/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230727.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 27, 2023, Vol. 26, No. 150 Headlines A U S T R A L I A COWCH GROUP: In Liquidation; Closes All Stores Across Queensland FELMERI HOMES: Enters Liquidation, Debts Estimated at AUD20MM INCLING PTY: Second Creditors' Meeting Set for July 31 METSQUARE PTY: Second Creditors' Meeting Set for July 31 RAPTOR PROJECTS: First Creditors' Meeting Set for Aug. 2 ROYAL WINS: Forced Into Liquidation for Not Paying Staff SQM GROUP: First Creditors' Meeting Set for July 31 C H I N A COUNTRY GARDEN: Denies Again KPMG Is Probing Its Due Diligence DALIAN WANDA: Raises Funds From Beijing Investment Stake Sale DALIAN WANDA: Unit's Overseas Creditors Get Payment on 2023 Bond I N D I A ABACUS INDIA: Ind-Ra Assigns BB Bank Loan Rating AUTO PROFILES: Ind-Ra Migrates BB+ Issuer Rating to NonCooperating CAMERICH PAPERS: CRISIL Cuts Rating on Long/Short Term Debt to D CJN HITECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating H. R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating HBS CITY: CRISIL Keeps D Debt Ratings in Not Cooperating Category HIMGHAR UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating HLM INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating IDT CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating INNOVA FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating MAHALAKSHMI RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating MAHARAJA EDUCATION: CRISIL Keeps B+ Rating in Not Cooperating MAHAVIR COAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating MAIYAS BEVERAGES: CRISIL Keeps B+ Debt Ratings in Not Cooperating MAJUMDER AGRO: CRISIL Keeps B Debt Rating in Not Cooperating MARK INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating MAYAR INFRA: CRISIL Keeps B- Debt Ratings in Not Cooperating MILLIONAIRE DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating MOHAN GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating MOHTA PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating NARAYAN SWAROOP: CRISIL Cuts Rating on INR15cr Term Loan to B NARVEDA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating NATRAJ MOTELS: CRISIL Keeps D Debt Ratings in Not Cooperating ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating OZONE GRANITES: CRISIL Keeps B+ Debt Ratings in Not Cooperating PARAMESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating PARAMESWARA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating RAMKRISHNA AGENCIES: Ind-Ra Affirms BB LongTerm Issuer Rating RELISHAH EXPORTS: Ind-Ra Affirms & Withdraws BB Issuer Rating SIGMA CHEMTRADE: Ind-Ra Affirms BB+ LongTerm Issuer Rating SPICEJET LTD: Acres Buildwell Formally Withdraws Insolvency Bid VIJAY TEXTILES: Ind-Ra Moves D Issuer Rating to Non-Cooperating I N D O N E S I A STAR ENERGY: Moody's Affirms 'Ba3' Rating on Senior Secured Debt N E W Z E A L A N D BMC TRADING: Creditors' Proofs of Debt Due on Sept. 20 COTTONTAILS CHILDCARE: Creditors' Proofs of Debt Due on Aug. 21 JAZ HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3 KELBY LIMITED: Creditors' Proofs of Debt Due on Aug. 29 PLUMB LAB: Court to Hear Wind-Up Petition on Aug. 4 TARANAKI YOUNG: Faces Liquidation Bid for Tax Debt S I N G A P O R E BON VITE: Placed in Provisional Liquidation FEUDALITE TRADING: Court to Hear Wind-Up Petition on Aug. 11 FOODIE INC: Court to Hear Wind-Up Petition on Aug. 11 HOSPITALITY & TOURISM: Court Enters Wind-Up Order SAL TRADING: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= COWCH GROUP: In Liquidation; Closes All Stores Across Queensland ---------------------------------------------------------------- 7News reports that dessert chain Cowch has gone into liquidation, closing its locations across Queensland. The first Cowch store opened in Brisbane's South Bank in 2014, and became a franchise in 2019, with stores opening in Chermside, Mt Gravatt and Broadbeach. Arif Memis, who founded the chain with his wife Havva Memis, shared the news in a post on his LinkedIn profile, 7News relates. "It is with a heavy heart and a mix of emotions that we write this letter to inform you of the closure and liquidation of our beloved business, Cowch," Mr. Memis wrote. "As founders, owners, and husband and wife team, we have poured our hearts and souls into building Cowch from the ground up, and it pains us deeply to reach this difficult decision." Cowch went into voluntary administration four months ago, and has unsuccessfully been seeking an investor during this time, 7News recalls. "We explored every avenue, leaving no stone unturned, in the hopes of finding a lifeline that would allow Cowch to continue serving our delightful dessert cocktails and mouthwatering desserts," Mr. Memis, as cited by 7News, said. "Regrettably, despite our unwavering dedication and tireless efforts, we have been unable to secure the necessary investment." Mr. Memis thanked everyone who has supported the business, and expressed gratitude to all the company's staff. "Cowch has been a labour of love, a dream that we nurtured and watched flourish over the years," he said. "We are immensely proud of what we have achieved and the mark we have made on the dessert and cocktail scene." FELMERI HOMES: Enters Liquidation, Debts Estimated at AUD20MM ------------------------------------------------------------- Jess Liddy at Yorke Peninsula Country Times reports that commercial building company Felmeri Homes has been liquidated. The appointed builder of the Wallaroo Shores resort development went into voluntary administration in May, the report says. Felmeri has debts of between AUD10 million and AUD20 million owed to up to 35 organisations including site developer Copper Coast Investments (Monopoly Property Group) and Mobil Kadina, YPCT discloses. At the meeting of the company's creditors on July 17, it was resolved Felmeri Builders and Developers Pty Ltd (trading as Felmeri Homes) be wound up and administrator Leigh Prior appointed as the company's liquidator, according to YPCT. The report says the company provided a Deed of Company Arrangement to the administrator on July 13 in a last ditch-bid but Mr. Prior clarified there was no "DOCA builder" involved with the proposal. According to the report, MPG founder Ben Howard said the Wyndham Wallaroo Shores Resort was still progressing. "Our project development partners, investors and project management team are committed to delivering a successful outcome," the report quotes Mr. Howard as saying. "It's been amazing to see both local and international groups come together to overcome difficult market conditions and the added complexity of the builder going into liquidation. "The group is very passionate, as are we, to overcoming these issues." YPCT adds that Mr. Howard said the company was in the process of signing new agreements which include revised timelines and funding requirements for the completion of the project. "We have been working with residential and larger commercial builders who have the ability to coordinate the successful delivery of the project to a high standard," he said. Felmeri Homes was South Australian residential construction company. INCLING PTY: Second Creditors' Meeting Set for July 31 ------------------------------------------------------ A second meeting of creditors in the proceedings of Incling Pty Limited has been set for July 31, 2023 at 10:00 a.m. by 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 28, 2023 at 4:00 p.m. Atle Crowe-Maxwell of DBA Advisory was appointed as administrator of the company on July 7, 2023. METSQUARE PTY: Second Creditors' Meeting Set for July 31 -------------------------------------------------------- A second meeting of creditors in the proceedings of Metsquare Pty Ltd has been set for July 31, 2023 at 10:30 a.m. at the offices of WLP Restructuring at Suite 21.02, Level 21, Australia Square, 264 George Street in Sydney. 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 28, 2023 at 4:00 p.m. Glenn Livingstone and Alan Walker of WLP Restructuring were appointed as administrators of the company on June 27, 2023. RAPTOR PROJECTS: First Creditors' Meeting Set for Aug. 2 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Raptor Projects Pty Ltd will be held on Aug. 2, 2023, at 10:30 a.m. at the offices of SV Partners at 22 Market Street in Brisbane and via electronic facilities. David Michael Stimpson and Terry van der Velde of SV Partners were appointed as administrators of the company on July 21, 2023. ROYAL WINS: Forced Into Liquidation for Not Paying Staff -------------------------------------------------------- Max Mason at Australian Financial Review reports that a former staff member of an Australian wagering and games developer looking to claw back unpaid salary, superannuation and annual leave has successfully fought to have its local operations forcibly wound up. According to AFR, Royal Wins, an Australian mobile developer of wagering and betting games which is listed in the US and Canada, and run out of Sydney until mid-2022, will have its Australian entity liquidated following an order last month from the Supreme Court of NSW. About AUD3.3 million of unassessed creditor claims have been lodged, with the largest, about AUD3.2 million, from the Australian Taxation Office. In April, after not being paid for a year, the former staff member - owed almost AUD40,000 - made a statutory demand for their pay owed from April, May and June 2022, when the company sacked most of its Australian staff, AFR recalls. Royal Wins did not pay, so the individual applied to the court to wind up the company. In June, the NSW Supreme Court ordered Rapsey Griffiths Turnaround & Advisory be appointed liquidator of Royal Wins. The company did not respond to The Australian Financial Review's approach for comment. The ATO has a penalty regime it can invoke for unpaid superannuation. Company directors can be personally liable for a company's unpaid super if the minimum super for employees is not paid on time and to the right fund. The ATO can order directors to pay the super guarantee charge, which is more than the super that would have been required to be paid, and is not tax deductible. According to AFR, Royal Wins shares have not traded since November because of a failure to file its audited accounts on time for the 2022 financial year. It has also failed to file its accounts for the six months to December 31, 2022. AFR relates that Royal Wins blames a change in auditor in Australia in August 2022 after errors were found relating to a significant tax obligation owed to the ATO over denials of research and development claims in 2016 and 2017. Royal Wins owes AUD2.7 million to the ATO, AFR discloses citing June 30, 2022 accounts, filed in April this year. The accounts also detailed AUD696,000 Royal Wins owes to a contractor who renovated its Australian offices, and AUD132,000 in lease payments. It hasn't used the office since its local workforce was terminated. Royal Wins has not actively promoted the Kash Karnival game since the end of the last financial year, its accounts said. Liquidator Mitch Griffiths said investigations were in an early stage, and documents hade been requested, AFR relays. "The liquidator is currently aware of creditor claims totalling AUD3,281,652. These claims have not been reviewed at this stage and this figure is subject to change as the liquidation continues," the report quotes Mr. Griffiths as saying. "The ATO has lodged a claim in the sum of AUD3,225,520 and is not involved in the liquidation, other than as a creditor, at this stage." SQM GROUP: First Creditors' Meeting Set for July 31 --------------------------------------------------- A first meeting of the creditors in the proceedings of SQM Group NSW Pty Ltd will be held on July 31, 2023, at 10:00 a.m. at the offices of WLP Restructuring at Suite 21.02, Level 21, Australia Square, 264 George Street in Sydney and via virtual meeting technology. Alan Walker and Glenn Livingstone of WLP Restructuring were appointed as administrators of the company on July 20, 2023. ========= C H I N A ========= COUNTRY GARDEN: Denies Again KPMG Is Probing Its Due Diligence -------------------------------------------------------------- Yicai Global reports that shares of Country Garden Holdings fell despite the Chinese property developer denied for the second time this week that it invited accounting giant KPMG to conduct a due diligence probe into its assets and liabilities. Country Garden closed 3.4 percent down at HKD1.44 (18 US cents) on July 26, after earlier surging as much as 5.4 percent. The stock plunged 5.5 percent on July 21 and 8.7 percent on July 24 but closed up 18.3 percent on July 25. The ET Net report published on July 24 claiming KPMG was invited to conduct a due diligence probe on Country Garden's assets and debts is untrue, The Paper reported later on July 25, citing an insider at the Foshan-based company, according to Yicai Global. Country Garden's founder Yang Guoqiang and his daughter and Chairman of the company Yang Huiyan are working normally at the headquarters, The Paper reported earlier this week. Country Garden Holdings Company Limited is an investment holding company principally engaged in the sales of properties. The Company operates its business through five segments: Property Development segment, Construction Fitting and Decoration segment, Property Investment segment, Property Management segment and Hotel Operation segment. The Company's subsidiaries include Wuhan Country Garden Lianfa Investment Co., Ltd, Jurong Country Garden Property Development Co., Ltd and Chuzhou Country Garden Property Development Co., Ltd. As reported in the Troubled Company Reporter-Asia Pacific in September 2022, S&P Global Ratings lowered its long-term issuer credit rating on Country Garden to 'BB' from 'BB+'. The negative outlook on Country Garden reflects the risk that the company's liquidity buffer and leverage could further deteriorate due to weaker sales and a high amount of construction expenditure. DALIAN WANDA: Raises Funds From Beijing Investment Stake Sale ------------------------------------------------------------- South China Morning Post reports that Dalian Wanda Group, China's biggest commercial property developer, may avert a bond default after it agreed to sell a stake in a wholly owned subsidiary to raise CNY2.26 billion (US$314.4 million), its third stake disposal in its units this month that underscores its liquidity stress amid mounting debt-servicing pressure. Tencent Holdings-backed China Ruyi Holdings will buy a 49 per cent stake in Beijing Wanda Investment through its unit Shanghai Ruyi Television Production, according to a filing to the Hong Kong stock exchange on July 23, the Post relays. The two sides signed the stake-transfer deal on July 20, it said. The Post relates that the proceeds from the stake sale in Beijing Wanda Investment will be used to service a US$400 million bond of affiliate Wanda Commercial Management Group that was due on July 23, Reuters and Chinese media The Paper reported, citing unidentified sources. The Post says the stake sale may ease the liquidity crunch facing Wanda Group after S&P Global and Fitch Ratings downgraded their ratings on Wanda Commercial Management this month, questioning its ability to repay the maturing debt. A liquidity crunch has been piling up in Chinese property developers as a rebound in home sales sputters and top policymakers refrain from significantly loosening the property market, with the focus shifting to pursuing high-quality growth. After the stake transfer, Wanda Group will control 49.8 per cent of Beijing Wanda Investment while founder Wang Jianlin still owns 1.2 per cent, the Post notes. It is the third time that billionaire Wang has offloaded assets within Wanda's subsidiaries this month, the Post notes. Beijing Wanda Investment sold a combined 357 million shares, or a 16.4 per cent stake, in Shenzhen-listed Wanda Film Holding in two separate deals in July. It currently has a 20 per cent stake in the cinema operator. "Shanghai Ruyi currently has no intention to appoint a director to Beijing [Wanda] Investment and has no plan to participate in its daily operation and management," China Ruyi said in the statement, the relays. "Beijing [Wanda] Investment will not be a subsidiary of the company and its financial results will not be consolidated into the company's consolidated financial statements." China Ruyi is 25 per cent owned by Water Lily Investment, a unit of Tencent. The company is a live-streaming operator that offers subscription-only paid content. It is involved in the production and distribution of some of China's highest-grossing films such as Hi, Mom and Detective Chinatown, according to its website. The deal will give China Ruyi indirect control of 9.8 per cent of Wanda Film through Beijing Wanda Investment, Wanda Film said in an exchange statement on July 35, adds the Post. About Dalian Wanda Dalian Wanda Commercial Management Group Co., Ltd. operates as a commercial property developer, owner, and operator. The Company develops and manages mixed-use property projects including retail, office, hotel, residential, restaurant, entertainment, and other projects. Dalian Wanda Commercial Management Group conducts businesses in China. As reported in the Troubled Company Reporter-Asia Pacific on July 10, 2023, Moody's Investors Service downgraded Dalian Wanda Commercial Management Group Co., Ltd.'s (DWCM) corporate family rating to B1 from Ba2. Moody's also downgraded Wanda Commercial Properties (HK) Co. Limited's (Wanda HK) CFR to B3 from B1. The senior unsecured ratings on the bonds issued by Wanda Properties Global Co. Limited, Wanda Properties Overseas Limited and Wanda Properties International Co. Limited to B3 from B1. Wanda Properties Global, Wanda Properties Overseas and Wanda Properties International are wholly owned subsidiaries of Wanda HK. The rated bonds are guaranteed by Wanda HK and supported by deeds of equity interest, purchase undertakings and keepwell deeds between DWCM, Wanda HK and the bond trustee. Moody's has also changed the rating outlook on DWCM and its subsidiaries to negative from ratings under review. This concludes the rating review initiated on May 5, 2023. DALIAN WANDA: Unit's Overseas Creditors Get Payment on 2023 Bond ---------------------------------------------------------------- Reuters reports that some holders of a $400 million bond issued by Wanda Properties Overseas have received payments on the note which matured on July 23, two sources familiar with the situation said on July 25. However, holders of a bond issued by another unit of China's largest commercial real estate developer Dalian Wanda Group, Wanda Properties Global, had not received a coupon payment by July 25 on a note maturing in 2025, one of the sources added. The interest payment on the $400 million bond had been due on July 20, and has a 10-day grace period, according to Fitch. About Dalian Wanda Dalian Wanda Commercial Management Group Co., Ltd. operates as a commercial property developer, owner, and operator. The Company develops and manages mixed-use property projects including retail, office, hotel, residential, restaurant, entertainment, and other projects. Dalian Wanda Commercial Management Group conducts businesses in China. As reported in the Troubled Company Reporter-Asia Pacific on July 10, 2023, Moody's Investors Service downgraded Dalian Wanda Commercial Management Group Co., Ltd.'s (DWCM) corporate family rating to B1 from Ba2. Moody's also downgraded Wanda Commercial Properties (HK) Co. Limited's (Wanda HK) CFR to B3 from B1. The senior unsecured ratings on the bonds issued by Wanda Properties Global Co. Limited, Wanda Properties Overseas Limited and Wanda Properties International Co. Limited to B3 from B1. Wanda Properties Global, Wanda Properties Overseas and Wanda Properties International are wholly owned subsidiaries of Wanda HK. The rated bonds are guaranteed by Wanda HK and supported by deeds of equity interest, purchase undertakings and keepwell deeds between DWCM, Wanda HK and the bond trustee. Moody's has also changed the rating outlook on DWCM and its subsidiaries to negative from ratings under review. This concludes the rating review initiated on May 5, 2023. ========= I N D I A ========= ABACUS INDIA: Ind-Ra Assigns BB Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has rated Abacus India Agencies Private Limited's (AIAPL) bank facilities as follows: -- INR205 mil. Fund-based limits assigned with IND BB/Stable/ IND A4+ rating; -- INR20 mil. Non-fund-based limits assigned with IND A4+ rating; and -- INR23.62 mil. Term loans due on March 2026 assigned with IND BB/Stable rating. Key Rating Drivers The ratings reflect AIA's modest credit metrics, with net financial leverage (adjusted net debt/operating EBITDAR) of 5.54x in FY23 (FY22: 6.07x) and interest coverage (operating EBITDAR/gross interest expense + rent) of 1.34x (1.26x). In FY23, the credit metrics improved due to an increase in the absolute EBITDA to INR92.93 million (FY22: INR70.99 million). Ind-Ra expects the credit metrics to improve over the medium term on account of continued improvement in the absolute EBITDA, led by revenue growth. FY23 numbers are provisional in nature. The ratings further reflect AIA's modest EBITDAR margin due to the nature of the business. The margin fell to 10.75% in FY23 (FY22: 13.59%) owing to an increase in the cost of sales. The ROCE was 9.80% in FY23 (FY22: 9%). Ind-Ra expects the EBITDAR margin to remain at similar levels in FY24, given the nature of operations. The ratings also factor in AIA's medium scale of operations, with revenue of INR2,019.9 million in FY23 (FY22: INR1313.80 million). The revenue increased in FY23 owing to the opening of new stores in Uttar Pradesh, Delhi and Maharashtra. Ind-Ra expects the revenue to grow further in FY24, led by the setting up of 25 new stores. Liquidity Indicator–Stretched: AIA's average maximum utilization of its fund-based limits was 97.70% during the 12 months ended May 2023, and its non-fund-based limits were fully utilized over the same period. AIA's net working capital cycle improved to 75 days in FY23 (FY22: 121 days) due to a decline in inventory days to 114 days (212 days). The cash flow from operations remained negative at INR143.71 million in FY23 (FY22: negative INR163.34 million), mainly on account of unfavorable changes in working capital. Furthermore, the free cash flow remained negative at INR203.98 million in FY23 (FY22: negative INR237.88 million) due to the incurring of capex of INR60.27 million. The cash and cash equivalents stood at INR21.74 million at FYE23 (FY22: INR15.64 million), against repayment obligations of INR38.8 million and INR27.4 million in FY24 and FY25, respectively. AIA does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The ratings benefit from AIA's long-term association with various established brands such as Sketchers, United Colors of Benetton, and Rare Rabbit. The ratings continue to be supported by the promoter's experience of two decades in the agencies business. Rating Sensitivities Negative: Decline in the scale of operations, resulting in deterioration in the credit metrics, with the net leverage exceeding 6x, and/or weakening of the liquidity position of the company, all on a sustained basis, could lead to a negative rating action. Positive: Significant improvement in the scale of operations along with an improvement in the liquidity position and credit metrics, with the net leverage falling below 5.0x, could lead to a positive rating action. Company Profile Incorporated in 2011, AIA is a Lucknow-based company that is a channel partner for multi-brand outlets in the B2B segment. It is also engaged in the trading of fashion wear, shoes and jewelry of various brands, such as UCB and Sketchers. It has stores across India. AUTO PROFILES: Ind-Ra Migrates BB+ Issuer Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Auto Profiles Limited's (APL) Long-Term Issuer Rating of 'IND BB+' to non-cooperative category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR200 mil. Fund-based working capital limits migrated to non- cooperative category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR15 mil. Non-fund-based working capital limits migrated to non-cooperative category with IND A4+ (ISSUER NOT COOPERATING) rating; -- INR98.80 mil. Term loan due on September 2024 migrated to non- cooperative category with IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR75.60 mil. Working capital term loan due on January 2026 migrated to non-cooperative category with IND BB+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The issuer did not co-operate, based on the best available information. The ratings were last reviewed on May 13, 2022. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 1989, Jamshedpur-based APL is promoted by Bikash Mukherjee. The company manufactures sheet metal pressed auto components. It has a total production capacity of 86,400 metric tons per annum. CAMERICH PAPERS: CRISIL Cuts Rating on Long/Short Term Debt to D ---------------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Camerich Papers Pvt Ltd (CPPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' due to delays in servicing debt obligation. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with CPPL for obtaining the no default statement (NDS) through letters/emails dated April 28, 2023, May 31, 2023, and June 30, 2023, apart from telephonic communication. After non-receipt of NDS for two consecutive months, a letter dated June 23, 2023, was sent reminding the issuer to share the NDS. However, the entity has remained noncooperative for the past three months. Therefore, the issuer is being classified as 'noncooperative' in line with Clause 11. 3 of the Operational Circular for Credit Rating Agencies issued by the Securities and Exchange Board of India, dated January 6, 2023. 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 noncooperation by a rated entity may be a result of deterioration in its credit risk profile. The rating with 'Issuer not cooperating' suffix lacks 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 CPPL. which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that the rating action on CPPL is consistent with 'Assessing Information Adequacy Risk' Further, CRISIL Ratings has reached out to the lenders of CPPL to confirm timely debt servicing during these months. It has been clarified that CPPL has delayed repayment of equated monthly installment for May 2023 by more than 70 days and not yet paid the June 2023 and July 2023 installments as well. Thus, CRISIL Ratings has downgraded its ratings on the bank facilities of CPPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' due to delays in servicing debt obligation. CPPL, incorporated in 2014, produces specialty packaging boards such as folding box boards and white top craft liners. Its facility at Morbi in Gujarat has installed capacity of 9,000 metric tonne per month. Mr. Yogesh Patel and Mr. Jaydeep Jadeja are the promoters. Status of non cooperation with previous CRA: CPPL did not cooperate with Credit Analysis & Research Ltd, which has classified it as issuer not cooperative vide release dated March 20, 2020. The reason provided by Credit Analysis & Research Ltd was non-furnishing of information for rating review. CPPL did not cooperate with India Ratings And Research Pvt Ltd, which has classified it as issuer not cooperative through release dated March 28, 2022. The reason provided by India Ratings And Research Pvt Ltd was non-furnishing of information for rating review. CJN HITECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of CJN Hitech Motors Private Limited (CJNH; formerly known as Hitech Motors) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Electronic Dealer 9 CRISIL B+/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Electronic Dealer 3 CRISIL B+/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Long Term Loan 0.82 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 1.98 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.20 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with CJNH 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 CJNH, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CJNH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CJNH continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 1996 and based in Tirupati, Andhra Pradesh (AP), HM is an authorized dealer for commercial vehicles of Eicher Motors Ltd in five districts of AP. The firm currently operates seven showrooms in AP and is managed by Mr. K V Chandrasekhar, Mr. C Niranjan, and Mr. C Jagannatha Reddy. In Sep 2015, the firm has also taken dealer ship for the passenger cars of Nissan Motor CO. Ltd. (Nisan) in Tirupati and Anantapur. H. R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of H. R. International Limited (HRIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Foreign Documentary 10 CRISIL D (Issuer Not Bills Purchase Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 7 CRISIL D (Issuer Not Cooperating) Packing Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6.06 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.94 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HRIL 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 HRIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HRIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HRIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. HRIL, part of the Mall group of Kolkata, trades in jute and jute-based products. The company commissioned a jute-bag manufacturing unit in December 2011 with total capacity of 63,000 bags per annum. The Mall family has a track record of over 100 years in the jute business (including trading and manufacturing). The business was started by Mr. Harkisandas Ramkishendas Mall and is currently being managed by the family's fourth generation. HBS CITY: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of HBS City Private Limited (HBS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.05 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.95 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HBS 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 HBS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HBS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HBS continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 2008, HBSCPL is a special-purpose vehicle set up by HBS Realtors Pvt Ltd to develop a township project in Panoli, Ankleshwar (Gujarat). It has presently undertaken construction of phase-1 of project which is spread over 8 acres with about 680 saleable units. HIMGHAR UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Himghar Udyog Pvt Ltd (HUPL; part of Somnath group) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.97 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.14 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.75 CRISIL B+/Stable (Issuer Not Cooperating) Working Capital 0.92 CRISIL B+/Stable (Issuer Not Loan Cooperating) CRISIL Ratings has been consistently following up with HUPL 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 HUPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HUPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of Chinsurah Cold Storage- Prop Bansidhar Agarwalla & Company Pvt Ltd (CCS); Shree Hazarilal Cold Storage Pvt Ltd (SHCSPL); Somnath Cold Storage Private Limited (SCSPL) and HUPL. This is because these entities, collectively referred to as the Somnath group, have a common management and line of business, with operational linkages. The Somnath Group is promoted by the Kolkata-based Agarwal family, which has been engaged in providing cold storage facilities to potato farmers and traders since 1963. The group comprises has four cold storage companies, across West Bengal - SCPL; CCS; HUPL and SHCSPL. CCS (incorporated in 1963), SCPL (1984), HUPL (1986), and SHCSPL, (2003), have their cold storage facilities at Hooghly, Burdwan, Bankura and and Jalpaiguri districts of West Bengal. HLM INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of HLM India Private Limited (HIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10.85 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.65 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HIPL 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 HIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HIPL continues to be 'CRISIL D Issuer Not Cooperating'. For arriving at its rating, CRISIL Ratings has combined the business and financial risk profiles of HIPL, Lohr India Automotive Pvt Ltd (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. IDT CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of IDT Clothing Private Limited (IDT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Export Packing 9.0 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 1.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with IDT 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 IDT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on IDT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IDT continues to be 'CRISIL D Issuer Not Cooperating'. Established as a partnership firm in 2002 by Mr. Suraj Gupta and his brother, Mr. Amar Gupta, IDT was reconstituted as a private limited company in 2006. The company manufactures and exports ready-made garments for men. INNOVA FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Innova Fabtex Private Limited (Innova) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with Innova 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 Innova, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Innova is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Innova continues to be 'CRISIL D Issuer Not Cooperating'. SKT was established in 2006 by Mr. Sunil Kukreja. The firm manufactures and trades in fabrics, mainly cotton, polyester, and cotton-polyester fabrics. Later on in 2014, he along with his wife, Mrs Lisha Kukreja, set up Innova in 2014; which is also engaged in the same line of business. MAHALAKSHMI RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahalakshmi Rice Mills (MRM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.75 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 1 CRISIL B+/Stable (Issuer Not Cooperating) Warehouse Financing 1.25 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MRM 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 MRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MRM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in April 2011 as a partnership firm by Mr. Ashwini Bansal and Mr. Harikrishan Bansal, MRM processes paddy into non-basmati rice at its units in Firozpur, Punjab, which have capacity of 8 tonne per hour. MAHARAJA EDUCATION: CRISIL Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Maharaja Education Trust (MET) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 6 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MET 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 MET, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MET continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. MET, located in Mysore (Karnataka), and was established in 2005 as a trust registered under the Indian Registration Act, 1902, with the objective of promoting education, both technical and non-technical. The trust governs many institutions offering schooling, undergraduate, and post-graduate courses in engineering, commerce, business management, and corporate social responsibility. MAHAVIR COAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahavir Coal Resources Private Limited (MCRPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Issuer Not Cooperating) Cash Credit 16 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MCRPL 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 MCRPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MCRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCRPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. MCRPL was originally established in 1990 as a proprietorship concern by Mr. Uttam Chand Jain; the firm was reconstituted as a private limited company in 2008. MCRPL trades in coal. It procures coal mainly from Coal India Ltd (CIL) and CIL's subsidiaries, and sells to companies such as Jaypee Cement Ltd, ACC Ltd, Ambuja Cements Ltd, and RSWM Ltd. MCRPL's warehouses are located in Katni (Madhya Pradesh), Bilaspur (Chhattisgarh), and Nagpur (Maharashtra). The company's registered office is in Katni. MAIYAS BEVERAGES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maiyas Beverages and Foods Private Limited (MBFPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 10 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Proposed Working 10 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) CRISIL Ratings has been consistently following up with MBFPL 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 MBFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MBFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MBFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. MBFPL is a private limited company incorporated in 2008 and promoted by Mr. P Sadananda Maiya. Based in Bengaluru, the company manufactures and processes various ready-to-eat food products, pickles, beverages, spices, instant mixes, and savories; and sells under the brand, Maiyas. MAJUMDER AGRO: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Majumder Agro Industries Private Limited (MAIPL) 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 MAIPL 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 MAIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MAIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2010, MAIPL mills and processes par-boiled rice with an installed capacity of 16 tonnes per day. Mr. Nitya Majumder, Mr. Argha Deep Majumdar, and Mr. Rupali Majumdar are the promoters. Daily operations are managed by Mr. Nitya Majumder. MARK INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mark International Foods Stuff Private Limited (MIFSPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 3 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with MIFSPL 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 MIFSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MIFSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIFSPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. MIFSPL was set up in 2012, by the promoter, Mr. Riyaz Kader. The company processes and exports buffalo and other meat products, and has a slaughter house and processing facility at Sangli, Maharashtra. MAYAR INFRA: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Mayar Infrastructure Development Private Limited (MIDPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 24.32 CRISIL B-/Stable (Issuer Not Term Loan Cooperating) Term Loan 115.68 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Mayar Infrastructure Development Private Limited (MIDPL) 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 MIDPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MIDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIDPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Incorporated in 1995, MIDPL is a part of the Mayar group. It operates a Biotech SEZ at Sohna, Haryana, to support research & development and manufacturing activities for biotech companies. MILLIONAIRE DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Millionaire Developers (MD) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MD 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 MD, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MD continues to be 'CRISIL B/Stable Issuer Not Cooperating'. MD belongs to the Galaxy Group established in 1989 by the Patel family based in Surat. The company is currently developing a residential and commercial real estate project, Galaxy Enclave, at Pal (Surat). MOHAN GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mohan Gems and Jewels Private Limited (MGJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 42.77 CRISIL D (Issuer Not Cooperating) Cash Credit 27.69 CRISIL D (Issuer Not Cooperating) Cash Credit 14.15 CRISIL D (Issuer Not Cooperating) Cash Credit 15.39 CRISIL D (Issuer Not Cooperating) Funded Interest 25 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 96.23 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 62.30 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 34.63 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 31.84 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with MGJPL 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 MGJPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MGJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MGJPL continues to be 'CRISIL D Issuer Not Cooperating'. MGJPL, promoted by Mr. Murari Lal Soni, is a private limited company incorporated in 2006. It manufactures gold jewellery ranging from 18 to 24 carats. The company also has a retail showroom in the Karol Bagh area of Delhi. MOHTA PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mohta Plywood Industries Private Limited (MPIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 13 CRISIL D (Issuer Not Cooperating) Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Packing Credit 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MPIPL 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 MPIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1981 and promoted by Mr. Pawandeep Sachdeva and family, MPIPL is engaged in manufacturing and exports of the ready-made garments. Company is also engaged in manufacturing and trading of plywood. NARAYAN SWAROOP: CRISIL Cuts Rating on INR15cr Term Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Narayan Swaroop Hospital (NSH) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with NSH 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 NSH, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NSH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NSH Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. NSH was set up in 2016 by Dr Rajeev Singh. It operates a hospital at Prayagraaj (Uttar Pradesh). NARVEDA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Narveda Motors Private Limited (NMPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Inventory Funding 4.75 CRISIL B/Stable (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with NMPL 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 NMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NMPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 1998, NMPL is based in Lucknow, Uttar Pradesh. It is an authorised dealer of commercial vehicles such as trucks, buses and tractors of Volvo-Eicher and construction equipment of Escorts. The company operates two showrooms and three service centers in Lucknow and Faizabad in Uttar Pradesh. The company is owned and promoted by Mr. Vishal Gupta and his family members. NATRAJ MOTELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Natraj Motels Private Limited (NMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with NMPL 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 NMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NMPL continues to be 'CRISIL D Issuer Not Cooperating'. NMPL was established in 2007 by Aurangabad-based Mr. Kotgire and his friends to set up a hotel in Aurangabad. ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Origin Corporation (OC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.67 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.68 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with OC 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 OC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OC continues to be 'CRISIL D Issuer Not Cooperating'. OC was set up in 2006 in Indore (Madhya Pradesh) by Mr. Tapash Roy, Mrs. Ajanta Roy, and Mr. Animesh Roy. It was initially involved in trading in polyester yarn. However, in 2008, the firm started processing polyester yarn in the count range of 20s to 80s. Gradually, it also started manufacturing sewing threads. OZONE GRANITES: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ozone Granites Private Limited (OGPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 2 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Working 0.5 CRISIL B+/Stable (Issuer Not Capital Facility Cooperating) CRISIL Ratings has been consistently following up with OGPL 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 OGPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OGPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 2012, Ernakulam (Kerala)-based OGPL manufactures blue metals and M-Sand. The company is promoted by Mr. PM Ashraf, Mr. PM Basheer, and Mr. PM Nazar. PARAMESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Parameswara Agencies (Parameswara) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Parameswara 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 Parameswara, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Parameswara is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Parameswara continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Parameswara, set up in 1941 by Mr. K Nageswara Rao, trades in cotton lint and processes waste paper. The firm is based in Guntur, Andhra Pradesh. PARAMESWARA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Parameswara Cotton Mills (PCM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 0.7 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 0.3 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PCM 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 PCM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PCM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. PCM, set up in 1972 and promoted by Mr. K Nageswara Rao, gins and presses cotton. The firm is based in Guntur, Andhra Pradesh. RAMKRISHNA AGENCIES: Ind-Ra Affirms BB LongTerm Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Ramkrishna Agencies' (RA) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR630 mil. (increased from INR430 mil.) Fund-based working capital limits affirmed with IND BB/Stable rating; and -- INR60 mil. Non-fund-based working capital limits affirmed with IND A4+ rating. ANALYTICAL APPROACH: RA is part of the Hans group of companies. To arrive at the ratings, Ind-Ra continues to factor in the possibility of support to be provided by other Hans group companies, which include Shakti Agencies Private Limited ('IND BBB-'/Stable), Sai Shakti Agencies (IND BBB-/Stable), Max International ('IND BB+'/Negative) and Hindustan Distributors ('IND BB+'/Negative). The promoters have informed the agency that the promoters/other group entities will provide financial support to any of the group entities, if required. The group companies are engaged in the trading and retailing of products such as fast-moving consumer goods, mobile phones, consumer durables, and gems/jewelry. Key Rating Drivers The ratings reflect RA's medium scale of operations. The revenue grew to INR4,840 million in FY23 (FY22: INR3,768 million, FY21: INR4,733 million) on the back of increased demand for mobile phones post the easing of COVID-19 restrictions and increased sales of air conditioners amid soaring temperatures. The sale of Samsung mobile phones constituted more than 80% of the total revenue in FY23. The company's operations were shut for 111 days during April-June 2021 and another 21 days during July-August 2021 due to the delta wave of COVID-19. However, Ind-Ra expects the revenue to grow further over the near-to-medium term amid higher demand for latest mobile phones. FY23 numbers are unaudited. The ratings also factor in the company's modest EBITDA margin of 4.3% in FY23 (FY22: 1.4%, FY21: 2.25%) with a return on capital employed of 10.5% (2.6%, 8.1%). The increase in margin was owing to better absorption of fixed costs with expanding sales, and higher commission and incentive income. However, Ind-Ra expects the margins to remain at FY23 levels in the short-to-medium term amid increasing revenue, and commission and incentive income, owing to the trading nature of the business. The ratings continue to factor in RA's modest credit metrics. The gross interest coverage (operating EBITDA/gross interest expenses) improved to 1.76x in FY23 (FY22: 0.56x, FY21: 1.06x) and the net leverage (total net debt/operating EBITDA) to 7.48x, albeit stood high, (23.89x, 9.4x) owing to an increase in operating profitability. Ind-Ra expects the credit metrics to improve further over the medium term because of a likely increase in the revenue and profitability, as well as scheduled debt repayments. Liquidity Indicator - Stretched: The average peak utilization of the fund-based limits was around 96% during the 12 months ended May 2023. The cash flow from operations remained negative at INR340.4 million in FY22 (FY21: negative INR93.2 million) due to a lower absolute EBITDA, along with unfavorable changes in working capital. The net working capital cycle elongated to 96 days in FY22 (FY21: 60 days) due to an increase in the inventory holding period to 66 days (44 days) and debtor collection period to 61 days (56 days), as well as a decline in the payable period to 31 days (41 days). The company had a cash balance of INR1.2 million at FYE23 (FYE22: INR4.58 million). It has scheduled debt repayments of INR22.5 million in FY24 and INR45.1 million in FY25. However, the ratings remain supported by the company's experienced promoters. The company is owned by the Odisha-based Hans family, which has diversified interests in various segments such as gems and jewelry, fast-moving consumer goods, and electronics. The family has more than four decades of experience in the trading of these products in Odisha, giving it an edge in supply chain management as well as strong distribution capabilities, which is critical in the trading business. As a result, the group is a preferred supplier/distributor for large multinationals that cater to the Odisha market. The ratings also continue to benefit from Hans group's association with reputed brands such as Samsung India, Hindustan Unilever Limited, Britannia Industries Limited, Tata Global Beverages Limited, Nestle India Limited, and Tanishq (a brand of Titan Company Limited), among others. The group has been associated with some of these brands for more than 30 years. On a consolidated basis, the revenue grew to INR17,752 million in FY23 (FY22: INR14,373 million, FY21: INR14,466 million) with easing pandemic restrictions and growing demand for mobile phones and air-conditioners, along with fast-moving consumer goods segment in addition to benefits from the rising gold prices. The group's EBITDA margin was modest at 5.72% in FY23 (FY22: 3.91%, FY21: 5.56%) with a return on capital employed of around 12.5% (8%, 15.7%). The interest coverage (operating EBITDA/ gross interest expenses) improved to 2.03x in FY23 (FY22: 1.23x, FY21: 1.69x) and net leverage (net debt/operating EBITDA) to 5.86x (7.83x, 4.22x) due to improved profitability and proportionately lower interest cost due to reduced bank interest rates for some entities, despite optically higher debt level. Ind-Ra expects the credit metrics to improve further over the medium term on the back of increasing revenue and scheduled debt repayments. Rating Sensitivities Negative: Deterioration in the scale of operations or operating profitability or cash flow from operations, resulting in the standalone net leverage remaining above 6.5x on a sustained basis and/or deterioration in the liquidity position or a weakening of linkages with Hans group on a sustained basis, could result in a negative rating action. Positive: A substantial increase in the scale of operations or operating profitability, along with an improvement in the liquidity position and credit metrics, with the standalone net leverage reducing below 5.5x on a sustained basis, will be positive for the ratings. Company Profile RA is a distributor of Samsung products in Odisha. It has 52 micro-distributors in Odisha, of which one is Max International and the other is Hindustan Distributors. RA has been associated with Samsung for 20-25 years, since the brand's launch in India. The firm also has four showrooms for brands such as Caratlane, Tanishq, iPlus, Titan, Helios watches, and Mia Diamonds. RELISHAH EXPORTS: Ind-Ra Affirms & Withdraws BB Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Relishah Export's (Relishah) Long-Term Issuer Rating at 'IND BB' and has simultaneously withdrawn it. The Outlook was Stable. The instrument-wise rating actions are: -- INR55.1 mil. Fund-based post-shipment demand loan/usance foreign bill purchased /foreign bill purchased* affirmed and withdrawn; -- INR69.6 mil. Fund-based packing credit/packing credit in foreign currency* affirmed and withdrawn; and -- INR2 mil. Non-fund-based inland bank guarantees* affirmed and withdrawn. *Affirmed at 'IND A4+' before being withdrawn Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from all lenders. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Key Rating Drivers The affirmation reflects Relishah's continued medium scale of operations, as indicated by revenue of INR2,046.59 million in FY23 (FY22: INR3,982.83 million). The revenue declined in FY23 as production of cotton yarn, which is the raw material used by Relishah, was halted owing to low demand and high raw material prices. The figures for FY23 are provisional in nature. Liquidity Indicator - Stretched: Relishah's average utilization of the fund-based working capital limits was 5.48% over the 12 months ended June 2023. The cash flow from operations turned positive at INR414.70 million in FY23 (FY22: negative INR271.71 million) on account of favorable changes in working capital. Moreover, the free cash flow also turned positive at INR413.26 million (FY22: negative INR273.26 million) owing to minimal capital expenditure of INR1.54 million. Relishah does not have any term debt. The cash and cash equivalents stood at INR43.29 million at FYE23 (FYE22:INR12.04 million). The net cash conversion cycle remained elongated but improved to 79 days in FY23 (FY22: 61 days), mainly because of an increase in debtor days to 79 days (61 days). Relishah relies on banks and financial institutions for its working capital requirements and does not have access to capital markets. The ratings are supported by the firm's healthy EBITDA margin. Relishah's margin improved to 7.21% in FY23 (FY22: 4.62%), on account of an increase in the operating income from export incentives amounting to INR107.75 million. The ROCE was 19.6% in FY23 (FY22: 26.5%). The ratings also benefit from Relishah's comfortable credit metrics. The credit metrics deteriorated slightly in FY23 owing to a decrease in the absolute EBITDA to INR147.49 million (FY22: INR184.11million) and an increase in the total debt to INR266.29 million (INR230.93 million). The gross interest coverage (operating EBITDA/gross interest expense) was 2.49x in FY23 (FY22:2.67x) , and the net leverage (total adjusted net debt/operating EBITDA) was 1.51x (1.19x). Company Profile Established in 1987, Relishah is a registered partnership firm engaged in textile trading activities. The firm exports cotton yarn, raw cotton and fabrics. SIGMA CHEMTRADE: Ind-Ra Affirms BB+ LongTerm Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Sigma Chemtrade Pvt. Ltd.'s (SCPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise ratings are: -- INR42.5 mil. (increased from INR12.5 mil.) Fund-based working capital limits affirmed with IND BB+/Stable rating; and -- INR100 mil. (reduced from INR130 mil.) Non-fund-based working capital limits affirmed with IND A4+ rating. Key Rating Drivers The affirmation reflects SCPL's continued small scale of operations with its revenue increasing at a CAGR of 47.58% over the past three financial years to INR4,405.84 million in FY23 (FY22; INR2,092.93 million; FY21; INR1,692.04 million), on account of increased demand for pressure pipe systems in the industry. The company's sales volume of the product, which accounted for 41.3% of its revenue in FY23 (FY22: 23.3%), increased 4x in FY23 compared to that of FY22. Ind-Ra expects the revenue to improve in FY24, on account of continued demand for the products and the management's plans to enter new markets by spending additional marketing costs. Its FY23 numbers are provisional in nature. Liquidity Indicator- Stretched: SCPL's cash flow from operations remained negative INR30.82 million in FY23 (FY22: negative INR22.85 million; FY21: INR32.54 million), on account of unfavorable changes in its working capital. Ind-Ra expects the cash flow from operations to turn positive in FY24, due to the increase in absolute EBITDA (FY23: INR118.25 million; FY22: INR88.79 million; FY21: INR54.45 million) and a change in the working capital. The average monthly utilization of its fund-based and non-fund-based working capital limits stood at 57% and 54%, respectively, for the 12 months ended April 2023. The average utilization is likely to remain at a similar level in June. The working capital cycle reduced to 24 days in FY23 (FY22: 35; FY21: 26), due to a fall in its inventory days to 31 days (38) and an increase in the creditor days to 22 (17). The cash and cash equivalents stood at INR10.45 million in FYE23 (FYE22: INR56.41 million; FYE21: INR12.18 million). SCPL does not have any repayment obligations as the company does not have any term debt as of March 2023. SCPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. SCPL imports majority of its products, further exposing the entity to forex rate fluctuations, and the industry is highly fragmented, highly competitive, with many unorganized market participants. Higher fragmentation limits the company's price flexibility and bargaining power. SCPL hedges majority of its forex exposure through entering into forward contracts. SCPL's EBITDA margin remained healthy but deteriorated to 2.68% in FY23 (FY22: 4.24%; FY21: 3.22%), on account of volatility in product prices which are derivatives of crude oil prices. Its return on capital employed stood at 38% in FY23 (FY22: 40.5%; FY21: 34.4%). Ind-Ra expects the margins to remain at historical levels on account of the trading nature of its business. The rating reflects SCPL's continued comfortable credit metrics with its interest coverage (operating EBITDA/gross interest expense) reduced to 6.05x in FY23 (FY22: 12.28x; FY21: 11.25x), on account of higher interest expense on unsecured loans which were repaid at year-end. The net leverage (total adjusted net debt/operating EBITDAR) reduced to 1.23x (1.50x; 1.55x), due to the increase in its absolute EBITDA. Ind-Ra expects the metrics to improve in FY24 on account of an increase in its top line, leading to an improvement in its absolute EBITDA. The rating is also supported by SCPL's promoters' over three decades of experience in the trading and distribution of polymer, leading to established relationships with customers as well as suppliers. Rating Sensitivities Positive: A substantial improvement in the scale of operations, along with an improvement in liquidity and the maintenance of the credit metrics could result in a positive rating action. Negative: A decline in the scale of operations and/or a deterioration in the liquidity position or the interest coverage reducing below 2.25x, on a sustained basis, could result in a negative rating action. Company Profile Indore (Madhya Pradesh)-based SCPL was set up in 2007 and trades in polymers and plastic raw materials such as high-density polyethylene, low-density polyethylene, polypropylene and chemicals. The company's operations spread across Maharashtra, Gujrat, Chhattisgarh, Rajasthan, Delhi, Tamil Nadu and in the Union territories of Daman and Silvassa. Vijay Goyal and Nina Goyal are the main promoters of the company. SPICEJET LTD: Acres Buildwell Formally Withdraws Insolvency Bid --------------------------------------------------------------- Ch-aviation reports that a dispute between SpiceJet and real estate company Acres Buildwell formally drew to a close on July 20 when counsel for both entities appeared before the Delhi bench of the National Company Law Tribunal (NCLT) and Acres Buildwell withdrew its insolvency petition. As reported in MoneyControl, Imperia Law partner Mohit Jolly, appearing for Acres Buildwell, told the tribunal the parties had reached a settlement, and he had instructions from his client to end the matter, Ch-aviation relays. The real estate company and SpiceJet came to terms in early June over a INR32.5 million (USD396,184) debt owed by the airline. However, it took several more weeks for the matter to be listed and closed by the NCLT. This week's tribunal hearing closes one of several insolvency petitions and legal challenges the airline is facing, the report notes. Late last month, SpiceJet also settled a lease dispute with Nordic Aviation Capital, but petitions by Aircastle, Wilmington Trust SP Services (Dublin), and Willis Lease Finance remain active, with Aircastle and Wilmington attempting to run multiple concurrent insolvency bids. About Spicejet SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second-biggest budget airline, after IndiGo. As recently reported in the Troubled Company Reporter-Asia Pacific, aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed a petition for initiating the corporate insolvency resolution process against SpiceJet. This is the third case filed against the airline, according to The Economic Times. Two other cases under Section 9 of the Insolvency and Bankruptcy Code, 2016, have been filed by aircraft lessor Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance Corporation. Aircastle (Ireland) filed a CIRP petition against Spicejet on April 28, 2023, while Willis Lease Finance Corporation filed its petition on April 12, 2023. VIJAY TEXTILES: Ind-Ra Moves D Issuer Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Vijay Textiles Ltd.'s (VTL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR121.2 mil. Term loan (Long-term) due on December 2022 migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR644.5 mil. Fund-based working capital limit (Long-term/ Short-term) migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR10 mil. Non-fund-based working capital limit (Long-term/ Short-term) migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 18, 2022. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 1990, Vijay Textiles has a 15 million-meter-per-annum home textile printing, dyeing and embroidery facility in the Mahbubnagar district near Hyderabad. The company is listed on the Bombay Stock Exchange. ================= I N D O N E S I A ================= STAR ENERGY: Moody's Affirms 'Ba3' Rating on Senior Secured Debt ---------------------------------------------------------------- Moody's Investors Service has affirmed Star Energy Geothermal (Wayang Windu) Limited's (SEGWW) Ba3 senior secured rating. The outlook remains stable. "This rating action balances the company's strong operating performance, with the uncertainty around the credit impact of its proposed capacity additions," says Yong Kang, a Moody's Analyst. Moody's will continue to observe developments pertaining to the capacity additions the company is pursuing, and assess the credit impact to the rating. RATINGS RATIONALE SEGWW's Ba3 rating reflects its predictable revenue profile, backed by its long-term energy sales contract (ESC) with its sole customer, PLN (Persero) (P.T.) (PLN, Baa2 stable). Its ESC has a robust take-or-pay feature, according to which PLN is required to pay for at least 95% of the nameplate generation capacity available, regardless of electricity dispatch levels. SEGWW's track record of stable operating performance further supports its cash flow visibility. Except for one year since operations commenced in 2000, the company has maintained its availability above its take-or-pay level. The company has shown its ability to manage cost efficiently, despite the overall inflationary environment, which also supports the company's cash flow. SEGWW's credit profile is constrained by its high dependence on the availability of geothermal resources, which requires periodic drilling activities for make-up wells and ongoing well maintenance measures. Such risk exposure is mitigated by SEGWW's extensive experience in the sector and in the Wayang Windu working area, underpinned by its successful drilling programs over the last 3-5 years. However, some degree of resource risk still remains, which may lead to additional capital spending for well drilling. At the same time, SEGWW's rating also factors its moderate financial metrics. Moody's expects an average debt service coverage ratio (DSCR) of 1.2x-1.4x over the remaining term of the fully-amortizing notes due 2033. This forecast does not assume the capacity enhancement of Units 1 and 2 and the development of Unit 3, which the company is considering. SEGWW plans to increase the combined capacity of Units 1 and 2 by 22 megawatts (MW) and to develop Unit 3, which has a capacity of 23 MW under the plan, thereby increasing its total capacity to 275.5 MW from 230.5 MW. The company aims to complete its capacity additions by late 2025 to early 2026. Even though the proposed capacity additions are relatively small, when compared to the overall capacity, there could be some execution risk during the construction and ramp-up phases. Although the additional capacity would increase the company's revenue base, the credit impact will hinge on factors such as the funding structure of the plan. SEGWW is constrained by the terms of its bond indenture to raise additional debt if the projected DSCR is not at least 1.3x. Moody's continues to factor SEGWW's structural features in its rating. There are traditional project finance structural features, including a cash flow waterfall, reserve accounts, limitations on distribution and additional indebtedness, and a security package. However, the ESC and joint operating contract (JOC) are not assigned as part of the security package. Unit 1's initial production period ends in June 2030, before the notes fully amortizes. Moody's expects that SEGWW would be able to extend the production period of Unit 1 beyond June 2030 because of the company's exclusive access to geothermal resources in the area and the role of geothermal power in Indonesia's carbon reduction plans to meet its net zero commitments. There would be an additional debt service reserve requirement of $50 million if the company does not receive a notice of intent from PLN by the end of 2028 to extend the production period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectation that SEGWW will maintain its stable operating performance over the next 12-18 months. Moody's could upgrade the rating if SEGWW's average DSCR exceeds 1.35x on a sustained basis for the entire duration of the remaining bond tenor after incorporating both a detailed finalized plan regarding the capacity addition, and clarity regarding the renewal of Unit 1's production period beyond 2030. Conversely, Moody's could downgrade the rating if SEGWW's DSCR remains below 1.15x on a sustained basis. Such a scenario could occur because of a faster-than-expected decline in steam production, leading to a sustained increase in drilling costs, or non-renewal of Unit 1's production period in line with Moody's original expectations. SEGWW's plan to increase its capacity may put pressure on the rating if such plan weakens the company's financial metrics below the downgrade trigger, or if the risks associated with its execution are material. The principal methodology used in this rating was Power Generation Projects published in June 2023. Star Energy Geothermal (Wayang Windu) Limited (SEGWW) operates one of Indonesia's largest geothermal power stations in terms of capacity. Its plant on Java Island has an operational capacity of 230.5 MW. Unit 1 commenced operations in June 2000, followed by Unit 2 in March 2009. Current capacity is 113.5 MW and 117 MW for Unit 1 and Unit 2, respectively. All of the electricity produced is sold to PLN under an energy sales contract. SEGWW is wholly owned by Star Energy Geothermal Pte Ltd (SEG), which is in turn 90% owned by Star Energy Group Holdings Pte Ltd (SEGH). SEGH is 66.67% owned by Barito Pacific Tbk (P.T.) and 33.33% owned by Green Era Pte Ltd through PT Barito Renewables Energy. SEGH and SEG jointly own another 655.5 MW of geothermal generation capacity in West Java, which is the underlying project for the notes issued by Star Energy Geothermal Darajat II Limited (Baa3 stable). ===================== N E W Z E A L A N D ===================== BMC TRADING: Creditors' Proofs of Debt Due on Sept. 20 ------------------------------------------------------ Creditors of BMC Trading Co Limited are required to file their proofs of debt by Sept. 20, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 20, 2023. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence C/- PKF Corporate Recovery & Insolvency (Auckland) PO Box 3678 Auckland 1140 COTTONTAILS CHILDCARE: Creditors' Proofs of Debt Due on Aug. 21 --------------------------------------------------------------- Creditors of Cottontails Childcare Limited are required to file their proofs of debt by Aug. 21, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 19, 2023. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 JAZ HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3 ------------------------------------------------------ A petition to wind up the operations of Jaz Holdings Limited will be heard before the High Court at Christchurch on Aug. 3, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 18, 2023. The Petitioner's solicitor is: Nanette Cunningham Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 KELBY LIMITED: Creditors' Proofs of Debt Due on Aug. 29 ------------------------------------------------------- Creditors of Kelby Limited are required to file their proofs of debt by Aug. 29, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 19, 2023. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 PLUMB LAB: Court to Hear Wind-Up Petition on Aug. 4 --------------------------------------------------- A petition to wind up the operations of Plumb Lab Limited will be heard before the High Court at Auckland on Aug. 4, 2023, at 10:00 a.m. Akl Plumbing & Gasfitting Services Limited filed the petition against the company on June 7, 2023. The Petitioner's solicitor is: Brett Leeson Martelli Martelli Yaqub Lawyers 1 St Georges Bay Road Parnell Auckland TARANAKI YOUNG: Faces Liquidation Bid for Tax Debt -------------------------------------------------- Stuff.co.nz reports that a trust that has worked with troubled Taranaki teenagers for three decades is fighting liquidation by Inland Revenue, which says it owes nearly NZD390,000 in unpaid PAYE and GST. The Taranaki Young Peoples Trust, which has operated from Liardet St in New Plymouth since 1993, was served with a demand from IRD on April 18 for NZD371,036.63, the amount due at the time, Stuff discloses citing High Court documents. Stuff relates that the documents filed by IRD solicitor Charles David Walmsley, of Hamilton, said the trust failed to comply, and it was presumed to be insolvent and unable to pay its debts. On May 30, the IRD filed an application in the New Plymouth High Court for the trust to be put into liquidation under section 25 of the Charitable Trusts Act 1957; and for an order that the department's costs be paid from the assets of the company. ================= S I N G A P O R E ================= BON VITE: Placed in Provisional Liquidation ------------------------------------------- Lim Soh Yen and Tan Suah Pin on July 13, 2023, were appointed as Provisional Liquidators of Bon Vite Engineering Pte Ltd. FEUDALITE TRADING: Court to Hear Wind-Up Petition on Aug. 11 ------------------------------------------------------------ A petition to wind up the operations of Feudalite Trading Pte Ltd will be heard before the High Court of Singapore on Aug. 11, 2023, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on July 18, 2023. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FOODIE INC: Court to Hear Wind-Up Petition on Aug. 11 ----------------------------------------------------- A petition to wind up the operations of Foodie Inc. Holdings Pte Ltd will be heard before the High Court of Singapore on Aug. 11, 2023, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 18, 2023. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 HOSPITALITY & TOURISM: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on July 17, 2023, to wind up the operations of Hospitality & Tourism Training Centre Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SAL TRADING: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on July 14, 2023, to wind up the operations of Sal Trading Pte. Ltd. Central Sugars Refinery Sdn. Bhd. filed the petition against the company. The company's liquidator is: Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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