/raid1/www/Hosts/bankrupt/TCRAP_Public/230818.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
Friday, August 18, 2023, Vol. 26, No. 166
Headlines
A U S T R A L I A
BELLA ROSE: First Creditors' Meeting Set for Aug. 22
BRM RISK: Second Creditors' Meeting Set for Aug. 21
HME SERVICES: First Creditors' Meeting Set for Aug. 22
MME PL 2022-1: Moody's Confirms 'B2' Rating on Class F Notes
ORMOND CONSTRUCTION: Second Creditors' Meeting Set for Aug. 22
RISKCOM PTY: Second Creditors' Meeting Set for Aug. 21
C H I N A
CHINA EVERGRANDE: Seeks Chapter 15 Creditor Protection in the US
CHINA EVERGRANDE: Unit Under Probed by Chinese Regulators
COUNTRY GARDEN: Financial Crisis Threatens China's Economy
COUNTRY GARDEN: Loses Its Last Buy Rating From Global Brokerage
SINO-OCEAN GROUP: Defaults on Bond Interest Payment
ZHONGZHI ENTERPRISE: Plans Debt Restructuring, Taps KPMG
I N D I A
ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
ARHYAMA SOLAR: ICRA Keeps D Debt Rating in Not Cooperating
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
BALAJI ELECTRICAL: CARE Keeps D Debt Ratings in Not Cooperating
BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
COPERION IDEAL: ICRA Keeps B+ Debt Rating in Not Cooperating
DIVINE SOLUTIONS: ICRA Keeps B Debt Rating in Not Cooperating
ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
FUTURE RETAIL: Seeks Extension of Insolvency Deadline Thru Sept. 15
G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating
GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating
GURU RAMAKRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating
H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
INTENSIV-FILTER: CRISIL Keeps D Debt Ratings in Not Cooperating
JASOL CHAWAL: CARE Lowers Rating on INR10cr LT Loan to D
NAGRAJ INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating
R.V. PLASTIC: ICRA Keeps B+ Debt Rating in Not Cooperating
SAI SWADHIN: ICRA Keeps D Debt Ratings in Not Cooperating
SASA MUSA: CRISIL Keeps D Debt Ratings in Not Cooperating
SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category
USHA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category
N E W Z E A L A N D
CROYDON INDUSTRIES: Court to Hear Wind-Up Petition on Aug. 24
D.I.G CIVIL: Creditors' Proofs of Debt Due on Sept. 22
HAPPY VALLEY: Gets More Time to Explore Deals
MODULETEC LIMITED: Court to Hear Wind-Up Petition on Aug. 24
NORSELANDS TAUPO: Creditors' Proofs of Debt Due on Sept. 10
RICALARA LIMITED: Creditors' Proofs of Debt Due on Sept. 26
P H I L I P P I N E S
RB OF DATU PAGLAS: Depositers Have Until Aug. 28 to File Claims
S I N G A P O R E
DOUBLE-TRANS PTE: Court to Hear Wind-Up Petition on Sept. 8
NGC PRODUCTIONS: Members' Final Meeting Set for Sept. 15
NT RIG: Commences Wind-Up Proceedings
REENOVA INVESTMENT: Court to Hear Wind-Up Petition on Aug. 28
TON SANGKASI: Members' Final Meeting Set for Sept. 18
V I E T N A M
LIEN VIET: Moody's Affirms 'B1' LongTerm Deposit & Issuer Ratings
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A U S T R A L I A
=================
BELLA ROSE: First Creditors' Meeting Set for Aug. 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Bella Rose
Kare Pty Ltd will be held on Aug. 22, 2023, at 11:00 a.m. at the
offices of Cor Cordis at Level 29, 360 Collins Street in Melbourne
and via virtual meeting technology.
Daniel Peter Juratowitch of Cor Cordis was appointed as
administrators of the company on Aug. 10, 2023.
BRM RISK: Second Creditors' Meeting Set for Aug. 21
---------------------------------------------------
A second meeting of creditors in the proceedings of BRM Risk
Management Pty Ltd has been set for Aug. 21, 2023 at 11:00 a.m. via
virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 21, 2023 at 4:00 p.m.
Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of the company on May 24, 2023.
HME SERVICES: First Creditors' Meeting Set for Aug. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of HME Services
Pty Ltd and HME Projects Pty Ltd will be held on Aug. 22, 2023, at
10:00 a.m and 11:00 a.m. respectively, at the offices of PKF at
Level 8, 1 O'Connell Street in Sydney and via virtual meeting
technology.
Simon Thorn and Mark Roufeil of PKF were appointed as
administrators of the company on Aug. 13, 2023.
MME PL 2022-1: Moody's Confirms 'B2' Rating on Class F Notes
------------------------------------------------------------
Moody's Investors Service has upgraded the rating on Class B Notes
and confirmed the ratings on Class C, Class D, Class E and Class F
Notes issued by MME PL Trust 2022-1. This concludes the review for
rating downgrade for this transaction announced on May 17, 2023.
The affected ratings are as follows:
Issuer: MME PL Trust 2022-1
Class B Notes, Upgraded to Aa1 (sf); previously on Jun 30, 2022
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Confirmed at A2 (sf); previously on May 17, 2023 A2
(sf) Placed Under Review for Possible Downgrade
Class D Notes, Confirmed at Baa2 (sf); previously on May 17, 2023
Baa2 (sf) Placed Under Review for Possible Downgrade
Class E Notes, Confirmed at Ba2 (sf); previously on May 17, 2023
Ba2 (sf) Placed Under Review for Possible Downgrade
Class F Notes, Confirmed at B2 (sf); previously on May 17, 2023 B2
(sf) Placed Under Review for Possible Downgrade
RATINGS RATIONALE
The rating action takes into consideration (1) the increase in
credit enhancement for the notes, (2) the transaction's
deteriorating performance since closing and Moody's updated loss
expectations on the underlying portfolio, and (3) the Amending Deed
executed on July 24, 2023.
Following the July 2023 payment date, note subordination for the
Class B has increased to 45.0% from 33.2% at closing. Note
subordination for the Class C, Class D, Class E and Class F Notes
has increased to 35.7%, 28.4%, 20.9% and 16.6% respectively, from
33.9%, 26.5%, 18.7% and 14.4% since May 2023 when they were put on
review for downgrade.
As of July 2023, 9.3% of the outstanding pool was 30-plus day
delinquent and 4.8% was 90-plus day delinquent. Compared with 9.2%
and 4.7% at May 2023 when Class C to Class F Notes were put on
review for downgrade.
As of July 2023, the deal has incurred 5.9% and 5.1% (as a
percentage of the original note balance) of gross and net losses,
respectively, compared with 4.6% and 4.1% at May 2023.
The July 2023 monthly default rate on the current balance remains
high, indicating that the default rate might not have peaked.
Considering the high delinquencies, and the continuous increase in
cumulative losses over the past several months, Moody's has
increased its expected default assumption for the outstanding pool
to 17.9%, which is equivalent to 14.2% of the original balance
(compared with 10.0% of the original balance at closing). Moody's
has updated the Aaa portfolio credit enhancement (PCE) assumption
and recovery rate to 42% and 5% respectively, compared with 38% and
15% at closing. Moody's analysis also considered the notes'
sensitivity to various default rates, PCEs, recovery rates and
prepayment assumptions.
On July 24, the issuer amended the transaction documents to clarify
that MoneyMe will remit any net recoveries it receives in respect
of trust receivables, including from debt sale proceeds.
As part of the Amending Deed, MoneyMe as the seller will also fund
a new excess spread reserve at 1% of the invested amount of all
notes on the August 2023 payment date. This amortising reserve can
be used to cover losses.
The transaction is a cash securitisation of unsecured personal
loans originated by MoneyMe Financial Group Pty Ltd.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
ORMOND CONSTRUCTION: Second Creditors' Meeting Set for Aug. 22
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Ormond
Construction Pty Ltd has been set for Aug. 22, 2023 at 10:00 a.m.
via virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 21, 2023 at 4:00 p.m.
Christopher Damien Darin of Worrells was appointed as administrator
of the company on Aug. 22, 2023.
RISKCOM PTY: Second Creditors' Meeting Set for Aug. 21
------------------------------------------------------
A second meeting of creditors in the proceedings of Riskcom Pty Ltd
has been set for Aug. 21, 2023 at 11:00 a.m. via virtual meeting
only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 18, 2023 at 4:00 p.m.
Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of the company on May 16, 2023.
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C H I N A
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CHINA EVERGRANDE: Seeks Chapter 15 Creditor Protection in the US
----------------------------------------------------------------
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Thursday, Aug. 17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
The Foreign Courts have entered respective orders:
-- scheduling the Scheme Meetings for:
(a) August 23, 2023 with respect to the Evergrande Hong
Kong Scheme;
(b) August 22, 2023 with respect to the Tianji Hong Kong
Scheme; and
(c) August 22, 2023 with respect to the Scenery Journey BVI
Scheme; and
-- scheduling the hearings to sanction the respective Schemes
for September 5-6, 2023 at 10:00 a.m. (prevailing Hong Kong Time)
with respect to the Hong Kong Schemes and for September 4, 2023 at
10:00 a.m. (prevailing BVI Time) with respect to the Scenery
Journey BVI Scheme.
CHINA EVERGRANDE: Unit Under Probed by Chinese Regulators
---------------------------------------------------------
Yicai Global reports that Evergrande Real Estate, a unit of
struggling real estate developer China Evergrande Group, is being
investigated by China's securities regulator for suspected
manipulation of its financial data.
Yicai relates that Evergrande Real Estate, which has almost 300
projects underway in 139 cities, did not go into any details about
the charges, but they might be connected to the drastic change in
the company's contract liabilities, which represent unfulfilled
obligations to buyers, that were reported in its 2021 annual
report.
Evergrande Real Estate's contract liabilities swelled more than
five-fold at the end of 2021 from the year before to CNY974.3
billion (USD133 billion), Yicai discloses citing China Evergrande's
annual report for the year 2021. As of the end of 2022, it still
had CNY721 billion of these debts on its books.
According to Yicai, the big swing in contract liabilities has to do
with how the company calculates its revenue. China Evergrande
started to count funds received for pre-sold properties towards
revenue and profit after the law changed in Hong Kong in 2017,
allowing revenue to be logged even when the projects had not been
completed. This boosted its profit for three years from 2017 to
2019. Its contract liabilities, which refer to what used to be
booked as advance receivables, were also on the decline from 2017.
But in 2021, China Evergrande changed its accounting methods. This
resulted in the reallocation of CNY664.3 billion (USD90 billion)
that had been posted as revenue in previous years to contract
liabilities, Yicai says. This adjustment caused a huge spike in its
contract liabilities, and also reduced its shareholders' equity
from CNY350.4 billion (USD47.8 billion) at the end of 2020 to minus
CNY473.1 billion at the end of 2021, making the company insolvent.
This raised huge doubts in the industry about the methods
previously used by China Evergrande to recognize revenue, Yicai
states.
China Evergrande used to report profits when the projects were
unfinished and the costs not fully incurred, then it would dish out
dividends, a manager at a real estate firm said.
China Evergrande may have been engaged in illegal accounting
practices, performance manipulation, and financial fraud, other
insiders said, according to Yicai.
Yicai says China Evergrande, which has debts of over USD300
billion, is desperate to avoid default. The company proposed an
overseas debt restructuring plan in March and it recently secured
USD500 million in investment for its electric vehicle arm
Evergrande NEV. But the outlook remains uncertain.
According to Yicai, the creditors' meeting has been delayed until
Aug. 28, China Evergrande said Aug. 16. Before the meeting,
foreign creditors will decide whether they agree to the
restructuring plan that the Shenzhen-based firm has proposed.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
COUNTRY GARDEN: Financial Crisis Threatens China's Economy
----------------------------------------------------------
The New York Times reports that Country Garden has lost billions of
dollars and racked up $200 billion in unpaid bills. It's on the
hook to deliver, by one estimate, nearly one million apartments
across hundreds of cities in China.
The privately owned developer, founded by a farmer three decades
ago, is inching closer to default, the report says.
In China's housing market, there are plenty of deadbeat developers
no longer paying their bills. The possible collapse of Country
Garden is one to pay attention to.
The New York Times relates that the company has tried to project
confidence. "One shall pick himself up from where he has fallen,"
Mo Bin, Country Garden's president, said last week, pledging to
"spare no effort."
But the problem is much bigger than one company, and the timing
could hardly be worse. A default by Country Garden would be the
latest in a string of collapses in a housing market that has been
hurting for years, according to The New York Times. Emerging from
paralyzing lockdowns during the pandemic, China's leaders badly
need the country's economic engine to pick up. Instead, growth is
sputtering as housing prices fall, people spend less and consumer
and business confidence wanes.
Now, experts fear that Country Garden's troubles will spill over
into the broader financial markets, thwarting any possible recovery
of the real estate industry and spreading the damage through the
economy, The New York Times relays.
A year ago, Country Garden was a model corporate citizen in an
expanding universe of delinquent real estate companies that
borrowed recklessly and then stopped paying their bills, according
to the report.
The New York Times says Country Garden, founded by Yang Guoqiang in
1992, was a beneficiary of the world's biggest real estate boom.
Its success turned Mr. Yang into a billionaire and became a
testament to the country's remarkable growth. Chinese people,
having few other reliable options to build wealth, invested their
incomes and savings in real estate. Like other big private
developers, Country Garden kept borrowing and often borrowed more
to pay back its loans, operating on the assumption that as long as
it continued to expand, it could keep repaying its debt.
But the bills grew so big that the authorities began to fear the
debt would threaten the broader financial system, the report
states. China's top leader, Xi Jinping, ordered that homes should
be for living, not for speculation. In 2020, the government cracked
down, limiting the ability of real estate companies to raise money
and prompting a series of defaults.
About Country Garden
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 recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating to Caa1 from B1 and its
senior unsecured rating to Caa2 from B1. The rating outlook
remains negative.
COUNTRY GARDEN: Loses Its Last Buy Rating From Global Brokerage
---------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co. has lost
its last stock buy rating from major international brokerages, as
the embattled Chinese property giant edges ever closer to a maiden
public bond default.
According to Bloomberg, Jefferies Financial Group Inc.'s Calvin
Leung became the latest analyst to cut Country Garden to a 'hold'
recommendation, citing a weaker sales outlook in low-tier cities
and the lingering risk of a share placement to raise fresh funds.
Bloomberg relates that the downgrade follows a flurry of similar
moves by investment banks from JPMorgan Chase & Co. to Morgan
Stanley in recent days, as China's former top developer by sales
saw its stock and bonds tumble as a liquidity crisis worsened. The
move also coincides with a warning by Country Garden that it faces
"major uncertainties" over bond payments, the strongest sign yet
that a default may be imminent.
A 75% slump from a January high has made Country Garden a Hong Kong
penny stock, shrinking its market value to just $2.8 billion from
an all-time high of around $50 billion in 2018, Bloomberg notes.
The stock fell as much as 4.8% on Aug.17, after a two-day rebound.
The downbeat view among foreign brokerages stands in contrast to
that of their local counterparts, who have mostly held on to a buy
rating on Country Garden, a discrepancy often observed for other
Chinese stocks as well. Analysts' average 12-month target price for
the stock stands at HK$1.1, representing a 33% upside from Aug.
16's close, according to Bloomberg-compiled data.
About Country Garden
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 recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating to Caa1 from B1 and its
senior unsecured rating to Caa2 from B1. The rating outlook
remains negative.
SINO-OCEAN GROUP: Defaults on Bond Interest Payment
---------------------------------------------------
Yicai Global reports that Sino-Ocean Group has become the latest
Chinese developer to default on bond interest payments, after
Country Garden did so last week, and is anticipating running up
losses of as much as CNY20 billion (USD2.7 billion) in the first
half as a lackluster real estate market hammers sales.
Sino-Ocean was unable to pay the USD20.94 million (CNY150 million)
in interest that was due on a USD700 million bond on Aug. 13, the
Shanghai-based firm said on Aug. 14, Yicai relates. Trading of the
bond, which has a 6 percent coupon rate and matures in 2024, has
now been suspended on the Hong Kong stock exchange.
According to Yicai, Sino-Ocean is requesting a waiver from holders
of the bond and has received enough votes in support, it said. The
company has also asked to push back the deadline on a USD2 billion
bond until Sept. 1, but this was not accepted.
Sino-Ocean has been hit hard by a sluggish real estate market,
Yicai NOTES. Sales slumped 17 percent in the first six months from
the same period last year to CNY35.7 billion (USD4.9 billion). It
shifted just 16,000 properties over the period with lower gross
profit margin.
As a result, the developer expects to incur losses of between CNY17
billion (USD2.3 billion) and CNY20 billion in the six months ended
June 30, it said the same day, Yicai discloses. This is a widening
of over 15 times from the same period last year. It also wipes out
all the net profit earned between 2016 and 2021.
Slow sales, a lack of cash flow, tighter financing requirements and
increased asset disposal have all created great uncertainty,
Sino-Ocean said. Yicai notes that the developer is having problems
raising funds for projects and is unable to seek refinancing
through bonds. But the company vows not to default and is actively
seeking solutions to resolve its debt crisis.
As of the end of 2022, Sino-Ocean had assets of CNY314.6 billion
(USD43.1 billion), liabilities of CNY222.5 billion and
interest-bearing debts of CNY109.4 billion, Yicai discloses. The
firm still claims to have enough assets to cover its debts.
About Sino-Ocean Group
Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.
As recently reported in the Troubled Company Reporter-Asia, Moody's
Investors Service has downgraded Sino-Ocean Group Holding Limited
(Sino-Ocean)'s corporate family rating to Caa2 from Caa1. At the
same time, Moody's has downgraded (1) to Caa3 from Caa1, the backed
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by
Sino-Ocean, and (2) to C from Caa3, the subordinated, guaranteed
perpetual capital securities issued by Sino-Ocean Land Treasure III
Limited and guaranteed on a subordinated basis by Sino-Ocean.
ZHONGZHI ENTERPRISE: Plans Debt Restructuring, Taps KPMG
--------------------------------------------------------
Bloomberg News reports that the Chinese shadow banking giant whose
liquidity crisis has fanned fears about financial contagion is
planning to restructure its debt and has hired KPMG LLP to conduct
an audit of its balance sheet, people familiar with the matter
said.
Bloomberg relates that Zhongzhi Enterprise Group hired KPMG in late
July to review its balance sheet amid a worsening liquidity crunch,
said the people, asking not to be identified as the matter is
private.
According to the report, the Beijing-based company plans to
restructure debt and sell assets after the review in order to repay
investors, the people said. The company manages more than CNY1
trillion of assets.
It wasn't immediately clear how many products Zhongzhi has
defaulted on and whether the company has sufficient assets to cover
the shortfall if liquidated, said the people, adding that any
restructuring process will likely be lengthy. Zhongzhi has
suspended payments on nearly all its products, the people, as cited
by Bloomberg, said.
Zhongzhi, one of the country's largest private wealth managers, is
the latest financial giant to face the prospect of failure as the
fallout from a deepening property slump spreads, the report notes.
Country Garden Holdings, which was previously the nation's biggest
property developer, is on the brink of default after sales plunged,
and it failed to meet an initial deadline to pay coupons on dollar
bonds.
In a sign that Chinese authorities are worried about potential
contagion, the banking regulator has set up a task force to examine
risks at Zhongzhi, Bloomberg relates.
While little known outside China, Zhongzhi is among the biggest
players in the country's US$2.9 trillion trust industry. Many trust
products are backed by real estate projects run by troubled
developers, such as China Evergrande Group.
The concern is Zhongzhi becomes unable to draw sufficient new
investment to replace maturing funds, increasing the risk of more
missed payments, said Dinny McMahon, an analyst for consultancy
Trivium China and author of China's Great Wall of Debt, Bloomberg
relays.
"When investors start to lose faith, then all of a sudden an
outfit's ability to continue to raise new funds becomes more
difficult," Bloomberg quotes Mr. McMahon as saying. "Then the
potential for defaults to cascade becomes more and more."
One Zhongzhi-backed trust company, Zhongrong International Trust,
has missed payments on dozens of products and has no immediate plan
to make clients whole, Bloomberg notes. Zhongrong has 270
high-yield products totalling CNY39.5 billion due this year,
according to data provider Use Trust.
According to Bloomberg, the crisis in the shadow banking system is
worsening a selloff in Chinese financial markets, which are already
under pressure from disappointing economic data and the slumping
property market.
While the nation's top leaders have vowed to boost domestic
consumption and support the private sector, they have yet to
announce any new stimulus measures. Adding to the stress, Chinese
local corporate bond defaults are running at the highest levels
since the beginning of the year.
The MSCI China Index fell as much as 2 per cent on Aug. 17 in a
fifth day of losses, before erasing declines, Bloomberg discloses.
The offshore yuan is near a record low against the greenback.
China's trust industry pools savings from wealthy households and
corporate clients to make loans and invest in real estate, stocks,
bonds and commodities.
According to Bloomberg Economics, the trust sector's exposure to
real estate is about CNY2.2 trillion, or 10 per cent of total
assets as of the end of 2022. Zhongrong is the ninth-biggest trust,
with about CNY600 billion in assets.
Bloomberg says pressure is building on President Xi Jinping's
government to cap the contagion risks and prevent social unrest.
About two dozen people protested outside Zhongrong's office in
Beijing this week, a notable show of public outrage in a country
with little tolerance for dissent.
Zhongrong products paid out as much as 7 per cent in annual
interest, appealing to mostly wealthy individuals and companies who
bet they would be safe investments as Chinese stocks and real
estate prices tumble.
Zhongzhi Enterprise Group Co. Ltd. operates as a diversified real
estate developer. The Company develops residential and commercial
areas. Zhongzhi Enterprise Group also provides trust investment,
highway operation, land reserve, and reservoirs treatment
services.
=========
I N D I A
=========
ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ALM Metals
and Alloys Limited (ALM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.22 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 9.06 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.22 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ALM for
obtaining information through letter and email dated July 19, 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 ALM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2010-11, ALM commenced production in February 2012.
The company manufactures aluminium ingots from aluminium scraps,
for use in the automobile industry. The company is part of
Dubai-based AnM group which runs 6-7 similar units in the Middle
East, the US and South Africa. Operations are managed by promoters
Mr. Asif Rab and Mr. Pragnesh Patel. The company's facilities are
located in Rajkot, Gujarat.
ARHYAMA SOLAR: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term ratings of Arhyama Solar Power Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 31.65 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Arhyama Solar Power Private Limited (ASPPL) was incorporated in
September 2012. ASPPL has set up a 6-MW solar power plant at
Kolanpak Village, Aleir Mandal, Nalgonda District of Telangana. The
solar power plant commenced its commercial operations from February
2014 and a power-purchase agreement has been signed with Dr Reddy's
Laboratories Limited (DRL) for 20 years. The company is promoted by
a group of entrepreneurs who have experience of more than 20 years
in solar power EPC, agriculture commodities and financial
management.
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Bagga Luxury
Motorcars Llp in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2015, Bagga Luxury Motocars LLP (BLML or the firm)
is a limited liability partnership with Mr. Sukhbirsingh Bagga and
his wife Mrs Khushboo Bagga as partners with a profit sharing ratio
of 70% and 30%, respectively. BLML is an authorised dealer for
Italian car Maserati for western region of India. The firm is a
part of the Planet Petal Group, which is promoted by Mr. Sukhbir
Bagga and his family members. Planet Petal Group is a diversified
group with operations in the western region of India and presence
in the fields of automotive dealership, retail, real estate and
finance business.
BALAJI ELECTRICAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Balaji
Electrical and Hardware (BEH) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 9, 2022,
placed the rating(s) of BEH under the 'issuer non-cooperating'
category as BEH had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BEH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 25, 2023, July 5, 2023, July 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Noida-based (Uttar Pradesh) BEH was incorporated in 2000 by Mr Arun
Goyal. BEH is engaged in the trading of electrical goods such as
fans, wires, cables, etc. In FY16, the firm has also entered into
civil construction business.
BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Benara Autos
Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 0.5 CRISIL D (Issuer Not
Discounting Cooperating)
Letter of Credit 0.25 CRISIL D (Issuer Not
Cooperating)
Packing Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Standby Fund- 0.4 CRISIL D (Issuer Not
Based Limits Cooperating)
CRISIL Ratings has been consistently following up with BAPL for
obtaining information through letter and email dated July 19, 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 BAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components such
as engine bearing, hoses, rubber parts, and oil seals for the
domestic and global markets.
COPERION IDEAL: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Coperion
Ideal Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 20.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
CIPL was incorporated in 1995 and is engaged in the following line
of businesses: * Manufacturing of the Pneumatic Conveying System
(PCS) which primarily finds application in the polymer industry *
Manufacturing of valves which is exported majorly to Coperion
Germany and also to countries like USA and Singapore * Trading of
extruder parts * In addition, the company also receives commission
from Coperion GmbH, Germany for the extruders sold in India as the
entire research, marketing and R&D is done by CIPL deals with
customers such as Reliance Industries Limited (RIL), Indian Oil
Corporation Limited, Haldiya Petrochemicals Limited, HPCL-Mittal
Energy Limited (HMEL) - joint venture between Hindustan Petroleum
Corporation Limited (HPCL) and Mittal Energy Investment Pvt Ltd,
Singapore, etc.
DIVINE SOLUTIONS: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Divine
Solutions Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 14.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
DSPL was incorporated in July 2006 with the main objective of
dealing in products like tiles, sanitary ware items, smart boards
etc. The directors on board comprises of Mr. Priyanshu Agarwal and
Mr. Deept Sarup Agarwal. Currently, DSPL is the sole importer of
BRAVAT brand of sanitary wares in India.
ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Essma Textiles
Private Limited (ETPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ETPL for
obtaining information through letter and email dated July 28, 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 ETPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ETPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ETPL continues to be 'CRISIL D Issuer Not Cooperating'.
ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra
Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company
manufactures textile products and specializes in woolen fabrics
such as blankets, shawls, suitings, tweed, and soft furnishings.
Its manufacturing facilities are in Amritsar.
FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Frost Falcon
Distilleries Limited (FFDL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.61 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.09 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with FFDL for
obtaining information through letter and email dated July 19, 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 FFDL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FFDL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FFDL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in Sonipat in 1980 by Mr. O.P Katyal, FFDL manufactures
extra-neural alcohol and rectified spirits. Currently the day to
days operations are being managed by Mr. Rajesh Katyal, son of Mr.
O.P Katyal.
FUTURE RETAIL: Seeks Extension of Insolvency Deadline Thru Sept. 15
-------------------------------------------------------------------
Livemint.com reports that the Resolution Professional (RP) of
Future Retail Ltd has sought an extension until September 15 from
the National Company Law Tribunal (NCLT) to finalise the company's
Corporate Insolvency Resolution Process (CIRP) of the company. The
RP filed an application with the Mumbai NCLT bench, requesting the
exclusion of a 29-day period from the CIRP timeline.
Livemint.com relates that a regulatory filing said, "The Resolution
Professional of Future Retail Limited (FRL) has filed an
application before National Company Law Tribunal, Mumbai seeking
exclusion of a period of 29 days from CIRP of FRL, and consequent
extension from August 17, 2023 to September 15, 2023 for concluding
the CIRP of FRL."
If approved, this would be a third extension for FRL which,
according to some reports, is struggling to attract a buyer despite
changes in the bid conditions, the report notes.
In July 2022, NCLT initiated CIRP against Future Retail Ltd (FRL)
due to loan default. NCLT granted FRL a 90-day CIRP extension until
July 15, 2023. Recently, NCLT extended the deadline to August 17,
2023, considering FRL's plea to exclude 33 days from the timeline.
The Insolvency & Bankruptcy Code sets a 330-day limit for CIRP,
encompassing litigation periods.
As per Section 12(1) of the Code, CIRP shall be completed within a
period of 180 days from the date of initiation.
However, NCLT may grant a one-time extension of 90 days. The
maximum time within which CIRP must be completed, including any
extension or litigation period, is 330 days.
Earlier, FRL had said it had received six bids from prospective
buyers by May 15, which was the last date for submission of
resolution plans, Livemint.com notes.
According to Livemint.com, the deadline for submission of
resolution plans was May 15, 2023, for 48 companies, which were in
the final list of 'Eligible Prospective Resolution Applicants'.
This has happened despite FRL lenders coming with revised
Expressions of Interest (EoIs) and inviting fresh bids after
dividing its assets into clusters.
Future Retail has a debt of around INR30,000 crore and the company
is going through CIRP.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer. According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.
G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of G. K. E.
Medical Private Limited (GKE) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GKE for
obtaining information through letter and email dated July 19, 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 GKE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GKE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GKE continues to be 'CRISIL D Issuer Not Cooperating'.
GKE was set up as a partnership firm in 1986 and was reconstituted
as a private limited company in 2009. The company distributes
pharmaceutical formulations in the form of tablets, syrups, and
injectibles in Kolkata (primary revenue contributor) and other
districts of West Bengal.
GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganpati
Steels (GS) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GS for
obtaining information through letter and email dated July 19, 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 GS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GS
continues to be 'CRISIL D Issuer Not Cooperating'.
GS is a partnership of Mr Ashish Gupta and Ms Nirupama Gupta. It
manufactures and trades in galvanised iron, barbed, and stay wires.
Manufacturing unit is in Bhilai, Chhattisgarh. Operations are
primarily managed by Mr Ashish Gupta.
GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guru Kirpa
Foods Private Limited (GKFPL; part of the Guru Kirpa group)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 1.67 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.33 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GKFPL for
obtaining information through letter and email dated July 19, 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 GKFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GKFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GKFPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings had earlier combined the
business and financial risk profiles of GKFPL and Surya Industries
(SI), due to their common management and ownership. The combined
entity was known as the Guru Kirpa group. The ownership structure
of SI changed with effect from April 1, 2014. SI earlier had three
partners--Mr. Subhash Chander (33.3 per cent), his son Mr. Raman
Josan (33.3 per cent), and Mr. Anil Josan (33.3 per cent). From
April 1, 2014, Mr. Chander is no more a partner in SI. Mr. Anil
Josan and Mr. Raman Josan are now equal partners in SI, overseeing
the firm's operations. Hence, there are no more operational
linkages between the two concerns and CRISIL has now only
considered the standalone business and financial risk profiles of
GKFPL for arriving at the rating.
GKFPL is engaged in hulling and milling of paddy and processing of
basmati rice. It was founded by Mr. Subhash Chander in Ghubaya
village at Jalalabad (Punjab) in 2000.
GURU RAMAKRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Guru
Ramakrishna Tubes (SGRT) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.52 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.48 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SGRT for
obtaining information through letter and email dated July 19, 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 SGRT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGRT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGRT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SGRT was set up as a partnership firm of Mr Chakka Rama Krishna Rao
and his family members. The firm started commercial operations on
November 24, 2016, manufactures pre-galvanized iron pipes from
hot-rolled mild steel coils.
GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Gurudeva Trust
(GT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 8.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GT for
obtaining information through letter and email dated July 19, 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 GT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GT
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GT was established in January 2001 by Mr K R Kusuman along with
other partners. Based in Ernakulam, the trust runs the Sree
Narayana Guru Institute of Science & Technology, which offer
post-graduate courses in business and computer management and
engineering degree courses under the Mahatma Gandhi University.
GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings the rating on bank facilities of GVR RMN Hubli
Lakshmeshwar Road Project Private Limited (GVR-RMN-HL) continues to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 160 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GVR-RMN-HL
for obtaining information through letter and email dated July 19,
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 GVR-RMN-HL, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on GVR-RMN-HL is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of GVR-RMN-HL continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 2009, GVR-RMN-HL is a special purpose vehicle (SPV) set
up by the joint venture (JV) between GVR Infra Projects Ltd. and
RMN Infra Structures Ltd (51:49). The SPV was set up to carry out
improvements and widening of the two lane Hubli'Lakshmeshwar state
highway (SH-73) between Dharwad and Gadag districts of Karnataka.
The project is being carried out on a BOT- annuity basis.
H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of H. K. Timbers
Private Limited (HKTPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 8.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HKTPL for
obtaining information through letter and email dated July 19, 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 HKTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HKTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HKTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
HKTPL, set up in December 2012, is promoted by the Rudani family.
It has taken over the business of its group entity, HKT, engaged in
processing and sale of timber. HKTPL has a timber processing
facility in Gandhidham, Gujarat.
HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Harmani Agro
Export Limited (SIL; previously known as Samra Industries Limited)
continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIL for
obtaining information through letter and email dated July 28, 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 SIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIL continues to be 'CRISIL D Issuer Not Cooperating'.
Promoted by Mr. Bimalpal Singh, Mr. Taranbir Singh and Mr. Satbir
Sharma, SIL was incorporated 2012 and processes basmati and
non-basmati rice at its plant in Faridkot (Punjab). SIL has total
milling capacity of 5 metric tonne per hour.
INTENSIV-FILTER: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IFHPL; part
of the Intensiv-Filter Himenviro Private Limited (IFHPL; part of
the Intensive Filter group) group continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Inland/Import 6 CRISIL D (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with IFHPL for
obtaining information through letter and email dated July 19, 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 IFHPL; part of the Intensive
Filter group, which restricts CRISIL Ratings' ability to take a
forward looking view on the entity's credit quality. CRISIL Ratings
believes that rating action on IFHPL; part of the Intensive Filter
group is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of IFHPL; part of the Intensive Filter group continues
to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of IFHPL and Himenviro
Environmental Engineering Company Pvt Ltd (HEECPL). That's because,
the two companies, collectively referred to as the Intensive Filter
group, are in the same business, and have common management and
operational synergies. IFHPL holds 41.8% share in HEECPL.
Incorporated in 2007 as Himenviro Environmental Technologies Pvt
Ltd (HETPL), IFHPL is promoted by Mr Manoj Garg, based in Noida,
Uttar Pradesh. The company is engaged in the designing, engineering
and installation of air pollution control equipment, and de-dusting
and filtration equipment. In 2012, HETPL acquired the German
company, Intensive Filter GmbH, and the name was changed to IFHPL.
HEECPL, incorporated in 1993, is promoted by Mr Manoj Garg. The
company is engaged in the designing, engineering and manufacturing
of pollution control equipment (mainly air pollution). Its
manufacturing facilities are at Shamli and Noida (both in Uttar
Pradesh).
JASOL CHAWAL: CARE Lowers Rating on INR10cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jasol Chawal Private Limited (JCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 21, 2022,
placed the rating(s) of JCPL under the 'issuer non-cooperating'
category as JCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2023, June 16, 2023, June 26, 2023, August 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of JCPL have been
revised on account of ongoing delays in debt servicing as
recognized from publicly available information i.e. CIBIL check.
Incorporated in May 2016, Jasol Chawal Private Limited (JCPL) is
engaged in therice milling activities at its plant located at
Baloddistrict, Chhattisgarh. The company has started commercial
operations of its rice mill from January, 2018 onwards. Moreover,
the company is also engaged in the trading of paddy since April,
2017. Mr. Avant Kumar Golechha, having around two decades of
experience in the rice milling industry, looks after the day to day
operations of the company. He is supported by other director Mrs.
Rani Golchhaand a team of experienced professionals.
NAGRAJ INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nagraj
Industries (NI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.20 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.80 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 22, 2022,
placed the rating(s) of NI under the 'issuer non-cooperating'
category as NI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2023, June 17, 2023, June 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Karnataka based, Nagraj Industries (NI) was established in 2014, by
Mr. Kiran Kotian and Mrs. Savitha Kiran. The firm initiated its
business operations in February 2016 and is currently engaged in
the manufacturing and retailing of Par boiled drier plants, Rice
mill machineries, Food grain processing machinery, Maize grit
process plants, Roofing sheet profiling and Pre-Engineered Building
(PEB) Structures. The company exports around 50% of the machineries
manufactured to customers located in international markets such as
Bangladesh, Srilanka, Nigeria, and South America. The manufacturing
unit of the firm is located a Moodbidri, Karnataka.
NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Navbharat
Explosive Company Limited (NECL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 20, 2022,
placed the rating(s) of NECL under the 'issuer non-cooperating'
category as NECL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NECL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2023, June 15, 2023, June 25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in the year 1983, Navbharat Explosives Company Limited
(NECL) is a part of the Navbharat group of companies based in
Raipur, Chattisgarh. Controlled by the Singh family, the group has
interests in steel, mining, explosives and real estate sector. NECL
is a manufacturer of industrial explosives and accessories, which
encompass cartridge explosives, bulk explosives, detonating fuse
and cast booster. The company has three manufacturing facilities,
with a combined installed capacity of 28,000 tpa. Apart from NECL,
the Navbharat group carries out the explosives business through
another legal entity i.e. Navbharat Fuse Company Limited. The
Navbharat group also has interest in real estate activities which
it carries out through its group companies. The main promoters of
the group –the Singh family of Raipur have over three decades of
track record in the industrial explosives segment.
R.V. PLASTIC: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of R.V. Plastic
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 6.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
R V Plastic Limited (RVPL) was incorporated in 1995 with the object
of trading in Polyproylene. The company was engaged in the business
of import and trading of polymer products like LDPE (Low-density
polyethylene), LLDPE (Linear low-density polyethylene), HDPE
(High-density polyethylene), PP (Polypropylene) etc. Subsequently
in 2010 it became a Del Credere Agent (DCA) and consignment
stockist of Indian Oil Corporation Limited (IOCL) for distribution
of IOCL's Poly-propylene (PP)/ Polyethylene (PE) products.in
Haryana. Currently, the firm is one of the leading DCAs of IOCL and
has two warehouses in Bhiwandi (Maharashtra) and Daman for stocking
goods. The firm extends credit to its customers for a period
ranging from 30-45 days. Since the interest cost on the working
capital borrowings is lower than the interest charged from
customers (ranging from 13-32%), the firm has a potential arbitrage
to this extent. Nonetheless, as the interest rate on working
capital borrowings is based on a floating base rate of the bank,
the firm continues to remain exposed to risk of interest rate
fluctuations which becomes vulnerable in a scenario of economic
slowdown.
SAI SWADHIN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term ratings of Sai Swadhin Commercials
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 5.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2008, SSCPL is engaged in the extraction of crude
rice bran oil and cashew nut shell liquid. The company commenced
operations from April2015 onwards from its facilities based out of
Ganjam district in Odisha. The company has an installed capacity of
37,500 metric tons per annum (mtpa) each for rice bran oil and
cashew nut shell liquid. The key raw materials required are rice
bran and cashew outer shell which are easily available in Odisha.
SASA MUSA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sasa Musa
Sugar Works Private Limited (SMSWPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 55 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMSWPL for
obtaining information through letter and email dated July 19, 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 SMSWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SMSWPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SMSWPL continues to be 'CRISIL D Issuer Not
Cooperating'.
SMSWPL was promoted by the late Mr. Sheikh Mohammad Ibrahim in
1933. The company produces sugar at its factory in Sasa Musa
(Bihar).
SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sonac
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Sonac for
obtaining information through letter and email dated July 19, 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 Sonac, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Sonac
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Sonac continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2015 as a partnership firm, Sonac is engaged in
shrimp feed manufacturing in Nellore (Andhra Pradesh). The firm is
promoted and managed by Mrs .K Rama.
USHA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Usha Impex
(UI) continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 24.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 10,
2022, placed the rating(s) of UI under the 'issuer non-cooperating'
category as UI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2023, July 6, 2023, July 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 1998, Usha Impex (UI) is engaged in the trading of
non-ferrous metals from its main office in Ludhiana, Punjab. In
addition, the firm has three warehouse-cum-sales offices, one each
in Gurugram, Mumbai and Bangalore. The traded products include
non-ferrous metals like Zinc, Nickel, Tin, Copper, Lead etc. in the
form of wires, rods, bars, sheets, ingots, cathodes etc. The
products find application in automobile, bicycle and electrical
components with end users located throughout India.
=====================
N E W Z E A L A N D
=====================
CROYDON INDUSTRIES: Court to Hear Wind-Up Petition on Aug. 24
-------------------------------------------------------------
A petition to wind up the operations of Croydon Industries Limited
will be heard before the High Court at Invercargill on Aug. 24,
2023, at 11:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 2, 2023.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
D.I.G CIVIL: Creditors' Proofs of Debt Due on Sept. 22
------------------------------------------------------
Creditors of D.I.G Civil Limited are required to file their proofs
of debt by Sept. 22, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 11, 2023.
The company's liquidators are:
Simon Rogan
Kelman & Co
PO Box 7575
Auckland 1141
HAPPY VALLEY: Gets More Time to Explore Deals
---------------------------------------------
Farmers Weekly reports that Happy Valley Nutrition's creditors have
given the administrators an extra month to see if there is any
substance in potential deals to save the embattled wannabe milk
processor.
According to Farmers Weekly, the Australian stock exchange-listed
company planned to build a dairy factory in the Waikato town of
Ōtorohanga but ran out of capital.
Those owed money by Happy Valley gathered last week to vote on
whether to tip it into liquidation.
McGarthNicol's Andrew Grenfell and Kare Johnstone, who were
appointed administrators in July, had recommended liquidating the
company because no Deed of Company Arrangement (DoCA) had been
proposed.
However, in the days before their administrators' report was
released, the pair received two expressions of interest to
potentially recapitalise the business, which could have resulted in
a DoCA, Farmers Weekly relates.
At the latest meeting in early August, creditors voted to adjourn
the meeting for 30 working days to give the administrators time to
work through the potential deals, the report says.
Farmers Weekly relates that Mr. Grenfell reportedly said on Aug. 14
that he couldn't disclose who the expressions of interest were
from.
However, the extension was the maximum under the legislation, and
during that time, they'd be working with the parties to try to
progress their expression of interest and come up with something
"more certain", he said.
The next creditors meeting will be held on September 21 in
Auckland, Farmers Weekly discloses.
Headquartered in Auckland, New Zealand, Happy Valley Nutrition
Limited (ASX:HVM) -- https://www.hvn.co.nz/ -- engages in the
production and sale of infant milk formula and other nutritional
products in New Zealand and internationally. The company was
formerly known as Happy Valley Milk Limited and changed its name to
Happy Valley Nutrition Limited in September 2019.
MODULETEC LIMITED: Court to Hear Wind-Up Petition on Aug. 24
------------------------------------------------------------
A petition to wind up the operations of Moduletec Limited will be
heard before the High Court at Dunedin on Aug. 24 2023, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 13, 2023.
The Petitioner's solicitor is:
David Tasker
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
NORSELANDS TAUPO: Creditors' Proofs of Debt Due on Sept. 10
-----------------------------------------------------------
Creditors of Norselands Taupo Limited are required to file their
proofs of debt by Sept. 10, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 10, 2023.
The company's liquidator is David Thomas.
RICALARA LIMITED: Creditors' Proofs of Debt Due on Sept. 26
-----------------------------------------------------------
Creditors of Ricalara Limited are required to file their proofs of
debt by Sept. 26, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 10, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
=====================
P H I L I P P I N E S
=====================
RB OF DATU PAGLAS: Depositers Have Until Aug. 28 to File Claims
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
depositors of the closed Rural Bank of Datu Paglas, Inc. have until
August 28, 2023 to file their deposit insurance claims.
Based on the latest PDIC data, deposit insurance claims for 1,329
deposit accounts with aggregate insured deposits amounting to
PHP2.1 million have yet to be filed by depositors. Data also showed
that as of June 30, 2023, PDIC had paid depositors of the closed
Rural Bank of Datu Paglas, Inc. the total amount of PHP6.4 million,
corresponding to 73% of the bank's total insured deposits amounting
to PHP8.7 million.
Depositors are advised to file their claims either online via
e-mail at pad@pdic.gov.ph or through postal mail or courier
addressed to the PDIC Public Assistance Department, Ground Floor,
PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.
Claims may also be filed personally at the PDIC Public Assistance
Center (PAC) located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City, from Monday to Friday, 8:00 AM
to 5:00 PM. For visits to the PAC, clients are highly encouraged to
request for an appointment by calling the Public Assistance Hotline
during office hours at (02) 8841-4141 (for clients within Metro
Manila), or the Toll-Free number 1-800-1-888-7342 or
1-800-1-888-PDIC during office hours (for clients outside Metro
Manila). Clients may also send an e-mail to pad@pdic.gov.ph, or
send a private message at PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.
When filing claims through e-mail, scanned copies or photo images
of the signed and accomplished Claim Form, evidence of deposit
(i.e., first page of the savings passbook with account name/number
and last page with account balance, or the front and back portion
of the certificate of time deposit, etc.), and one valid
photo-bearing ID with the depositor's signature should be attached
to the e-mail.
For claims filed personally or via postal mail or courier service,
depositors are advised to submit the accomplished, signed and
notarized Claim Form, original Savings Passbook and/or Certificate
of Time Deposit and photocopy of one (1) valid photo-bearing ID
with depositor's signature.
The depositors are further advised that additional documents and/or
original copy of documents submitted via e-mail may be required by
PDIC, as necessary, in the course of evaluation and processing of
claims.
The Claim Form can be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim
Form is free and there is no fee for filing deposit insurance
claims.
Depositors who are below 18 years old should mail or submit either
a photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
mail or submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the PDIC
website at http://www.pdic.gov.ph/files/spa_claims.pdf.
Under the PDIC Charter, depositors are given two years from bank
takeover to file deposit insurance claims with the PDIC. The notice
of closure was served to and accepted by the duly authorized
representatives of the Rural Bank of Datu Paglas, Inc. on August
27, 2021 after it was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on August 26, 2021.
Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims.
For more information, depositors may call the PDIC Public
Assistance Hotline at (02) 8841-4141, or the Toll-free hotline
1-800-1-888-PDIC or 1-800-1-888-7342 during office hours.
Depositors may also send an e-mail to the PDIC Public Assistance
Department at pad@pdic.gov.ph or private message at the official
PDIC Facebook page, www.facebook.com/OfficialPDIC.
=================
S I N G A P O R E
=================
DOUBLE-TRANS PTE: Court to Hear Wind-Up Petition on Sept. 8
-----------------------------------------------------------
A petition to wind up the operations of Double-Trans Pte Ltd will
be heard before the High Court of Singapore on Sept. 8, 2023, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on Aug. 11,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
NGC PRODUCTIONS: Members' Final Meeting Set for Sept. 15
--------------------------------------------------------
Members of NGC Productions Singapore Pte. Ltd. will hold their
final general meeting on Sept. 15, 2023, at 10:00 a.m., at 6
Shenton Way, #33-00 OUE Downtown 2, in Singapore.
At the meeting, Lim Loo Khoon and Tan Wei Cheong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
NT RIG: Commences Wind-Up Proceedings
-------------------------------------
Members of NT Rig Holdco Pte Ltd, on Aug. 8, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Bernard Juay
c/o Complete Corporate Services
10 Anson Road
#29-07 International Plaza
Singapore 079903
REENOVA INVESTMENT: Court to Hear Wind-Up Petition on Aug. 28
-------------------------------------------------------------
A petition to wind up the operations of Reenova Investment Holding
Limited will be heard before the High Court of Singapore on Aug.
28, 2023, at 10:00 a.m.
The Petitioner's solicitors are:
Aquinas Law Alliance LLP
16 Raffles Quay
#17-03 Hong Leong Building
Singapore 048581
TON SANGKASI: Members' Final Meeting Set for Sept. 18
-----------------------------------------------------
Members of Ton Sangkasi Pte. Ltd. will hold their final general
meeting on Sept. 18, 2023, at 10:00 a.m., at 80 Robinson Road,
#02-00, in Singapore.
At the meeting, Lee Wei Hsiung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=============
V I E T N A M
=============
LIEN VIET: Moody's Affirms 'B1' LongTerm Deposit & Issuer Ratings
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 local (LC) and
foreign (FC) currency long-term (LT) bank deposit and issuer
ratings of Lien Viet Post Joint Stock Commercial Bank (LPBank), as
well as the bank's b2 Baseline Credit Assessment (BCA) and Adjusted
BCA.
Moody's has also affirmed LPBank's Ba3 LT FC and LC Counterparty
Risk Ratings (CRR) and Ba3(cr) LT Counterparty Risk Assessment
(CRA), NP short-term (ST) FC and LC CRR, ST FC and LC bank deposit
ratings, ST FC and LC issuer ratings and NP(cr) ST CRA.
The rating outlooks for LPBank, where applicable, are stable.
RATINGS RATIONALE
The affirmation of LPBank's B1 ratings and b2 BCA reflects Moody's
expectations that while the bank's increased exposure to real
estate and construction sectors have raised asset risks, this will
be offset by the bank's improved capitalization. The rating
affirmation also takes into consideration the bank's modest funding
and liquidity.
As of the end of June 2023, LPBank's nonperforming loans (NPLs)
increased to 2.2% from 1.4% a year ago because of higher
delinquencies from retail and small and medium enterprise
borrowers. The deterioration in asset quality led to a decline in
loan loss reserves as a percentage of NPLs to 78% from 121% over
the same period, reflecting modest buffers for future loan losses.
Moody's expects the bank's asset risk to remain elevated over the
next 12 to 18 months because of liquidity issues in the real estate
and construction sectors. LPBank's high concentration to large
borrowers also makes the bank vulnerable to spikes in NPLs.
LPBank's capitalization has improved. As of December 2022, its
tangible common equity as a percentage of risk-weighted assets
(TCE/RWA) increased to 8.7% from 7.3%. Moody's expects the bank's
TCE/RWA to remain stable over the next 12 to 18 months.
Although the bank's profitability will moderate because of lower
net interest margins and higher credit costs, the impact on
capitalization will be partly offset by broadly stable loan growth.
Moody's forecasts loan growth of around 14% in 2023, a slight
increase from 12.7% in 2022. LPBank plans to raise capital from
existing shareholders and foreign investors over the next 12 to 18
months, a credit positive if successful.
LPBank has reduced its reliance on market funds in 2022. Market
funds as a percentage of tangible banking assets decreased to 24%
as of the end of December 2022 from 29% as of December 2021.
However, the bank's concentrated deposit base makes it vulnerable
to large withdrawals.
The bank's liquidity is modest. High-quality liquid assets such as
cash, balances with central bank and government securities,
accounted for just 13% of its total assets, providing a limited
buffer in times of need.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade LPBank's deposit and issuer ratings if its
standalone credit strength improves. Moody's could upgrade
LPBank's b2 BCA, if its (a) TCE/RWA improves to more than 10% and
(b) return on tangible assets increases to more than 1.8% on a
sustained basis.
Moody's would downgrade LPBank's ratings and BCA if the bank's NPLs
increase above 3%, leading to higher credit costs and a decrease in
return on tangible assets below 0.75% or if the bank's TCE/RWA
ratio declines below 7%. A weakening in LPBank's funding and
liquidity will also be negative for the BCA.
Moody's would also downgrade LPBank's deposit and issuer ratings if
the rating agency assesses that government support for the bank has
weakened.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Lien Viet Post Joint Stock Commercial Bank (LPBank), headquartered
in Hanoi, reported total assets of VND328 trillion as of December
31, 2022.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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