicing as recognized from publicly available information i.e., FY20 audit report available from ROC filings. Set up in 1957 by Mr. Om Parkash Dandona, RSMCPL is engaged in the manufacturing of a wide range of sewing machines at its two manufacturing facilities located in Ludhiana. The company also engages in the export of its products. The sewing machines are sold under the brand name `Rex' in the domestic markets as well as export markets. RSMCPL is currently being managed by Mr Dinesh Dandona and Mr Bhupesh Dandona (sons of Mr Om Prakash Dandona). All the machines manufactured by RSMCPL have an ISI registration. The company also has trading operations wherein it sources and sells allied machines like Bag Closing Machines, Button Presses & Button Moulding Machines, sewing machine components and spare parts. RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rishi Traders (RT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.73 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 May 5, 2022, placed the rating(s) of RT under the 'issuer non-cooperating' category as RT 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. RT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 21, 2023, March 31, 2023, April 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). Nagpur based RT was established as a partnership concern in the year 2011. The firm is engaged in ginning and pressing of cotton and extraction of oil from cotton seed. SEHORE KOSMI: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sehore Kosmi Tollways Limited (SKTL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 45.64 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 28, 2022, placed the rating(s) of SKTL under the 'issuer non-cooperating' category as SKTL 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. SKTL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 14, 2023, January 24, 2023, February 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). SKTL is a special purpose vehicle (SPV), incorporated and owned by Ramky Infrastructure Limited (RIL) has entered into a 15-year concession agreement on September 9, 2011 with Madhya Pradesh Road Development Corporation [MPRDC; GoMP undertaking] for the design-build-finance-operate and transfer (DBFOT) of 50.120 km road project stretch in Madhya Pradesh on toll plus annuity basis. The concession was awarded by MPRDC on the basis of lowest bid of semi-annual annuity of INR4.41 crore during the aforementioned concession period. SIDDHIVINAYAK TIMBER: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siddhivinayak Timber Trading (STT) 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 & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 5, 2022, placed the rating(s) of STT under the 'issuer non-cooperating' category as STT 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. STT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 21, 2023, March 31, 2023, April 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). Siddhivinayak Timber Trading (STT) is based out of Nagpur and was established as proprietorship concern in the year 2012 by Mr. Ashwin Patel. STT is engaged in the business of processing and trading of timber logs. The main variety of wood which the firm imports is Teak Wood, termed as commercial wood which is primarily used for interior decoration and furniture. The firm has a saw mill in Kalmana, Nagpur. SKANDASHREE JEWEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Skandashree Jewel Creations (SJC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SJC for obtaining information through letters and emails dated January 28, 2023 and March 13, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SJC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SJC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SJC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SJC was set up in 2008 as a partnership firm by Mr. A V Vijay Krishna and his brother-in-law, Mr Karthik Nallapeta. The firm manufactures plain gold and diamond-studded jewellery. Its clientele comprises retailers in Karnataka and Tamil Nadu. SJC's manufacturing facility is in Bangalore. SPICEJET LTD: NCLT Seeks Reply on Lessor's Insolvency Plea ---------------------------------------------------------- Business Standard reports that the National Company Law Tribunal (NCLT), Delhi on May 8 sought a response from Spicejet on a plea by the airline's lessor Aircastle over unpaid dues. Business Standard relates that Dublin-based Aircastle moved the NCLT seeking the initiation of insolvency proceedings against the airline under Section 9(application for initiation of corporate insolvency resolution process by the operational creditor) of the Insolvency and Bankruptcy Code. A two-member Principal bench of President Ramalingam Sudhakar and Member Avinash K Srivastava issued a notice to Spicejet to file their reply, Business Standard says. The next hearing in the matter is on May 17. Commenting on the case, a Spicejet spokesperson said, "In the Aircastle issue, notice was issued in the normal course. There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same," Business Standard relays. Business Standard, citing the NCLT website, says two more petitions for insolvency resolution proceedings against SpiceJet are pending. The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres Buildwell Private Ltd was filed on February 4. SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second-biggest budget airline, after IndiGo. SUPREME MANOR: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities and non-convertible debentures (NCDs) of Supreme Manor Wada Bhiwandi Infrastructure Private Limited (SMWBIPL) continue to be 'CRISIL D/Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Non Convertible Debentures 36.72 CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with SMWBIPL for getting information through letters and emails, dated January 31, 2023, March 31, 2023 and April 20, 2023 apart from telephonic communication. However, the issuer has continued to be non-cooperative. This led CRISIL Ratings to carry out rating surveillance with the best available information. The investors, lenders, and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings has not received any information on either financial performance or strategic intent of SMWBIPL. This restricts CRISIL Rating's ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that the rating action on SMWBIPL is consistent with 'Assessing Information Adequacy Risk''. Based on the last available information, the ratings on bank facilities and non-convertible debentures (NCDs) of SMWBIPL continues to be 'CRISIL D/Issuer Not Cooperating'. SMWBIPL has been incorporated as a special-purpose vehicle for four-laning of 54.32 kms Manor - Wada section of SH-34, and 40.07 kms Wada - Bhiwandi section of SH-35, on a built, operate and transfer (BOT) toll basis. The scope of work includes widening of the existing 94.39 kms two-lane road stretch and its improvement, operation and maintenance. The entire project highway is located in the district of Thane. TRV GLOBAL: CRISIL Cuts Rating on INR11.75cr Packing Credit to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of TRV Global Exports Private Limited (TGEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 11.75 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with TGEPL for obtaining information through letters and emails dated August 24, 2022, October 15, 2022 and April 26, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of TGEPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TGEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on short term bank facilities of TGEPL have been downgraded to 'CRISIL D Issuer Not Cooperating' from 'CRISIL A4 Issuer Not Cooperating' owing to delay in debt servicing. Set up as a partnership firm in 1999 by Mr. N Shivakumar, TRV exports granite blocks and slabs. Based in Chennai, TRV was reconstituted as a private limited company in 2007. TGEPL's manufacturing facility is in Karimnagar district of Telangana. The company exports granite to China, Taiwan, and Italy. VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VS continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 CRISIL D (Issuer Not Cooperating) Letter of credit & Bank Guarantee 1.55 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VS for obtaining information through letters and emails dated January 28, 2023 and March 13, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of VS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. VS, set up in 2003 by Mr. Gumansingh B Rajpurohit, manufactures thermo-mechanically treated (TMT) bars from ingots. The firm has a plant in Wada district, Thane (Maharashtra). ===================== N E W Z E A L A N D ===================== BODY & HAIR: Creditors' Proofs of Debt Due on May 25 ---------------------------------------------------- Creditors of Body & Hair Limited are required to file their proofs of debt by May 25, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2023. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 CONCRETE PLACERS: Creditors' Proofs of Debt Due on June 3 --------------------------------------------------------- Creditors of Concrete Placers 2020 Limited are required to file their proofs of debt by June 3, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2023. The company's liquidator is David Thomas. EXTRASKILL (SAMOA): Court to Hear Wind-Up Petition on May 12 ------------------------------------------------------------ A petition to wind up the operations of Extraskill (Samoa) Limited will be heard before the High Court at Auckland on May 12, 2023, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 30, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 JET CLEANING: Creditors' Proofs of Debt Due on June 2 ----------------------------------------------------- Creditors of Jet Cleaning Services (1995) Limited are required to file their proofs of debt by June 2, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2023. The company's liquidators are: Gareth Russel Hoole Clive Robert Bish Ecovis KGA Limited PO Box 37223 Parnell Auckland KIWI MODULAR: Creditors' Proofs of Debt Due on July 1 ----------------------------------------------------- Creditors of Kiwi Modular Homes Limited are required to file their proofs of debt by July 1, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 1, 2023. The company's liquidator is: Thomas Lee Rodewald C/- Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 ===================== P H I L I P P I N E S ===================== MACAY HOLDINGS: Annual Loss Narrows to PHP107MM in 2022 ------------------------------------------------------- Bilyonaryo.com reports that Macay Holdings, the investment firm owned by Zest-O founder Alfred Yao, has reported a narrower net loss for 2022 despite challenges faced by one of its subsidiaries. In a regulatory filing, Macay reduced its net loss to PHP107 million from PHP195 million the previous year, primarily due to increased revenues, Bilyonaryo.com discloses. However, its subsidiary ARC incurred losses amounting to PHP207 million. Macay's revenue grew by 39% to PHP12.43 billion from PHP8.97 billion, with an increase in volume driving the growth. Macay Holdings operates as an investment holding entity for the Yao family's carbonated beverage businesses, including wholly-owned subsidiaries ARC Refreshments Corporation and ARC Holdings Inc. ================= S I N G A P O R E ================= AON RANDOLPH: Members' Final Meeting Set for June 9 --------------------------------------------------- Members of AON Randolph Singapore Pte Ltd. will hold their final general meeting on June 9, 2023, at 10:00 a.m., at 6 Shenton Way, OUE Downtown 2, #33-00, in Singapore. At the meeting, Lau Chin Huat, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. IGS GREEN: Creditors' Meetings Set for May 19 --------------------------------------------- IGS Green Solutions Pte Ltd, which is in provisional liquidation, will hold a meeting for its creditors on May 19, 2023, at 4:00 p.m., via electronic means. Agenda of the meeting includes: a. to present a Statement of the Company's affairs showing in respect of assets the method and manner in which the valuation of the assets was arrived at, together with a list of the creditors and the estimated amount of the claims; b. to consider the nomination of the Liquidators for the Company and on the appointment of Mr. Saw Meng Tee and Mr. Ong Shyue Wen as the Liquidators of the Company pursuant to Section 167(1) of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018); c. to consider the appointment of a Committee of Inspection pursuant to Section 169(1) of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018); and d. to consider any other matter which may properly be brought before the meeting. NU HORIZONS: Final Meeting Set for June 5 ----------------------------------------- Members and creditors of NU Horizons Electronics Asia Pte Ltd will hold their final meeting on June 5, 2023, at 10:00 a.m., via Zoom. At the meeting, Leow Quek Shiong, Gary Loh Weng Fatt, and Seah Roh Lin, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. VIVA INVESTMENT: Creditors' Proofs of Debt Due on June 6 -------------------------------------------------------- Creditors of Viva Investment Management Pte Ltd are required to file their proofs of debt by June 6, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 27, 2023. The company's liquidator is: David Dong-won Kim c/o KordaMentha Pte Ltd 16 Collyer Quay #30-01 Singapore 049318 ================= S R I L A N K A ================= SRI LANKA: India Extends US$1BB Credit Line By a Year ----------------------------------------------------- Reuters reports that India has extended a $1 billion credit line for Sri Lanka by one year, a Sri Lankan official told Reuters on May 9, giving the crisis-hit country a backup funds to pay for essential imports. Reuters says the credit line, part of about $4 billion in emergency assistance extended by India during the peak of Sri Lanka's financial crisis early last year, was scheduled to end in March. Post-negotiations, the credit line was extended until March 2024, said Sri Lanka's Deputy Treasury Secretary Priyantha Rathnayake. "There is about $350 million left of the credit line that can be utilised as needed," he said. "However, given the increase of foreign exchange availability in the market, the need is not as keen as it was last year." Reuters reported in March that Sri Lanka was negotiating with India to extend the facility, used so far mainly for medicines and food. Sri Lanka's reserves dropped to record lows in April last year, triggering its worst financial crisis since independence from British colonial rule in 1948, Reuters notes. The island, off India's southern coast, spent months struggling to pay for essential imports such as fuel, cooking gas and medicine and defaulted on its foreign debt. According to Reuters, the situation has now improved with Sri Lanka finalising a nearly $3 billion bailout package from the International Monetary Fund in March and kicking off debt restructuring talks with key bilateral creditors India, Japan and China. Sri Lanka's foreign exchange reserves hit $2.7 billion at the end of last month. SRILANKAN AIRLINES: Sri Lanka Looks to Privatise National Carrier ----------------------------------------------------------------- TTG Asia reports that the Sri Lankan government is pursuing the sale of state-owned national carrier SriLankan Airlines and its subsidiaries, as years of government handouts have failed to stem losses. While SriLankan Airlines has been reporting operating profits in recent months, its net loss remains high, running into billions of Sri Lankan rupees, the report says. According to TTG Asia, SriLankan Airlines CEO Richard Nuttall said on May 7 that the airline has an operating profit of US$103 million, but US$100 million is channelled into servicing past debts. "If the airline can find a solution for its debt, SriLankan can become truly profitable," Mr. Nuttall told local media. TTG Asia says the government has announced its intention to privatise the airline, but calls for expressions of interest from interested parties have yet to be made. Minister of ports, naval and aviation services Nimal Siripala de Silva, who confirmed this decision, said it would be wise to divest SriLankan Airlines and its subsidiaries SriLankan Catering and Ground Handling services at once to a single investor, instead of opting to bring in multiple investors, TTG Asia relays. TTG Asia notes that the government is looking at offering a 49% stake to private investors in this process with expectations to raise US$500 million to US$600 million from the sale of the two subsidiaries, and more from the sale of the airline. Local media reported that an Indian operator has shown interest in investing, says TTG Asia. This is the third time in the national carrier's history that the government is seeking external help to improve the airline's fortune, TTG Asia notes. In 1979 Singapore Airlines offered its expertise to run the national carrier, which had then changed its name from Air Ceylon to Air Lanka. In 1998, a 40% stake of the airline was sold to Emirates, which later withdrew in March 2008 when the partnership agreement was up for renewal. About SriLankan Airlines SriLankan Airlines is the flag carrier of Sri Lanka and a member of the Oneworld airline alliance. It is currently the largest airline in Sri Lanka by number of aircraft and destinations and was launched in 1979 as Air Lanka following the termination of operations of the original Sri Lankan flag carrier Air Ceylon. As reported in the Troubled Company Reporter-Asia Pacific in February 2023, S&P Global Ratings lowered its long-term issue rating on SriLankan Airlines' (SLA) foreign currency-denominated bond maturing June 25, 2024, to 'D' (default) from 'CC'. At the same time, S&P affirmed the other ratings on Sri Lanka, including the 'SD' long-term foreign currency and 'CCC-' long-term local currency sovereign credit ratings. The outlook on the long-term local currency rating is negative. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***