/raid1/www/Hosts/bankrupt/TCRAP_Public/230913.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 13, 2023, Vol. 26, No. 184
Headlines
A U S T R A L I A
BALANCE HOLDINGS: First Creditors' Meeting Set for Sept. 18
MARINE PRODUCE: Second Creditors' Meeting Set for Sept. 18
METRO FINANCE 2023-2: Moody's Gives (P)B2 Rating to AUD2MM F Notes
MIASA HOLDINGS: Second Creditors' Meeting Set for Sept. 18
QUICK CORE: First Creditors' Meeting Set for Sept. 18
SENPAI RESTAURANTS: Liquidation Leaves Future Uncertain
SHOWER REPAIR: First Creditors' Meeting Set for Sept. 18
C H I N A
COUNTRY GARDEN: Creditors Interested in Forest City Project
COUNTRY GARDEN: Secures Bondholder Approval to Extend Repayments
LI & FUNG: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative
SEAZEN COMPANIES: S&P Lowers LongTerm ICR to B+ on Declining Sales
H O N G K O N G
LI & FUNG: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
I N D I A
ANJANEYA JEWELLERY: CRISIL Moves B Ratings to Not Cooperating
BALRAM INDUSTRIES: CRISIL Moves B+ Debt Rating to Not Cooperating
BYJU: Makes a Surprise $1.2 Billion Repayment Proposal to Lenders
CHELSEA TEXTILES: CRISIL Moves B- Debt Ratings to Not Cooperating
GANESH ALLOYS: CRISIL Moves B Debt Ratings to Not Cooperating
GANESH COLD: CARE Keeps D Debt Rating in Not Cooperating
GAYATRI AGRO: CARE Lowers Rating on INR12.61cr LT Loan to B-
GURUKRUPA COTTON: CRISIL Moves B+ Debt Rating to Not Cooperating
JAGANNATH MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
JAY BEE: CRISIL Moves B Debt Rating to Not Cooperating Category
JAYALAKSHMI SPINTEX: CRISIL Moves B+ Ratings to Not Cooperating
KAIRBETTA ESTATES: CRISIL Moves B+ Ratings to Not Cooperating
LAXMI SOPAN: CARE Keeps B- Debt Rating in Not Cooperating Category
MADHAV COPPER: CRISIL Moves B- Debt Ratings to Not Cooperating
MAXIME INFRA: CRISIL Moves B Debt Rating to Not Cooperating
MAXWELL: CARE Keeps B- Debt Rating in Not Cooperating Category
MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
R.J. CYLINDER: CRISIL Moves B+ Debt Ratings to Not Cooperating
RAMA BUILDERS: CRISIL Moves B Debt Ratings to Not Cooperating
RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating
S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
SAI OVERSEAS: CRISIL Moves B+ Debt Ratings to Not Cooperating
SATYAM BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
SHAHANSHAH AGRO: CRISIL Moves B+ Debt Ratings to Not Cooperating
SITARAM GANESHMALL: CRISIL Moves B+ Rating to Not Cooperating
SSD VENTURES: CRISIL Moves B+ Debt Ratings to Not Cooperating
SURYA COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
VANTAGE MOTORS: CRISIL Moves B+ Debt Ratings to Not Cooperating
VENKATESWARA ENTERPRISES: CRISIL Moves B+ Ratings to Not Coop.
VETHESTA CONSTRUCTIONS: CRISIL Moves B+ Ratings to Not Coop.
VIKAS SANITARY: CRISIL Moves B Debt Ratings to Not Cooperating
I N D O N E S I A
PAKUWON JATI: S&P Raises LT ICR to 'BB+' on Resilient Performance
N E W Z E A L A N D
ABERNETHY CONTRACTORS: Court to Hear Wind-Up Petition on Sept. 15
CANTERBURY CONCRETE: Creditors' Proofs of Debt Due on Sept. 28
DEAKIN PROPERTY: Grant Bruce Reynolds Appointed as Liquidator
EDMUND HILLARY: Outdoor Clothing Brand Placed in Liquidation
HOLY HOP: Court to Hear Wind-Up Petition on Oct. 6
REANCO LIMITED: Creditors' Proofs of Debt Due on Nov. 4
P H I L I P P I N E S
HIMLAYANG PILIPINO: Placed Under Liquidation
UNITED CONSUMERS: Creditors Claims Deadline Set for Oct. 9
S I N G A P O R E
DREAM SPARKLE: Court to Hear Wind-Up Petition on Sept. 29
GRAB HOLDINGS: S&P Hikes LongTerm ICR to 'B' on Strong Liquidity
HANSIN TIMBER: Creditors' Proofs of Debt Due on Oct. 8
MULTIBRAND QSR: Creditors' Proofs of Debt Due on Oct. 12
SINGAPORE EMERGENCY: Court to Hear Wind-Up Petition on Sept. 22
WQSR HOLDINGS: Creditors' Proofs of Debt Due on Oct. 12
- - - - -
=================
A U S T R A L I A
=================
BALANCE HOLDINGS: First Creditors' Meeting Set for Sept. 18
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Balance
Holdings Pty Ltd and Balance Utility Solutions Pty Ltd will be held
on Sept. 18, 2023, at 10:00 a.m. and 11:00 a.m. respectively, at
the offices of Pitcher Partners at Level 11, 12-14 The Esplanade in
Perth and via virtual meeting technology.
Daniel Johannes Bredenkamp and Christopher James Pattinson of
Pitcher Partners were appointed as administrators of the company on
Sept. 6, 2023.
MARINE PRODUCE: Second Creditors' Meeting Set for Sept. 18
----------------------------------------------------------
A second meeting of creditors in the proceedings of Marine Produce
Australia Pty Ltd has been set for Sept. 18, 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 Sept. 15, 2023 at 4:00 p.m.
Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on May 24, 2023.
METRO FINANCE 2023-2: Moody's Gives (P)B2 Rating to AUD2MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as
trustee of Metro Finance 2023-2 Trust.
Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of Metro Finance 2023-2 Trust
AUD430.0 million Class A Notes, Assigned (P)Aaa (sf)
AUD27.5 million Class B Notes, Assigned (P)Aa2 (sf)
AUD13.5 million Class C Notes, Assigned (P)A2 (sf)
AUD7.0 million Class D Notes, Assigned (P)Baa2 (sf)
AUD11.5 million Class E Notes, Assigned (P)Ba2 (sf)
AUD2.0 million Class F Notes, Assigned (P)B2 (sf)
The AUD4.25 million Class G1 Notes and AUD4.25 million Class G2
Notes are not rated by Moody's.
The transaction is a cash securitization of a portfolio of
Australian prime commercial auto and equipment loans and leases and
novated leases secured by motor vehicles originated by Metro
Finance Pty Limited (Metro Finance, unrated). This is Metro
Finance's second auto and equipment asset backed securities (ABS)
transaction for 2023.
Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers for auto and
equipment assets in low volatility industries. Metro Finance
originates its lending through the commercial auto and equipment
broker and aggregator industry nationally. Significant origination
growth began in 2014.
RATINGS RATIONALE
The provisional ratings take into account, among other factors:
-- The historical loss data. The static loss data used for Moody's
extrapolation analysis, which reflects Metro Finance's origination
history, was limited to the origination vintages between Q4 2014
and Q2 2022;
-- The evaluation of the underlying receivables and their expected
performance;
-- The fact that 73.0% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements. See below for further information on Metro
Finance's streamlined product;
-- The 40.5% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 16.1%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;
-- The evaluation of the capital structure;
-- The availability of excess spread over the life of the
transaction;
-- The liquidity facility in the amount of 2.00% of the invested
amount of the rated notes subject to a floor of AUD983,000;
-- The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)). The notional amount under the
swap agreement may exceed or fall below the outstanding balance of
the rated notes in the event that prepayments deviate from the
assumed prepayment rate. Such deviations will expose the
transaction to being under-hedged or over-hedged. Over-hedging risk
is mitigated by the fact that break costs are charged to the
obligors and these funds will flow through to the trust as
collections. Further, Metro Finance has the ability to adjust the
notional schedule over the life of the transaction to better match
the paydown over time.
According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, the prime nature of the underlying borrower and the highly
diversified nature of the portfolio. However, Moody's notes that
the transaction features some credit weaknesses such as the
substantial portion of the portfolio extended on a streamlined
basis and the pro-rata amortization of rated notes under certain
conditions.
Initially, the Class A, Class B, Class C, Class D, Class E, Class F
and Class G1 Notes benefit from 14.0%, 8.5%, 5.8%, 4.4%, 2.1%, 1.7%
and 0.85% of note subordination, respectively. The notes will
initially be repaid on a sequential basis until the Class A notes
subordination percentage increases to 1.5 times from closing and
other performance parameters are met.
The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs, principal draws, or carryover charge
offs on the notes, if the arrears ratio exceeds 4.0%, if the first
call option date has occurred, or if the cumulative portfolio
defaults exceed 3.00% of the initial portfolio notional within 24
months of the closing date or 6.00% thereafter. At all other times,
the structure will follow a pro-rata repayment profile (assuming
pro-rata conditions are satisfied).
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are a default rate of 2.20%, a
recovery rate of 35.00% and a portfolio credit enhancement of
15.00%. Moody's assumed default rate and recovery rate are stressed
compared to the extrapolated mean default of 1.16% and 61.03%
respectively.
The difference between the historical and assumed default rate and
recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data and the exposure to balloon loans in the
portfolio.
Moody's have also benchmarked the historical data for Metro Finance
to data from comparable Australian commercial auto and equipment
ABS originators. Moody's have also overlaid additional stresses
into Moody's default and PCE assumptions.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.
MIASA HOLDINGS: Second Creditors' Meeting Set for Sept. 18
----------------------------------------------------------
A second meeting of creditors in the proceedings of Miasa Holdings
Pty Ltd has been set for Sept. 18, 2023 at 10:30 a.m. via virtual
meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 15, 2023 at 4:00 p.m.
Christopher Damien Darin of Worrells was appointed as administrator
of the company on Sept. 18, 2023.
QUICK CORE: First Creditors' Meeting Set for Sept. 18
-----------------------------------------------------
A first meeting of the creditors in the proceedings of A Quick Core
Concrete Cutting Service Pty Ltd will be held on Sept. 18, 2023, at
11:00 a.m. at Level 1, 410 Elizabeth Street in Surry Hills.
Scott Turner of JR Advisory was appointed as administrator of the
company on Sept. 18, 2023.
SENPAI RESTAURANTS: Liquidation Leaves Future Uncertain
-------------------------------------------------------
Good Food reports that the empire of one of Sydney's most talented
Japanese chefs is in tatters, with Chase Kojima's two Senpai
restaurants closing and his departure confirmed as executive chef
at the hatted Pyrmont restaurant Sokyo.
Kojima etched his name on the Sydney food psyche at the age of just
29 as founding chef at The Star's upmarket Sokyo restaurant in
2011, according to Good Food. His recruitment ushered in a
delicious mix of edgy Japanese food - partially picked up working
at Nobu restaurants - coupled with the traditional Japanese
tutelage of his chef father in San Francisco.
Good Food relates that Kojima was active with his own projects
outside of his day job with The Star, introducing Sydney to his
bunless rice burgers and rolling out two restaurants, in Chatswood
and Burwood, under the Senpai brand.
Both Senpai restaurants are listed online as temporarily closed,
but an ASIC filing shows Senpai Dojo, in which Kojima is listed as
a director, as in liquidation, Good Food discloses.
According to Good Food, joint liquidator John Refalo from
insolvency practitioners Moore Australia said a report is currently
being finalised outlining what creditors are owed. He declined to
give an estimate on where that amount will sit.
"At this stage both restaurants (Chatswood and Burwood) are
closed," Mr. Refalo told Good Food. "While we are looking at
options, it's a liquidation, which generally means it's terminal."
It's a sad juncture for Kojima, who continued to garner good
reviews, rewriting the script with Sydney's first ramen omakase
when he opened Chatswood's Senpai Ramen in March last year, Good
Food says. Despite his growing demands elsewhere, Sokyo didn't miss
a beat as he spread his wings. It retained its prestigious chef's
hat, the Good Food Guide 2023 praising Sokyo's balance of
"tradition and inventiveness".
A spokesman at The Star confirmed Kojima's "long-term" relationship
as executive chef at Sokyo and (Gold Coast restaurant) Kiyomi had
come to an end, Good Food reports.
"This decision was reached by mutual consent and will see Chase
pursue other opportunities," the spokesman added. Sokyo and Kiyomi
continue to trade as usual and have no financial link with Kojima's
other venues.
Kojima's next move isn't known, Good Food says. The chef could not
be reached for comment before publication.
Good Food adds that the Star spokesman stressed they wanted to
thank Kojima for his contribution to their fine dining restaurants;
indeed, at Sokyo he helped create a brand that outlasted
high-profile neighbours including David Chang's Momofuku Seiobo and
the Stefano Manfredi eatery, Osteria Balla. Hopefully Kojima's
cooking talent isn't lost to the Harbour City.
SHOWER REPAIR: First Creditors' Meeting Set for Sept. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The Shower
Repair Centre Australia Pty Ltd and Sealright Pty Ltd will be held
on Sept. 18, 2023, at 11:00 a.m. via virtual meeting only.
Daniel Jon Quinn of SV Partners was appointed as administrator of
the company on Sept. 6, 2023.
=========
C H I N A
=========
COUNTRY GARDEN: Creditors Interested in Forest City Project
-----------------------------------------------------------
The Wall Street Journal reports that on the southern tip of
peninsular Malaysia, a cluster of high rises built to house tens of
thousands of people in luxury condominiums overlooks the sea.
Nearly a decade after troubled Chinese real-estate giant Country
Garden began building the enclave, it is almost completely vacant.
The Journal says some people are now highly interested in it:
Country Garden's international creditors. The $100 billion
development called Forest City, meant to be the company's flashy
overseas showpiece, has instead become a target of creditors as the
developer shows signs of financial distress.
Forest City is Country Garden's most valuable asset outside China.
Should the company eventually default, the unfinished megaproject
could help its creditors recover an estimated $1.5 billion, said
John Han, a partner at New York-based law firm Kobre & Kim, the
Journal relays.
The Journal notes that the mostly empty Forest City project is a
towering reminder of some of the core problems that have taken down
China's once-booming property sector - high borrowing and
overbuilding, mixed with a streak of bad luck. Forest City embodies
Country Garden's strategy of churning out megaprojects in places
with high potential and low land costs, a model that fueled its
growth when China's property market was booming.
"To them, the mentality has been that if they get the land cheap,
basically the risk is low," the Journal quotes Christine Li, head
of research for Asia Pacific at Knight Frank, a real-estate
consulting firm, as saying. "They basically tried to replicate
their success in China overseas," she said.
But slowing sales and mounting debts caught up with Country Garden
at home and abroad, the report states. In early August, the company
missed interest payments on two U.S. dollar bonds. It narrowly
avoided default by making the payments before a 30-day grace period
ended this week, but the close call raised concerns that China's
last surviving property juggernaut might suffer the same fate as
dozens of developers that defaulted over the past two years.
Hong Kong-listed shares in the company have lost more than half
their value since the beginning of the year as investors braced for
turbulence, the Journal notes.
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,
has downgraded Country Garden Holdings Company Limited's corporate
family rating to Ca from Caa1 and its senior unsecured rating to C
from Caa2. The outlook remains negative.
The TCR-AP also reported that Fitch Ratings has downgraded Country
Garden Services Holdings Company Limited's (CGS) Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-' and placed the rating on
Rating Watch Negative (RWN).
COUNTRY GARDEN: Secures Bondholder Approval to Extend Repayments
----------------------------------------------------------------
Reuters reports that Country Garden won approval from its creditors
to extend repayments on six onshore bonds by three years, two
sources familiar with the matter said on Sept. 12, sending shares
up as much as 10%.
Reuters relates that the bondholder reprieve came as investors are
closely monitoring whether China's latest government stimulus
measures including lowering existing mortgage rates and offering
preferential loans for first-home purchases in big cities might be
enough to restore consumer confidence and sow the seeds for an
eventual property market recovery.
According to Reuters, Country Garden's onshore creditors voted on
Sept. 11 for proposals by the distressed developer to extend
repayments on eight onshore bonds worth CNY10.8 billion (US$1.48
billion) by three years, sources said, marking the latest relief to
China's crisis-hit property sector.
In the voting, which concluded by 10:00 p.m. Hong Kong time (1400
GMT) on Sept. 11, creditors approved extending six out of the eight
bonds, the two sources said.
The other two bonds will see voting delayed, the two sources said,
asking not to be named because they were not authorised to speak
with media, Reuters relays.
Reuters says the company's Hong Kong-listed shares surged after the
news but are down nearly 60% since the start of the year. The
broader Hang Seng Mainland Properties Index also reversed earlier
losses and was up by 0.75%.
The latest voting came after Country Garden on Sept. 1 gained
approval from creditors to extend payments by three years for a
CNY3.9 billion ($533 million) onshore private bond.
It also made a last-minute dollar coupon payment offshore last week
to avoid a immediate default, the report notes.
Country Garden, one of the few large Chinese developers that has
not defaulted on debt obligations, has faced liquidity pressure
with reduced available funds as sales plunged, its interim
financial statements showed.
It has CNY108.7 billion (US$14.9 billion) of debts due within 12
months, while its cash level are around CNY101.1 billion as of
end-June, Reuters discloses citing the company's interim financial
statement.
In the offshore bond market, Country Garden has at least five
coupon payments due this month, including two relatively sizable
dollar bond coupons worth $15 million due on Sept. 17, and $40
million on Sept. 27, each with a 30-day grace period.
Any default by Country Garden would exacerbate the country's
spiralling real estate crisis, put more strain on its struggling
banks and could delay the recovery of not only the property market,
but the overall Chinese economy, adds Reuters.
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,
has downgraded Country Garden Holdings Company Limited's corporate
family rating to Ca from Caa1 and its senior unsecured rating to C
from Caa2. The outlook remains negative.
The TCR-AP also reported that Fitch Ratings has downgraded Country
Garden Services Holdings Company Limited's (CGS) Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-' and placed the rating on
Rating Watch Negative (RWN).
LI & FUNG: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed Li & Fung Limited's Ba1
corporate family rating, and changed the outlook to negative from
stable.
At the same time, Moody's has affirmed the company's (1) Ba1 senior
unsecured bond ratings, (2) provisional (P)Ba1 senior unsecured
medium-term note (MTN) program rating, (3) provisional (P)Ba3
preferred stock MTN program rating, and (4) Ba3 subordinated
perpetual capital securities rating.
"The change in outlook to negative reflects Li & Fung's weakening
performance over the past several quarters and Moody's expectation
that the company's earnings will remain weak over the next 12-18
months because its major customers' tight inventory management and
sluggish consumer spending will strain its revenue growth," says
Gloria Tsuen, a Moody's Vice President and Senior Credit Officer.
"This concern is mitigated by the company's maintenance of a solid
balance sheet and high cash position that provide a buffer against
weak earnings and cash flow," adds Tsuen.
RATINGS RATIONALE
Li & Fung's turnover and reported EBITDA fell 27% and 18%,
respectively, in the first half of 2023 (H1 2023) compared with the
same period a year ago, following an 18% revenue decline in H2
2022. This development was mainly the result of (1) a high-base
effect in H1 2022 when the company benefited from retail customers'
inventory build-up; and (2) customers' reduction of excess
inventories since H2 2022. The impact of lower revenue on earnings
was partly offset by its continued cost reductions.
Moody's also expects the company's revenue to rebound moderately in
2024, against the backdrop of retail customers' cautious inventory
management and an anticipated deterioration in the US economy that
will discourage consumer spending. Its lower earnings than what
Moody's previously anticipated means that its cash flow generation
will remain weak.
Consequently and based on the assumption of stable debt levels,
Moody's expects Li & Fung's adjusted net debt/EBITDA to increase to
3.0x in 2023 from 2.4x in 2022, and its adjusted debt /EBITDA to
rise to 6.9x from 6.4x over the same period. Moody's also forecasts
that the company's net and gross leverage will improve to 2.6x and
6.2x, respectively, in 2024 as earnings return to growth.
While Li & Fung's gross leverage is high for the Ba1 rating
category, the risk is mitigated by its strong cash buffer and the
fact that its subordinated perpetual securities with coupon
deferral feature accounted for 53% of its adjusted debt as of the
end of June 2023. Despite a reduction in H2 2022 due to large
working capital deficits, its cash position of $767 million as of
the end of June 2023 accounted for 61% of its adjusted debt.
After experiencing multiyear structural declines in revenue and
earnings as well as pandemic-driven weakness, Li & Fung made
progress in improving the operating performance of its trading
business in 2021 and 2022 by strengthening its customer bases,
improving services, and reducing costs.
However, execution risks to a sustained improvement and full
earnings recovery to pre-pandemic levels remain high, amid tepid
demand for apparel products in the US and the risk of retail
bankruptcies after the pandemic.
Li & Fung's Ba1 ratings continue to incorporate the company's
unique market position in the global sourcing and trading of
consumer products, high levels of customer and supplier
diversification, long operating track record, and prudent financial
management resulting in very good liquidity. Its asset-light
business model also means low capital spending requirements.
At the same time, the ratings reflect the company's concentrated
operations in trading, low margins and earnings, as well as
execution risks in turning around the trading business.
In terms of environmental, social and governance (ESG)
considerations, the ratings factor in social risks arising from
changes in consumer preference towards online shopping, which has
resulted in structural weakness for traditional retailers and the
company's trading business. In terms of governance risk, the
ratings consider Li & Fung's concentrated ownership and private
company status, which are mitigated by its good management
credibility and prudent financial policy.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A rating upgrade is unlikely over the next 1-2 years, given the
negative outlook. The outlook could return to stable if (1) the
company visibly improves its revenue and earnings; (2) its adjusted
debt/EBITDA returns to a declining trend towards 5.0x; and (3) it
maintains its conservative financial management.
Moody's could downgrade Li & Fung's ratings if (1) the company
fails to sustain growth in revenue and earnings; (2) its adjusted
debt/EBITDA fails to decline below 5.0x; (3) it pursues aggressive
acquisitions or shareholder return policies; or (4) its cash
holdings fall below $500 million.
The principal methodology used in these ratings was Distribution
and Supply Chain Services published in February 2023.
Founded in 1906, Li & Fung Limited is a global consumer product
sourcing and trading company. Based in Hong Kong SAR, China, it has
an extensive global supply chain network across more than 50
countries.
SEAZEN COMPANIES: S&P Lowers LongTerm ICR to B+ on Declining Sales
------------------------------------------------------------------
S&P Global Ratings, on Sept. 8, 2023, lowered its long-term issuer
credit ratings on Seazen Group Ltd. (Seazen) and Seazen Holdings
Co. Ltd. to 'B+' from 'BB-'. S&P also lowered its long-term issue
rating on Seazen Holdings' outstanding senior unsecured notes to
'B' from 'B+'.
The negative outlook reflects S&P's view that Seazen's contracted
sales could further decline over the next 12-18 months amid weak
market sentiment, particularly in lower-tier cities.
S&P said, "We downgraded Seazen and its subsidiary, Seazen
Holdings, because persistent faltering sales will put pressure on
its leverage and liquidity buffer in the next 12 months. Seazen's
total contracted sales for the first eight months of 2023 fell
36.3% year on year to RMB54.4 billion. We revised down our forecast
of Seazen's 2024 sales to RMB80 billion–RMB85 billion, from RMB85
billion-RMB90 billion previously, given its high exposure to
volatile property sales in lower-tier Chinese cities. Despite the
relaxation of house purchase restrictions and lower down payment
requirements, homebuyers in these markets may continue to adopt a
wait-and-see approach, given the weak fundamentals. On the other
hand, we believe refinancing risk is rising for most China-based
developers, especially privately owned enterprises, partly due to
the woes of some large industry players.
"We believe Seazen will use internal resources and new bank loans
to pay down its onshore and offshore bonds due in 2024, which total
about RMB7 billion. The maturities in 2024 are spread throughout
the year with the largest one of US$450 million in December 2024.
It is smaller and less concentrated than that of about RMB13
billion in 2023. Refinancing channels of public bonds may remain
closed, and we do not assume refinancing to happen in our base
case." The RMB7 billion maturity in 2024 should be majority covered
by operating cash flow, including rental income from shopping
malls, and new bank loan drawdown, particularly long-term operating
loans by pledging new unencumbered investment properties.
Seazen's portfolio of unencumbered commercial properties could
continue to provide funding support, despite diminishing headroom.
Seazen incurred about RMB6 billion in new operating loans by
pledging its self-owned shopping malls in the first half of 2023,
after it drew down a similar amount for the full year 2022. Its
operating loans and commercial mortgage-backed securities (CMBS)
totaled about RMB21 billion and RMB2.7 billion, respectively, as of
June 2023.
As of June 30, 2023, Seazen had about 39 unencumbered Wuyue Plaza
malls. The total investment property value as of June 2023 was
RMB117 billion, and RMB81 billion was pledged for loans, according
to Seazen Holdings' interim report. The remaining RMB36 billion
should provide some incremental financing sources to cover its
repayment need. S&P estimates the loan-to-value ratio of existing
investment property loans was about 35% on average as of June 2023,
while that ratio for new loan drawdowns could reach close to 50%.
Although this could provide some room for financing, given the
recent volatile market, S&P believes financial institutions could
tighten their requirements on assets to be pledged or reduce the
loan-to-value ratio to control their exposure to the sector.
S&P said, "We expect Seazen's leverage to spike in the next two
years due to slower sales delivery. Seazen's revenue dropped by
about 2% in the first half. We estimate revenue to drop by 17%-18%
in 2023, and further decline 5%-10% in 2024 and 2025. This follows
our estimate of a sales decline of 27%-32% in 2023, after an actual
50.4% decline in 2022. As a result, its leverage (debt-to-EBITDA
ratio) is projected to climb to 5.9x-6.9x in 2023-2025, despite
debt reductions."
Seazen's relationship with banks will be key to sustaining its
credit profile. As of June 2023, bank borrowings accounted for
about 55% of Seazen's gross debts. Seazen's banking relationship
appears to be stable. However, after the recent deterioration in
property sales in China and woes of some large industry players, it
is likely that banks would be more cautious about lending to
developers, especially those that are not state-owned.
S&P said, "We believe Wuyue Plaza's operations will stay healthy to
support its operating cash flow. Occupancy remained at 95% in the
first half of 2023. Same-store sales growth of 11% year on year for
the first half of 2023 would leave some room for increasing rental.
We project after-tax rental income in 2023 and 2024 at RMB10
billion-RMB11 billion annually, such that the operating cash flow
(after interest and principal amortization of loans) provided by
the malls would be RMB3 billion-RMB4 billion.
"The negative outlook reflects our view that Seazen's contracted
sales could further decline over the next 12-18 months amid weak
market sentiment, particularly in lower-tier cities. The company's
leverage could rise amid declining sales and margins. Refinancing
risk is also increasing, especially for privately owned Chinese
developers, such that liquidity buffer could further deteriorate.
"However, we expect Seazen's rental income to be stable and for it
to have access to financing through pledging its commercial
properties. That will partly mitigate the refinancing risks and
help address maturities in the rest of 2023 and 2024."
The ratings and outlook on Seazen Holdings will move in tandem with
those on Seazen.
S&P may lower the rating if Seazen's liquidity buffer narrows, due
to a significant slippage in contracted sales, deterioration in
external funding access, or tighter restrictions on the
accessibility of cash.
S&P may revise the outlook back to stable if Seazen's sales and
funding channels improve, and it maintains sufficient liquidity
source to cover its repayment needs in 2023 and 2024. That will
hinge on the company having satisfactory cash inflow from
contracted sales and stable rental income. It will also depend on
access to funding channels, including new financings through
pledging existing malls.
=================
H O N G K O N G
=================
LI & FUNG: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Li & Fung Ltd. to
negative from stable. S&P affirmed its 'BB+' long-term issuer
credit rating on the company. S&P also affirmed its 'BB+' long-term
issue rating on the company's senior unsecured notes, and the 'B+'
rating in the subordinated perpetual hybrid securities. The
recovery rating on the senior unsecured notes unchanged at '3'.
The negative outlook reflects S&P's view that Li & Fung could take
longer than it anticipated to rebuild its supply chain strength.
Li & Fung's weaker first-half performance indicates recovery could
be delayed. The company's core supply-chain solutions business,
which contributed about 62% of EBITDA in 2022, saw a 30%
year-on-year decline in turnover and a 42% fall in EBITDA in the
first half of 2023. The sharp decline was due to the high base in
first half of 2023. That said, revenue scale for the segment has
now shrunk to below 2020 levels.
Li & Fung's growing presence with off-price and discount retailers
as well as its wallet share gain with existing customers were not
sufficient to offset the depth of inventory adjustments retailers
are undergoing. This is not in line with our previous expectation
that the company would continue its recovery even amid slowing
economic growth in the U.S. and eurozone.
Ordering outlook could stay challenging over the next 18 months.
Brand owners and retailers' cautious approach to channel inventory
levels will continue to constrain Li & Fung's turnover. This is
particularly so in the soft goods (apparel driven) segment, from
which the company derives the majority of its revenue.
Despite efforts by retailers to reduce inventories in the first
half of 2023, the levels remain high. This means retailers will
likely place smaller batches of chase orders and will be less
willing to go for new products/product freshness orders. The weak
order environment would likely stay because S&P forecasts slow
economic growth in the U.S. through 2025, and that consumer
sentiment toward discretionary spending will remain fragile.
S&P assumes Li & Fung's revenue growth will be stronger in the
second half of the year. Besides the favorable seasonality factor,
Li & Fung's turnover could benefit from the company's recent
efforts to revive the business. These include reshuffling the
customers list, shifting sector exposure away from department
stores and toward discounters and specialty retailers, and helping
customers to manage costs and disruption.
Li & Fung's ongoing expansion in market share within existing
customers and ability to win new orders could help it achieve a
flat 2023 by topline. Based on its assumption, this means the
second half will contribute about 62% of full-year turnover, a
similar weighting as in 2020.
Li & Fung's growing EBITDA contribution from the onshore business
and leaner overheads will support EBITDA. Lower freight cost that
boosted the company's onshore business' profits in the first half
of 2023, and streamlining of the organization cost structure helped
halve the EBITDA hit from the supply-chain solutions business. S&P
said, "We expect these benefits to stay. A recovery in the second
half should help lift Li & Fung's EBITDA to a higher level than in
2022. This translates to an improvement in EBITDA margin to 2.4%
for 2023, compared with 2.2% in the first half of 2023 and 1.9% in
2022. We expect the credit metrics to remain sound, with EBITDA
interest coverage above 3x and ratio of debt to EBITDA below 2x."
Li & Fung's financial strength allows it to stomach volatility in
business. The company has US$767 million cash on hand as of June
30, 2023. Moreover, Li & Fung typically has stronger cash inflow in
the second half of the year, given seasonality factors from
turnover and working capital reversal. The cash holding, together
with limited capital expenditure needs and the absence of major
merger and acquisitions plans, leaves the company with sufficient
financial resources to weather the weak retail environment.
Li & Fung could also complete the US$250 million tender on its
US$600 million 2025 notes, of which US$172.5 million has not been
repurchased. Without the repurchase, S&P forecasts the cash balance
at end-2023 will be higher than at June 2023.
S&P said, "The negative outlook reflects our view that Li & Fung
could take longer to rebuild its supply chain strength than we
expected, possibly due to lower supply chain scale.
"We could lower the rating if Li & Fung's trading business remains
weak for the next six to 12 months. An indication of this could be
declining revenue or EBITDA generation, without a strong recovery
in sight.
"We could also lower the rating if the company's financial measures
deteriorate, reflected through the combination of cash balance and
EBITDA coverage.
"We could revise the outlook to stable if we believe Li & Fung's
supply chain scale remains intact. This could possibly be reflected
by revenue growth while the company maintains its margin profile."
=========
I N D I A
=========
ANJANEYA JEWELLERY: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Anjaneya Jewellery (AJ) to 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 15 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with AJ for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of AJ to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from AJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on AJ is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of AJ migrated to
'CRISIL B/Stable Issuer Not Cooperating'
Set up in 2005, Anjaneya Jewellery is a proprietorship firm owned
by Mr. Venkat Rao. AJ retails gold, silver, platinum, diamond,
gemstones and studded jewellery jewellery at its showroom located
in Vijayawada, Andhra Pradesh.
BALRAM INDUSTRIES: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Balram Industries (BI) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 3.5 CRISIL A4 (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with BI for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of BI to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from BI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on BI is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of BI migrated to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Balram Industries (BI) was established in 2015 by Arvindkumar
Babulal Patel, Ashokbhai Revabhai Patel, Ketankumar Mohanlal Patel,
Pankaj Kumar Baldevbhai Patel and Suilkumar Dashratbhai Patel. BI
is engaged in cotton ginning and pressing. Its facility is located
in Visnagar, Mehsana (Gujarat).
BYJU: Makes a Surprise $1.2 Billion Repayment Proposal to Lenders
-----------------------------------------------------------------
Bloomberg News reports that Indian edtech titan Byju's has made a
surprise repayment proposal to lenders, in which the firm has
offered to pay back its entire $1.2 billion term loan in less than
six months, according to people familiar with the situation.
Bloomberg relates that the company is offering to repay $300
million of the distressed debt within three months if the amendment
proposal is accepted and the remaining amount in the subsequent
three months, said the people, who asked not to be identified
because the discussions are private. Byju's is in talks with
private equity funds and strategic investors to sell some of its
overseas units to fund the repayment, they said.
According to Bloomberg, Byju's and its lenders have been mired in a
conflict for almost a year, during which rounds of negotiations to
revamp its loan agreement have failed. The company decided to miss
an interest payment on its term loan, one of the largest by a
startup globally, exacerbating a dispute that underpins its
mounting distress.
A successful sale of units, including US-based kids' digital
reading platform Epic! Creations Inc., and Great Learning Education
Pte., will leave the firm's eponymous founder, Byju Raveendran,
with enough cash to expand the business after paying off all its
debt, the people said.
The Bangalore-based company acquired Epic for about $500 million
and Great Learning, a professional training and higher education
platform, for about $600 million in 2021 in cash-and-stock deals.
Byju's is seeking to raise more than a billion dollars from the
divestments, the people, as cited by Bloomberg, said.
The company has sought a swift resolution and execution of an
amendment, they said. It's unclear whether the parties will reach
an agreement, a critical step in a broader campaign to turn around
the startup once deemed India's most valuable at $22 billion.
The firm, whose parent company is formally known as Think & Learn
Pvt, raised the five-year loan in 2021 to bolster its growth
outside India. The loan is being quoted at 49.8 cents on the
dollar, Bloomberg-compiled data show. A level below 70 is generally
considered distressed.
Bloomberg adds that Byju's is also working on finalizing the
audited accounts for the financial year ending March 2022 by Sept.
30 and for the subsequent year by December. It will seek to raise
fresh equity to boost its business after filing the results, they
said.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
CHELSEA TEXTILES: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Chelsea Textiles Private Limited (CTPL) to 'CRISIL B-/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.25 CRISIL B- (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 8.55 CRISIL B- (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Working Capital 0.20 CRISIL B- (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with CTPL for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CTPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from CTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on CTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of CTPL
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'
CTPL was incorporated in 2011 and promoted by Mr. Jeyaraghuraman
Chockappan Reddy and family. It is engaged in manufacturing cotton
yarn. The company has spinning mill located at Nanded,
Maharashtra.
GANESH ALLOYS: CRISIL Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Ganesh Alloys (GA) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.75 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 0.25 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational
Circular dated January 6, 2023.
CRISIL Ratings has been consistently following up with GA for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of GA to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from GA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on GA is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of GA migrated to
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
GA was established in October 2020. It is engaged in manufacturing
of ingots, billets, blooms, slabs, mild steel, carbon steel,
moulds, etc. The firm's manufacturing facility is located at
Mehsana, Gujarat The firm is promoted & managed by Bharatkumar
Chandulal Patel, Sureshbhai M. Patel, Jitendrakumar Mafatlal Patel,
Jivanbhai Bhagvandas Patel, Maheshkumar Talsibhai Patel,
Pravinkumar Amrutlal Patel and Ramabhai Madhabhai Patel.
GANESH COLD: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Cold Storage (SGCS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 4, 2022,
placed the rating(s) of SGCS under the 'issuer non-cooperating'
category as SGCS 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. SGCS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2023, June 30, 2023, July 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1999 as a partnership firm, SGCS is engaged into
providing cold storage facility to farmers for storing potatoes on
a rental basis. The firm has controlled atmosphere cold storage
facility located at Deesa; Gujarat having a capacity to store 8,250
Metric Tonne (MT)/1,65,000 bags of potatoes as on March 31, 2018.
The firm is managed by Mr. Popatlal Chamanaji Kachhawa, Mr. Kalidas
Chamanaji Kachhawa and Mr. Lalabhai Chamanaji Kachhawa. Besides
providing cold storage facility, the firm also provides interest
bearing advances to farmers for potato farming purposes against the
stock of potato stored.
GAYATRI AGRO: CARE Lowers Rating on INR12.61cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gayatri Agro Oil and Food Products (GAOFP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.61 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 1, 2022,
placed the rating(s) of GAOFP under the 'issuer non-cooperating'
category as GAOFP 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. GAOFP continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 17, 2023, June 27, 2023, July 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of GAOFP have been
revised on account of non-availability of requisite information.
Established in January 2004, Gayatri Agro Oil and Food Products
(GAOFP) was promoted by Mr. Amit Agrawal, Mr. Pawan Kumar Agrawal
and Ms. Sarita Agrawal. The firm is engaged in the extraction and
refining of edible oil (mainly rice bran oil and its by-product
de-oiled cake from rice bran) with an edible oil extraction
capacity of 200 tons per day and refining capacity of 50 tonnes per
day. The extraction cum refinery plant of the company is located at
Kalahandi, Odisha. The firm sells its products under the brand name
'Shankh' and 'Sobha' in the state of Odisha.
GURUKRUPA COTTON: CRISIL Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Gurukrupa Cotton and Oil Industries (GCOI) to 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with GCOI for
obtaining information through letter and email dated August 21,
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 GCOI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCOI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of GCOI to 'CRISIL B+/Stable Issuer not
cooperating'.
Set up in 2008, GCOI gins and presses raw cotton and crushes cotton
seeds at its facility in Rajkot, Gujarat. The firm has installed
capacity of 20,250 kg per day. It manufactures cotton bales, cotton
oil and cotton oil cakes.Mr Rajeshbhai Bhagvanjibhai, Mr Shamjibhai
Harkhabhai and Mr Pankajbhai Pitambarbhai are main promoters.
JAGANNATH MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Jagannath Motors (SJM) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.90 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.10 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 August 3, 2022,
placed the rating(s) of SJM under the 'issuer non-cooperating'
category as SJM 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. SJM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2023, June 29, 2023, July 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).
Shree Jagannath Motors (SJM) was established on April 1, 2002 and
its registered office is situated at Rourkela, Odisha. Currently
the firm is managed by two partners, namely Mr. Rajendra Narayan
Mishra and Mrs. Nirupama Mishra (wife of Mr. Rajendra Narayan
Mishra). SJM is an authorized dealer of Ashok Leyland Limited for
its commercial vehicles. It is engaged in the sale of vehicles,
spare parts and servicing activities. The firm presently operates
one showroom cum workshop in Rourkela, Odisha and another workshop
in Sundargarh, Odisha. The firm has also a spare parts shop in
Rourkela, Odisha. Currently SJM is the only dealer for ALL in
Rourkela, Sundargarh and Jharsuguda.
JAY BEE: CRISIL Moves B Debt Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Jay
Bee Industries (Panchkula) (JBI) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Bank Guarantee 3 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 20 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JBI for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of JBI to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from JBI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on JBI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JBI
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
Incorporated in 1993, JBI manufactures power transformers, compact
substations and onload tap changers used to automate voltage
regulations for state electricity boards and private players in
real estate, housing, hotels, hospitals and other industries.
JAYALAKSHMI SPINTEX: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Jayalakshmi Spintex (India) Private Limited (JSPL) to 'CRISIL
B+/Stable Issuer Not Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15.63 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 5.20 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4.17 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JSPL for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of JSPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from JSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on JSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of JSPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'
JSPL was incorporated in 1995. JSPL is engaged in manufacturing
cotton yarn. JSPL manufacturing facility is in Coimbatore, Tamil
Nadu with an installed capacity of 25,000 spindles. JSPL's day to
day operations are run by N. Sivakumar.
KAIRBETTA ESTATES: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kairbetta
Estates Syndicate (KES) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Packing Credit 1 CRISIL A4 (Issuer Not
Cooperating)
Proposed Fund- 1.3 CRISIL B+/Stable (Issuer Not
Based Bank Limits Cooperating)
Working Capital 2.7 CRISIL B+/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with KES for
obtaining information through letter and email dated August 7, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative and the ratings on bank
facilities of KES continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 6, 2023.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such 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 KES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KES continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Established in 1956, KES plants and processes orthodox tea in
Kotagiri, Tamil Nadu. Operations are managed by Mr Prashant
Bhansali and family.
LAXMI SOPAN: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Laxmi
Sopan Agriculture Produce Marketing Company Limited (LSAPMCL)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.80 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 1,
2022, placed the rating(s) of LSAPMCL under the 'issuer
non-cooperating' category as LSAPMCL 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. LSAPMCL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 18, 2023, July 28, 2023,
August 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
LSAPMCL was established in 2014 and belongs to Laxmi group of
Chimur. The group is engaged in diversified businesses viz. trading
of cattle feed, providing real estate services and in trading of
agricultural stock. LSCL is engaged in the business of leasing of
real estate and providing value addition to lessee (polishing and
cold storage services).
MADHAV COPPER: CRISIL Moves B- Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Madhav
Copper Limited (MCL) to 'CRISIL B-/Stable Issuer Not Cooperating'
from 'CRISIL B/Negative'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL B/Negative')
Proposed Long Term 10 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Migrated from
'CRISIL B/Negative')
CRISIL Ratings has been consistently following up with MCL for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of MCL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from MCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on MCL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of MCL
migrated to 'CRISIL B-/Stable Issuer Not Cooperating' from 'CRISIL
B/Negative'.
MCL was set up as a private limited company in 2012 and
reconstituted as a public limited company in 2017. Promoted by Mr
Nilesh N Patel, Mr Rohit B Chauhan, and Ms Divya A Monapara,
Bhavnagar (Gujarat)-based MCL manufactures and trades in enameled
and submersible wires. It is a part of the Madhav group.
MAXIME INFRA: CRISIL Moves B Debt Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Maxime
Infra and Interiors (MII) to 'CRISIL B/Stable Issuer Not
Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 12 CRISIL B/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with MII for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of MII to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from MII, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on MII is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of MII
migrated to 'CRISIL B/Stable Issuer Not Cooperating'
Maxime Infra and Interiors (MII) was established in February 2017.
It is a partnership firm which is owned and managed by Mr. Rohitash
Dhankar and Ms. Yogita Chaudhary. MII is engaged in manufacturing
and supply of modular kitchen, storages (including wardrobes),
wooden bedside table, wooden coffee table, etc. for residential,
industrial and office spaces. MII's facility is located at Surajpur
Industrial Area, Greater Noida, Uttar Pradesh.
MAXWELL: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MAXWELL
(MA) continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of MA under the 'issuer non-cooperating'
category as MA 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. MA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 23, 2023, August 2, 2023, August 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Maxwell was incorporated in 1992 by Mr. Mahabir Pershad and Mr.
Narendra Kumar Lamba and they look after overall functionality of
the firm. Maxwell is a partnership concern engaged in trading of
rubber and polymers which it imports from countries like Japan,
China and Korea.
MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Moti Ram
Sunil Kumar (MRSK) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.67 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 September 7,
2022, placed the rating(s) of MRSK under the 'issuer
non-cooperating' category as MRSK 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. MRSK
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2023, August 3, 2023, August 13, 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).
Moti Ram Sunil Kumar (MRSK) was established as a proprietorship
firm in 2006 by Mr Sunil Kumar. The manufacturing unit is located
at Karnal, Haryana. The firm is engaged in processing (milling) of
paddy (rice). The firm also works on job work basis for Government
departments.
R.J. CYLINDER: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of R.J.
Cylinder Industries Llp (RJC; formerly known as R. J. Cylinder
Industries) to 'CRISIL B+/Stable Issuer Not Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 3.97 CRISIL B+/Stable (ISSUER NOT
Overdraft COOPERATING; Rating Migrated)
facility
Long Term Loan 7.72 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational
Circular dated January 6, 2023.
CRISIL Ratings has been consistently following up with RJC for
obtaining NDS through letters / emails dated June 30, 2023, July
31, 2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of RJC to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from RJC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on RJC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of RJC
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'
RJC was set up in 2018 as a partnership entity between Mr Manoj
Nahata, Mr Sanjay Kumar Nahata, Mr Amit Nahata, Mr Piyush Kumar
Nahata, and RJ Cement Industries Pvt Ltd. The firm set up a unit at
Nagaon to manufacture empty cylinders, with installed capacity of 6
lakh units per annum.
RAMA BUILDERS: CRISIL Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rama
Builders (RB) to 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.9 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 1.1 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with RB for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of RB to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from RB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on RB is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of RB migrated to
'CRISIL B/Stable Issuer Not Cooperating'
Set-up in 1999, RB is engaged in trading of construction and
building materials such as paint, cement and steel bars. Mr Anil
Gupta owns and manages the firm.
RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rattan
Poultries Private Limited (RPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 19,
2022, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL 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. RPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 25, 2023, August 28, 2023, August 31,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rattan Poultries Private Limited (RPPL) was incorporated in May
1999 and is currently being managed by Mr. Ranjit Singh Sidhu, Mr.
Rahuljit Singh Sidhu and Mrs. Mohinder Kaur Sidhu as its directors.
RPPL is engaged in poultry farming business at its poultry farm
located in Sangrur, Punjab.
S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S C
Enterprises (SCE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of SCE under the 'issuer
non-cooperating' category as SCE 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. SCE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2023, August 2, 2023, August 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Faridabad (Haryana) based S.C Enterprises (SCE) was established in
1995 as a proprietary firm by Mr. Subhash Chand. SCE is engaged
trading of textile products viz. fabrics of ladies and gents'
suits, mattress cover, blankets, slipcover, sofa covers, cushion
covers etc.
SAI OVERSEAS: CRISIL Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Sai
Overseas - Karnal (SO) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 1 CRISIL A4 (Issuer Not
Discounting Cooperating; Rating Migrated)
Long Term Loan 8.05 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Open Cash Credit 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Packing Credit 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Working Capital 1.95 CRISIL B+/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SO for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SO to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from SO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SO is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of SO migrated to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'
SO manufactures home furnishing products such as bath mats,
carpets, rugs and terry towels. The firm commenced its operations
in 2017 and has a manufacturing facility at Panipat, Haryana.
Operations are managed by the partners, Mr Rajbir Singh, Ms Kusum
Jaglan and Mr Siddharth Jaglan.
SATYAM BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Satyam
Builders (SB) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 2, 2022,
placed the rating(s) of SB under the 'issuer non-cooperating'
category as SB 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. SB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2023, June 28, 2023, July 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jharkhand based, SB was set up as a partnership firm in 2003 by two
brothers Mr. Vinay Kumar Thakur and Mr. Mithilesh Kumar Thakur.
Since its inception, the firm has been engaged in civil
construction activities in the segments like roads, bridges,
buildings and railways works. The firm is registered as a Class 1
contractor. Over the years, it has completed a good number of
small sized and few medium sized projects for Government and
semi-government organizations.
SHAHANSHAH AGRO: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Shahanshah Agro Farms Private Limited (SAFPL) to 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Working 1.1 CRISIL B+/Stable (Issuer Not
Capital Facility Cooperating; Rating Migrated)
Term Loan 0.35 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Term Loan 9.55 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with SAFPL for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SAFPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from SAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SAFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SAFPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in April 2018, SAFPL owns and operates a post
controlled-atmosphere (CA) facility for storage of fruits and
vegetables, mainly apples with capacity of 5000 million tonne at
IGC Aglar Shopian, Jammu and Kashmir. The company was taken over by
Bhat family in October 2022.
SITARAM GANESHMALL: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sitaram Ganeshmall (SG) to 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with SG for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SG to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from SG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SG is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of SG migrated to
'CRISIL B+/Stable Issuer Not Cooperating'.
SG started its business in 1952. Mr Kailash Chanani and Ms Alka
Chanani are the the current partners of the firm, as per the latest
amended partnership deed dated as on 2010. The firm, based in
Kolkata, trades in thermo-mechanically treated bars and mild steel
channels, angles, sheets and plates.
SSD VENTURES: CRISIL Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of SSD
Ventures Llp (SSDV) to 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 3 CRISIL B+/Stable (Issuer Not
Based Bank Limits Cooperating; Rating Migrated)
Term Loan 47 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with SSDV for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SSDV to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from SSDV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SSDV is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SSDV
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
SSD Ventures LLP (SSDV) was established as partnership firm in
2010. It is involved in real estate development such as
construction and sale of residential complexes and flats in and
around the city of Mumbai-Maharashtra. It is owned & managed by
Mahesh Notandas Jagwani and Harsh Mahesh Jagwani.
SURYA COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.83 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 2, 2022,
placed the rating(s) of SCI under the 'issuer non-cooperating'
category as SCI 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. SCI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2023, June 28, 2023, July 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Surya Cotton Industries (SCI) was established in October, 2011 as a
partnership concern by five partners. SCI is engaged in cotton
ginning and pressing. SCI is into the business of manufacturing of
cotton bales, cotton seed cake and cotton seed oil with installed
capacity of 1,500 Metric Tonnes Per Annum (MTPA), 2,800 MTPA and
336 MTPA respectively.
VANTAGE MOTORS: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Vantage Motors LLP (VML) to 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Channel Financing 4.9 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with VML for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VML to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VML is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of VML
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
VML was set up in 2016 as a partnership firm by Mr Abhijeet Kumar
and Mr Kumar Aadya Nandan. The firm is an authorised dealer of HMIL
for the sale and service of its cars. VML commenced operations in
April 2017 and has a showroom-cum-workshop in Hajipur, Bihar.
VENKATESWARA ENTERPRISES: CRISIL Moves B+ Ratings to Not Coop.
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Venkateswara Enterprises (VE) to 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.34 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 0.75 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 0.65 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Fund- 13.76 CRISIL B+/Stable (Issuer Not
Based Bank Limits Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with VE for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VE to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VE is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of VE migrated to
'CRISIL B+/Stable Issuer Not Cooperating'.
Set up as a proprietorship firm in 2006 in Chennai by Mr Devender
Goel, VE trades in veneer and plywood.
VETHESTA CONSTRUCTIONS: CRISIL Moves B+ Ratings to Not Coop.
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Vethesta Constructions (VC) to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 1.5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 5.5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
Secured Overdraft 4.5 CRISIL B+/Stable (Issuer Not
Facility Cooperating; Rating Migrated)
Working Capital 1.5 CRISIL B+/Stable (Issuer Not
Term Loan Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with VC for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VC to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VC is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of VC migrated to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Set up in 2003 as a proprietorship concern by Mr Fayaz Ahmed
Zargar, VC undertakes construction works for roads and bridges,
canals, irrigation and electrification in Jammu and Kashmir.
VIKAS SANITARY: CRISIL Moves B Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Vikas
Sanitary Wares (VSW) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Letter Of Guarantee 1.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Term Loan 1.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
CRISIL Ratings has been consistently following up with VSW for
obtaining NDS through letters/emails dated June 30, 2023, July 31,
2023 and August 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated August 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VSW to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VSW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VSW is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VSW
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
Set up in 1995 as a partnership by Mr Harjivan Patel, Mr Bhavesh
Patel and Mr Pritesh Patel, VSW manufactures digitally printed wall
tiles. The tiles are sold through the brands Vikas and Violet. Its
manufacturing facility is in Morbi, Gujarat, and has installed
capacity of 5,000 boxes per day.
=================
I N D O N E S I A
=================
PAKUWON JATI: S&P Raises LT ICR to 'BB+' on Resilient Performance
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit and issue
ratings on growing recurring income from Pakuwon Jati Tbk. PT to
'BB+' from 'BB'.
The stable rating outlook reflects S&P's view that Pakuwon's
sizable recurring income will support performance resilience, such
that its debt-to-EBITDA ratio will remain at 2.0x-2.3x over the
next two years.
Pakuwon's growing recurring income shields the company from
volatility throughout industry cycles. The developer has the
highest proportion of recurring income derived from its investment
properties (retail malls, hotels, and offices) among
speculative-grade rated property developers in Asia.
S&P said, "We forecast the proportion of such income for the
company will increase to 70%-75% in 2023 and 2024, from about 65%
in 2022. It also compares favorably with other Indonesia developers
whose recurring income contribution typically falls within
10%-20%.
"We expect Pakuwon's recurring EBITDA interest coverage ratio to
improve to 6.5x-7.0x over the next two years. The coverage ratio
remained above 3x in 2020, despite a 38% decline in recurring
income during the pandemic.
"Pakuwon is likely to maintain stable leverage throughout the
property cycle backed by its recurring income. Despite property
sales waning, Pakuwon's debt-to-EBITDA ratio will remain at
2.0x-2.3x in 2023 and 2024, in our assessment."
The stable cash flow nature of recurring income will also reduce
the development risk of Pakuwon's "superblock projects" (integrated
developments). The company's net recurring income can adequately
cover its annual construction outlays, operating expenses, as well
as interest and tax expenses.
Ongoing investment portfolio expansion and good asset quality
support Pakuwon's credit profile. We forecast Pakuwon's recurring
income will grow by 15% to Indonesian rupiah (IDR) 4.5 trillion in
2023 and increase further to IDR4.6 trillion-IDR4.8 trillion in
2024. This level of income is already 20% higher than it was before
the pandemic.
Pakuwon's retail and hospitality portfolio is poised for further
recovery on account of good asset quality and strategic locations.
The company's recurring income rose 24% year on year during the
first half of 2023.
In addition, the accretive acquisition of Four Points by the
Sheraton Bali hotel this year, as well as completion of
refurbishment of two retail malls in Central Java in 2023 and 2024,
should further bolster the growth of recurring income over the next
two years. A retail mall in Bekasi superblock, which is slated to
open by end of 2024, will act as a growth engine for the company
beyond 2024.
Pakuwon's retail portfolio benefits from a stable operating
performance, with occupancy rate consistently above 90%
historically. This is due to the portfolio's strategic asset
locations. On the other hand, the performance of the company's
hotel portfolio has been more volatile than retail assets, as seen
during the pandemic.
While the contribution from recurring income will continue to rise
over the next two years, its management targets 50/50 revenue
contribution from property development and its investment portfolio
in the long run.
Pakuwon's prudent financial management and large cash holdings
temper development risk. In S&P's view, the company's large cash
buffer and strong ability to generate operating cash flow translate
to nominal new debt-funding requirements over the next two years.
This is despite a significant step-up in capital expenditure
(capex) from 2023 to support land acquisition, new superblock
development in Batam, and other potential greenfield projects. The
company has a record of maintaining moderate leverage while
executing its growth strategy.
S&P said, "Operating cash flow, which we estimate at IDR2.2
trillion-IDR2.4 trillion annually in 2023 and 2024, should well
cover capex and discretionary land acquisition during this period,
in our view. In our base case, we forecast capex will rise to
IDR2.1 trillion in 2023 before narrowing to IDR1.5 trillion in
2024, compared with IDR840 billion in 2022.
"We anticipate Pakuwon will maintain its strong liquidity position
over the next two years. The company had a cash balance of IDR7.3
trillion as of June 30, 2023. The sizable cash balance will provide
a sufficient buffer against most downside scenarios.
"Pakuwon has adequate rating headroom to mitigate soft performance
in the property development segment. Growing recurring income from
its investment portfolio will offset weaker development revenue. As
a result, we expect revenue and EBITDA will be largely flat in
2023.
"We believe Pakuwon could tolerate an extreme decline in
development revenue from our base-case assumptions over the next
two years. This scenario is less likely, given that the company had
a sales backlog of about IDR1.6 trillion as of June 30, 2023. It
also had about IDR1.7 trillion (measured by development cost) worth
of units ready for sale by the end of June 2023. This will support
development revenue over the next 12-18 months.
"The stable outlook on Pakuwon reflects the company's prudent
financial management and resilient performance throughout industry
cycles backed by its sizable recurring income. We expect its
debt-to-EBITDA ratio to remain stable at 2.0x-2.3x over the next
two years.
"We could lower the rating if Pakuwon departs from its prudent
financial policies by substantially upsizing debt-funded capital
spending and land acquisitions. It could also happen if the
company's revenue is substantially lower than our forecast. The
ratio of debt to EBITDA exceeding 3x could indicate such
deterioration."
An upgrade is unlikely over the next few years due to Pakuwon's
material exposure to property development. S&P may raise the rating
if the company:
-- Significantly expands its scale and project diversification;
and
-- Maintains a substantial proportion of recurring revenue.
=====================
N E W Z E A L A N D
=====================
ABERNETHY CONTRACTORS: Court to Hear Wind-Up Petition on Sept. 15
-----------------------------------------------------------------
A petition to wind up the operations of Abernethy Contractors
Limited will be heard before the High Court at Auckland on Sept.
15, 2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 31, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
CANTERBURY CONCRETE: Creditors' Proofs of Debt Due on Sept. 28
--------------------------------------------------------------
Creditors of Canterbury Concrete Placing Limited are required to
file their proofs of debt by Sept. 28, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 7, 2023.
The company's liquidators are:
Craig William Melhuish
Christine Jane Johnston
Nexia New Zealand
Level 4, 123 Victoria Street
PO Box 4160
Christchurch 8140
DEAKIN PROPERTY: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on Sept. 7,
2023, was appointed as liquidator of Deakin Property Developments
Limited.
The liquidators may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
EDMUND HILLARY: Outdoor Clothing Brand Placed in Liquidation
------------------------------------------------------------
NZ Herald reports that outdoor clothing retailer Edmund Hillary
Brands NZ Limited has been put into liquidation.
Steven Khov and Kieran Jones were appointed as liquidators by the
company shareholders on September 7, the Herald discloses.
The company, trading as Edmund Hillary, is a wholly owned
subsidiary of UK-registered Edmund Hillary Brands.
The first store opened in Queenstown in 2018, followed by a
flagship store in Auckland in 2020.
In March this year, it announced it was seeking to raise $5 million
in new capital as part of an expansion drive into North America,
the Herald recalls.
It was co-founded by managing director Mike Hall-Taylor. Edmund
Hillary's son Peter worked as a brand ambassador for the company.
Edmund Hillary Brands Limited is a collection of premium heritage
clothing label inspired by Sir Edmund Hillary.
HOLY HOP: Court to Hear Wind-Up Petition on Oct. 6
--------------------------------------------------
A petition to wind up the operations of Holy Hop OP Limited will be
heard before the High Court at Auckland on Oct. 6, 2023, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 15, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
REANCO LIMITED: Creditors' Proofs of Debt Due on Nov. 4
-------------------------------------------------------
Creditors of Reanco Limited are required to file their proofs of
debt by Nov. 4, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 1, 2023.
The company's liquidators are:
Garry Whimp
Benjamin Francis
Blacklock Rose Limited
PO Box 6709,
Victoria Street West
Auckland 1142
=====================
P H I L I P P I N E S
=====================
HIMLAYANG PILIPINO: Placed Under Liquidation
--------------------------------------------
Louise Maureen Simeon at The Philippine Star reports that pre-need
firm Himlayang Pilipino Plans Inc. (HPPI) has been placed under
liquidation by the government.
In its latest notice, the Insurance Commission said it had placed
HPPI under liquidation effective last July, the Star discloses.
This means that the IC is terminating Himlayang Pilipino's
insurance business by canceling all of its insurance policies and
by not issuing any new or renewal policies.
The IC had placed HPPI under conservatorship in January last year
due to its inability to pay off its debts, the Star recalls.
According to the Star, the IC said claimants who have not yet filed
their claims or have not been included in the master list must file
their claims not later than six months or until March 13, 2024, the
Star relays.
Claims filed after that shall be barred from normal servicing and
liquidation proceedings, and would instead be deferred to the
company for reconsideration in its dissolution and winding up
proceedings.
IC reminded all claimants to file their claims on time, the Star
adds.
Incorporated in 1978, HPPI pioneered the concept of the fixed-value
life plans that provide a specific amount to the plan holders'
beneficiaries to cover memorial service expenses.
In the 1990s, HPPI launched the fixed-value assured college
education plan in response to the priority concern of parents for
the education of their children.
HPPI also entered into the pension plan business in the 2000s.
HPPI is affiliated with Himlayang Pilipino Inc., which introduced a
unique memorial park concept in the country. The once five-hectare
park has now grown to over 37 hectares.
Eight of the 11 officers of HPPI also hold positions in Himlayang
Pilipino Inc.
UNITED CONSUMERS: Creditors Claims Deadline Set for Oct. 9
----------------------------------------------------------
Creditors of the closed United Consumers Rural Bank, Inc. have
until October 9, 2023 to file their claims against the bank's
assets.
Claims filed after said date shall be disallowed. Creditors refer
to any individual or entity with a valid claim against the assets
of the closed United Consumers Rural Bank, Inc. and include
depositors with uninsured deposits that exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.
The Philippine Deposit Insurance Corporation (PDIC) said that
creditors may file their claims through any of the following:
1. E-mail at unico-pad@pdic.gov.ph;
2. Mail addressed to the PDIC Public Assistance Department, Ground
Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.
Claims filed by mail must have a postmark date no later than
October 9, 2023; or
3. Personal filing 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, at 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 or at Toll-Free number
1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an e-mail request
to unico-pad@pdic.gov.ph, or by sending a request through private
message at PDIC's official Facebook page at
www.facebook.com/OfficialPDIC.
The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.
Claims filed after October 9, 2023 shall be disallowed. PDIC, as
Receiver, shall notify creditors of the denial or disallowance of
claims through mail. Claims denied or disallowed by the PDIC may be
filed with the liquidation court within 60 days from receipt of
final notice of denial or disallowance of claim or within 20 days
from date of publication of the Order setting the Petition for
Assistance in the Liquidation Proceeding for initial hearing,
whichever is later.
In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of October 9, 2023 are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.
PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.
All requests and inquiries relating to United Consumers Rural Bank,
Inc. shall be addressed to the PDIC Public Assistance Department
through e-mail at unico-pad@pdic.gov.ph, or through telephone
number (02) 8841-4141. Creditors outside Metro Manila may call the
PDIC Toll Free Hotline during office hours at 1-800-1-888-PDIC
(7342). Inquiries may also be sent as private message to the PDIC's
official Facebook page at www.facebook.com/OfficialPDIC.
United Consumers Rural Bank, Inc. was ordered closed by virtue of
Monetary Board Resolution No. 930.B dated July 20, 2023. It is a
single-unit rural bank located on National Highway Centro, Brgy.
Santa Rosa, Aurora, Isabela.
=================
S I N G A P O R E
=================
DREAM SPARKLE: Court to Hear Wind-Up Petition on Sept. 29
---------------------------------------------------------
A petition to wind up the operations of Dream Sparkle Pte Ltd will
be heard before the High Court of Singapore on Sept. 29, 2023, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on Sept. 6,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
GRAB HOLDINGS: S&P Hikes LongTerm ICR to 'B' on Strong Liquidity
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Grab Holdings Ltd. to 'B' from 'B-'. At the same time, S&P raised
its issue rating on the company's term loan B to 'B' from 'B-'.
The stable outlook reflects S&P's view that Grab's liquidity will
be ample as it continues its path toward achieving positive EBITDA
and cash flows over the next few quarters. It also reflects its
view that Grab will remain focused on driving profitability as cash
burn and reinvestment eases.
Grab's road to profitability and positive cash flows is clearer and
nearer. S&P expects Grab's S&P Global Ratings-adjusted EBITDA to
turn positive in 2024, and for it to generate positive OCF in the
same year. It previously expected the latter would not happen until
2025.
The company's operating metrics have improved and its negative
EBITDA has also steadily narrowed. Its take rate (revenue as a
proportion of gross merchandise value [GMV]) has risen for six
consecutive quarters to 10.8% for the second quarter ending June
30, 2023. This compares with 2.7% for the fourth quarter of 2021.
Grab's earnings will benefit from a more sustainable level of
competition and a tighter cost structure. S&P believes its
improving metrics reflect a somewhat less aggressive competitive
landscape. Grab's take rate has improved as its partner and
consumer incentives have tapered to 8% of GMV, from 13% six
quarters ago. Notably, the reduced incentives did not come at the
expense of market share. This signals better engagement, which is
also partially attributable to the uptick in Grab's paid
subscription plans.
S&P said, "We expect the company's take rate to rise further. This
should result in about 60% revenue growth for 2023, to US$2.3
billion, from US$1.4 billion in 2022. We expect revenue growth to
be slower in 2024 at 20%-30%."
Grab's decisive actions to tighten its cost structure signals
management's focus on driving profitability. Restructuring
exercises since 2022 have included an 11% reduction in its
workforce in June 2023. Management estimates that this workforce
reduction alone translates into annual cost savings of about US$80
million. S&P expects that, as Grab's revenue strengthens, it will
gain more economies of scale on its operating costs. This will also
help its EBITDA margin over time.
S&P said, "We believe Grab will retain a strong liquidity buffer
over the next 24 months . Our base case is that it will maintain
over US$3 billion of unrestricted cash and cash equivalents through
end-2024. As of June 30, 2023, its unrestricted cash balance stood
at US$4.4 billion. This will provide a more-than-sufficient
liquidity bridge before its EBITDA and cash flows turn positive in
2024. Grab also has US$1.4 billion in non-current other
investments, of which some is cash deposits and investments in
securities.
"In our view, Grab has shown a track record of prudent risk
management in ensuring ample liquidity. At its peak after its
public listing, the company had close to US$10 billion in cash and
cash equivalents. This liquidity helped cushion its operational
cash burn. Grab has also used its ample cash holdings to make an
about US$1.5 billion early repayment on its US$2.0 billion term
loan B maturing in 2026. This has eased the company's debt and
interest burden, while ensuring abundant liquidity.
"Further rating upside is contingent on Grab showing a track record
of sustainable positive earnings and cash flows, while maintaining
a strong liquidity buffer. Our base case is that could be as soon
as mid-2024, as Grab maintains dominant market share and expands
its operations in Southeast Asia. Longer term, its leverage
tolerance would also be an important ratings factor.
"The stable outlook reflects our expectation that Grab will
maintain ample liquidity while it continues a path toward achieving
positive EBITDA and cash flows, which we expect to occur in 2024.
It also reflects our view that Grab will remain focused on driving
profitability as cash burn and reinvestment eases.
"We could lower the rating on Grab if we believe it is unlikely to
achieve sustainable positive EBITDA and OCF. We could also lower
the rating if Grab's liquidity buffer weakens. This could happen
because of heightened competition in Grab's markets or if the
company undertakes more aggressive tactics to boost market share. A
declining GMV, take rate, or monthly transacting users (MTUs), as
well as rising incentive spending, could signal such developments.
"We could raise the rating on Grab if it shows a track record of
sustained positive EBITDA and OCF while maintaining ample
liquidity. Our base case is that this could be as soon as
mid-2024."
HANSIN TIMBER: Creditors' Proofs of Debt Due on Oct. 8
------------------------------------------------------
Creditors of Hansin Timber Specialist and Trading Pte Ltd are
required to file their proofs of debt by Oct. 8, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 4, 2023.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia
50 Havelock Road #02-767
Singapore 160050
MULTIBRAND QSR: Creditors' Proofs of Debt Due on Oct. 12
--------------------------------------------------------
Creditors of Multibrand QSR Holdings Pte. Ltd. are required to file
their proofs of debt by Oct. 12, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 31, 2023.
The company's liquidator is:
Tee Wey Lih
c/o Acres Advisory Pte Ltd
531A Upper Cross Street #03-128
Hong Lim Complex
Singapore 051531
SINGAPORE EMERGENCY: Court to Hear Wind-Up Petition on Sept. 22
---------------------------------------------------------------
A petition to wind up the operations of Singapore Emergency Medical
Assistance Pte Ltd will be heard before the High Court of Singapore
on Sept. 22, 2023, at 10:00 a.m.
Aptus Surgery Centre Pte Ltd filed the petition against the company
on Aug. 24, 2023.
The Petitioner's solicitors are:
Drew & Napier LLC
10 Collyer Quay
#10-01 Ocean Financial Centre
Singapore 049315
WQSR HOLDINGS: Creditors' Proofs of Debt Due on Oct. 12
-------------------------------------------------------
Creditors of WQSR Holdings (S) Pte. Ltd. are required to file their
proofs of debt by Oct. 12, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 31, 2023.
The company's liquidator is:
Tee Wey Lih
c/o Acres Advisory Pte Ltd
531A Upper Cross Street #03-128
Hong Lim Complex
Singapore 051531
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***