/raid1/www/Hosts/bankrupt/TCRAP_Public/230608.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, June 8, 2023, Vol. 26, No. 115
Headlines
A U S T R A L I A
1ST GLASS: Second Creditors' Meeting Set for June 12
AXE CONSTRUCTION: First Creditors' Meeting Set for June 13
CONFINED CONCRETING: Second Creditors' Meeting Set for June 13
ISLAND ESCAPE: Superyacht Sold to Pay Back Debtors
JENNY CRAIG: Australia, NZ Operations to Shut After No Buyer Found
JENNY CRAIG: Second Creditors' Meeting Set for June 14
OBSIDIAN INDUSTRIES: Second Creditors' Meeting Set for June 13
C H I N A
DALIAN WANDA: Court Freezes US$278 Million Worth of Shares in Unit
HUNAN YONGXIONG: Suspends Business After Police Raids
I N D I A
BADU ROAD: CARE Lowers Rating on INR15cr LT Loan to B+
BALAJI CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
BARDHAMAN RICE: CARE Keeps B Debt Rating in Not Cooperating
BIL INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
BP INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
DISTICHEMI PROCESS: CRISIL Keeps D Ratings in Not Cooperating
FLORA GARMMENTS: CARE Keeps B- Debt Rating in Not Cooperating
GAYATHRI NATURE: CRISIL Keeps D Debt Rating in Not Cooperating
GITA GINNING: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
J.M.L. MARKETINGS: CARE Keeps D Debt Ratings in Not Cooperating
MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
MITTAL LUMBER: CRISIL Lowers Rating on LT/ST Debt to D
MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
MOD AGE: CARE Keeps D Debt Rating in Not Cooperating Category
PARANTHAMAN TEXTILES: CRISIL Keeps D Rating in Not Cooperating
PHOTON ENERGY: CRISIL Moves D Debt Ratings to Not Cooperating
RAJIV AGGARWAL: CARE Keeps B- Debt Rating in Not Cooperating
RELIANCE CAPITAL: Lenders Vote for Equal Distribution of Proceeds
SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
SATWIKI PROTEINS: CARE Keeps D Debt Rating in Not Cooperating
SHILPA ELECTRICAL: Ind-Ra Withdraws B+ Long Term Issuer Rating
SPICEJET LIMITED: Ordered to Pay INR3.8 Billion to Former Owner
SUBHLAXMI FOODS: CARE Lowers Rating on INR15cr LT Loan to C
SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating
SURENDRA PRASAD: CARE Lowers Rating on INR2.5cr LT Loan to B-
TETRADRIP PHARMA: CARE Keeps D Debt Rating in Not Cooperating
UNITED ELECTRICAL: CRISIL Keeps C Debt Ratings in Not Cooperating
VARDHMAN RICE: CARE Keeps D Debt Rating in Not Cooperating
VARIDHI COTSPIN: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable
VENKATA SAI: CARE Keeps B- Debt Rating in Not Cooperating
VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIMAL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHAL SPINTEX: Ind-Ra Affirms BB Long Term Issuer Rating
YCD INDUSTRIES: CARE Keeps B+ Debt Rating in Not Cooperating
[*] INDIA: NCLT Approves 180 Resolution Plans in FY23
N E W Z E A L A N D
DE GEEST: Creditors' Proofs of Debt Due on June 30
EVERTOP GROUP: Creditors' Proofs of Debt Due on June 30
MANUKAU FAMILY: Creditors' Proofs of Debt Due on July 31
QUICK SERVICE: Court to Hear Wind-Up Petition on June 10
STARLET LOGISTICS: Court to Hear Wind-Up Petition on June 22
S I N G A P O R E
BELOVED GENIUS: Creditors' Meetings Set for June 16
GREENPANEL SINGAPORE: Creditors' Proofs of Debt Due on July 5
KEMAKMURAN HOLDING: Members' Final Meeting Set for July 7
THAI LOI: Members' Final Meeting Set for July 10
T A I W A N
COINFUL CAPITAL: Singapore-based Investor Seeks Liquidation
- - - - -
=================
A U S T R A L I A
=================
1ST GLASS: Second Creditors' Meeting Set for June 12
----------------------------------------------------
A second meeting of creditors in the proceedings of 1st Glass
Australia Pty Ltd has been set for June 12, 2023 at 2:30 p.m. via
Teams teleconference 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 June 8, 2023 at 4:00 p.m.
Mitchell Ball and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on May 8, 2023.
AXE CONSTRUCTION: First Creditors' Meeting Set for June 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Axe
Construction Group Pty Ltd will be held on June 13, 2023, at 10:30
a.m. at the offices of Jirsch Sutherland at Suite 2, Level 14, 383
Kent Street in Sydney.
Peter John Moore and Clifford Rocke of Jirsch Sutherland were
appointed as administrators of the company on May 31, 2023.
CONFINED CONCRETING: Second Creditors' Meeting Set for June 13
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Confined
Concreting Pty Ltd has been set for June 13, 2023 at 11:00 a.m. at
the offices of IRT Advisory at Suite 2, Level 3, 51 Queen Street in
Melbourne and via the Zoom video conference platform.
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 June 9, 2023 at 4:00 p.m.
Andrew Poulter of IRT Advisory was appointed as administrator of
the company on May 22, 2023.
ISLAND ESCAPE: Superyacht Sold to Pay Back Debtors
--------------------------------------------------
ABC News reports that a luxury cruise vessel operating in the
Kimberley has been sold to pay back creditors, but AUD4 million
owed to unpaid customers will likely not be returned.
Island Escape Cruises NZ left dozens of customers out of pocket
after cancelling voyages up the Kimberley coast last year with
little notice.
The company went into receivership shortly after and the vessel was
seized at Broome Port.
A recent report to creditors, seen by the ABC, shows the 53.5-metre
luxury boat sold for AUD5.5 million - significantly less than its
estimated value.
The ABC says the urgent sale was conducted by the Federal Court in
hopes to pay back international creditors the Bank of New Zealand
and Export Finance Norway.
The undersell meant unsecured creditors such as Steven Davies and
his wife were unlikely to get refunds for their AUD23,000 holiday
that never eventuated, the ABC relates.
The boat, Island Escape, was seized by the Federal Court marshal
and an urgent sale was ordered on November 30, the ABC recalls.
It was sold to the Paspaley Group for the highest bid of AUD5.5
million on January 13 and it was handed over on February 22.
A similar luxury cruise boat had been on the international market
for about AUD35 million.
According to the ABC, liquidators Rowan John Chapman and
Amanda-Jane Atkins of Chapman Atkins Limited were appointed to
oversee the company's finances.
The latest report to creditors outlined the debt to be paid after
the sale.
"Subject to confirmation, as at the date of the liquidation, the
group owed approximately AUD20.3 million in total to the
financiers," the report reads.
"An amount of AUD11,851,080 is owing to Export Finance Norway, and
approximately AUD8.5 million is owing to the Bank of New Zealand.
"Due to the sale price of the vessel, there will be a shortfall to
the financiers."
In the latest accounts as at May 31, the sum of pre-booked trips in
Australia was AUD4,677,217.
Liquidators concluded a refund to customers would be unlikely, the
ABC states.
"Subject to further verification, given the shortfall to the
financiers, there will be no distribution to unsecured creditors,
including cruise ship customers of the company," the report reads.
JENNY CRAIG: Australia, NZ Operations to Shut After No Buyer Found
------------------------------------------------------------------
ABC News reports that Jenny Craig's Australian and New Zealand
operations is closing down after administrators failed to find a
buyer for the weight-loss company's physical stores.
The ABC relates that FTI Consulting, who were appointed as
administrators for the company on May 9, said Jenny Craig Australia
and NZ would immediately cease trading from its stores and
employees would be made redundant.
"Administrators have today advised all of the employees in
Australia New Zealand that a sale of the business with the stores
continuing to trade and staff continuing their employment has not
been achievable," FTI Consulting said in a statement.
No buyer could be found despite 15 interested parties
participating, four of which submitted non-binding indicative
offers, according to FTI Consulting, the ABC relays.
"This has resulted in a decision to immediately cease trading from
stores and employees being made redundant, which is an unfortunate
outcome and one which the Administrators had sought to avoid."
According to the ABC, administrators said the online capacity of
the business will be sold to healthcare technology company
Eucalyptus, which will continue to offer online weight-loss
solutions to customers.
Jenny Craig Australia and New Zealand entered voluntary
administration on May 9, less than a week after saying it would
continue its local operations in the wake of the United States
business filing for bankruptcy.
Jenny Craig was founded in Melbourne in 1983 by American couple
Jenny and Sid Craig, who moved to Australia after signing a
two-year non-compete clause related to the sale of another business
in the US.
For a generation of people in both Australia and the US, the name
Jenny Craig was synonymous with weight loss. But now it's closing
shop in the US as some experts fear where diet culture is headed
from here, the ABC states.
Jenny Craig in the US was acquired by HIG Capital in 2019 for an
undisclosed amount.
There will be another meeting of Jenny Craig Australia and New
Zealand creditors on June 14, the report notes.
It's unclear how many staff will be affected by the closure, the
report notes.
Jenny Craig provides pre-prepared meals, snacks, and weight-loss
coaching, and has recruited a number of high profile ambassadors
since its inception, including Magda Szubanski and Casey Donovan.
JENNY CRAIG: Second Creditors' Meeting Set for June 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Jenny Craig
Weight Loss Centres Pty Ltd has been set for June 14, 2023 at 11:00
a.m. via electronic means 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 June 13, 2023 at 4:00 p.m.
Vaughan Strawbridge, Joseph Hansell, and Kate Warwick of FTI
Consulting were appointed as administrators of the company on May
9, 2023.
OBSIDIAN INDUSTRIES: Second Creditors' Meeting Set for June 13
--------------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Obsidian Industries Pty Ltd;
- Obsidian Plumbing Pty Ltd;
- Obsidian Resources Pty Ltd; and
- Obsidian Plumbing Services Pty Ltd
has been set for June 13, 2023 at 10:30 a.m. at the offices of SV
Partners at 22 Market Street in Brisbane.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 12, 2023 at 5:00 p.m.
David Michael Stimpson of SV Partners was appointed as
administrator of the company on May 9, 2023.
=========
C H I N A
=========
DALIAN WANDA: Court Freezes US$278 Million Worth of Shares in Unit
------------------------------------------------------------------
Reuters reports that a Shanghai court has ordered the freezing of
CNY1.98 billion (US$278.18 million) worth of shares in a unit of
Dalian Wanda Group, China's largest commercial property developer.
The shares frozen were issued by Dalian Wanda Commercial Management
Group, the property management arm of Dalian Wanda Group.
According to two court notices dated June 5, the shares worth a
total of CNY1.98 billion were ordered frozen until June 4, 2026,
Reuters discloses citing company information system TianYanCha.
The court orders add to Dalian Wanda Group's woes, Reuters notes.
It is facing uncertainty over the timing of a Hong Kong IPO of its
unit Zhuhai Wanda, repayments stress and a rating downgrade.
Reuters adds that China's securities regulator on June 2 asked
Zhuhai Wanda for more details on its corporate governance as part
of its application for an initial public offering in Hong Kong.
About Dalian Wanda
Dalian Wanda Commercial Management Group Co., Ltd. operates as a
commercial property developer, owner, and operator. The Company
develops and manages mixed-use property projects including retail,
office, hotel, residential, restaurant, entertainment, and other
projects. Dalian Wanda Commercial Management Group conducts
businesses in China.
As reported in the Troubled Company Reporter-Asia Pacific in early
May 2023, Moody's Investors Service has downgraded Dalian Wanda
Commercial Management Group Co., Ltd.'s (DWCM) corporate family
rating to Ba2 from Ba1.
The TCR-AP reported on June 7, 2023, S&P Global Ratings lowered its
long-term issuer credit rating on China-based Dalian Wanda
Commercial Management Group Co. Ltd. (Wanda Commercial) to 'BB'
from 'BB+'. At the same time, S&P lowered the long-term issuer
credit rating on Wanda Commercial Properties (Hong Kong) Co. Ltd.
(Wanda HK) and the long-term issue rating on the senior unsecured
notes Wanda HK guarantees to 'BB-' from 'BB'. All the ratings
remain on CreditWatch, where they were placed with negative
implications on April 28, 2023.
S&P said, "We expect to resolve the CreditWatch once we have
details that allow us to assess the likelihood of the listing of
Zhuhai Wanda and Wanda Commercial's other back-up plans. We will
also assess the credit profile, especially liquidity position, of
Wanda Commercial and DWG.
"We downgraded Wanda Commercial due to its parent's weakening
liquidity. We see heightened risks from DWG's narrowing financing
channels due to extended delay in Zhuhai Wanda's IPO. Weaker
property sales than we expected for Wanda Properties Group Co. Ltd.
(Wanda Properties), a sister company of Wanda Commercial, have
worsened the situation for the group."
The liquidity of Dalian Wanda Group (DWG), the parent of
China-based Dalian Wanda Commercial Management Group Co. Ltd.
(Wanda Commercial), has weakened. This is amid rising uncertainty
on the listing of Zhuhai Wanda Commercial Management Group Co. Ltd.
(Zhuhai Wanda, a subsidiary of Wanda Commercial) and headwinds for
the property development business.
HUNAN YONGXIONG: Suspends Business After Police Raids
-----------------------------------------------------
Caixin Global reports that Hunan Yongxiong Asset Management Group
Co. Ltd. suspended its business on May 25 after a swathe of its
employees were taken away by police, according to a notice on its
WeChat account.
Caixin relates that police from East China's Anhui province raided
four of Yongxiong's branches in Hunan province in April and May,
removing 179 staff members and taking "criminal compulsory
measures" - including arrest, detention, residential surveillance,
and bail pending trial - against them, the company said in the
notice on May 25.
Hunan Yongxiong Asset Management Group Co. Ltd. offers debt
collection services in China.
=========
I N D I A
=========
BADU ROAD: CARE Lowers Rating on INR15cr LT Loan to B+
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Badu Road Developers LLP (BRDL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 19, 2022,
placed the rating(s) of BRDL under the 'issuer non-cooperating'
category as BRDL 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. BRDL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2023, April 14, 2023, April 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).
The ratings assigned to the bank facilities of BRDL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
BRDL, incorporated in July 2012, is a joint venture between PS
Group, Srijan Group and NPR group. BRDL is developing a Medium
Income Group (MIG) category residential real estate project at
Madhyamgram, a residential area in the outskirts of Kolkata. The
LLP has planned to come up with the residential complex of 22
blocks (with 7 blocks of G+5 floors and 15 blocks of G+7 floors)
spread over 8.7 acres of land in various phases. The LLP has
already completed first two phases of the project in September 2018
and August 2019 comprising of 7 blocks in phase 1 and 2 blocks in
Phase 2 [total saleable area of 2.38 lakh square feet (lsf)]. The
construction work of phase 3 is under process with on-going casting
work. The total land area of the project is 8.7 acres which is
owned by Swadha Nirman Pvt Ltd (land owner). The registered
development agreement has been executed between the land owner and
BRDL (Developer) for the development of the above residential
project on this land. The land owner is entitled to 28% of the
total revenue generated from the sale of flats/unit.
BALAJI CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Balaji Corporation (SBC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.60 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 May 26, 2022,
placed the rating(s) of SBC under the 'issuer non-cooperating'
category as SBC 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. SBC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 11, 2023, April 21, 2023, May 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).
Established in 2009 by Mr. Kishin Godhwani along with his son Mr.
Deepak Godhwani, Shree Balaji Corporation (SBC) belongs to the
Trinetra Group (TG), and is engaged in development & construction
of residential spaces.
BARDHAMAN RICE: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bardhaman
Rice Udyog Private Limited (BRUPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.39 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.30 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 04, 2022,
placed the rating(s) of BRUPL under the 'issuer non-cooperating'
category as BRUPL 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. BRUPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 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).
Bardhaman Rice Udyog Private Limited (BRUPL), incorporated in 2012,
commenced operation from April, 2018. The company is engaged in
processing and milling of boiled rice. The milling unit of BRUPL is
located at Cooch Bihar, West Bengal. BRUPL procure paddy from
farmers & local agents and sells its products through t he w
holesalers and distributors across West Bengal. Mr. Shyamal Kumar
Bose has more than three decades of experience in manufacturing of
fertilizer and seed business. Apart from that, the other promoters
Mr. Abdul Salam Mondal, Mr. Dinesh Ghosh, Mr. MukeshYadav,
Mr.Shyamal Kumar Bose and Mr. RanjitShil all are having adequate
experience in rice milling and rice trading industry. All the
directors of them look after the overall management of the company,
with adequate support from a team of experienced personnel.
BIL INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BIL
Infratech Limited (BIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 84.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2022,
placed the rating(s) of BIL under the 'issuer non-cooperating'
category as BIL 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. BIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2023, April 12, 2023, April 22, 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).
BIL was promoted by the Braj Binani Group in July, 2010. The
company is a wholly owned subsidiary of BIL, the holding company of
the group. BIL commenced commercial operation from October, 2010
and is engaged in executing construction contracts for
infrastructure development projects (both civil & structural) and
also has expertise for turnkey execution of cement plants, power
plants, bulk & powder material handling systems and mineral
beneficiation.
BP INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BP
International (BI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.80 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2022,
placed the rating(s) of BI under the 'issuer non-cooperating'
category as BI 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. BI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2023, April 13, 2023, April 23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
M/s BP International (BPI) was established in the year 2008 by Mr.
Ashok Kumar Kawad and Mrs.Prema Kawad and Mr.Anand Jain as
partners. The Firm is mainly engaged in manufacturing and exports
of Garments. The firm purchases Grey fabric and after processing it
converts in to readymade woven garments. The firm outsources the
processes of dyeing, colouring and stitching to BKS Textiles
Private Limited, Erode and carries out the cutting, stitching and
packing works In-house. The main products of the firm are ready
made garments. The Firm procures raw materials from its major
supplier's VP Tex Private Limited, VB &Co and Inbi Textiles Private
Limited.
DISTICHEMI PROCESS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Distichemi
Process Engineering Private Limited (DPEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.07 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 33 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DPEPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 DPEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DPEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DPEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2007, DPEPL undertakes engineering and designing of
turnkey projects for distilleries, and ethanol- and alcohol-based
chemical plants. The company is managed by Mr. Sunil Kansara.
FLORA GARMMENTS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srie Flora
Garmments (SFG) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2022,
placed the rating(s) of SFG under the 'issuer non-cooperating'
category as SFG 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. SFG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2023, April 4, 2023, April 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tirupur based, Srie Flora Garmments (SFG) was established in 2009
and promoted by Mr. Siva Kumar and Ms. Kalpana Devi. The firm is
mainly engaged in the manufacturing and export of knitted and
hosiery garments.
GAYATHRI NATURE: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Gayathri
Nature Cure Hospital (SGNCH) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SGNCH for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 SGNCH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGNCH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGNCH continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in March 2017, SGN is a partnership firm setting up a
holistic Ayurvedic healthcare and massage centre in the outskirts
of Coimbatore. The firm is promoted by the partners, Ms.
Motchapriya and Ms Sindujaa.
GITA GINNING: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SHREE GITA GINNING
AND OIL INDUSTRIES (SGGOI) a bank Loan rating of 'IND BB'. The
Outlook is Stable.
The instrument-wise rating action is:
-- INR500 mil. Fund-based working capital limit assigned with
IND BB/Stable/IND A4+ rating.
Key Rating Drivers
The ratings reflect SGGOI's medium scale of operations, as
indicated by revenue of INR3,825 million in FY22 (FY21: INR3,565
million). In FY22, the revenue increased due to higher realization
for its products. The company derives its revenue from groundnut
oil refining, cotton ginning, and cotton oil refining unit, where
each contributes around 30% to the revenue, and tinning of other
agro-oil products which contributes around 10% to revenue. During
April 2022-January 2023, SGGOI booked revenue of INR2,725 million.
The revenue decline in FY23 was due to a moderation in realization
for its products. In FY24, Ind-Ra expects the revenue to improve,
due to a higher contribution from the cotton ginning segment as a
result of the easing out of the cotton shortage situation.
The ratings factor in SGGOI's modest EBITDA margins of 1.29% in
FY22 (FY21: 0.76%) with a return on capital employed of 7.2%
(7.1%). This is because SGGOI operates in a highly competitive and
fragmented industry that is characterized by the presence of a
large number of organized and unorganized players. Also, the
company is vulnerable to volatility in cotton, yarn & commodity oil
prices. The margins ranged between 1.29%-1.65% during FY19-FY22.
Ind-Ra expects the EBITDA margin to have declined marginally in
FY23 due to volatility in commodity prices. In FY24, the margins
are expected to improve marginally, due to better absorption of
admin expenses, as a result of the increase in revenue.
The ratings also reflect SGGOI's modest credit metrics, as
reflected by an interest coverage (operating EBITDA/gross interest
expenses) ratio of 1.7x in FY22 (FY21: 1.6x) and a net leverage
(total adjusted net debt/operating EBITDAR) ratio of 8.68x (7.76x).
In FY22, the credit metrics deteriorated due to optimum utilization
of its fund-based limits, where the short-term debt rose to
INR430.4 million in FY22 (FY21: INR372.4 million). Ind-Ra expects
the credit metrics to have deteriorated in FY23 as well due to the
revenue decline. In FY24, the credit metrics are expected to remain
modest due to higher-but-thin profit margins.
Liquidity Indicator - Adequate: SGGOI's use of the fund-based
limits was comfortable at around 55% of the sanctioned limit during
the 12 months ended March 2023. Also, the net working capital cycle
was short at 56 days in FY22 (FY21: 52 days). While the cash and
cash equivalents stood at just INR2.36 million at FYE22 (FYE21:
INR5.49 million), the cash flow from operations turned negative
INR40 million (INR45.8 million) as a result of unfavorable changes
in working capital, and the free cash flow turned negative INR45.6
million (INR37.8 million) and it also does not have capital market
exposure and relies on banks and financial institutions to meet its
funding requirements), SGGOI does not have any debt repayment
obligations.
However, the ratings are supported by the promoters' experience of
more than five decades in agro-processing & trading industry.
Rating Sensitivities
Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics with interest
coverage remaining above 1.5x and the liquidity profile being
maintained, all on a sustained basis, could lead to a positive
rating action.
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest cover
reducing below 1.25x, and/or deterioration in the liquidity profile
could lead to a negative rating action.
Company Profile
Registered in 1976, SGGOI is engaged in cotton ginning-pressing,
refining of all types of edible oils and oil milling. Based in
Morvi, Gujarat, the company is promoted by Naginkumar Bhojani.
J.M.L. MARKETINGS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of J.M.L.
Marketings Private Limited (JMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 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 4, 2022,
placed the rating(s) of JMPL under the 'issuer non-cooperating'
category as JMPL 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. JMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2004 as a partnership entity, JMPL is promoted by
Mr. Anil Arora and Mr. Kimti Lal Arora. The entity was
reconstituted as a private limited company in the year 2007. JMPL
is the sole distributor for 'Fortune' edible oil brand belonging to
the Adani Wilmar Limited across nine zones (i.e. Allahabad,
Varanasi, Ghaziabad, Jabalpur, Amritsar, Mumbai, Bhiwandi, Navi
Mumbai and Thane). This apart, the company also sells edible oil
(procured from the market) under its own brand name (7 brands)
through its blending and packaging unit at Naini, Allahabad.
MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mangala
Electricals (ME) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.34 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.23 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2022,
placed the rating(s) of ME under the 'issuer non-cooperating'
category as ME 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. ME continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2023, April 4, 2023, April 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mangalore based, Mangala Electricals (ME) was established in the
year 1980 as proprietor firm promoted by Mr. Gajanthodi Bhaskar
Bhat. ME is engaged in the work of electrical infrastructure for
supply, erection, and installation of sub-station transmission
network, maintenances and distribution substations on turnkey basis
with single and double circuit lines, based on the requirement of
customers. The firm has installed various types of transformers
with capacity up to 11KV to 400KV. ME procures work orders through
government majorly from MESCOM (Mangalore Electricity Supply
Company Limited), KPTCL (Karnataka Power Transmission Corporation),
UPCL (Udupi), Chaitanya Home Industries and Shree Polali Temple.
The firm has current order book of INR7.35 crore to be completed by
August 2019.
MITTAL LUMBER: CRISIL Lowers Rating on LT/ST Debt to D
------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Mittal Lumber Private Limited (MLPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating' as the company has had delays in its debt repayment
obligations.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with MLPL for
obtaining information through letters and emails dated May 24, 2022
and July 27, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MLPL
is consistent with 'Assessing Information Adequacy Risk'.
MLPL, incorporated in 1991, processes timber, especially pine wood
and softwood, and trades in plywood. The company is promoted by Mr.
Pradeep Kumar Jain and Ms. Poonam Jain.
MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MKR
Enterprises (ME) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 1, 2022,
placed the rating(s) of ME under the 'issuer non-cooperating'
category as ME 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. ME continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2023, April 27, 2023, May 7, 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).
MKR Enterprises is a proprietorship firm engaged in the trading and
manufacturing of gold and silver bullion and ornaments. The firm is
located in Agra, Uttar Pradesh which is a hub of gold and silver
trading. Approximately 60% of the firm's operations are based on
trading while the remaining 40% relies on manufacturing. The firm
outsources the manufacturing of silver ornaments and markets the
products in southern regions of India such as Chennai, Vijayawada,
etc. through its own jewellery shop.
MOD AGE: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mod Age
Consultants & Advisory Services Private Limited continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 17.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE had, vide its press release dated February 15, 2018, placed
the rating of Mod Age Consultants & Advisory Services Private
Limited under the 'Issuer Non-Cooperating' category as the company
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. The company continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated May 7, 2023, April 27, 2023,
April 17, 2023 and March 21, 2023.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating on June 01, 2022, the following were the
rating weaknesses (updated for the information available from
Registrar of Companies and Debenture Trustee).
Key Weaknesses
* Delays in interest servicing and principal repayment: The company
has ongoing delays in servicing of its interest obligations on the
outstanding NCDs as well as delay in repayment of principal amount
that was due in October, 2018. Being a strategic investment
company, Mod Age has no operations of its own and therefore does
not have any revenue from operations. The interest obligations of
the company are serviced through the funds infused by the
promoters. Timely servicing of debt obligations remains dependent
on timely infusion of funds by promoters/shareholders.
Incorporated on January 21, 2008, Mod Age Consultants & Advisory
Services Private Limited, erstwhile known as Mod Age Investment
Private Limited (name changed in December 2013), is a strategic
investment holding company of the promoters of Jyoti Structures
Limited (JSL). Mr K. R. Thakur and Mr P. K. Thakur, shareholders in
JSL, each hold 50% shareholding in Mod Age.
As Mod Age Consultants & Advisory Services Private Limited is only
an investment holding company, it does not have its own operational
cash flows. On October 30, 2013, the company issued NCDs of
INR25.00 crore for investment in shares and offering loans to group
companies. Of these, NCDs aggregating to INR17.00 crore was
subscribed. The company has placed 1.18 crore shares of JSL as
collateral against the NCD issue. The funds raised by the NCD
issued are utilized for investment into shares of Surya India
Fingrowth Private Limited, a group company.
PARANTHAMAN TEXTILES: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri
Paranthaman Textiles Private Limited (SPTPL) continues to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft
Facility 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPTPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 SPTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPTPL continues to be 'CRISIL D Issuer Not Cooperating'.
SPTPL, was incorporated in 2000 in Chennai (Tamil Nadu) and is
engaged in the manufacture of cotton yarn, primarily 60s and 80s
count. The day to day operations are overseen by Mrs Prema
Paranthaman and Mr Pramod Paranthaman.
PHOTON ENERGY: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Photon
Energy Systems Limited (PESL; part of Photon group) to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 15 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 6 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 15 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Working 32.8 CRISIL D (ISSUER NOT
Capital Facility COOPERATING; Rating Migrated)
Rupee Term Loan 1.2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with PESL for
obtaining information through letter and email dated May 12, 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 PESL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PESL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of PESL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of PESL and Photon Solar Power
Pvt Ltd (PSPPL). Both entities, together referred to as the Photon
group, have common management, operational synergies as they are in
similar businesses, and also have significant financial linkages.
Photon Group was set up by Mr N Purushottam Reddy and his family
members in 1995. The group manufactures and assembles solar energy
systems and has solar power plants. Manufacturing facility of the
group is located in Hyderabad.
RAJIV AGGARWAL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajiv
Aggarwal (RA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 1, 2022,
placed the rating(s) of RA under the 'issuer non-cooperating'
category as RA 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. RA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2023, April 27, 2023, May 7, 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).
Rajiv Aggarwal, a partnership firm established in the year 2015 by
Mr. Rajiv Aggarwal and Mr. Salil Aggarwal and is engaged in civil
construction work which involves construction of commercial
building, control rooms, hostels, office buildings installation of
electric, sanitary, plumbing etc. The firm mainly operates in
Delhi. The firm receives orders from government organizations
through tendering process. On the other hand the firm procures
various materials viz. Cement, Steel & TMT
sheets/metals/bars/angles, equipment, pipes, sand, bricks, electric
materials, etc. from the local suppliers in across Delhi.
RELIANCE CAPITAL: Lenders Vote for Equal Distribution of Proceeds
-----------------------------------------------------------------
The Economic Times reports that a majority of Reliance Capital
lenders on May 29 agreed on equitable distribution of sale proceeds
of the company among assenting and dissenting creditors, a move
aimed to discourage negative voting on its debt resolution plan,
people aware of the development said.
Lenders expect recovery of about INR10,090 crore from sale of
Reliance Capital, which is below the liquidation value pegged at
INR12,500-13,000 crore, ET says.
According to ET, Hinduja Group entity IndusInd International
Holdings had offered INR9,650 crore for the Anil Ambani-promoted
financial services company in the extended auction held on April
26, and later agreed to improve the offer by another INR10 crore.
Reliance Capital also has cash balance of INR430 crore that the
lenders get to keep, as reported.
As per the Insolvency and Bankruptcy Board of India, dissenting
creditors are entitled to receive pro-rate payment as per the
liquidation value while the assenting creditors are entitled to
receive money from proceeds based on the approved plan. This rule
is aimed at discouraging lenders from voting against a plan.
In the case of Reliance Capital, since the liquidation value is
higher than the offer, most lenders would prefer to vote against
the plan since they would receive higher distribution as dissenting
creditors, ET states.
Nearly 99% of lenders voted for equitable distribution of proceeds,
people cited above said. The voting on the resolution plan will be
held next month, they said, ET adds.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.
Hinduja Group entity IndusInd International Holdings emerged as the
sole bidder for Reliance Capital at the auction held on April 26,
2023, as part of the insolvency proceedings.
SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saanvi
Associates (SA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.04 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 9, 2022,
placed the rating(s) of SA under the 'issuer non-cooperating'
category as SA 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. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2023, April 4, 2023, April 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Saanvi Associates is a partnership firm established in the year
2016. The partners of the firm are Mr. Mallikarjunappa and his
brothers, Mr. B. Nageshappa and Mr. B. Umashankar. The firm
purchased an existing hotel named Green View Boutique as on 20
October 2016 for a consideration of INR 11 crore funded by INR 10
crore of term loan and INR 1 crore of partner's capital. The hotel
is a 4 storied building located near Shimoga city railway station.
Also, the firm has a long term contract of 9 years with Clarks Inn
for maintaining the operations. The hotel offers South Indian and
North Indian vegetarian food. It has 30 rooms under different
categories namely superior rooms, executive suite and master suite.
It also has 1 Board room, 1 conference hall and 1 banquet hall. The
firm also undertakes outdoor catering of food.
SATWIKI PROTEINS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satwiki
Proteins Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 43.92 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 04, 2022,
placed the rating(s) of SPPL under the 'issuer non-cooperating'
category as SPPL 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. SPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 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).
SPPL was incorporated in 2013 by Mr. Narottam Lal Agarwal, Mr.
Vikas Agarwal and Mr. Vivek Kumar Agarwal for extraction of edible
oil and manufacturing oiled cake and De-oiled cake (DOC) as well as
refining of mustard/soya oil along with extracting edible oil from
its solvent extraction plant. SPPL started its commercial
production in 2013 and operates out of its sole manufacturing unit
located at Jaipur (Rajasthan). The company sells De-Oiled cakes and
edible oil in bulk under its brand "Satwiki Alok" in the domestic
market.
SHILPA ELECTRICAL: Ind-Ra Withdraws B+ Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shilpa Electrical
Infra Tech (India) Private Limited's Long-Term Issuer Rating of
'IND B+ (ISSUER NOT COOPERATING)'.
The instrument-wise rating actions are:
-- INR35 mil. Fund-based working capital limit is withdrawn; and
-- INR104 mil. Non-fund-based working capital limit is withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Company Profile
Incorporated in 2007, Shilpa Electrical Infra Tech (India) erects
high tension electrical transmission lines and substations, and
executes electrical contracts for industrial and residential
buildings. G Sudhakar Reddy and G Sailaja are the promoters. The
company is headquartered in Hyderabad.
SPICEJET LIMITED: Ordered to Pay INR3.8 Billion to Former Owner
---------------------------------------------------------------
ch-aviation reports that an Indian court has ordered SpiceJet (SG,
Delhi International) to pay INR3.8 billion rupees (USD46.2 million)
to the former majority owner of the airline in the latest
instalment of a long-running breach of contract legal battle.
According to ch-aviation, Justice Yogesh Khanna of the Delhi High
Court delivered the ruling on May 29 after the petitioner,
Kalanithi Maran, chairman of the Sun Group and former majority
owner of SpiceJet, sought enforcement of earlier court orders to
settle outstanding interest payments on a debt.
In 2015, the current majority owner of SpiceJet, Ajay Singh, paid
Maran INR2 (USD0.024) in cash for his entire 58.46% stake in the
airline, ch-aviation recalls. But the deal also included a
significant capital injection from Maran in exchange for stock
warrants and convertible redeemable preference shares from
SpiceJet. However, these were never delivered. ch-aviation relates
that Maran launched legal action, seeking INR1.323 billion
(USD160.7 million) for restitution and damages. In its 2018 ruling,
an arbitration tribunal in New Delhi found in Maran's favour,
albeit tempering his multi-billion rupee claim. The tribunal
awarded Maran INR5.78 billion (USD70.2 million), which SpiceJet
eventually paid.
ch-aviation says the current legal case revolves around interest
payable on the original debt to Maran. SpiceJet has variously
disputed and ignored interest payment orders. The interest owed
stood at INR2.42 billion (USD29.4 million) in October 2020, growing
to INR3.62 billion (USD44 million) in February 2023, and INR3.8
billion (USD46.1 million) in May. In mid-February, Delhi's Supreme
Court ordered the interest liability be reduced by at least INR750
million (USD9.1 million) within three months. However, this did not
occur, resulting in this week's hearing in the Supreme Court.
"Since the judgment debtor had failed to pay an amount of INR750
million to (the) decree-holder, hence in terms of para 15(ii) of
the order dated 13.02.2023 of the Hon'ble Supreme Court, there is
no other alternative except to call upon the judgment debtors to
deposit the entire outstanding amount qua interest forthwith, thus
is so directed," the ruling read.
In addition to ordering full payment of the entire INR3.8 billion
claimed, the court gave SpiceJet four weeks to file an affidavit
detailing its assets. SpiceJet said it is in talks with Maran's
representatives to settle the dispute, ch-aviation relays. "We are
confident of resolving the same mutually," a spokesperson told
India-based outlets.
The court has listed the matter for mention on Sept. 5, 2023,
ch-aviation notes.
About SpiceJet
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.
On April 28, 2023, Ireland-based Aircastle moved the National
Company Law Tribunal (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.
SUBHLAXMI FOODS: CARE Lowers Rating on INR15cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Subhlaxmi Foods Limited (SSFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
placed the rating(s) of SSFL under the 'issuer non-cooperating'
category as SSFL 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. SSFL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2023, April 19, 2023, April 29, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of SSFL have been revised
on the account of non-availability of requisite information. The
ratings also consider operating loss as well as net loss in FY22
compared to FY21.
Uttar Pradesh based Shree Subhlaxmi Foods Limited (SSFL) was
established on March 21, 2014 as a private limited and is currently
managed by Mr. Sudhir Maheshwari, Mr. Santosh Maheshwari and Mr.
Udit Maheshwari. SSFL is engaged in the milling, processing and
trading of paddy at its manufacturing facility located in Mainpuri,
Uttar Pradesh.
SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Supreme Coated
Board Mills Private Limited (SCBM) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 24 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCBM for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 SCBM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCBM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCBM continues to be 'CRISIL D Issuer Not Cooperating'.
SCBM was set up in 2003, by Ms M Tangeswari and her family.
Commercial operations began in 2005. The Sivakasi-based company
manufactures white-coated boards, used in the matchstick, firework,
notebook, and packaging industries.
SURENDRA PRASAD: CARE Lowers Rating on INR2.5cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Surendra Prasad and Lahri Construction Private Limited (SPLCPL),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 12.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 03, 2022,
placed the rating(s) of SPLCPL under the 'issuer non-cooperating'
category as SPLCPL 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. SPLCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2023, March 29, 2023, April 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SPLCPL have been
revised on account of non-availability of requisite information.
The ratings also factored in significant decline in scale of
operations and overall profit levels.
Analytical approach: Standalone
Outlook: Stable
Surendra Prasad and Lahri Construction Pvt. Ltd. (SPLCPL), was
established during 1990 as proprietorship entity, namely M/s
Surendra Prasad in Patna. Later, during August 2014, the firm
converted as a private limited company and rechristened as SPLCPL.
The company is in business of civil construction and provides
different types of civil construction services, which include land
development, construction of roads, bridges etc. The company graded
as Class A contractor of Government of Bihar. The day to day
operations are looked after by Mr. Surendra Prasad, director, along
with other two directors and a team of experienced personnel.
TETRADRIP PHARMA: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tetradrip
Pharma Private Limited (TPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.93 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 4, 2022,
placed the rating(s) of TPPL under the 'issuer non-cooperating'
category as TPPL 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. TPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 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).
Tetradrip Pharma Private Limited (TPPL) was incorporated on April
17, 2013 with an objective to enter into the manufacturing of
pharmaceutical and medical products. The company has established a
manufacturing unit of dialysis material and dry powder injection at
Burdwan in west Bengal. The company has started commercial
operation of dialysis division from June 2017. The day-to-day
operations of the company are looked after by Mr. Arvind Khaitan
along with the help of other directors and a team of experienced
personnel who are having significant experience in the similar line
of business. The benefit derived from the experience directors and
healthy relation with customers and suppliers are continuing to
support the company.
UNITED ELECTRICAL: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United
Electrical Industries Limited (UEIL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 4 CRISIL C (Issuer Not
Cooperating)
Proposed Cash 6 CRISIL C (Issuer Not
Credit Limit Cooperating)
Proposed Short Term 7 CRISIL A4 (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with UEIL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 UEIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UEIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UEIL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Set up in 1950, UEIL manufactures energy meters. GoK holds an
equity stake of 97.2 per cent in the company. UEIL sells its
products under the Unilec brand, with Kerala State Electricity
Board as its biggest customer.
VARDHMAN RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Vardhman Rice Mills Private Limited (SVRMPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 26.77 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 30, 2022,
placed the rating(s) of SVRMPL under the 'issuer non-cooperating'
category as SVRMPL 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. SVRMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 15, 2023, April 25, 2023, May 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).
Shri Vardhman Rice Mills Private Limited (SVRM) was initially
incorporated as CSJ Organics Private Limited in March 2009 by Mr
Ram Bhaj Jain and later on its name was changed to SRML. On April
1, 2013, the company took over existing business of Shri Vardhman
Rice Mills (a partnership firm established in 2010). The company is
engaged in milling and processing of rice from its processing
facility located in Gohana (Haryana).
VARIDHI COTSPIN: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Varidhi Cotspin
Private Limited's (VCPL) bank facilities as follows:
-- INR35 mil. Non-fund-based working capital limit assigned with
IND A4+ rating; and
-- INR113 mil. Term loan due on March 31, 2028 assigned with IND
BB-/Stable rating.
Key Rating Drivers
The ratings reflect VCPL's modest EBITDA margins due to the
commodity nature of business. The margin declined to 10.70% in
FY22 (FY21: 13.64%) due to a rise in raw material costs. The ROCE
was 8.3% in FY22 (FY21: 6.9%). In FY23, Ind-Ra expects the EBITDA
margin to have declined, given that production was reduced
considerably for seven months due to a substantial increase in raw
material (cotton fiber) prices. However, the margins are likely to
improve in FY24, backed by higher absorption of fixed costs due
to recovery in revenue.
Liquidity Indicator - Stretched: VCPL's net working capital cycle
remained elongated but improved to 102 days in FY22 (FY21: 129
days) due to a reduction in debtor days to 25 (72). The average
maximum utilization of the fund-based limits was 52.81% and that of
the non-fund-based limits was 94.29% during the 12 months ended
March 2023. The cash flow from operations turned positive at
INR97.21 million in FY22 (FY21: negative INR7.37 million) due to
favorable changes in working capital. The cash flow from operations
is likely to have remained positive in FY23. The free cash flow
turned positive atINR95.64 million in FY22 (FY21: negative INR9.13
million). The cash and cash equivalents stood at INR0.97 million at
FYE22 (FYE21: INR0.75 million). The company does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. VCPL has scheduled
debt obligations of INR87.4 million in FY24 and INR100.9 million
in FY25.
The ratings reflect VCPL's moderate net leverage (total adjusted
net debt/operating EBITDAR), which improved to 5.27x in FY22
(FY21: 6.70x) as the utilization of the cash credit facility
reduced to INR69.7 million during the year (INR115.83 million).
The interest coverage (operating EBITDA/gross interest expenses)
was comfortable in FY22 and improved to 2.52x (FY21: 2.32x) due to
an increase in the absolute EBITDA to INR119.85 million (INR105.36
million). Ind-Ra expects the credit metrics to have weakened
significantly in FY23 due to a likely decline in the absolute
EBITDA, led by a sharp fall in revenue; in FY24, however, Ind-Ra
expects the credit metrics to improve due to an increase in the
absolute EBITDA, led by revenue growth.
The ratings factor in VCPL's medium scale of operations, as
indicated by revenue of INR1,121.18 million in FY22 (FY21:
INR772.16 million). In FY22, the revenue improved due to recovery
in demand for cotton yarn post the diminishing of pandemic-led
disruptions. In FY23, prices of cotton fiber, the main raw material
for the company, increased sharply, which had a major impact on the
company's profitability. Hence, the company significantly reduced
production for seven months during the year. Consequently, VCPL's
revenue fell sharply to INR598.30 million in FY23. In FY24,
Ind-Ra expects the revenue to improve due to normalization of
cotton fiber prices and recovery in production levels from January
2023. Furthermore, VCPL had an order book of INR150 million as of
April 2023, to be executed by June 2023.
The ratings are supported by the promoters' experience of more than
three decades in the textile industry.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the net financial
leverage exceeding 6.0x, on a sustained basis, and further pressure
on the liquidity position, could lead to a negative rating action
Positive: Growth in the scale of operations, along with an
improvement in the overall credit metrics and improvement in the
liquidity profile, could lead to a positive rating action
Company Profile
VCPL was incorporated in 2014 and started operations in 2017. The
company manufactures cotton yarn. Its manufacturing facility is
located at Koth village in Ahmedabad, Gujarat.
VENKATA SAI: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Venkata
Sai Rice Industries (SVSRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.36 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 16, 2022,
placed the rating(s) of SVSRI under the 'issuer non-cooperating'
category as SVSRI 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. SVSRI continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 1, 2023, April 11, 2023, April 21, 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).
Nalgonda (Telangana) based Sri Venkata Sai Rice Industries (SVSRI)
was established in 2009 as Partnership Firm by Mr. S Krishna Reddy,
Ms. S Veena, Mr. V Appa Rao, Ms. N Shilpa Reddy, Mr. S Bhadra
Reddy, Ms. S Prameela, Ms. M Kalpana, Mr. M Abhisekhar Reddy and
Ms. Rupa. In September 2017, the firm reconstituted by admission of
M Sataynarayana as partner and retirement of Mr. M Abhisekhar
Reddy. The firm is carrying on business under the same name and
style. It is engaged in milling of paddy with the installed
capacity of 12 ton per hour. SVSRI has 35 employees to manage daily
operations of the mill. Mr. S Krishna Reddy, the Managing Partner
looks after the day-to-day operations.
VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viceroy
Exports India Private Limited (VEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Discounting Bill 5 CRISIL D (Issuer Not
Purchase Cooperating)
Foreign Discounting 5 CRISIL D (Issuer Not
Bill Purchase Cooperating)
Packing Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with VEIPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 VEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VEIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2011 by Mr. Roy J Vayalat, Ernakulam (Kerala)-based
VEIPL processes exports marine products, which mainly include the
cephalopods category comprising cuttle fish, squid, octopus, and
tuna.
VIMAL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vimal
Industries (VI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.27 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.73 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VI for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 VI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VI
continues to be 'CRISIL D Issuer Not Cooperating'.
VI is a proprietary concern established by Mr. R Manilachelvan in
1994. The firm manufactures sheet metal and pressed components and
undertakes fabrication works for the electrical and automotive
industries.
VISHAL SPINTEX: Ind-Ra Affirms BB Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Vishal Spintex's
(VS) Outlook to Negative from Stable while affirming its Long-Term
Issuer Rating at 'IND BB'.
The instrument-wise rating actions are:
-- INR310 mil. Fund-based working capital limits affirmed;
Outlook revised to Negative from Stable with IND BB/Negative/
IND A4+ rating;
-- INR36.7 mil. Non-fund-based working capital limits affirmed
with IND A4+ rating; and
-- INR343.3 mil. (increased from INR311.48 mil.) Term loan due on
June 2029 affirmed; Outlook revised to Negative from Stable
with IND BB/ Negative rating.
The Outlook revision reflects deterioration in the liquidity
profile of the group entity Venus Denim ('IND D'), from which VS
derives the majority of its revenue. However, on a standalone
basis, VS's financial performance improved in FY23.
Key Rating Drivers
Medium Scale of Operations: As per FY23 provisional financials, VS'
revenue grew to INR4,456.23 million (FY22: INR4,192 million, FY21:
INR1,966.91 million, FY20: INR2,095.04 million) mainly due to an
increase in sales quantity of cotton yarn. In FY22, VS derived
82.05% of its revenue from sale of goods to related entities Venus
Denims (71.89%) and Pinaz Texfab Pvt Ltd (10.16%). Ind-Ra expects
the revenue to marginally increase in FY24 and FY25 due to capacity
additions undertaken during the year.
Modest EBITDA Margin: The EBITDA margin increased to 6.26% in FY23
(FY22: 5.45%, FY21: 8.73%, FY20: 8.56%) owing to a decrease in
operating expenses. The firm's return on capital employed stood at
14.8% in FY23 (FY22: 15.4%, FY21: 11.7%). However, Ind-Ra expects
the EBITDA margin to reduce in FY24 and FY25 owing to
discontinuation of subsidy income FY24 onwards.
Liquidity Indicator - Stretched: VS' cash and cash equivalents
stood at INR43.92 million at FYE23 (FYE22: INR37.53 million, FYE21:
INR9.90 million, FYE20: INR10.89 million). The average maximum
utilization of the fund-based working capital limits was 66.30%
over the 12 months ended April 2023. The cash flow from operations
declined to INR108.96 million in FY23 (FY22: INR168.94 million,
FY21: INR248.95 million, FY20: INR99.76 million) due to unfavorable
changes in working capital. Furthermore, the free cash flow turned
negative to INR439.68 million in FY23 (FY22: INR52.49 million,
FY21: INR94.15 million, FY20: INR75.16 million) as the company
incurred capex of INR549.09 million for expanding spindle capacity
and installing a windmill. The net working capital cycle improved
to 19 days in FY23 (FY22: 12 days, FY21: 42 days) due to a
reduction in the receivable period to 36 days (61 days, 67 days).
It has repayment obligations of INR108.8 million and INR161.7
million in FY24 and FY25, respectively. VS does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
Modest Credit Metrics: The interest coverage (operating
EBITDA/gross interest expense) deteriorated to 3.06x in FY23 (FY22:
4.35x, FY21: 2.50x) and net leverage (total adjusted net
debt/operating EBITDAR) to 3.34x (2.48x, 3.32x) owing to increase
in debt to fund capex and the consequent increase in interest
expense, partially offset by an increase in the absolute EBITDA to
INR 278.95 million (INR228.55 million, INR171.70 million). Ind-Ra
expects the credit metrics to deteriorate further in FY24 due to
its planned debt-led capex.
Ongoing Debt-led Capex: In FY23, VS incurred capex of INR549.09
million for increasing its spindle capacity by 20,000 spindles to
40,000 spindles and installing a 2.1MW windmill. Of the total
capex, INR439.125 million was funded through term loans and the
remaining through internal accruals. Furthermore, VS is planning to
install an additional 2.1MW windmill costing INR180 million, for
which INR100.875 million has been tied up in the form of a term
loan, which is yet to be disbursed.
Partnership Nature of Business: The ratings are also constrained by
the partnership nature of business, as there is always an inherent
risk of withdrawal of capital at the time of personal contingency.
Highly Fragmented and Competitive Industry; Margins Susceptible to
Input Prices: VS operates in a highly competitive and fragmented
industry characterized by a large number of organized and
unorganized players due to low entry barriers. The company's
ability to compete, and constantly innovate and evolve with precise
marketing strategies would remain crucial to tackle the stiff
competition. The profitability depends largely on the prices of
cotton and cotton yarn which are governed by various factors such
as area under cultivation, monsoon, international demand-supply
situation, among others. During the past years, the market has seen
volatility in cotton yarn production due to the unstable cotton
prices and inconsistent cotton yarn export policy. However, the
firm's strong, longstanding relationships with its suppliers
ensures smooth supply of raw materials at all times.
Experienced Protomers: VS' promoters' have two decades of
experience in the textile industry. Furthermore, the group has
presence in weaving, dyeing and manufacturing of yarn in the
textile value chain and provides support towards the operations of
the firm.
Rating Sensitivities
Negative: Deterioration in the liquidity and credit metrics of the
group companies, and deterioration in the firm's scale of
operations and profitability, leading to a deterioration in the
liquidity profile and overall credit metrics, all on a sustained
basis, could be negative for the ratings.
Positive: An improvement in the liquidity and credit metrics of the
group companies, on a sustained basis, could be positive for the
ratings.
Company Profile
Incorporated in April 2014, Ahmedabad-based, VS is a partnership
firm promoted by Balvantrai Agarwal and his family sharing equal
profit-sharing ratio. The firm manufactures open and ring spun
cotton yarn of various counts with an installed capacity of 40,000
spindles at its three manufacturing units located in Gujarat. VS is
a part of Kumar Group. The group has a direct presence in weaving,
dyeing and manufacturing of yarn in the textile value chain.
YCD INDUSTRIES: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of YCD
Industries Limited (YIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 33.70 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 8.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 27, 2022,
placed the rating(s) of YIL under the 'issuer non-cooperating'
category as YIL 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. YIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2023, April 22, 2023, May 2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
YCD Industries Limited (Erstwhile Bhandari Export Industries
Limited) is promoted by Mr. Dhruv Satia and is a part of Satia
group. The company started its operations in 1994 under the
leadership of Mr. Naresh Bhandari. YCD is into manufacturing of
cotton and polyester yarn with counts of 10s to 40s at its unit in
Lalru (Punjab).
[*] INDIA: NCLT Approves 180 Resolution Plans in FY23
-----------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) approved 180 resolution plans in FY23, making it the
highest-ever annual number so far. With this, NCLT has clocked in
a total realisation of INR51,424 crore from stressed assets.
While, in terms of realisation of the amount for creditors, this is
the second highest after FY19, when the total realisation was
INR1.11 lakh crore after completing 77 insolvency proceedings
including some big-ticket matters such as Essar Steel and Monnet
Ispat, ET relates.
This has helped creditors of debt-ridden firms in FY23 to realise
36 per cent of their total admitted claims of INR1,42,543 crore for
the year ended March 31, 2023.
The combined total liquidation value of the assets of 180 corporate
debtors (CD) was at INR39,110.10 crore and the creditors received
131 per cent higher than it, ET discloses citing data released by
the Insolvency and Bankruptcy Board of India (IBBI).
Moreover in FY23, the NCLT admitted 1,255 applications from
creditors for initiation of the Corporate Insolvency Resolution
Process (CIRP), which is also one of the highest number since 2019,
according to ET.
ET relates that the NCLT approved 147 resolution plans in FY22, 121
in FY21 and 134 in FY20, in which the creditors had realised 23 per
cent, 17 per cent and 26 per cent of their admitted claims,
respectively.
"The fair value of the assets available with these CDs, when they
entered the CIRP was estimated at INR2.65 lakh crore and
liquidation value of INR1.70 lakh crore against the total claims of
the creditors worth INR8.99 lakh crore," the IBBI's latest
newsletter, as cited by ET, said.
According to the newsletter, the creditors have realised 68.47 per
cent of the liquidation value and more than 83 per cent of the fair
value.
"The haircut for creditors relative to the fair value of assets was
less than 17 per cent while relative to their admitted claims is of
around 68 per cent," it added.
Last year in November, the government appointed a total of 15
judicial and technical members at the NCLT, adds ET.
=====================
N E W Z E A L A N D
=====================
DE GEEST: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------
Creditors of De Geest Bathrooms Limited are required to file their
proofs of debt by June 30, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 26, 2023.
The company's liquidators are:
Trevor Edwin Laing
Emma Margaret Laing
Laing Insolvency Specialists Limited
PO Box 2468
Dunedin 9044
EVERTOP GROUP: Creditors' Proofs of Debt Due on June 30
-------------------------------------------------------
Creditors of Evertop Group Limited are required to file their
proofs of debt by June 30, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 31, 2023.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany
Auckland 0752
MANUKAU FAMILY: Creditors' Proofs of Debt Due on July 31
--------------------------------------------------------
Creditors of Manukau Family Doctors, Accident & Medical Limited are
required to file their proofs of debt by July 31, 2023, to be
included in the company's dividend distribution.
The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on May 31, 2023.
QUICK SERVICE: Court to Hear Wind-Up Petition on June 10
--------------------------------------------------------
A petition to wind up the operations of Quick Service Restaurants
Limited will be heard before the High Court at Hamilton on June 10,
2023, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 8, 2023.
The Petitioner's solicitor is:
C. D. Walmsley
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
STARLET LOGISTICS: Court to Hear Wind-Up Petition on June 22
------------------------------------------------------------
A petition to wind up the operations of Starlet Logistics Limited
will be heard before the High Court at Nelson on June 22, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 20, 2023.
The Petitioner's solicitor is:
Nanette Cunningham
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
=================
S I N G A P O R E
=================
BELOVED GENIUS: Creditors' Meetings Set for June 16
---------------------------------------------------
Beloved Genius Pte Ltd will hold a meeting for its creditors on
June 16, 2023, at 2:30 p.m., at 8 Wilkie Road, #03-08 Wilkie Edge,
in Singapore 228095 (by way of electronic means).
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidators;
c. to appoint a committee of inspection of not more than
5 members, if thought fit; and;
d. Any other business.
GREENPANEL SINGAPORE: Creditors' Proofs of Debt Due on July 5
-------------------------------------------------------------
Creditors of Greenpanel Singapore Pte. Ltd. are required to file
their proofs of debt by July 5, 2023, to be included in the
company's dividend distribution.
The company's liquidators are:
Kelvin Thio
Terence Ng
c/o RHT Atlas Pte. Ltd.
1 Paya Lebar Link
#06-09 PLQ2 Paya Lebar Quarter
Singapore 408533
KEMAKMURAN HOLDING: Members' Final Meeting Set for July 7
---------------------------------------------------------
Members of Kemakmuran Holding Pte. Ltd. will hold their final
general meeting on July 7, 2023, at 11:00 a.m., at 80 Robinson Road
#15-02, in Singapore.
At the meeting, Najeeb Assan, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
THAI LOI: Members' Final Meeting Set for July 10
------------------------------------------------
Members of Thai Loi Construction Company (Private) Limited will
hold their final meeting on July 10, 2023, at 2:30 p.m., at 101
Upper Cross Street, #06-11 People’s Park Centre, in Singapore.
At the meeting, Chua Kaw Kia @ Chua Soo Chiew, the company's
liquidator, will give a report on the company's wind-up proceedings
and property disposal.
===========
T A I W A N
===========
COINFUL CAPITAL: Singapore-based Investor Seeks Liquidation
-----------------------------------------------------------
David Marchant at OffshoreAlert reports that a Singapore-based
investor has applied to wind up Cayman Islands-domiciled,
Taiwan-based Coinful Capital Fund SPC - which is operated by Carlos
Salas and Stephen Lynch, alleging the Fund has failed to redeem
shares valued at US$12.5 million.
Coinful Capital is a hedge fund focused on non-traditional assets,
markets and industries.
*********
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
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*** End of Transmission ***