/raid1/www/Hosts/bankrupt/TCRAP_Public/230720.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, July 20, 2023, Vol. 26, No. 145
Headlines
A U S T R A L I A
FTX AUSTRALIA: ASIC Cancels AFS Licence
MADDISON WRIGHT: First Creditors' Meeting Set for July 25
READYFAB PTY: First Creditors' Meeting Set for July 27
SANDPIPER DEVELOPMENTS: First Creditors' Meeting Set for July 25
TKA INVESTMENTS: First Creditors' Meeting Set for July 26
TOWN AND COUNTRY: Sydney Pub Closes Doors After 142 Years
TREM DESIGNS: Second Creditors' Meeting Set for July 25
C H I N A
CHINA EVERGRANDE: Homeowners Find Delivered Project Seized
CHINA EVERGRANDE: Liabilities Raise Business Viability Concerns
I N D I A
ABCN LOGISTICS: Ind-Ra Moves BB+ Rating to Non-Cooperating
ARWADE INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to Non-Cooperating
ASCON INFRATECH: Ind-Ra Moves BB+ Issuer Rating to NonCooperating
BABA KAILASHPATI: CARE Keeps C Debt Rating in Not Cooperating
BALAJI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
CONTAINER CORPORATION: NCLAT Stays Insolvency Proceedings vs Firm
DADHEECH INFRASTRUCTURES: Insolvency Resolution Process Case Summar
DARSHANA SOLVENT: Ind-Ra Moves BB- Issuer Rating to NonCooperating
DEVI ENGINEERING: Ind-Ra Moves BB- Rating to Non-Cooperating
DORMANN DOORS: CARE Lowers Rating on INR6.0cr LT Loan to D
FATEHPURIA TRANSFORMERS: CARE Keeps D Rating in Not Cooperating
G. S. RADIATORS: CARE Keeps C Debt Ratings in Not Cooperating
GEETHA AUTO: Ind-Ra Moves B+ Rating to Non-Cooperating
GOLDEN AMOON: Ind-Ra Moves B Rating to Non-Cooperating
HARIOM AQUA: Ind-Ra Moves BB Rating to Non-Cooperating
INDIA HOME: CARE Keeps D Debt Ratings in Not Cooperating Category
INDIA TERRY: Ind-Ra Moves BB- Rating to Non-Cooperating
INNOVINC ASPIRE: Ind-Ra Moves B+ Rating to Non-Cooperating
K. S. COT: CARE Lowers Rating on INR7.0cr LT Loan to C/A4
KARTEKYA WINES: CRISIL Keeps B+ Debt Rating in Not Cooperating
KEDARESHWAR BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
KRISHAK VIKAS: CRISIL Keeps B Debt Rating in Not Cooperating
KRISHNA PRASAD: CARE Keeps C Debt Rating in Not Cooperating
KURUVITHADAM AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
LALCHAND MANGALDAS: CRISIL Keeps B Debt Rating in Not Cooperating
LAMINEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
LOHR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MACHO ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
MADHU OVERSEAS: CARE Lowers Rating on INR700cr ST Loan to D
MAHALAXMI INDUSTRIES: CRISIL Lowers Rating on INR5.5cr Loan to D
MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
MANISHA CREATIONS: CRISIL Lowers Rating on INR14cr Loan to B
MAVERICK HOLDINGS: Ind-Ra Moves BB Rating to Non-Cooperating
MISHRILAL ASSOCIATES: Ind-Ra Moves BB- Rating to Non-Cooperating
MODI CAR: CRISIL Keeps B Debt Ratings in Not Cooperating Category
NAVTOJ STRUCTURALS: Ind-Ra Moves B+ Rating to Non-Cooperating
OMAX AUTOS: Ind-Ra Moves 'B' Rating to Non-Cooperating
PAS TRADING: Ind-Ra Moves B- Rating to Non-Cooperating
PRECIFAST PRIVATE: CARE Lowers Rating on INR14cr LT Loan to C
PURUSHOTTAM JAIRAM: CRISIL Keeps B- Ratings in Not Cooperating
R R K COTTON: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
R. L. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating
RAHEJA ICON: CARE Keeps Debt D Rating in Not Cooperating Category
RAJENDRA SINGH: Ind-Ra Moves BB+ Rating to Non-Cooperating
RAMESHWAR PRASAD: Ind-Ra Moves BB- Rating to Non-Cooperating
RANI MOTORS: Ind-Ra Moves BB+ Rating to Non-Cooperating
RAVIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating
RAVISUM PROCESSING: CRISIL Keeps B- Ratings in Not Cooperating
RBR GARMENTS: Ind-Ra Moves BB- Rating to Non-Cooperating
ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
SAFINTRA ROOFING: Insolvency Resolution Process Case Summary
SAMARO GLOBAL: CARE Lowers Rating on INR16.0cr LT Loan to D
SARAVANA INDUSTRIES: Ind-Ra Moves B+ Rating to Non-Cooperating
SHAH GROUP: Insolvency Resolution Process Case Summary
SULTANPURE TEXTILE: Ind-Ra Moves B+ Rating to Non-Cooperating
T T LIMITED: Ind-Ra Cuts LongTerm Issuer Rating to 'BB+'
TECHNICO PRIVATE: Ind-Ra Moves BB- Rating to Non-Cooperating
TIRUPATI CARBONS: Ind-Ra Moves B+ Rating to Non-Cooperating
VIKRANT FORGE: Ind-Ra Moves B+ Rating to Non-Cooperating
J A P A N
RICOH COMPANY: Egan-Jones Retains BB+ Senior Unsecured Ratings
TOSHIBA CORP: Rohm to Invest US$722MM in Toshiba Buyout Fund
M A L A Y S I A
AIRASIA X: Shares Rise on Impending Bid to Exit PN17 Status
N E W Z E A L A N D
ALIGNMENT CONSULTING: Court to Hear Wind-Up Petition on July 28
EMLEIGH ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 11
I KNOW: Creditors' Proofs of Debt Due on Aug. 24
POOL SPEC: Court to Hear Wind-Up Petition on Aug. 4
SUPERIOR BUILDERS: Court to Hear Wind-Up Petition on July 28
S I N G A P O R E
CONFLUX FOUNDATION: Creditors' Meeting Set for July 26
DA SHUN SHIPPING: Creditors' Meetings Set for Aug. 3
ENG INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 18
ENVY STRATEGIC: To Pay All GST Arrears, 60% of Valid Unsec. Claims
FIVE AND TWO SPORTZ: Court to Hear Wind-Up Petition on Aug. 4
GASTRONOMICA PTE: Creditors' Meetings Set for Aug. 4
S R I L A N K A
SRI LANKA: Select Committee Probing Bankruptcy Met for First Time
- - - - -
=================
A U S T R A L I A
=================
FTX AUSTRALIA: ASIC Cancels AFS Licence
---------------------------------------
Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence held by
FTX Australia Pty Ltd, effective from July 14, 2023.
The terms of the cancellation include provisions that, until the
end of July 12, 2024:
* FTX Australia may provide limited financial services that
relate to the termination of existing derivatives with
clients; and
* The cancellation has no effect on requirements for
FTX Australia to continue as a member of Australian Financial
Complaints Authority, and to have arrangements for
compensating retail clients.
On November 11, 2022, John Mouawad, Scott Langdon and Rahul Goyal
of KordaMentha were appointed as voluntary administrators of FTX
Australia and its subsidiary, FTX Express Pty Ltd, which operates a
digital currency exchange not regulated by ASIC.
On November 14, 2022, ASIC suspended FTX Australia's AFS licence
until May 15, 2023, which was subsequently extended to July 24,
2023.
MADDISON WRIGHT: First Creditors' Meeting Set for July 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Maddison
Wright Engineering Pty Ltd will be held on July 25, 2023, at 11:00
a.m. via Zoom meeting.
Andrew MacNeill and Justin Howlett of SMB Advisory were appointed
as administrators of the company on July 13, 2023.
READYFAB PTY: First Creditors' Meeting Set for July 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of Readyfab Pty
Ltd will be held on July 27, 2023, at 10:00 a.m. at the offices of
Mcleods Accounting, Level 9, 300 Adelaide Street in Brisbane.
Bill Karageozis of Mcleods Accounting was appointed as
administrators of the company on July 17, 2023.
SANDPIPER DEVELOPMENTS: First Creditors' Meeting Set for July 25
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Sandpiper
Developments Pty Ltd will be held on July 25, 2023, at 11:00 a.m.
at the offices of HLB Mann Judd at Level 5, 10 Shelley Street in
Sydney and virtually via Microsoft Teams.
Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd were
appointed as administrators of the company on July 13, 2023.
TKA INVESTMENTS: First Creditors' Meeting Set for July 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of TKA
Investments Pty Ltd will be held on July 26, 2023, at 3:00 p.m. via
virtual meeting only.
Rajiv Ghedia and Shumit Banerjee of Westburn Advisory were
appointed as administrators of the company on July 16, 2023.
TOWN AND COUNTRY: Sydney Pub Closes Doors After 142 Years
---------------------------------------------------------
News.com.au reports that an iconic pub in Sydney's inner west is
the latest victim of the country's relentless rental and cost of
living crises, after its owners announced its closure following 142
years of operation.
According to news.com.au, the legendary Town and Country Hotel in
St Peters - which was established in 1881 and has "stood the test
of time in an evolving suburb" - has tragically shut its doors,
despite overcoming years of challenges.
In a statement on the restaurant's Facebook page, its owners "with
great sadness" revealed they'd had to cease trading after the
heritage building was "locked suddenly and abruptly".
"To our loyal customers who have become friends . . . We've made
many attempts to work harmoniously and reasonably with our landlord
on building repairs, continuous complaints from neighbours and also
our rent, resulting in an unsuccessful mediation," the post, as
cited by news.com.au, read.
"We are devastated at this outcome and we'd like to extend our
thanks to you for sticking by us for the last six years. We've
overcome many challenges including license issues, WestConnex
roadworks, our cellar flooding and of course, Covid.
"We worked our way through it all and we would've loved to continue
to bring life to the Inner West, however we are now unable to do
so."
News.com.au relates that the owners wrapped up their statements by
saying they'd had "the time of (their) lives", while enjoying
several live music events, schnitzels, pies and beers.
"We hope you have enjoyed one or many of these moments at the TCH
during this time," the post concluded.
"As we sign off and move into the future, once again we extend our
thanks and love to all."
The Town and Country hotel was made famous in the 1980s after
Australian singer-songwriter Slim Dusty declared the pub as his
"local" in his hit song 'Duncan,' according to news.com.au.
"We drink at the Town and Country. Where the atmosphere is great. I
love to have a beer with Duncan, 'Cause Duncan's me mate," the
lyrics in classic country song say.
The tune quickly soared to number one, before remaining on the
charts for at least 23 weeks from December 1, 1980, according to
the Australian Music Database.
News.com.au adds that the hotel also made it into the song's music
video, which has become a common talking point among locals and
patrons of the pub, the Town and Country hotel website stated.
News of the pub's closure left locals shattered, with dozens taking
to Facebook with well wishes in a bid to support the hotel's
owners, news.com.au states.
"So sad about this. You have all done a wonderful job and were very
lovely to talk to when I came to eat lunch," news.com.au quotes one
loyal patron as saying. "The T & C has been open for years and
hopefully, somehow will continue. I hope you will all find other
employment soon. Bloody cruel."
TREM DESIGNS: Second Creditors' Meeting Set for July 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Trem Designs
Pty Ltd has been set for July 25, 2023 at 11:00 a.m. via Microsoft
Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2023 at 4:00 p.m.
Mohammad Mirzan Bin Mansoor and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on June
26, 2023.
=========
C H I N A
=========
CHINA EVERGRANDE: Homeowners Find Delivered Project Seized
----------------------------------------------------------
Bloomberg News, citing the National Business Daily, reports that
homebuyers of a China Evergrande Group project found that
apartments delivered to them were seized by a court.
A court in southern Guangdong's Zhuhai city seized land under the
residential project on June 30, the newspaper said, citing records
on Guangzhou city government's website and some residents,
Bloomberg relays. That's about nine months after the more than 400
buyers moved in, according to the report. The seizure was lifted on
July 4, it said.
The land was taken after a local branch of China Construction Bank
Corp. sued the housing project's developer over a loan conflict,
Bloomberg discloses citing records of registry database Qichacha.
The bank had asked the court to freeze some equity of the
developer, which is fully owned by Evergrande's onshore unit Hengda
Real Estate Group Co., Qichacha records show.
Bloomberg says the case underscores the enduring conflict between
creditors and homeowners as debt-laden Evergrande faces more than a
thousand lawsuits. Local governments and financial institutions
have rushed to seize land and real estate assets of the developer
following its default in late 2021.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
CHINA EVERGRANDE: Liabilities Raise Business Viability Concerns
---------------------------------------------------------------
Reuters reports that China Evergrande Group's huge liabilities and
diminishing cash disclosed in its long-overdue reports for the past
two years raises questions about the viability of its restructuring
plan and operations, creditors and analysts said.
A comment from Evergrande's auditor that it did not express an
opinion on the reports due to material uncertainties over the
embattled property developer's ability to continue as a going
concern has further stoked worries, they added.
"The financial statements provide little evidence the group can
normalise operations after a debt restructure," Reuters quotes
Charles Macgregor, head of Asia of Lucror Analytics, as saying.
Evergrande slipped into a liquidity crisis in mid-2021, Reuters
notes. With one of the largest debt piles in the country, its debt
problem has rippled through China's property sector, a pillar of
the world's second-largest economy, leading to a string of defaults
and uncompleted homes across the nation.
The firm announced an offshore debt restructuring plan in March,
expecting it to facilitate a gradual resumption of operations and
generation of cash flow. It is now gathering creditor support to
complete the process.
Evergrande on July 17 reported a combined loss of $81 billion for
2021 and 2022. Its total liabilities amounted to CNY2.4 trillion
(US$335 billion) last year, up 23% from 2020.
Its total current borrowings stood at CNY587.1 billion at end-2022.
Total cash slumped to CNY14.3 billion, versus CNY28.8 billion in
2021 and CNY180.7 billion in 2020, Reuters discloses.
According to Reuters, creditors and analysts are now waiting for
the convening hearings for Evergrande's offshore debt restructuring
schemes in the hope to get more clarity on its business outlook.
The hearings will be held in a Hong Kong court on July 24, and a
Cayman Islands court on July 25, for creditors to consider and
approve the restructuring proposal, Reuters notes.
A creditor expressed concerns that a continued halt in the trading
of Evergrande's shares could lead to a delisting in what would be a
setback for the restructuring process.
"That'd jeopardize the restructuring terms, which include many
debt-to-equity swap," the creditor said on condition of anonymity
given the sensitivity of the matter, Reuters relays.
Reuters says Evergrande has given creditors a basket of options to
swap their debt into new bonds and equity-linked instruments backed
by it and its two Hong Kong-listed companies - Evergrande Property
Services Group and Evergrande New Energy Vehicle Group.
Shares of all three companies have been halted from trading since
March 2022, the report notes. A company risks being delisted in
Hong Kong if its shares remain suspended for 18 months.
The creditor questioned whether a "disclaimer of opinion" from the
auditor, Prism Hong Kong and Shanghai Limited, which also cited
insufficient appropriate audit evidence was partly why the group's
shares remained suspended, according to Reuters.
Among four types of auditor opinions, a "disclaimer of opinion"
ranks as the second lowest. It is common on financial reports of
defaulted private developers, Reuters notes.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
=========
I N D I A
=========
ABCN LOGISTICS: Ind-Ra Moves BB+ Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
ABCN logistics pvt Ltd to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 11 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating; and
-- INR100 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating.
Company Profile
Incorporated in 1998, ALPL provides freight contract services
mainly for transportation of minerals from mine to port, port to
plant and mine to plant in Odisha, Chhattisgarh, Madhya Pradesh,
Gujarat and Maharashtra.
ARWADE INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Arwade Infrastructure Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 6 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating;
-- INR110 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating;
-- INR500 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating;
-- INR40 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not
Cooperating)/IND A4+ (Issuer Not Cooperating) rating; and
-- INR250 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
Incorporated in 2009, AIL is engaged in the business of industrial
construction. The Pune-based company has a business development
office in Mumbai and a warehouse in Sangli (Maharashtra).
ASCON INFRATECH: Ind-Ra Moves BB+ Issuer Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Ascon Infratech Pvt. Ltd. to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 4 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category IND BB+
(Issuer Not Cooperating) rating;
-- INR80 mil. Fund/Non-Fund Based Working Capital Limit migrated
to non-cooperating category with IND BB+ (Issuer Not
Cooperating)/IND A4+ (Issuer Not Cooperating) rating; and
-- INR 420 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
AIPL was established as a partnership firm in 1985 and was
converted into a private company in March 2010. The company is
involved in the construction of roads, bridges and highways. Its
registered office is in Chhindwara in Madhya Pradesh.
BABA KAILASHPATI: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba
Kailashpati Agro Processing Private Limited (BKAPPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.13 CARE C; 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 June 22, 2022,
placed the rating(s) of BKAPPL under the 'issuer non-cooperating'
category as BKAPPL 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. BKAPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence request ed to exercise caution while using the
above rating(s).
Baba Kailashpati Agro Processing Private Limited was incorporated
in August 2015 with an objective to enter into the cold storage
business. The company is currently providing cold storage services
primarily for potatoes to the farmers and traders on a rental basis
from December 2016. The cold storage unit of the company is located
at Vill & PO- Dakshin Rasulpur, PSArambagh, Dist- Hooghly, West
Bengal with a storage capacity of 209000 quintals per annum. The
company provides interest bearing advances to farmers for farming
purpose against potatoes stored. The day to day oper ations of the
company are looked after by Mr. Subrata Kumar Paul (Director) and
Mr. Mantu Behari Samanta, who have experience of around 16 years,
21 years, respectively, in similar line of business.
BALAJI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Enterprises-Lucknow (BEL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 11.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 28, 2022,
placed the rating(s) of BEL under the 'issuer non-cooperating'
category as BEL 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. BEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 14, 2023, May 24, 2023, June 3, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Lucknow (Uttar Pradesh (UP) based Balaji Enterprises (BEL) was
established in 2008 as a partnership concern by Mr Navneet Kumar
Pandey, Mr Nirmal Kumar Pandey and Mr Vinay Kumar Pandey. It is
engaged in toll collection activity at Dakshina Shekhpur,
Aadityapur Kandra and Maranga Toll Plaza in UP. Further BEL has
undertook its Real-Estate Project named 'Landmark' with total
saleable area of 123070 Sq. Feet having 73 flats consisting of 33
flats of 2BHK, 35 flats of 3BHK, 3 flats of 4BHK and 2 penthouse in
Lucknow with an average sale value of INR3072 per sq. feet.
CONTAINER CORPORATION: NCLAT Stays Insolvency Proceedings vs Firm
-----------------------------------------------------------------
Financial Express reports that the National Company Law Appellate
Tribunal (NCLAT) has stayed the insolvency proceedings initiated
against Container Corporation of India. On July 12, the New
Delhi-based Principal bench of the National Company Law Tribunal
(NCLT) had admitted the petition filed by Roadwings International,
an operational creditor of the public sector enterprise, and
ordered to initiate Corporate Insolvency Resolution Proceedings
(CIRP). The order was challenged by the Container Corporation of
India Ltd (CONCOR) before the appellate tribunal, which passed an
order on July 14 to stay the NCLT's decision.
According to FE, the appellate tribunal also issued notices to the
operational creditor Roadwings International and the interim
resolution professional (IRP), which was accepted by their counsel
present in the hearing. NCLAT granted one week time to file a
reply to the operational creditor and rejoinder by CONCOR, if any,
to be filed within two weeks thereafter and directed to list this
appeal on September 4, 2023 for the next hearing.
"In the meantime, the order passed by Adjudicating Authority (NCLT)
dated July 12, 2023, shall remain stayed," said the appellate
tribunal bench comprising chairperson Justice Ashok Bhushan and
Justice Barun Mitra, FE relays. The dispute is regarding an
arbitration award. CONCOR had issued a tender for manufacturing,
supply and commissioning along with operations and maintenance of
reach stacker machines and Roadwings International was declared as
the successful bidder. Both entered into agreements but certain
issues and differences arose between them and as per the terms and
conditions, the matter went for arbitration.
The Arbitral Tribunal on June 1, 2022 directed the award in favor
of Roadwings International and directed CONCOR to pay INR81.36
crore, FE recalls. Based on this, a demand notice was issued on
July 15, 2022 by Roadwings International. However, CONCOR in its
reply disputed it and informed about approaching the High Court for
setting aside the Arbitral Award. Following this Roadwings
International approached NCLT as an operational creditor under the
Insolvency & Bankruptcy Code, which had admitted its plea on July
12 after finding it a "fit case for initiation of CIRP" against the
public sector unit. It appointed an IRP to supervise the operation
of CONCOR during CIRP.
FE relates that NCLT also observed that the public sector firm has
approached the Delhi High Court much after the present insolvency
proceedings were set in motion by the operational creditor.
Moreover, this was not a case where there was a pre-existing
dispute when the operational creditor sent a demand notice to
CONCOR.CONCOR challenged NCLT's order before the appellate
insolvency tribunal NCLAT.
During the proceeding Solicitor General of India Tushar Mehta,
appearing for CONCOR, submitted that the matter is before the high
court and it is listed on August 29, 2023 for a hearing over the
limitations issue, FE relays. The appellate tribunal also noted
this."We make it clear that the stay of insolvency proceedings has
no bearing on the proceedings pending in the High Court which may
be preceded in accordance with law," it said.
Container Corporation of India Limited engages in handling,
transportation, and warehousing activities in India. It operates
through two segments, EXIM and Domestic. The company provides
inland transport by rail for containers; manages ports and air
cargo complexes; engages in the cold-chain business for fruits and
vegetables; and develops multimodal logistics support for
containerization and trade. It also offers road transportation
services for door-to-door services; operates logistics facilities,
including dry ports, container freight stations, and private
freight terminals; and handling of air cargos and containers. In
addition, the company provides value added services, such as
transit warehousing for import and export cargo; bonded
warehousing; less than container load; and air cargo clearance
using bonded trucking.
DADHEECH INFRASTRUCTURES: Insolvency Resolution Process Case Summar
-------------------------------------------------------------------
Debtor: Dadheech Infrastructures Private Limited
9/12, Lal Bazar Street "E" Block,
4th Floor Kolkata - 700001,
West Bengal, India
Insolvency Commencement Date: June 26, 2023
Estimated date of closure of
insolvency resolution process: December 23, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Soumendra Podder
1/427 Gariahat Road(South) 4th Floor
Kolkata, West Bengal-700068
Email:soumenpodder@hotmail.com
Sumedha Management Solutions Pvt Limited
6 A Geetanjali Apartment
8 B Middleton Street, Kolkata
West Bengal, 700071
Email: ip.dadheechinfratructure@gmail.com
Last date for
submission of claims: July 10, 2023
DARSHANA SOLVENT: Ind-Ra Moves BB- Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Darshana Solvent Extraction Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 4
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time, Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR 400 mil. Fund/Non-Fund Based Working Capital Limit
migrated to non-cooperating category with IND BB-(Issuer Not
Cooperating)/IND A4+ (Issuer Not Cooperating) rating; and
-- INR320 mil. Term loan due on January 31, 2029 migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in July 2021, DSEPL is engaged in the extraction of
crude oil from soya bean seeds. Its 500 metric tons per day
manufacturing plant is located at Solapur district Maharashtra.
DEVI ENGINEERING: Ind-Ra Moves BB- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Devi Engineering and Constructions Private Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 3 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB- (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR170 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating; and
-- INR330 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
DECPL was incorporated in 2014 as a private limited company. It is
engaged in business of seismic data acquisition (geophysical
division), engineering procurement and construction on turnkey
projects and gas compression services. Its registered office is at
Kakinada, Andhra Pradesh, corporate office is at Hyderabad and its
three branches are at Tripura, Assam and Arunachal Pradesh.
DORMANN DOORS: CARE Lowers Rating on INR6.0cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dormann Doors Private Limited (DDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 24, 2022,
placed the rating(s) of DDPL under the 'issuer non-cooperating'
category as DDPL 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. DDPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 10, 2023, May 20, 2023, May 30, 2023, July 11, 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 reques ted to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of DDPL have been revised
on account of ongoing delays in debt servicing recognised from
lender's feedback.
Delhi based, Dormann Doors Private Limited (DDPL) was incorporated
in July 2013 as a private limited company. Currently the company is
managed by Mr. Kuldeep Mann, Mr. Sudhir Kumar Mann and Ms. Madhu
Mann who hold an experience for more than a decade in this
industry. The company is engaged in trading of PVC products,
plywoods and laminates, doors skins (i.e. furniture related
products used for manufacturing of furniture).
FATEHPURIA TRANSFORMERS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fatehpuria
Transformers And Switchgears Private Limited (FTSPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 10.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 28.00 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 June 16, 2022,
placed t he rating(s) of FTSPL under the 'issuer non-cooperating'
category as FTSPL 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. FTSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2023, May 22, 2023, July 11, 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).
Jaipur based, FTSPL was incorporated as a partnership firm in 1981
and was converted into private limited company in 1995. Since
inception, the company is engaged in manufacturing of power &
distribution transformers. FTSPL operates out of its manufacturing
facility located at Kalwar road, Jaipur. Further, the company also
has two wind mills of 0.8 MW each located at Karnataka and
Maharashtra.
G. S. RADIATORS: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G. S.
Radiators Limited (GSRL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.68 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 2.00 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
category
Short Term Bank 6.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 4, 2022,
placed the rating(s) of GSRL under the 'issuer non-cooperating'
category as GSRL 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. GSRL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2023, May 30, 2023, June 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 1988, G.S Radiators Limited (GSRL) is a closely
held public limited company promoted by Mr. Ranjodh Singh, Mr.
Mohinder Singh and Ms. Rajinder Kaur. The company is engaged in the
manufacturing of copper-brass radiators for the automotive original
equipment manufacturers (OEMs). The manufacturing unit of the
company is located at Ludhiana (Punjab).
GEETHA AUTO: Ind-Ra Moves B+ Rating to Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Geetha Auto Commercials to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 6 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR7.5 mil. Term loan due on Mar 31, 2024 migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)
rating; and
-- INR110 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)/
IND A4 (Issuer Not Cooperating) rating.
Company Profile
Set up in 2015, GAC is a dealer of Tata Motors Limited's commercial
vehicles in Warangal and Khamma region in Telangana.
GOLDEN AMOON: Ind-Ra Moves B Rating to Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
GOLDEN AMOON RETREATS to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 3 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B
(Issuer Not Cooperating) rating; and
-- INR250 mil. Term loan due on Jul 31, 2030 migrated to non-
cooperating category with IND B (Issuer Not Cooperating)
rating.
Company Profile
GAR, which was founded by Ramesh Babu in 2017, is a four-star
resort in Bangalore. The resort has 21 villas, one restro-bar, 75
rooms, and four convention halls.
HARIOM AQUA: Ind-Ra Moves BB Rating to Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Hariom Aqua culture Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating;
-- INR305 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating) /
IND A4+ (Issuer Not Cooperating) rating; and
-- INR25 mil. Term loan due on Nov 5, 2025 migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in January 2010 by Suresh Patel and Hitesh Patel, HAPL
is engaged in shrimp farming and trading of products related to
farming such as feeds, seeds, probiotics and aerator.
INDIA HOME: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of India Home
Loan Ltd (IHLL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 200.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non-Convertible
Debentures 50.00 CARE D; ISSUER NOT COOPERATING
Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from IHLL to monitor
the rating vide e-mail communications dated May 31, 2023, June 10,
2023, and June 20, 2023, and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings Ltd. (CARE
Ratings) has reviewed the rating on the basis of the best available
information which, however, in CARE Ratings' opinion, is not
sufficient to arrive at a fair rating. Further, IHLL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on IHLL's bank facilities and
instruments will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rating sensitivities: Factors likely to lead to rating actions
Positive factors - Not applicable
Negative factors – Not applicable
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
There have been ongoing delays in servicing of debt instruments on
account of poor liquidity. IHLL has mentioned delay in servicing on
its debt obligations in the monthly declaration to CARE Ratings
dated July 01,2023 for the month of June 2023 and has intimated on
BSE regarding default on principal repayment of non-convertible
debenture which was due on June 30,2023.
Key strengths – Not applicable
Key weaknesses
* Delays in debt servicing: There has been a delay in servicing of
debt instruments on account of poor liquidity and operational
difficulties.
IHLL was originally incorporated as 'Manoj Housing Finance Co.
Ltd.' in 1990. New management under the leadership of Mr. Mahesh
Pujara (having significant experience in the equity capital markets
and real estate business over the last 25 years) took over the
business of the loss making company in FY09 (refers to the period
April 1 to March 31) and renamed the company as 'India Home Loan
Limited'.
INDIA TERRY: Ind-Ra Moves BB- Rating to Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
India Terry Towels Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 6 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time, Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR588.48 mil. Term loan due on Mar 31, 2028 migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)
rating;
-- INR50 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating; and
-- INR52.5 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
Incorporated in 2016, ITTPL manufactures cotton yarn. The company,
in the phase I, successfully installed 14,688 spindles, to produce
cotton ring spun yarn with count range of 10s to 32s Ne. The
company's average utilization stands at 12.5 tons per day, scalable
up to over 14 tons per day. ITTPL plans to start manufacturing
towels over the next five-to-six years.
INNOVINC ASPIRE: Ind-Ra Moves B+ Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Innovinc aspire infratech solutions private Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 3 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time, Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating.
Company Profile
Incorporated in 2017, IAISPL is engaged in the sub-contracting work
for turnkey projects, they are into construction of toll plaza,
majorly 70% of work are part of IT works, which includes
installation of machine and other items. IAISPL is located at
Thane, Maharashtra.
K. S. COT: CARE Lowers Rating on INR7.0cr LT Loan to C/A4
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. S. Cot
Fiber Private Limited (KSCFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 7.00 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 20, 2022,
placed the rating(s) of KSCFPL under the 'issuer non-cooperating'
category as KSCFPL 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. KSCFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 6, 2023, May 16, 2023, May 26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has rev
iewed 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).
K. S. Cot Fiber Private Limited (KSCFPL) was incorporated in June
2008 by Mr. Kailashchandra Agrawal and Mr. Hemant Kumar Agrawal as
a private limited company. KSCFPL is engaged into the business of
cotton ginning and pr essing. KSCFPL deals in 'Shankar 6' type of
cotton which is being sourced through local farmers from Madhya
Pradesh and Maharashtra. KSCFPL operates from its sole
manufacturing plant located at Sendhwa (Madhya Pradesh) which has
an installed capacity of 18,900 Metric Tonnes Per Annum (MTPA) as
on March 31, 2018.
KARTEKYA WINES: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kartekya Wines
(KW) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KW for
obtaining information through letter and email dated June 15, 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 KW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KW is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KW
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2005, KW is a partnership firm engaged in selling
country liquor through retail shops in Kanpur. The firm has 20
partners, with most of them owning one or more licences for running
country liquor retail shops. Its operations are mainly managed by
Mr. Sukhvider Singh who is also a member and a key managerial
person in Kuldeep Singh Sukhwinder Singh & Others (rated 'CRISIL
BBB-/Stable').
KEDARESHWAR BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Kedareshwar Builders & Developers Private Limited (SKBDPL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.88 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 June 29, 2022,
placed the rating(s) of SKBDPL under the 'issuer non-cooperating'
category as SKBDPL 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. SKBDPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2023, May 25, 2023, June 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shri Kedareshwar Builders & Developers Private Limited (SKBDPL) was
incorporated on 17th November 2014 by Madhav Deshpande and Abhijeet
Dudhane who are having more than two decades of experience in the
real estate business. The company is engaged in the business of
real estate development (residential and commercial projects)
mainly in Nagpur.
KRISHAK VIKAS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Krishak Vikas
Samiti (KVS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with KVS for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KVS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KVS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KVS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
KVS primarily promotes social welfare schemes operated by the state
and Central governments in Ghazipur and Azamgarh districts of Uttar
Pradesh. It provides educational services and skill development
programmes and runs a residential schooling scheme under Ministry
of Social Justice and Empowerment for students from the scheduled
castes and tribes. Apart from this, it also runs a school with
classes from nursery till Standard 8.
KRISHNA PRASAD: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krishna
Prasad Industries (KPI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; 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 June 21, 2022,
placed the rating(s) of KPI under the 'issuer non-cooperating'
category as KPI 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. KPI continues to be
non -cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 7, 2023, May 17, 2023, May 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best avai lable 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).
Raichur based (Karnataka) Krishna Prasad Industries is a
Partnership firm established in June 2011 by Mr. Venkateshwar
Prasad and Mr. Gallya. Later in 2015, Mr. Gallaya retired from
partnership firm and Ms. Shruti (D/o Mr. Venkateshwara) has joined
as an active partner. In the November, 2018 the partnership deed
reconstituted and six new partners Mr. V. Ramakrishna, Mr. V.
Srinivas, Mr. N. Srinivas Rao, Mr. N. Surya Teja, Mr. B. Mahesh
Kumar and Mr. B. Venkat Rajeev has joined the firm and took over
the entire business for purchase consideration of Rs.2.00 crore
from Mr. Vennkateshwar prsasad. KPI is engaged in Engaged in Rice
Milling and Paraboiling . The firm majorly deals in rice, steamed
rice, boiled rice, rice broken, rice bran, etc. The firm purchase
its raw material i.e. paddy from local farmers, process the paddy
in their plant and sells the final product in the state of
Karnataka, Tamil Nadu, Maharashtra, Gujarat, etc. KPI has an
installed capacity of 6 tons per day.
KURUVITHADAM AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kuruvithadam
Agencies Private Limited (KAPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.75 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.75 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 2.50 CRISIL B+/Stable (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with KAPL for
obtaining information through letter and email dated June 15, 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 KAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KAPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KAPL, established at Ernakulam, operates a chain of eight retail
showrooms across Kerala that sells home appliances. It also
operates 12 franchise stores of Linen Club. Mr Mathew George, Ms
Mariamma Mathew, Mr John Mathew, Mr George Mathew, Mr Charles
Mathew, and Mr Thomas Kuruvilla are the promoters.
LALCHAND MANGALDAS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lalchand
Mangaldas Soni Gems and Jewellers Private Limited (LMS) continues
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16.03 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LMS for
obtaining information through letter and email dated June 15, 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 LMS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LMS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LMS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2010 and promoted by Mr Lalchand Mangaldas Soni and
his family, LMS is engaged into retailing of gold and
diamond-studded gold jewellery. They have two showrooms in
Aurangabad, Maharashtra.
LAMINEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laminex
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Term Loan 3 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Laminex for
obtaining information through letter and email dated June 15, 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 Laminex , which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Laminex is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Laminex continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Formed in 1994, Laminex is a partnership firm based in Goa and
managed by Mr. Parag Joshi (managing partner). It engages in
manufacturing and supplying PP (polypropylene) bags and PP woven
sacks.
LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Leofortune
Infrabuildcon Private Limited (LIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LIPL for
obtaining information through letter and email dated June 15, 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 LIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LIPL continues to be 'CRISIL D Issuer Not Cooperating'.
LIPL was incorporated in 2009 by Mr. Pradeep K Swami, Mr. Sitapathy
Chavali, Mr. Dhiren Savla, Mr. Prasad K Swami and Mr. Vasant D
Bhambhaniya. The company is engaged in real estate development in
Navi Mumbai. The company currently has three ongoing projects -
Fortune Symphony, Fortune Calypso and Fortune Oriana.
LOHR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lohr India
Automotive Private Limited (LIAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with LIAPL for
obtaining information through letter and email dated June 15, 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 LIAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LIAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LIAPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of HLM India Pvt Ltd (HIPL),
LIAPL, and Transport Solutions India Pvt Ltd (TSIPL). This is
because the three companies, together referred to as the TSI group,
are in similar lines of business and have significant intercompany
transactions. Also, TSIPL has extended corporate guarantee for bank
loan facilities of LIAPL and HIPL.
The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of over
four decades.
MACHO ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Macho
Engineering Industries (MEI) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 4 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MEI for
obtaining information through letter and email dated June 15, 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 MEI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
MEI was set up in 1990 and is owned and managed by Mr Mahesh G R.
The firm manufactures springs such as precision springs, stampings,
and wire forms. Its manufacturing facility is in Karnataka.
MADHU OVERSEAS: CARE Lowers Rating on INR700cr ST Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Madhu Overseas (MO), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 700.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of MO under the 'issuer non-cooperating'
category as MO had failed to provide information for monit oring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MO continues to be
non -cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of MOS have been revised on
account of ongoing delays in debt servicing recognized from
lender's feedback.
Delhi based, Madhu Overseas (MOS) is a proprietorship firm
established in 2012 by Mr. Kuldeep Maan after taking over the
business of the partnership firm-M/s Madhu Overseas (established
since 2006), which dissolved in the same year. The firm is engaged
in trading of PVC products, plywood's and laminates, door skins
(i.e. furniture related products used for manufacturing of
furniture. Most of the sales are order backed. The firm is also
engaged in trading of rice & wheat. The firm sells the products to
wholesalers and furniture manufacturers domestically. MOS purchases
products from plywood and door skins manufacturers located in the
country and imports from countries like China, Malaysia, Turkey and
Romania etc.
MAHALAXMI INDUSTRIES: CRISIL Lowers Rating on INR5.5cr Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Shri Mahalaxmi
Industries - Jodhpur (SMIJ) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with SMIJ for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMIJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMIJ
is consistent with 'Assessing Information Adequacy Risk'
Based on the last available information, CRISIL Ratings has
downgraded the ratings to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'. As per information
available CRISIL understands that there remains irregularity in the
company's account conduct towards its banking exposure and clarity
about the same from the management and bankers is continuing to
remain awaited.
SMIJ is a proprietorship that manufactures and processes blanched
peanut and groundnut (plain and roasted) in shell and related
products. Additionally, it trades in maitra seed, sabudana, garlic,
castor seed, raida, and spices, such as haldi, mirchi, jeera, old
bardana, and so on. Manufacturing facility is in Jodhpur, and end
product is supplied all over India, mainly to Mumbai and Kolkata.
MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahavir
Foods (MF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 28, 2022,
placed the rating(s) of MF under the 'issuer non-cooperating'
category as MF 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. MF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 14, 2023, May 24, 2023, June 3, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mahavir is a partnership concern established in 1998. Mr. Suresh
Kumar and Mr. Amit Kumar are the partners with equal profit-sharing
ratio in the firm. The partners have two decades of experience in
proces sing of rice. The firm is engaged in the business of
milling, processing and trading of rice. The processing facility of
the firm is located at Taraori, Karnal (Haryana).
MANISHA CREATIONS: CRISIL Lowers Rating on INR14cr Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Manisha Creations (MC) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 0.5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Working Capital 2 CRISIL B/Stable (ISSUER NOT
Term Loan COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with MC for
obtaining information through letter and email dated June 15, 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 MC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MC
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.
MC was formed as a partnership between Mr Anirudh Khemka and Mr
Siddhartha Singhani in 2002. The firm manufactures duplex and
corrugated cartons at its facility in Domjur, Howrah.
MAVERICK HOLDINGS: Ind-Ra Moves BB Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
MAVERICK HOLDINGS & INVESTMENTS PRIVATE LIMITED to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 5 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND BB
(Issuer Not Cooperating) rating;
-- INR2120 bil. Term loan due on Mar 31, 2031 migrated to non-
cooperating category with IND BB (Issuer Not Cooperating)
rating;
-- INR170 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB (Issuer Not Cooperating)/IND
A4+ (Issuer Not Cooperating) rating; and
-- INR590 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating;
Company Profile
Incorporated in 1991 and promoted by B.N. Garudachar and B.G. Uday,
MHIPL operates three shopping malls, namely, Garuda Mall, Garuda
Swagath Mall, and Garuda Yelahanka Mall in Bangalore. The company
is also a civil contractor for redevelopment projects for the
government of Karnataka. EGRIPL is involved in maintaining the
abovementioned malls. Its revenue is derived through common area
maintenance charges, parking charges, electricity charges,
advertisement fees and other miscellaneous charges from the three
malls. EGRIPL also collects lease rent from Inox Leisure Ltd, which
is situated in Garuda Mall.
MISHRILAL ASSOCIATES: Ind-Ra Moves BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Mishrilal Associates Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 4
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time, Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR200 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB-(Issuer Not Cooperating) /
IND A4+ (Issuer Not Cooperating) rating; and
-- INR250 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
Incorporated in 2011, MAPL is engaged in the erection and
commissioning of electrical installations. The registered office of
the company is in Bareilly Uttar Pradesh.
MODI CAR: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Modi Car
Agencies Private Limited (MCAPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Channel Financing 20 CRISIL B/Stable (Issuer Not
Cooperating)
Inventory Funding 4.02 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Inventory Funding 7.5 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Inventory Funding 5 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Term Loan 23.48 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MCAPL for
obtaining information through letter and email dated June 15, 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 MCAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCAPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
CRISIL Ratings has consolidated the business and financial risk
profile of MCAPL and Asset Cars Private Limited (ACPL), together
referred to as Modi group, since there are business and operational
linkages between the 2 companies and MCAPL owns majority stake in
ACPL.
MCAPL, incorporated in 2010, by Mr. Vikram Modi, is an authorised
dealer of Hyundai Motors India Ltd in Mumbai, through two showrooms
and three workshops.
MCAPL acquired ACPL on March 31, 2016. ACPL operates a Jaguar
showroom in Pune.
NAVTOJ STRUCTURALS: Ind-Ra Moves B+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
NAVTOJ STRUCTURALS to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 4 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR40 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)/IND
A4 (Issuer Not Cooperating) rating; and
-- INR9 mil. Term loan due on Mar 31, 2033 migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in 2007, NS is engaged in the development of
residential projects majorly in Anna Nagar, Chennai. The six
projects are Shiela Garden (AC Block), Good Earth (Lake Area),
Anand Abode (Y Block), Shree Niketan (V Block), Pristine Nest (AF
Block) and Shree Ram Viswas (T.Nagar) in Chennai, which has a total
saleable area of 65,558 sf. Out of which, NS share (developer's
share) was 23,166 sf. NS is a proprietorship firm and the
proprietor is Narenderpal Singh.
OMAX AUTOS: Ind-Ra Moves 'B' Rating to Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Omax Autos Limited to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 5 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR153 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B (Issuer Not Cooperating) /
IND A4 (Issuer Not Cooperating) rating;
-- INR543 mil. Term loan due on Mar 31, 2027 migrated to non-
cooperating category with IND B (Issuer Not Cooperating)
rating;
-- Issuer Rating migrated to non-cooperating category with IND B
(Issuer Not Cooperating) rating; and
-- INR270 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND B(Issuer Not Cooperating)/
IND A4 (Issuer Not Cooperating) rating.
Company Profile
Founded in 1983, manufactures sheet metal components, tubular
components and machined components. Omax caters to TML for its CV
segment and is also an approved supplier to Indian Railways. It is
a publicly listed company, wherein the founders own a 57.67% stake
as of FYE22.
PAS TRADING: Ind-Ra Moves B- Rating to Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
PAS Trading House to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 4 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B- (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B-
(Issuer Not Cooperating) rating;
-- INR224 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B- (Issuer Not Cooperating)/
IND A4 (Issuer Not Cooperating) rating;
-- INR10 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating; and
-- INR80.4 mil. Term loan due on Jan 31, 2033 migrated to non-
cooperating category with IND B-(Issuer Not Cooperating)
rating.
Company Profile
PAS was established in 2015 as a partnership firm by Mr. Sunil
Khanna, Mrs. Alka Khanna and Mr. Puranjay Khanna, in Mumbai,
Maharashtra, and engages in the trading of papers such as coated
wood free paper, printing paper, label paper, specialty paper,
packaging paper, among others that are 100% domestically supplied.
PRECIFAST PRIVATE: CARE Lowers Rating on INR14cr LT Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Precifast Private Limited (PPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 2, 2022,
placed the rating(s) of PPL under the 'issuer non-cooperating'
category as PPL 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. PPL continues to be
non -cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 18, 2023, April 28, 2023, May 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 PPL have been
revised on account of non-availability of information. The revision
also factored in continued losses as well as leveraged capital
structure and weak debt coverage indicators during FY22.
Analytical approach: Standalone
Outlook: Stable
Andhra Pradesh based Precifast Private Limited was incorporated in
the year 2016 as a private limited company, promoted by Mr. Guru
Charan Das, Mr. Hariharan along with other directors and the
company has started its commercial operations in March 2019.
Precifast Private Limited is a prime manufacturing of Precision
Industrial Fasteners (High Tensile Bolts and Nuts). The company's
manufacturing facilities provides complete solutions to the
fastener requirements in terms of design, application engineering,
standardization and variety reduction of fasteners, for all
fastening requirements, offering wide variety of fasteners viz.,
Screws, Bolts, Nuts, Socket Bolts with 8.8 to 12.9 grade in Hex
Head, Hex Flange, Hex Lobular, Socket Head, Engine Bolts etc. with
various surface finishes.
PURUSHOTTAM JAIRAM: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Purushottam
Jairam & Co. (PJC) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B-/Stable (Issuer Not
Cooperating)
Letter of Credit 9 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PJC for
obtaining information through letter and email dated June 15, 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 PJC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PJC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PJC continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
PJC was originally established in 1964 as a proprietorship firm by
Mr. Purushottam Jairam Tank, and later was reconstituted as a
partnership between Mr. Purushottam Jairam Tank and Mr. Mitesh
Tank. The firm trades in and processes timber logs. It has a
timber-processing plant in Lakadganj, Nagpur (Maharashtra).
R R K COTTON: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
R R K COTTON'S INDIA PRIVATE LIMITED to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time, Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating Migrated to non-cooperating category with IND BB
(Issuer Not Cooperating) rating;
-- INR464.7 mil. Fund Based Working Capital Limit migrated to
non-cooperating category with IND BB (Issuer Not
Cooperating)/IND A4+ (Issuer Not Cooperating) rating;
-- INR166.8 mil. Term loan due on Feb 29, 2028 migrated to non-
cooperating category with IND BB (Issuer Not Cooperating)
rating; and
-- INR68.5 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB (Issuer Not Cooperating)/IND
A4+ (Issuer Not Cooperating) rating.
Company Profile
Incorporated in July 2020, RRKCIPL is a garment (inner wear and
t-shirts) manufacturer located in Tamil Nadu with a production
capacity of 20 million garments. The garments are 100% exported to
the US, the UK, Germany and Jordan.
R. L. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. L. Agro
Foods Private Limited (RLAFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 24, 2022,
placed the rating(s) of RLAFPL under the 'issuer non-cooperating'
category as RLAFPL 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. RLAFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 10, 2023, May 20, 2023, May 30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the bas is 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).
RLAFPL is engaged in the business of milling and processing of
basmati rice with an installed manufacturing capacity of 16 metric
tonnes per hour (MTPH) in Nissing (Karnal, Haryana). The company is
also engaged in procurement of semi processed rice from the market
which is further processed through colour sorter and grading
machines to remove the impurities.
R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.N. Dwivedi
Foundation (RNDF) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7.3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RNDF for
obtaining information through letter and email dated June 15, 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 RNDF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RNDF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RNDF continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2015, RNDF runs a school at Patna (Bihar). The school is
affiliated to CBSE, and also offers bachelor's programmes in
computer applications and business administration. Operations are
currently managed by Dr Sanjay Ranjan.
RAHEJA ICON: CARE Keeps Debt D Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raheja Icon
Entertainment Private Limited (RIEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible
debentures 68.00 CARE D: Issuer not
cooperating; Rating continues
to remain under 'Issuer not
cooperating' category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated September 13, 2019, placed the ratings of RIEPL under the
'Issuer not cooperating' category, as the company had failed to
provide the requisite information required for monitoring the
ratings as agreed to in its rating agreement. RIEPL continues to be
noncooperative despite repeated requests for submission of
information through phone calls and emails dated May 31, 2023, June
10, 2023, and June 20, 2023.
In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating on the
basis of the best available information which, however, in CARE
Ratings' 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 ratings.
Incorporated in 2010, RIEPL is engaged in the business of
promotion, development, and construction of real estate. The
company is a part of the Raheja Group with the flagship company
being Raheja Developers Limited (RDL), rated 'CARE D; Issuer not
cooperating' and is a 100% subsidiary of RDL.
RAJENDRA SINGH: Ind-Ra Moves BB+ Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Rajendra Singh Kiledar Constructions Pvt Ltd to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating;
-- INR20 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)
rating;
-- INR305 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating; and
-- INR0.97 mil. Term loan migrated to non-cooperating category
with IND BB+ (Issuer Not Cooperating) rating.
Company Profile
Established as a proprietorship firm in 1977 by Rajendra Singh,
RSKCPL was reconstituted as a private limited company in 2003.The
company undertakes civil works such as construction of roads and
highways for state and local government authorities. The company,
which has its registered office in Betul, Madhya Pradesh, is
promoted by Rajendra Singh Kiledar, Shivendra Singh Kiledar and
Raghavendra Singh Kiledar.
RAMESHWAR PRASAD: Ind-Ra Moves BB- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Rameshwar Prasad Sharma Contractor to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 4 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR75 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating) /
IND A4+ (Issuer Not Cooperating) rating;
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating; and
-- INR75 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
RPSC, established in 1997, is AA class road construction contractor
that executes projects for Rajasthan State Road Development and
Construction Corporation Limited (debt rated at 'IND A-'/Stable),
public works department, urban improvement trust and various
development authorities in Rajasthan. It is managed by Rameshwar
Prasad Sharma, Anil Sharma and Geeta Sharma.
RANI MOTORS: Ind-Ra Moves BB+ Rating to Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Rani Motors to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 11 months despite continuous requests
and follow-ups by the agency and also IND-Ra's inability to
validate timely debt servicing through other sources it considers
reliable. No Default Statement in the format prescribed by SEBI is
required to be shared by the issuer every month as a confirmation
that all financial obligations are being serviced on time.
Investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating; and
-- INR345 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating.
Company Profile
RM was established in 1995 and is located at Shillong, Meghalaya.
It is an authorized dealer of Maruti Suzuki India.
RAVIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raviraj
Ginning Pressing & Oil Industries (RGPOI) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 14, 2022,
placed the rating(s) of RGPOI under the 'issuer non-cooperating'
category as RGPOI 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. RGPOI continues to
be non-cooperative despite repeated requests for submission of
information through e -mails, phone calls and a letter/email dated
April 30, 2023, May 10, 2023, May 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Morbi (Gujarat) based RGPOI, a partnership firm, was constituted in
October 2005. The key partners of the firm are Mr. Mahendra
Jhalariya and Mr. Kalyanji Jhalariya. The firm is engaged in the
cotton ginning, pressing and oil extraction business with an
installed capacity of 32 metric tonnes per day (MTPD) of cotton
bales as on March 31, 2017.
RAVISUM PROCESSING: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ravisum
Processing (RP) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B-/Stable (Issuer Not
Cooperating)
Rupee Term Loan 4 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RP for
obtaining information through letter and email dated June 15, 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 RP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RP
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Set up in 2010, RP is promoted by Mr. Sidharth Ahlawat and Ms.
Sumitra Ahlawat. The firm, based in Ludhiana, Punjab, manufactures
carpet and blankets.
RBR GARMENTS: Ind-Ra Moves BB- Rating to Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
RBR Garments Private Limited to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 5 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B
(Issuer Not Cooperating) rating;
-- INR250 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B (Issuer Not Cooperating)/ IND
A4 (Issuer Not Cooperating) rating; and
-- INR50 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating.
Company Profile
Tirupur-based RBRG was established in 1987 as a partnership firm
and was converted into a private company in 2005. The company
manufactures knitted garments and exports them to the US and
Europe. It has in-house facilities of knitting, dyeing, printing,
embroidery and washing.
ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Royal Plaza
Inn (RPI) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RPI for
obtaining information through letter and email dated June 15, 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 RPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPI continues to be 'CRISIL D Issuer Not Cooperating'.
RPI was set up in 2010 by the proprietor, Mr. M P Shamsudheen. The
firm is currently constructing a 108-room hotel in Arayidathupalam
(Kozhikode; Kerala).
SAFINTRA ROOFING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Safintra Roofing (India) Limited
Unit No. 21, 1st Floor,
Navyug Industrial Estate MIDC Cross Road,
J.B. Naghar Andheri (East) Mumbai
Mumbai City MH 400059 India
Insolvency Commencement Date: June 23, 2023
Estimated date of closure of
insolvency resolution process: December 20, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mrs. Neha P Agrawal
Flat No. B-3, Kalyani Gurumukh Heights,
Osmanpura, Aurangabad -431001
Email: nehapagrawal@gmail.com
Email: cirpsafintraroofing@gmail.com
Last date for
submission of claims: July 9, 2023
SAMARO GLOBAL: CARE Lowers Rating on INR16.0cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Samaro Global Industries Private Limited (SGIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.00 CARE D; Revised from
Facilities CARE BB; Stable
Rationale and key rating drivers
The revision in the ratings assigned to the bank facilities of
SGIPL takes into consideration the delays in debt servicing as
mentioned in the Press Release dated July 10, 2023 issued by other
Credit Rating Agency.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Three consecutive months of delay free track record of debt
servicing as established through the verification of bank
statements can lead to an upgrade.
Detailed description of the key rating drivers
Key weaknesses
* Delays in debt servicing: The company has delayed the debt
repayment in the month of March 2023 as mentioned in Press Release
issued by other Credit Rating Agency.
Liquidity: Poor
The liquidity position of the company remained poor on account of
delays in debt servicing.
Samaro Global Industries Private Limited (SGIPL) was incorporated
in October 2019, by Mr. Paresh Vinod Parekh and Mr. Haresh Paresh
Parekh to setup manufacturing of Stone Plastic Composite (SPC) and
Luxury Vinyl Tiles (LVT) flooring plant at Umbergaon, Gujarat.
SARAVANA INDUSTRIES: Ind-Ra Moves B+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shri Saravana Industries Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 6
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR45 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)/
IND A4 (Issuer Not Cooperating) rating; and
-- INR205 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating.
Company Profile
Founded as a proprietorship firm in 1986 by S Kandasamy,
Madurai-based SSIPL undertakes hydromechanical operations, which
involve the design, procurement, fabrication, manufacture,
installation, testing and commissioning of complete
hydro-mechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts and gates. SSIPL imports hydro
component from China and designs of valves from Italy.
SHAH GROUP: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shah Group Builders & Infraprojects Limited
323-329, Arenja Corner, Sector 17, Plot No 71,
Vashi, Navi Mumbai
Maharashtra 400705 India
Insolvency Commencement Date: June 20, 2023
Estimated date of closure of
insolvency resolution process: December 17, 2023
Court: National Company Law Tribunal, Mumbai Bench-III
Insolvency
Professional: Ajay Amrutlal Mutha
Raj-Prem, Imarat Company,
M.G.Road, Ahmednagar,
Maharashtra, 414001
Email: caajaymutha@gmail.com
Email: cirpshahgroup@gmail.com
1. Mr. Jitender Kothar
Email: jitenderkothari@rediffmail.com
2. Mr. Rajkumar Indarchand Kothar
Email: rajkumarkothari75@gmail.com
3. Mr. Mukesh Kumar Jain
Email: mkj2822@gmail.com
Last date for
submission of claims: July 10, 2023
SULTANPURE TEXTILE: Ind-Ra Moves B+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sultanpure Textile Mills Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 8
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time, Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR120 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)/IND
A4 (Issuer Not Cooperating) rating; and
-- INR68.5 mil. Term loan due on Apr 30, 2027 migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)
rating;
Company Profile
Established in 1994, Ichalkaranji, Maharashtra-based STMPL is
engaged in the designing and manufacturing of industrial fabrics
for use in laminated, pharmaceutical, abrasive and self-adhesive
tapes. Gajanan Sultanpure and Tushar Sultanpure are the promoters.
T T LIMITED: Ind-Ra Cuts LongTerm Issuer Rating to 'BB+'
--------------------------------------------------------
India Rating and Research (Ind-Ra) has withdrawn T T Limited's
Long-Term Issuer Rating of 'IND BBB-'. The Outlook was Stable.
The instrument-wise rating actions are:
-- INR750 mil. (reduced from INR950 mil.) Fund-based limits
downgraded; placed on Rating Watch with Negative Implications
with IND BB+/ Rating Watch with Negative Implications/ IND
A4+/ Rating Watch with Negative Implications rating;
-- INR50 mil. Non-fund-based limits downgraded; placed on Rating
Watch with Negative Implications with IND A4+/ Rating Watch
with Negative Implications rating; and
-- INR318.2 mil. (reduced from INR431.5 mil.) Term loan due on
February 2026 downgraded; placed on Rating Watch with
Negative Implications with IND BB+/ Rating Watch with
Negative Implications rating.
Ind-Ra has withdrawn the Long-term Issuer Rating on the issuer's
request.
The downgrade reflects the sizeable decline in the company's scale
of operations, profitability and liquidity position in FY23,
leading to deterioration in credit metrics. Ind-Ra has placed the
ratings on Rating Watch with Negative Implications in view of the
uncertainty regarding the receipt of funds from the sale of TTL's
Gajraula facility, as non-receipt of the same would exert severe
pressure on the liquidity position. The agency shall closely
monitor the company's performance and the status of the receipt of
funds, and will take another rating action once it receives
sufficient clarity and information regarding these factors.
Key Rating Drivers
TTL's revenue declined to INR2,030 million during FY23 (FY22:
INR3,955 million), as demand was impacted by the resistance from
downstream companies to high cotton prices, uncompetitive Indian
yarn prices in the international market, and a slowdown in demand
from developed nations amid recessionary concerns. TTL completed
its exit from the yarn manufacturing business in October 2021, but
it continues to engage in the yarn trading business owing to its
longstanding relationships with its existing customers. Ind-Ra
expects TTL's revenue to recover over the medium term, with
additional revenue accruing from the new facilities that are
proposed to be set up at Delhi NCR and Kolkata, which might start
generating revenue from FY25.
Furthermore, the company's EBTIDA margin declined to 4.8% in FY23
(FY22: 9.8%) owing to lower absorption of fixed costs, due to the
decline in revenue, the strategic shift to low-margin yarn trading
from high-margin yarn manufacturing, and the unprecedented
fluctuations in cotton prices. The ROCE was 2.8% in FY23 (FY22:
12.5%). Ind-Ra expects the margins to stabilize over the medium
term; any fluctuations in the EBITDA margin and overall
profitability would be a key rating monitorable.
In addition, TTL's credit metrics weakened in FY23 owing to a
decline in the absolute EBITA to INR97.54 million (INR390.72
million). The interest coverage (operating EBITDA/gross interest
expenses) deteriorated to 0.57x in FY23 (FY22: 1.81x) and the net
leverage (total adjusted net debt/operating EBITDAR) to 15.26x
(4.37x). Nevertheless, Ind-Ra expect the metrics to improve on the
back of the ongoing restructuring of the business, the reduction in
working capital limits, and the prepayment of the long-term loans
with the funds from the sale of the Gajroula facility.
During FY23, the company realized around INR163 million from the
sale of Ginning Mill Land and Building at Rajula (Gujrat) and a
building at Karol Bagh. The management has shifted its focus from
yarn to value-added products such as fabric and garments, which
would generate higher margins. Subsequently, the company has signed
a memorandum of understanding for the sale of its textile unit at
Gajraula for INR710 million to M/s Shree Krishna Impex, which is a
partnership firm. The funds received shall be used to prepay its
long-term secured and unsecured loans, and would also be used by
the company for setting up new facilities and ongoing business
operations. However, the company had received only INR35 million as
of July 2023. The balance amount is scheduled to be received by
FYE24 at the latest, and the company expects to receive it by
December 2023.
Liquidity Indicator – Stretched: TTLTD's average utilization of
the fund-based limits was around 94% during the 12 months ended
April 2023. The cash flow from operations reduced to INR63.8
million in FY23 (FY22: INR193.3 million) in line with the decline
in EBITDA, resulting from the fall in revenue. The net working
capital cycle elongated to 246 days in FY23 (FY22: 130 days) owing
to an increase in inventory days to 197 days (104 days) and debtor
days to 59 days (32 days). Ind-Ra expects the working capital
cycle to remain stretched owing to the nature of operations, but it
is likely to improve slightly over the medium term with faster
stock rotation and lower inventory holding period. The cash and
cash equivalents stood at INR4.42 million at FYE23 (FYE22: INR6.37
million). TTL has already made prepayments for Indian Bank's term
loan and guaranteed emergency credit line until December 2023 and
September 2023, respectively. The company plans to prepay the
balance portion of the term loan and guaranteed emergency credit
line from Indian Bank and 40% of the GECL from Punjab National Bank
with the proceeds from the sale of the Gajroula facility.
The ratings factor in the company's susceptibility to volatility in
input costs, which account for a major portion of the group's
revenues. The prices of the main raw material used by the company,
cotton, touched historical highs during in May 2022. The prices of
raw cotton hovered between INR0.1 million-0.115 million per candy
during May 2022. While cotton yarn prices have moderated by 25%-30%
in the past four months from the peak levels reported in May 2022,
with demand coming down and tapering of cotton fiber prices, the
prices continue to be 10%-20% higher than the past five-year
average.
The ratings are supported by TTL's promoters' experience of nearly
five decades in the textile industry, leading to established
relationships with its customers as well as suppliers.
Rating Sensitivities
The Rating Watch with Negative Implications indicates that the
ratings may be either downgraded or affirmed. The Rating Watch with
Negative Implications will be resolved as and when the agency
receives more clarity on the receipt of funds from the sale of the
Gajroula facility worth INR710 million The agency would also
monitor the developments on the operating and financial performance
of the company.
Company Profile
Incorporated in 1978, TTL is a public company domiciled in India.
Its shares are listed with the National Stock Exchange and Bombay
Stock Exchange. The registered office of the Company is in Delhi.
The company operates in the textile segment and is engaged in yarn
trading, knitting, and cutting and sewing of textiles products. The
company caters to the domestic as well as export markets.
TECHNICO PRIVATE: Ind-Ra Moves BB- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Technico (India) Pvt Ltd to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 11 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND BB- (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR80 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating;
-- INR270 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating; and
-- INR100 mil. Term loan due on Feb 28, 2030 migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in 1979, TIPL is located in Kolkata and primarily
undertakes turnkey contracts for setting up fire detection and
protection systems. TIPL's operations comprise designing,
manufacturing, installing and maintaining of fire detection and
protection systems, primarily industrial units.
TIRUPATI CARBONS: Ind-Ra Moves B+ Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Tirupati Carbons & Chemicals Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time., Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR70 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)
rating; and
-- INR10 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in December 2006, TCCPL is engaged in graphite
manufacturing from semi processed graphite. It has an installed
capacity of 3,600TPA and its production capacity is 3,000TPA.
VIKRANT FORGE: Ind-Ra Moves B+ Rating to Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Vikrant Forge Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 4 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR90 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)
rating;
-- INR80 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating; and
-- INR236.32 mil. Term loan due on Sep 30, 2028 migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)
rating.
Company Profile
VFPL was incorporated on November 25, 1985 and manufactures
industrial forgings at its manufacturing facility at Dankuni in
Hooghly district in West Bengal. The operation of the company also
includes machined and finish machining. The company has the
installed capacity of 1800MT. The company serves the domestic and
international customers.
=========
J A P A N
=========
RICOH COMPANY: Egan-Jones Retains BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on July 14, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ricoh Company, Ltd.
Headquartered in Ota City, Tokyo, Japan, Ricoh Company, Ltd.
manufactures and markets office automation equipment, electronic
devices, and photographic instruments.
TOSHIBA CORP: Rohm to Invest US$722MM in Toshiba Buyout Fund
------------------------------------------------------------
Reuters reports that Rohm said on July 18 it will invest JPY100
billion (US$722 million) in a fund backed by Japan Industrial
Partners (JIP), which is launching a tender offer for Toshiba
Corp.
Reuters relates that Rohm also plans to underwrite JPY200 billion
of non-voting preferred stock issued by TBJ Holdings, which will be
set up by Japan Industrial Partners for the tender offer for
Toshiba.
The purpose of the investment is to "participate in the
privatisation of Toshiba and help to resolve their issues", Rohm
said in a statement.
Reuters says the tender offer would put the electronics-to-power
stations maker in domestic hands after years of battles with
overseas shareholders.
"Toshiba's semiconductor business is highly compatible with the
company," Rohm said in a statement. Both Toshiba and Rohm produce
power chips.
There is no agreement to participate in the management of Toshiba
but Rohm would be open to partnership with the conglomerate in the
future, it said, adds Reuters.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific in early
July, S&P Global Ratings has kept its 'BB+' long-term issuer credit
rating on Toshiba Corp. on CreditWatch with negative implications.
S&P also affirmed at 'B' its short-term issuer credit rating and
commercial paper program rating.
===============
M A L A Y S I A
===============
AIRASIA X: Shares Rise on Impending Bid to Exit PN17 Status
-----------------------------------------------------------
The Edge reports that AirAsia X Bhd (AAX) rose as much as 16 sen or
10.19% to MYR1.73 in July 17 morning trade after The Edge reported
that the medium-haul budget airline is ready to make an application
to lift itself out of Practice Note 17 (PN17) status this week,
ahead of the July 28, 2023 deadline to submit its regularisation
plan to Bursa Malaysia.
At the time of writing, AAX had pared its gains to close at
MYR1.68, up 11 sen or 7.01% from its Friday (July 14) closing price
of MYR1.57, giving it a market capitalisation of MYR751.08 million,
The Edge says.
It was the 10th top gainer on the local bourse, with 11.52 million
shares traded.
Meanwhile, shares of AAX's sister company Capital A Bhd closed half
a sen or 0.59% higher at 85 sen, with 7.98 million shares traded
and a market capitalisation of MYR3.52 billion, The Edge reports.
According to The Edge, the regularisation plan is crucial as it is
supposed to lift not just AAX, but also Capital A out of PN17
status. It is widely expected that the regularisation plan involves
Capital A injecting its aviation business into AAX via an issuance
of shares.
Capital A and AAX are both in the midst of preparing their
respective regularisation plans, the report says. Capital A's
submission deadline, after several extensions, is in October 2023
while AAX's submission deadline is on July 28, 2023.
The Edge reported in its July 17 issue that the affiliate of
Capital A is planning to make an application to Bursa Securities to
leave the category of financially distressed Main Market-listed
companies, as it no longer triggers any of the PN17 criteria.
The report said AirAsia X will no longer be pressured to acquire
Capital A's airline businesses, which is part of a regularisation
plan initially proposed to enable the company and Capital A to exit
the PN17 status.
An aviation analyst at a bank-backed research firm said there were
many conditions that went into the lifting of PN17 status, which
includes having shareholders' equity exceeding MYR40 million.
The Edge relates that the analyst noted that AAX's shareholders'
equity had risen to MYR40.76 million in the first quarter ended
March 31, 2023 (1QFY2023) from a negative MYR599.9 million in the
preceding quarter; moreover, it had also recently raised MYR50
million through a private placement of shares which will increase
its shareholders' equity further to MYR90 million.
In addition, AAX has also reported three straight quarters of
profitability, notching a net profit of MYR328 million in 1QFY2023
after writing off MYR33 billion of liabilities and provisions of
liabilities back to profit.
About AirAsia X
AirAsia X Berhad (AAX) -- http://www.airasiax.com/-- is a
long-haul, low-cost airline operating primarily in the Asia-Pacific
region.
AAX had triggered the criteria for PN17 classification in October
2021, after its external auditors, Messrs Ernst & Young PLT, had
expressed a disclaimer of opinion in the airline's audited
financial statements for the 18-month financial period ended June
30, 2021.
AAX then logged a net loss of MYR33.72 billion for the period,
while its current liabilities exceeded current assets by MYR34.21
billion, while its shareholders' deficit stood at MYR33.58
billion.
=====================
N E W Z E A L A N D
=====================
ALIGNMENT CONSULTING: Court to Hear Wind-Up Petition on July 28
---------------------------------------------------------------
A petition to wind up the operations of Alignment Consulting
Limited will be heard before the High Court at Auckland on July 28,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 13, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
EMLEIGH ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 11
-------------------------------------------------------------
Creditors of Emleigh Enterprises Limited are required to file their
proofs of debt by Aug. 11, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 11, 2023.
The company's liquidators are:
Trevor Edwin Laing
Emma Margaret Laing
Laing Insolvency Specialists
PO Box 2468
Dunedin 9044
I KNOW: Creditors' Proofs of Debt Due on Aug. 24
------------------------------------------------
Creditors of I Know Who Shot The Deputy Limited are required to
file their proofs of debt by Aug. 24, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2023.
The company's liquidators are:
Rachel Mason-Thomas
Jeffrey Philip Meltzer
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
POOL SPEC: Court to Hear Wind-Up Petition on Aug. 4
---------------------------------------------------
A petition to wind up the operations of Pool Spec Limited will be
heard before the High Court at Auckland on Aug. 4, 2023, at 10:00
a.m.
Candice Haley Smith filed the petition against the company on June
20, 2023.
The Petitioner's solicitors are:
Brent James Norling
Wendy Maree Alexander
Level 3, Building 2
61 Constellation Drive
Rosedale
Auckland
SUPERIOR BUILDERS: Court to Hear Wind-Up Petition on July 28
------------------------------------------------------------
A petition to wind up the operations of Superior Builders Taranaki
Limited will be heard before the High Court at New Plymouth on July
28, 2023, at 2:15 p.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 22, 2023.
The Petitioner's solicitor is:
C. D. Walmsley
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
=================
S I N G A P O R E
=================
CONFLUX FOUNDATION: Creditors' Meeting Set for July 26
------------------------------------------------------
Conflux Foundation Ltd. will hold a meeting for its creditors on
July 26, 2023, at 2:30 p.m., at Six Battery Road #16-01/02, in
Singapore 049909.
Agenda of the meeting includes:
a. To appoint and form a Committee of Inspection to act with
the Liquidators;
b. If so, to appoint members of the COI; and
c. Any other business.
The company's liquidators are:
Joshua James Taylor
Chew Ee Ling
Alvarez & Marsal (SE Asia)
6 Battery Road
#16-01/02
Singapore 049909
DA SHUN SHIPPING: Creditors' Meetings Set for Aug. 3
----------------------------------------------------
Da Shun Shipping (Pte.) Ltd., which is in liquidation, will hold a
meeting for its creditors on Aug. 3, 2023, at 2:00 p.m., via
videoconference only.
Agenda of the meeting includes:
a. to receive an update on the winding up of the Company;
b. to appoint a Committee of Inspection; and
c. Any other matters relevant to the winding up of the
Company.
The company's liquidator is:
Yit Chee Wah
c/o FTI Consulting (Singapore)
1 Raffles Quay, #27-10
Singapore 048583
ENG INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 18
---------------------------------------------------------
Creditors of Eng Investments Holding Pte. Ltd. are required to file
their proofs of debt by Aug. 18, 2023, to be included in the
company's dividend distribution.
The company's liquidator is:
Lee Kay Beng
c/o 7500A Beach Road
#16-321 The Plaza
Singapore 199591
ENVY STRATEGIC: To Pay All GST Arrears, 60% of Valid Unsec. Claims
------------------------------------------------------------------
The Business Times reports that the proceeds from the liquidation
of a company belonging to alleged nickel trading scammer Ng Yu Zhi
will go towards paying the Comptroller of Goods and Services Tax in
full, and satisfy 60 per cent of the admitted unsecured claims in
initial dividends.
In a newspaper notice on July 18, a liquidator for Envy Strategic
Holdings, Toh Ai Ling, announced that 100 per cent of admitted
preferential claims and 60 per cent of all valid claims without
security will get paid on July 25, BT relates.
It will be the first and final payment to the preferential
creditor, and the first interim payout to unsecured creditors.
Toh, a partner and head of turnaround and restructuring at KPMG in
Singapore, said in response to queries from The Business Times that
the preferential creditor is the Comptroller of Goods and Services
Tax (GST).
She noted that a significant part of the admitted unsecured claims
are from related companies in the Envy group, which are in
compulsory liquidation, BT relays.
The dividends declared will form part of the aggregated pool of
assets of Envy Global Trading, Envy Asset Management and Envy
Management Holdings, to be distributed to the creditors in due
course, she said. All three companies are in liquidation.
She did not state the total amount of assets that Envy Strategic
Holdings has, or the amount of valid claims she has received,
including the GST arrears being claimed, according to BT.
Ng, at the centre of a US$1.1 billion alleged scam for which he is
facing 105 charges, is a shareholder of the Envy group of
companies.
His criminal matter has been sent to the High Court for further
hearing, BT notes. The prosecution in January sought to have what
it said was Singapore's largest investment fraud scheme to be tried
by the High Court, because it has the power to mete out sentences
that exceed the District Court's maximum sentencing jurisdiction of
20 years.
FIVE AND TWO SPORTZ: Court to Hear Wind-Up Petition on Aug. 4
-------------------------------------------------------------
A petition to wind up the operations of Five and Two Sportz &
Fitness Pte Ltd will be heard before the High Court of Singapore on
Aug. 4, 2023, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
July 13, 2023.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
GASTRONOMICA PTE: Creditors' Meetings Set for Aug. 4
----------------------------------------------------
Gastronomica Pte Ltd will hold a meeting for its creditors on
August 4, 2023, at 11:00 a.m., via electronic means.
Agenda of the meeting includes:
a. to present a Statement of the Company's affairs showing in
respect of assets the method and manner in which the
valuation of the assets was arrived at, together with a list
of the creditors and the estimated amount of the claims;
b. to consider the nomination of the Liquidators for the
Company and on the appointment of Mr. Saw Meng Tee and
Mr. Ong Shyue Wen as the Liquidators of the Company pursuant
to Section 167(1) of the Insolvency, Restructuring and
Dissolution Act 2018 (Act 40 of 2018);
c. to consider the appointment of a Committee of Inspection
pursuant to Section 169(1) of the Insolvency, Restructuring
and Dissolution Act 2018 (Act 40 of 2018); and
d. to consider any other matter which may properly be brought
before the meeting.
Saw Meng Tee and Ong Shyue Wen of EA Consulting Pte Ltd (a
subsidiary of EisnerAmper PAC) were appointed as Provisional
Liquidators of the company on July 7, 2023.
=================
S R I L A N K A
=================
SRI LANKA: Select Committee Probing Bankruptcy Met for First Time
-----------------------------------------------------------------
Newsfirst reports that the Select Committee appointed to
investigate Sri Lanka's bankruptcy met for the first time on July
18 in Parliament.
According to Newsfirst, the meeting focused on the committee's
future course of action, Chair of the committee SLPP General
Secretary Sagara Kariyawasam said.
They also discussed the names of those who will first be summoned
before the committee.
In the meantime, SJB General Secretary Ranjith Madduma Bandara will
not be part of the committee, Newsfirst reports. The SJB has
decided to appoint an alternative committee instead.
Newsfirst adds the government that was the reason for Sri Lanka's
bankruptcy has appointed the General Secretary of the same party to
probe the matter as well, Ranjith Madduma Bandara said.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-July, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency (LTLC) Issuer Default Rating (IDR) to 'C' from 'CC'.
The issue ratings on local-currency bonds have also been downgraded
to 'C' from 'CC'. The Long-Term Foreign-Currency (LTFC) IDR has
been affirmed at 'RD' (Restricted Default) and the Country Ceiling
at 'B-'. Fitch typically does not assign Outlooks to ratings of
'CCC+' or below.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
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