/raid1/www/Hosts/bankrupt/TCRAP_Public/230927.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 27, 2023, Vol. 26, No. 194
Headlines
A U S T R A L I A
ACN 158 557: First Creditors' Meeting Set for Oct. 4
DAMAGE NEWCO: First Creditors' Meeting Set for Oct. 5
OGG CONSULTANCY: First Creditors' Meeting Set for Oct. 5
PACIFIC MOTOR: Second Creditors' Meeting Set for Oct. 3
TRUCKERS FOR HIRE: First Creditors' Meeting Set for Oct. 5
C H I N A
CHINA EVERGRANDE: Former CEO and CFO Face Probe, Sources Say
CHINA EVERGRANDE: Unit Misses Payments on US$547MM Onshore Bond
FLOWERPLUS: Florist Suspends Operations Due to Insufficient Funds
GUANGDONG ADWAY: Files for Bankruptcy Protection
HUARONG FINANCE: Moody's Reviews 'Ba1' LT Debt Rating for Downgrade
H O N G K O N G
CATHAY PACIFIC: Egan-Jones Cuts Senior Unsecured Ratings to CCC
I N D I A
A H MALLICK: CARE Keeps D Debt Rating in Not Cooperating Category
AAKRITI INFO-MEDIA: Liquidation Process Case Summary
AJIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
ALECTRONA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
AMIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
ANANDA SENIOR: Ind-Ra Gives B NCD's Debt Rating, Outlook Stable
AZEEM INFINITE: Ind-Ra Corrects February 6 Rating Release
BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
BHAGWAN MOTORS: Liquidation Process Case Summary
BHUWNESHWAR PATHAK: CARE Lowers Rating on INR0.70cr Loan to C
CAMEL SHELTERS: Liquidation Process Case Summary
CAPACITE ENGINEERING: Ind-Ra Affirms BB- Bank Loan Rating
CI CAPITAL: CARE Keeps B- Debt Rating in Not Cooperating Category
DAFFODIL SHELTERS: Liquidation Process Case Summary
DAMJI SHAMJI: Ind-Ra Gives D NonConvertible Debts Rating
DINDAYAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
DOABA KHALSA: CARE Keeps D Debt Rating in Not Cooperating
DOLCE PHARMACEUTICALS: CARE Cuts Rating on INR11.75cr Loan to D
FAUNA REALTORS: Liquidation Process Case Summary
GAURI SHANKAR: CARE Keeps C Debt Rating in Not Cooperating
GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category
GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
GOWRI INFRAENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
GRAFFITI (INDIA): CARE Keeps D Debt Ratings in Not Cooperating
GULLS REALTORS: Liquidation Process Case Summary
IIFL FINANCE: Moody's Withdraws 'B1' Corporate Family Rating
IL&FS TRANSPORTATION: Ind-Ra Keeps D Rating in Non-Cooperating
INDALC SPIRITS: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable
INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category
IVRCL LIMITED: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
JAIMAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating
JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
JPM EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
KUDU FABRICS: CARE Keeps B- Debt Rating in Not Cooperating
LOHIA AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category
M.G. ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
NAGAR NIGAM RISHIKESH: Ind-Ra Gives BB- Rating, Outlook Stable
NELLAI REALTORS: Liquidation Process Case Summary
SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category
SHOWLIN NETWORK: Liquidation Process Case Summary
SUNSHINE HI-TECH: Liquidation Process Case Summary
TUTICORIN COAL: Jindal Power Seeks NCLAT Nod to Submit Plan
VINTAGE HOME: CARE Keeps D Debt Rating in Not Cooperating
J A P A N
TOSHIBA CORP: S&P Lowers ICR to 'BB-' After Tender Offer Succeeds
N E W Z E A L A N D
AUCKLAND TRADING: Court to Hear Wind-Up Petition on Sept. 29
CVIC SOFTWARE: Court to Hear Wind-Up Petition on Oct. 6
E A ENERGY: Court to Hear Wind-Up Petition on Oct. 6
MAINZEAL PROPERTY: Bankruptcy Threat Looms for Directors
RAJ TRUCKING: Court to Hear Wind-Up Petition on Oct. 9
THREEWATER SCITECH: Court to Hear Wind-Up Petition on Oct. 6
S I N G A P O R E
IFN SINGAPORE: Creditors' Meeting Set for Oct. 3
LASER CLINICS: Placed in Provisional Liquidation
LOGICMILLS LEARNING: Court to Hear Wind-Up Petition on Sept. 29
PACIFIC NETWORK: Court to Hear Wind-Up Petition on Oct. 6
TIMES SHIPPING: Court to Hear Wind-Up Petition on Oct. 6
S R I L A N K A
SRI LANKA: S&P Raises Sovereign Credit Ratings to 'CCC+/C'
V I E T N A M
BAMBOO AIRWAYS: Struggling to Pay Pilot Wages, Sources Say
NO VA LAND: Developer Delays Bond Payment
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A U S T R A L I A
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ACN 158 557: First Creditors' Meeting Set for Oct. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of ACN 158 557
852 Pty Ltd, formerly known as Public Caffe (SA) Pty Ltd, will be
held on Oct. 4, 2023, at 11:00 a.m. at Level 4, 12 Pirie Street, in
Adelaide, SA and via virtual meeting technology.
Stuart Otway and Travis Olsen of SV Partners were appointed as
administrators of the company on Sept. 21, 2023.
DAMAGE NEWCO: First Creditors' Meeting Set for Oct. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Damage Newco
Pty Ltd will be held on Oct. 5, 2023, at 11:00 a.m. at the offices
of RSM Australia Partners, Level 13, 60 Castlereagh Street, in
Sydney, NSW, and via electronic means.
Richard Stone of RSM Australia Partners was appointed as
administrator of the company on Sept. 22, 2023.
OGG CONSULTANCY: First Creditors' Meeting Set for Oct. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of OGG
Consultancy Pty Ltd will be held on Oct. 5, 2023, at 11:15 a.m. at
165 Camberwell Road, in Hawthorn East, VIC.
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on Sept. 25, 2023.
PACIFIC MOTOR: Second Creditors' Meeting Set for Oct. 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Pacific Motor Yachts Pty Ltd;
- Cobalt of Australia Pty Ltd (trading as 'Cobalt Boats of
Victoria' & 'Cobalt Boats of Queensland');
- Bennington Boats of Australia Pty Ltd; and
- Thurley Marine Pty Ltd (trading as NKT Interior Design)
has been set for Oct. 3, 2023, at 10:00 a.m. at Kirra Room,
Rydges Gold Coast Airport, Lot 5 Terminal Drive, in Bilinga,
Queensland.
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. 29, 2023, at 4:00 p.m.
Alan Walker and Glenn Livingstone of WLP Restructuring were
appointed as administrators of the company on Aug. 29, 2023.
TRUCKERS FOR HIRE: First Creditors' Meeting Set for Oct. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Truckers For
Hire Pty Ltd will be held on Oct. 5, 2023, at 11:45 a.m. at 165
Camberwell Road, in Hawthorn East, VIC.
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on Sept. 25, 2023.
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C H I N A
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CHINA EVERGRANDE: Former CEO and CFO Face Probe, Sources Say
------------------------------------------------------------
Caixin Global reports that multiple current and former executives
of China Evergrande Group and its subsidiaries have been swept up
by investigations, as authorities look into whether the embattled
conglomerate has violated rules over how funds can be used, sources
with knowledge of the matter told Caixin.
Caixin relates that Pan Darong, a previous chief financial officer
of the group, has recently been detained by Chinese mainland
authorities, who also imposed restrictions on ex-CEO Xia Haijun
after he returned to the mainland around mid-2022, according to the
sources. Both were in charge of the property giant's financial
operations, and resigned in July last year for their alleged
involvement in a bank deposit scandal, Caixin notes.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.
CHINA EVERGRANDE: Unit Misses Payments on US$547MM Onshore Bond
---------------------------------------------------------------
Bloomberg News reports that the mainland unit of China Evergrande
Group said it missed principal and interest payments totaling
several billion yuan, adding further uncertainty to the fate of the
giant developer at the center of the country's property crisis.
Hengda Real Estate Group failed to repay CNY4 billion (US$547
million) in principal plus interest due on Sept. 25, the company
said in a Shenzhen stock exchange filing on Sept. 25, Bloomberg
relates .
China Evergrande canceled key creditor meetings that had been set
for this week and said it must reassess its proposed restructuring.
The company faces an Oct. 30 hearing at a Hong Kong court on a
winding-up petition, which could potentially force it into
liquidation.
In March, Hengda failed to make interest payment for the 5.8% yuan
bond issued in 2020 and said it would "actively" negotiate with
bond holders to find a solution as soon as possible, a promise it
reiterated in the Sept. 25 statement.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.
FLOWERPLUS: Florist Suspends Operations Due to Insufficient Funds
-----------------------------------------------------------------
Yicai Global reports that Flowerplus, a Chinese online flower
delivery firm, is shutting down due to insufficient funds, Yicai
learned from an internal letter.
The e-commerce platform, also known as Huajia, is entering a period
of suspension and rectification, the Shanghai-based company wrote
in a letter to all employees on Sept. 25, Yicai relates. "Staff who
need to deal with customers should stay but others should leave
today and salaries scheduled to be paid in late September cannot be
paid on time," it added.
Flowerplus was founded in 2015 at the peak of the online flower
delivery trend. The firm has 1,330 hectares of land for flower
farming in Yunnan, according to its website. Some of its partners
include Costa Coffee, Häagen-Dazs, and Adidas.
Since last year, the company's funds have been insufficient, and
recently, the situation has become increasingly severe, Yicai says.
In the past few months of off-season, the firm has been unable to
make ends meet due to low orders and bank loan repayments. Since
early September, the company's bank account has been frozen, and
all transfers to suppliers, customers, and employees are banned,
per the letter.
Yicai previously reported that some consumers said that Flowerplus
had adjusted its weekly delivery schedule to every other week.
However, the firm's mini-programs, phone number, and Taobao
channels are no longer available. No refunds have come through.
Employees reported that salaries are overdue, Yicai says. In early
September, a human resources staff member said the firm would pay
June salaries in late September and the remainder would be arranged
as soon as possible.
Flowerplus has completed six rounds of financing totaling CNY200
million (USD27.4 million). The last one, a CNY35 million (USD3.8
million) Series B+ round, was finished in October 2019.
Flowerplus's shareholders include ZhenFund, Bright Venture Capital,
Guanghe Venture Capital, and Envision Venture.
GUANGDONG ADWAY: Files for Bankruptcy Protection
------------------------------------------------
P.R. Venkat at Dow Jones Newswires reports that Guangdong Adway
Construction has filed for bankruptcy in a Shenzhen court due to
its inability to repay debts amid China's stressed real-estate
sector.
Dow Jones relates that the company filed the application with the
Shenzhen Intermediate People's Court, seeking restructuring to
reduce its debt burden and improve operations, Adway said in a
filing on Sept. 25.
Adway, which provides interior and exterior decoration and design
services, is the latest company to fall victim to China's weak
property sector, which has weighed on the world's second-largest
economy, the report says.
As of the end of May, Adway's debts were CNY668.53 million ($91.4
million), Dow Jones discloses. The debt restructuring plan includes
selling overseas assets.
"The board believes that the company has reorganization value as it
possesses numerous high-quality assets, enjoys a relatively higher
brand value within the industry, and holds comprehensive
qualifications and licenses of higher grades in the domestic
construction industry," Adway said in the filing.
Adway, however, said it is uncertain whether the court would accept
its bankruptcy restructuring application, Dow Jone relates.
Guangdong Adway Construction (Group) Holdings Company Limited,
together with its subsidiaries, provides interior and exterior
building decoration and design services in the People's Republic of
China. The company offers building decoration, electrical and
mechanical installation, curtain wall engineering, and fire safety
engineering works. Its projects comprise a range of building and
property categories, including commercial buildings, office
buildings, industrial buildings, residential buildings, public
buildings and infrastructures, and hotels. The company is also
involved in the production and sale of decoration materials and
equipment. It serves public and private clients, such as
state-owned enterprises, government departments and institutions,
listed companies, foreign-funded enterprises, property developers,
and property management companies.
HUARONG FINANCE: Moody's Reviews 'Ba1' LT Debt Rating for Downgrade
-------------------------------------------------------------------
Moody's Investors Service has placed the Baa3 long-term and P-3
short-term issuer ratings of China Huarong Asset Management Co.,
Ltd. (Huarong AMC) under review for downgrade.
In addition, Moody's has placed the debt ratings and medium-term
note (MTN) program ratings of Huarong AMC's offshore financing
vehicles under review for downgrade. These include the Ba1
long-term backed senior unsecured debt ratings and the (P)Ba1
long-term backed senior unsecured MTN program ratings of Huarong
Finance 2017 Co., Ltd, Huarong Finance II Co., Ltd and Huarong
Finance 2019 Co., Ltd.
Previously, the outlook on Huarong AMC and its offshore financing
vehicles was stable.
RATINGS RATIONALE
The rating action reflects the pressure on Huarong AMC's
profitability, asset quality and capital position. Moody's views
the company's large net loss in the first half (H1) of 2023 as a
reflection of its weakness in risk management, which is a key
driver of the rating action.
Huarong AMC's Baa3 long-term issuer rating incorporates its
standalone assessment of caa1, a one-notch uplift based on Moody's
assumption of a moderate level of support from CITIC Group
Corporation (A3 stable, Baseline Credit Assessment [BCA] at ba1),
and a six-notch uplift based on Moody's assumption of the company's
very high level of support from and very high level of dependence
on the Government of China (A1 stable).
Moody's expects elevated impairment losses will continue to strain
the company's profitability over the next 12-18 months. The
company's impairment losses on financial and other assets increased
to RMB21.1 billion in H1 2023 from RMB17.4 billion in H1 2022
mainly because of asset quality deterioration related to its
exposures to the property sector. The net loss attributable to
Huarong AMC's shareholders narrowed to RMB4.9 billion in H1 2023
from RMB18.9 billion in H1 2022, mainly due to the gain recognized
on its equity investment in China Everbright Bank Company Limited
(CEB, Baa2 stable, BCA at ba2).
Barring any equity capital injection, Moody's forecasts Huarong
AMC's Common Equity Tier-1 (CET1) capital will remain under high
strain over the next 12-18 months, following the erosion of its
equity base in 2022 and H1 2023. Excluding the H1 2023 gain on its
investment in CEB, which Moody's does not consider to be part of
tangible common equity (TCE) because of the material gap between
assessed fair value and market value of the investment, Moody's
assesses that the company's equity capital base has been eroded.
Moody's believes that Huarong AMC's asset quality will continue to
be strained by its exposures to property developers via the
acquisition-and-restructuring distressed asset management business,
through which Huarong AMC gains a fixed return by entering into
restructuring agreements with the original creditors and debtors.
As of June 30, 2023, stage 3 assets accounted for 44.1% of the
company's debt assets under the acquisition-and-restructuring
business, rising from 37.1% as of the end of 2022 and 17.6% as of
the end of 2021. The provision coverage ratio for these stage 3
assets was low at 35.2% as of June 30, 2023, although it increased
slightly from 33.8% as of the end of 2022.
Moody's expects that given Huarong AMC's state-owned background,
the company will maintain a large amount of credit lines from
commercial banks over the next 12-18 months, despite its weakened
financial metrics. In addition, the agency expects Huarong AMC to
support the funding and liquidity of its onshore and offshore
subsidiaries.
The review will focus on (1) the development of China's
macroeconomy and property market, and its impact on Huarong AMC's
asset quality and profitability; and (2) the level of support that
the company may receive from the Government of China and CITIC
Group Corporation, including by way of equity capital injection.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
Huarong AMC's ESG Credit Impact Score of CIS-5 and Governance
Issuer Profile Score of G-5 reflect the significant impact of
governance risk on the current rating. Its past failures in
corporate governance and internal controls have resulted in large
losses in 2020, 2022 and H1 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given that Huarong AMC's ratings are under review for downgrade, an
upgrade of its ratings is unlikely.
However, Moody's could confirm Huarong AMC's ratings if (1) there
is clear evidence that support from CITIC Group or the central
government has strengthened, including in the form of an equity
capital injection into Huarong AMC; or (2) if there is a sustained
and significant improvement in the company's standalone
assessment.
Huarong AMC's standalone assessment could improve if (1) the
company substantially strengthens its capital base through the
disposal of its subsidiaries or an equity placement, such that its
TCE/TMA increases above 4.0% on a sustained basis; (2) the company
complies with the minimum regulatory requirements for all its
capital adequacy ratios and leverage ratios; (3) its asset quality
and profitability improve significantly because of strengthened
risk control and lower risk appetite; and (4) its funding and
liquidity remain adequate.
Conversely, Moody's could downgrade Huarong AMC's ratings if (1)
support from CITIC Group or the central government for the company
weakens, or (2) the company's standalone assessment weakens.
Huarong AMC's standalone assessment could be lowered if (1) the
company's profitability, excluding one-off gains, and asset quality
do not materially improve; or (2) its funding and liquidity
deteriorate.
Moody's could change the ratings of Huarong AMC's offshore
financing vehicles (1) if Huarong AMC's long-term issuer rating is
changed, or (2) if it assesses that Huarong AMC's ability and
willingness to support its overseas subsidiaries have changed.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
China Huarong Asset Management Co., Ltd. is headquartered in
Beijing. It reported consolidated assets of RMB935.0 billion as of
the end of June 2023.
LIST OF AFFECTED RATINGS
Issuer: China Huarong Asset Management Co., Ltd.
Outlook, Changed To Rating Under Review From Stable
LT Issuer Rating (Foreign and Local Currency), Placed on Review
for Downgrade, currently Baa3
ST Issuer Rating (Foreign and Local Currency), Placed on Review
for Downgrade, currently P-3
Issuer: Huarong Finance 2017 Co., Ltd
Outlook, Changed To Rating Under Review From Stable
Backed Senior Unsecured Regular Bond/Debenture (Foreign and Local
Currency), Placed on Review for Downgrade, currently Ba1
Backed Senior Unsecured Medium-Term Note Program (Local Currency),
Placed on Review for Downgrade, currently (P)Ba1
Issuer: Huarong Finance 2019 Co., Ltd.
Outlook, Changed To Rating Under Review From Stable
Backed Senior Unsecured Regular Bond/Debenture (Local Currency),
Placed on Review for Downgrade, currently Ba1
Backed Senior Unsecured Medium-Term Note Program (Foreign and
Local Currency), Placed on Review for Downgrade, currently (P)Ba1
Backed Other Short Term Notes (Foreign and Local Currency),
Affirmed (P)NP
Issuer: Huarong Finance II Co., Ltd
Outlook, Changed To Rating Under Review From Stable
Backed Senior Unsecured Regular Bond/Debenture (Local Currency),
Placed on Review for Downgrade, currently Ba1
Backed Senior Unsecured Medium-Term Note Program (Local Currency),
Placed on Review for Downgrade, currently (P)Ba1
=================
H O N G K O N G
=================
CATHAY PACIFIC: Egan-Jones Cuts Senior Unsecured Ratings to CCC
---------------------------------------------------------------
Egan-Jones Ratings Company on September 15, 2023, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Limited to CCC from CC. EJR
also withdraws rating on commercial paper issued by the Company.
Headquartered in Hong Kong, Cathay Pacific Airways Limited operates
scheduled airline services.
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I N D I A
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A H MALLICK: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A H
Mallick Agro Services & Cold Storage Private Limited (AHMASCSPL)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.52 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.26 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 25,
2022, placed the rating(s) of AHMASCSPL under the 'issuer
non-cooperating' category as AHMASCSPL 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. AHMASCSPL continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and a letter/email dated July 11, 2023, July 21, 2023,
July 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).
Incorporated in January 2012, A. H. Mallick Agro Services and Cold
Storage Private Limited (AHMASCSPL) was promoted by the Mallick
family of Hooghly, West Bengal to set up a cold storage facility at
Hooghly, West Bengal. After successfully setting up the cold
storage facility, the company has commenced its commercial
operations from March 2013. The company is engaged in the business
of providing cold storage facility primarily for potatoes and is
operating with a storage capacity of 15,650 metric ton (MT). This
apart, the company is in potato trading business.
AAKRITI INFO-MEDIA: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Aakriti Info-Media Private Limited
FFS No. 24 Udyog Sheel Mahila Sehkari Samiti Ltd.
120 Mathura Road, Near Apollo Hospital
New Delhi-110076
Liquidation Commencement Date: August 7, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Vineet Gupta
408, Laxmi Deep Building, Dist. Centre,
Laxmi Nagar, Delhi-110092
Email: vineetsinghalco@hotmail.com
cirp.akritiimpl@gmail.com
Last date for
submission of claims: September 6, 2023
AJIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ajit
Construction Company (ACC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.40 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 ACC under the 'issuer
non-cooperating' category as ACC 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. ACC
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).
Ajit Construction Company (ACC), a proprietorship firm established
in the year 1984 by Mr. Ajit Singh Bagga. The entity is engaged
into construction of road work. The entity takes tender based
contracts for its projects where it majorly caters to Madhya
Pradesh Rural Road Development Authority (MPRRDA) and PMGSY
(Pradhan Mantri Gram Sadak Yojana) scheme. The firm procures raw
materials like cement, ready mix concrete, steel and plumbing
material, etc. from local suppliers across Madhya Pradesh.
ALECTRONA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alectrona
Energy Private Limited (AEPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 47.28 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 35.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 20.13 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 AEPL under the 'issuer non-cooperating'
category as AEPL 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. AEPL 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).
AEPL is a Chennai-based Engineering, Procurement and Construction
(EPC) contractor engaged in execution of turn-key projects in the
Solar Power sector. AEPL was promoted by Mr Rohit Rabindranath in
May 2010 and is a part of the Zynergy group, which operates in the
solar power segment. AEPL mainly undertakes turn-key projects for
government entities like Tamil Nadu Energy Development Authority
(TEDA), Agency for Non-conventional Energy and Rural Technology
(ANERT) etc.
AMIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit
Construction-Mumbai (ACM) 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 16,
2022, placed the rating(s) of ACM under the 'issuer
non-cooperating' category as ACM 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. ACM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2023, August 12, 2023, August 22,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Amit Constructions, a proprietorship firm, was established in the
year 1999 by Mr. Roman Felix Philip Dsouza. The firm is engaged
into civil construction where it undertakes construction projects
for building of hospital, schools, offices, stadium, footpath,
water tanks, etc. The entity is Class-I A category contractor and
generally takes tender based contracts for its projects where it
majorly caters to Navi Mumbai Municipal Corporation and CIDCO.
ANANDA SENIOR: Ind-Ra Gives B NCD's Debt Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Ananda Senior Living
Private Limited's (formerly known as Forest Trails Developers
Private Limited) (ASLPL) non-convertible debentures (NCDs) as
follows:
-- INR250 mil. Proposed NCDs assigned with IND B/Stable rating.
ANALYTICAL APPROACH: Ind-Ra has taken a standalone view of ASLPL's
financial and operational profile, as it is a single project
special purpose vehicle (SPV), and does not have any holding
company.
ASLPL was formed in May 2023 and it is developing one project -
Athashri Ananda, which is yet to be launched.
Key Rating Drivers
The rating is constrained by the recent delays in debt servicing by
some of ASLPL's group entities, including the flagship company,
Paranjape Schemes Construction Limited, due to liquidity issues.
The rating is also constrained by the small scale of ASLPL's
operations. At end-August 2023, it had a total asset size of only
about INR0.1 million. The company's ability to pay back the rated
debt is a function of cash inflows from Phase I of the project
Athashri Ananda, which has not yet been launched.
Liquidity Indicator – Poor: ASLPL was formed in May 2023, and it
had negligible cash and cash equivalents at end-August 2023. The
company's project is being developed in two phases. ASLPL has not
yet achieved financial closure for the project; against the balance
Phase I project cost of about INR486 million (excluding the land
and finance cost), the company has tied up construction finance
debt of only INR125 million. Phase I has pending unsold inventory
of INR817 million. Apart from the collections from future sales and
the available construction finance, Ind-Ra believes timely infusion
of equity in the project would be essential for ASLPL to cover its
pending construction cost and the outstanding debt, especially in
the first two years of the project commencement. As per Ind-Ra's
base case, only interest payments would be due until September
2024. ASLPL intends to use the new term loan partly for project
construction and partly for prior debt repayment. According to a
valuation exercise by Knight Frank group, the project has a current
market value of INR313 million, against the proposed debt of INR250
million. At end-August 2023, ASLPL did not have any other external
or related borrowings.
The ratings are constrained by high geographical concentration,
cyclicality and regulatory risk. ASLPL is a standalone project
special purpose vehicle, and hence, is heavily dependent on one
micro market – Warve, near Khed Shivapur region under the Pune
Metropolitan Region Development Authority. Additionally, the real
estate industry remains highly cyclical, with volatile cash flows,
and it is also exposed to a number of regulatory requirements.
Therefore, timely regulatory approvals remain critical for the
timely launch of future projects/phases.
The rating, however, is supported by the proven location and sales
track record of another group project in the same location.
Athashri Ananda is a senior living project concept within a larger
already developed/ ongoing project. Athashri Ananda is being
developed inside an ongoing residential project, Paranjape
Happiness Hub, which is in advanced stages of completion, with more
than 60% of its area having been sold at end-August 2023.
The rating is also supported by the strong track record of the
Paranjape group. The group's promoters have been operating in the
real estate sector since more than three decades and have executed
over 190 real estate residential and commercial projects (each
phase considered as a project). The group has more than 30 ongoing
projects in Pune, Mumbai and other cities as of August 2023.
Rating Sensitivities
Negative: Sales bookings being lower than Ind-Ra's expectations,
delay in realizations of customer advances, higher-than-expected
debt funding, leading to an adverse impact on liquidity, could
result in a negative rating action.
Positive: Timely disbursement of debt funding, sales momentum being
significantly higher than Ind-Ra's expectations, leading to a
stronger cash flow visibility, could lead to a positive rating
action.
Company Profile
ASLPL was incorporated in May 2023 in order to develop a senior
living project, Athashri Ananda on a land parcel admeasuring around
3.7 acres located at Warve Khurd, near Pune.
AZEEM INFINITE: Ind-Ra Corrects February 6 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Azeem Infinite
Dwelling India Private Limited rating release published on February
6, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Azeem Infinite
Dwelling India Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR1.920 bil. Non-convertible debentures (NCDs) – Series 1
(Long term) INE265Y07034 (now INE265Y07059) issued on
November 16, 2017 coupon rate 12% due on November 15, 2022
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR1.872 bil. NCDs – Series 2 (Long term) INE265Y07042 (now
INE265Y07067) issued on November 16, 2017 coupon rate 12% due
on November 15, 2022 maintained in non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information. The ratings were last reviewed on
February 5, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
Azeem Infinite Dwelling India was incorporated in 2016 by the G M
Infinite group to execute five real estate projects. The company is
managed by Gulam Mustafa and Jawind Hussain.
BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Industries (Nagpur) (BI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 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 16,
2022, placed the rating(s) of BI under the 'issuer non-cooperating'
category as BI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 2, 2023, August 12, 2023, August 22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
BI based out of Nagpur, Maharashtra is a partnership firm promoted
by Mr. Ramanrao Bholla and Mrs Vijayalaxmi Bholla. The firm was
established in October 2013 and is engaged in the business of
processing of roasted gram dal with its processing facility located
at Nagpur, Maharashtra.
BHAGWAN MOTORS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Bhagwan Motors Pvt. Ltd
101/F, Sector-1 Industrial Area,
Rd - II Pithampur MP 454775
Liquidation Commencement Date: September 1, 2023
Court: National Company Law Tribunal, Indore Bench
Liquidator: Mr. Amit Chopra
BCP Jain And Co.
E-2/33 Arera Colony, Bhopal,
Madhya Pradesh, 462016
E-mail: amit.chopra.ca@gmail.com
cirp.bmpl@gmail.com
Last date for
submission of claims: October 3, 2023
BHUWNESHWAR PATHAK: CARE Lowers Rating on INR0.70cr Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhuwneshwar Pathak Construction Private Limited (BPCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.70 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 15.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 30,
2022, placed the rating(s) of BPCPL under the 'issuer
non-cooperating' category as BPCPL 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. BPCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 16, 2023, July 26, 2023,
August 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of BPCPL have been
revised on account of non-availability of requisite information.
The ratings also considered accumulated net losses and higher debt
levels during FY22.
Bhuwneshwar Pathak Construction Private Limited (BPCPL) was
incorporated in June 2009 by the Pathak family of Patna, Bihar.
Since its inception, the company has been engaged in civil
construction, erection and maintenance activities. BPCPL is an ISO
9001:2008 certified company for its civil engineering services. The
company derives its major revenue (97.97% of total revenue of FY19)
from construction/erection & maintenance of telecommunication
transmission lines and balance revenue from other general civil
construction activities.
CAMEL SHELTERS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Camel Shelters Private Limited
III Floor, Selva Towers 320/4,
Avinashi Road, Coimbatore,
Tamil Nadu - 641004
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Prakul Thadi
Flat No. 1405, J Block,
Rainbow Vistas Green Hills Road,
Moosapet, Hyderabad,
Telangana - 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad - 500044
Email: cirp.camelshelters@gmail.com
Last date for
submission of claims: September 30, 2023
CAPACITE ENGINEERING: Ind-Ra Affirms BB- Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Capacite Engineering Private Limited (CEPL):
-- INR67.5 mil. Fund-based cash credit facilities affirmed; Off
Rating Watch with Negative Implications with IND BB-/Stable/
IND A4+ rating; and
-- INR70.0 mil. Non-fund-based facilities affirmed; Off Rating
Watch with Negative Implications with IND A4+ rating.
ANALYTICAL APPROACH: Ind-Ra continues to assess CEPL on a
standalone basis despite moderate operational and strategic
linkages with Capacite Infraprojects Limited (CIL, 'IND
BB+'/Stable), due to latter's limited financial flexibility. CEPL
continues to have moderate operational and strategic linkages with
CIL, since one of CIL's directors is on the board of CEPL, and the
two companies have a common treasury. Furthermore, CEPL undertakes
all activities related to mechanical, electrical and plumbing works
for most of CIL's projects, when these activities are under the
latter's scope of work, thereby indicating CEPL's operational
importance to CIL.
Ind-Ra has resolved the Rating Watch with Negative Implications in
view of CIL tying up a portion of the enhancement required for its
working capital limits, along with raising equity and demonstrating
recoveries of certain receivables.
Key Rating Drivers
CIL has been able to secure an enhancement of INR500 million of
non-fund-based consortium limits, as well as an approval to use
INR1,000 million of City and Industrial Development Corporation of
Maharashtra (CIDCO) project's bank guarantee (BG) for retention
money BG, along with the already specified purposes of performance
BG and advance BG to the extent of a reduction of BG from the
present level of INR2,015 million. As per CIL's management, CIL
will be able to generate liquidity of about INR1,525 million from
CIDCO's INR1,000 million retention BG limit by substitution of the
consortium BG limits that are currently being used for CIDCO's
project with project-specific limits. Further, an equity infusion
of INR963 million in July 2023 provides comfort for CIL's project
execution. As per CIL's management, the remaining tie-ups are
likely to be in place by 3QFY24; however, Ind-Ra will continue to
monitor CIL's liquidity position.
However, CIL's net working capital cycle remained elevated and
increased to 40.3% of the revenue in FY23 (FY22: 31.6%, FY19:
24.8%). Ind-Ra's expectation of CIL's net working capital cycle
remaining stretched over the medium term, resulting in its limited
financial flexibility, hinders its ability to extend timely support
to CEPL, if required.
Liquidity Indicator – Stretched: CEPL's average maximum
utilization of the fund-based and non-fund-based limits was 98% and
65%, respectively, over the 12 months ended August 2023. The gross
working capital cycle reduced to 97 days in FY23 (FY22: 275 days,
FY21: 304 days) due to recoveries in receivables from CIL and a
reduction in inventory. CEPL managed to maintain a payable period
of about 125 days in FY23 (FY22: 233 days), leading to a net
working capital cycle of negative 28 days (42 days). About 20% of
the creditors were backed by letter of credit at FYE23 (FYE22:
23%). The working capital cycle was further aided by mobilization
advances received for CIDCO and Jawaharlal Nehru Port Trust
projects from CIL. CEPL's overall net working capital cycle
(including retention money and mobilization advances) was negative
240 days in FY23 (FY22: negative 68 days). However, the working
capital cycle is stressed due to the stretched liquidity profile of
the counterparty.
As per FY23 provisional financials, the company had unencumbered
cash & cash equivalents of INR0.2 million, against scheduled debt
repayments of INR8.9 million in FY24. CEPL's debt servicing also
includes servicing of construction equipment that has been leased
by CEPL to CIL. However, Ind-Ra draws some comfort from the fact
that repayment obligations are being funded through monthly lease
rentals of INR0.54 million from CIL.
The ratings continue to reflect CEPL's small scale of operations,
despite a 33% yoy rise in the revenue to INR389 million (pre-covid
levels) owing to higher order execution.
The ratings also factor in the company's modest credit metrics due
to modest margins of 10.5% in FY23 (FY22: 12.4%) and high net debt
levels of INR130 million (INR126 million). The net leverage (net
debt/EBITDA) improved to 3.17x in FY23 (FY22: 3.47x) and the
interest coverage (EBITDA/interest expense) to 2.33x (2.13x) owing
to an increase in the absolute EBITDA to INR41 million (INR36
million).
The ratings are also constrained by CEPL's high order book
concentration since around 97% of the total orders are from CIL.
Any delay in the construction of these projects by CIL would result
in delayed revenue booking for the company.
The ratings, however, are supported by CEPL's adequate order book
of INR6.23 billion (16.0x of FY23 revenue) at FYE23, comprising of
seven projects, to be executed by FY25.
Rating Sensitivities
Negative: Developments that could, individually or collectively,
lead to a negative rating action are:
- a decline in the scale of operations,
- deterioration in CEPL's credit profile with the interest
coverage reducing below 1.5x or an elongation of the working
capital cycle, resulting in a continued stretched liquidity
position,
- further significant deterioration in the credit profile of CIL.
Positive: Developments that could, individually or collectively,
lead to a positive rating action are:
- timely execution of the order book, resulting in a sustained
increase in CEPL's scale of operations and profitability,
- an improvement in liquidity,
- the interest coverage remaining above 2.0x,
- strengthening of the linkages with CIL.
Company Profile
CEPL, incorporated in 2012, is a turnkey solution provider for
mechanical, electrical and plumbing, interiors and finishing works.
The company is also engaged in the erection of structural steel
works and provides consultancy services to CIL for selective
projects.
CI CAPITAL: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CI Capital
Private Limited (CICPL) continues 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 and key rating drivers
CARE Ratings Limited had, vide its press release dated January 28,
2020, placed the rating of CICPL under the 'issuer non-cooperating'
category as CICPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. CICPL continues
to be non-cooperative despite repeated requests for submission of
information through emails, phone calls and an email dated June 6,
2023, May 27, 2023 and May 17, 2023. In line with the extant
Securities and Exchange Board of India (SEBI) guidelines, CARE
Ratings has reviewed the rating on the basis of the best available
information which however, in CARE Ratings' opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating continues to remain constrained by non-availability of
latest financials and other operational information.
Analytical approach: Standalone
Outlook: Stable
Detailed description of the key rating drivers:
CARE Ratings has not received any information except financials for
FY22 (extracted from Registrar of Companies). At the time of last
rating July 1, 2022, the following were the weaknesses and
strengths (updated for the information available from RoC).
Key weaknesses
* Limited track record of operations and modest scale of
operations: CICPL commenced regular lending operations in July 2018
and hence has limited track record of operations. Therefore, its
scale of operations was modest with an outstanding loan portfolio
of INR9.96 crore as on March 31, 2022 compared to 11.06 crore as on
March 31, 2021 spread over its two products viz. vehicle finance
and loans against property (LAP).
* Regional concentration of portfolio; along with borrower
concentration: The operations of CICPL are currently restricted to
the customers of its group entities which have business operations
in Bhopal (Madhya Pradesh) and hence its operations are regionally
concentrated. Moreover, the borrower profile of the company is also
concentrated. Updated information is not available.
* Profitability improved though remain low: CICPL's profitability
improved during fiscal 2022 with net interest margin (NIM) of
10.47% in FY22 from 7.5% in FY21 with rise in yield resulting in
rise in return on total assets (RoTA) of 1.82% as compared with
1.14% during fiscal 2021. PAT of the company improved to INR0.28
crore as against PAT of INR0.15 crore in FY21 due to increase in
interest income.
Key strengths
* Experienced promoters: Rakesh Malik, director of CICPL has an
experience of more than three decades in auto-dealership and real
estate business and is ably supported by his wife Anju Malik in the
strategic and administrative decision making for CICPL.
* Secured loan portfolio: CICPL is primarily engaged in providing
vehicle loans and loan against property (LAP) with a loan to value
ratio of 75% (as per CARE Ratings review conducted in January
2019). The entire loan portfolio of CICPL is secured by way of
mortgage of the vehicle being financed or property against which
loan is given and hence provides comfort for the lending business.
CICPL, incorporated in 1996 as Penny Care Leasing and Finance
Private Limited, is registered with Reserve Bank of India (RBI) as
a Non-deposit taking Non-Banking Financial Company (NBFC-ND). In
2017, Rakesh Malik of CI group of Bhopal took over the
company and rechristened it to its present name. The company
commenced regular lending operations from July 2018. CICPL operates
in Bhopal region in Madhya Pradesh and is primarily engaged in the
business of providing vehicle finance (mainly fourwheelers) and
LAP.
DAFFODIL SHELTERS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Daffodil Shelters Private Limited
III Floor, Selva Towers 320/4, Avinashi Road,
Coimbatore, Tamil Nadu - 641004
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Prakul Thadi
Flat No. 1405, J Block,
Rainbow Vistas Green Hills Road,
Moosapet, Hyderabad,
Telangana - 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad - 500044
Email: cirp.daffodilshelters@gmail.com
Last date for
submission of claims: September 30, 2023
DAMJI SHAMJI: Ind-Ra Gives D NonConvertible Debts Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Damji Shamji Realty
Private Limited's (DSRPL) proposed non-convertible debentures
(NCDs) at 'IND D'.
The detailed rating action is:
-- INR950 mil. Proposed NCDs (Long-term) assigned with IND D
rating.
Key Rating Drivers
The ratings reflect consistent delays by DSRPL in the repayment of
its term loan instalments since April 2022 and the company's term
loan facilities' classification as a non-performing asset as
informed by its lender. The delays are due to cashflow mismatches
stemming from the delays in project execution and
lower-than-expected cash inflows. DSRPL is issuing the listed NCDs
of IN950 million to ASK Real Estate for the settlement of the
entire outstanding balances of the existing banker for INR700
million and the remaining INR250 million as working capital for the
project execution.
Liquidity Indicator – Poor: DSRPL has been in continuous default
since April 2022, and the liquidity is poor.
Rating Sensitivities
Positive: Timely debt servicing for three consecutive months as per
the restructuring and settlement agreement will result in a rating
upgrade.
ESG Issues
ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on DSRPL, either due to their
nature or the way in which they are being managed by the entity.
Company Profile
DSRPL is a real estate company and have residential, commercial or
a redevelopment construction projects across central and eastern
suburbs of Mumbai and Thane.
DINDAYAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dindayal
Industries Limited (DIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of DIL under the 'issuer
non-cooperating' category as DIL 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. DIL
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).
Gwalior (Madhya Pradesh) based Dindayal Industries Limited (DIL)
was initially incorporated as Dindayal Aushadhi Private Limited by
Chhaparwal in 1992. DIL is engaged in the business of manufacturing
and trading of Ayurvedic Vitalizers. The company is located in
Gwalior, Madhya Pradesh.
DOABA KHALSA: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Doaba
Khalsa Trust (DKT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 8,
2022, placed the rating(s) of DKT under the 'issuer
non-cooperating' category as DKT 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. DKT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 25, 2023, August 4, 2023, August 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Doaba Khalsa Trust was established in 1998 under the India Trust
Act, 1882 to impart higher education. The trust operates with Mr.
Mohinder Singh Batth as its chairman. It is currently operating
three campuses, one each in Mohali, Ropar and Nawanshahar (Punjab)
under the name 'Doaba Group of Colleges'. The colleges offer
graduation, postgraduation and diploma courses in engineering and
technology, management and pharmacy. The different courses offered
are approved by AICTE (All India Council of Technical Education),
PTU (Punjab Technical University), Jalandhar, SCERT (State Council
of Educational Research and Training), Punjab, PU (Punjab
University), Chandigarh and PSBTE (Punjab State Board of Technical
Education), Chandigarh.
DOLCE PHARMACEUTICALS: CARE Cuts Rating on INR11.75cr Loan to D
---------------------------------------------------------------
CARE Ratings has revised the rating on certain bank facilities of
Dolce Pharmaceuticals Private Limited (DPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 8,
2022, placed the rating(s) of DPPL under the 'issuer
non-cooperating' category as DPPL 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. DPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 25, 2023, August 4, 2023, August 14, 2023,
September 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers ongoing
delays in debt servicing as recognized from publicly available
information i. e. CIBIL filings.
Dolce Pharmaceutical Private Limited (DPPL) was incorporated in
1994 and was taken over in 2010 by Mr. Gopakumar P. Nair and Mrs.
Rakhi Gopakumar Nair who are currently the directors of the
company. DPPL is engaged in manufacturing sugar based pelletisation
and capsulation. The company operates its administration office and
plant situated at Tarapur, Boisar.
FAUNA REALTORS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Fauna Realtors Private Limited
III Floor, Selva Towers 320/4,
Avinashi Road, Coimbatore,
Tamil Nadu - 641004
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Prakul Thadi
Flat No. 1405, J Block,
Rainbow Vistas Green Hills Road,
Moosapet, Hyderabad,
Telangana - 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad - 500044
Email: cirp.faunarealtors@gmail.com
Last date for
submission of claims: September 30, 2023
GAURI SHANKAR: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gauri
Shankar Rice Mills (GSRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 19,
2022, placed the rating(s) of GSRM under the 'issuer
non-cooperating' category as GSRM 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. GSRM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 5, 2023, August 15, 2023, August 25,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gauri Shankar Rice Mill (GSRM) was established in September, 2011
as proprietorship concern by Mrs. Anjana Rai. GSRM is engaged in
milling, processing, and trading of both basmati and non-basmati
rice at unit located in Ghazipur, Uttar Pradesh.
GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goan Real
Estate and Construction private Limited (GRECL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 67.86 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 5, 2022,
placed the rating(s) of GRECL under the 'issuer non-cooperating'
category as GRECL 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. GRECL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2023, May 31, 2023, June 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).
Goan Real Estate and Construction Pvt Ltd (GRECL), incorporated in
1989, has been promoted by the Dynamix Group. The Dynamix Group was
founded in the early 1970's by Mr. K. M. Goenka with a foray in
real estate development. GRECL is developing an integrated
township-type project named "Aldeia de Goa" located at Bambolim,
Goa, spread over nearly 145 acres of land. The project is being
developed in a phase wise manner. The project encompasses exclusive
plots, villas, apartments, landscaped gardens, multiple clubhouses,
a five-star hotel and a proposed mall with commercial and retail
spaces.
GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gourav
Poultries India Private Limited (GPIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.29 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 29,
2022, placed the rating(s) of GPIPL under the 'issuer
non-cooperating' category as GPIPL 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. GPIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 15, 2023, July 25, 2023,
August 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gourav Poultries India Private Limited (GPI) was incorporated in
December, 2010 by Mr Jai Bhagwan and Mr. Vinod Kumar. The company
is currently being managed by Mr Jai Bhagwan and Mrs Kiran. GPI is
engaged in poultry farming business at its poultry farm located in
Jind, Haryana.
GOWRI INFRAENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gowri
Infraengineers Private Limited (GIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 95.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 17.00 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 17,
2022, placed the rating(s) of GIPL under the 'issuer
non-cooperating' category as GIPL 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. GIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 3, 2023, July 13, 2023, July 23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2010, Gowri Infra Engineers Pvt Ltd. (GIPL) is
promoted by Mr C.P Umesha. The Company is into the business of
construction of commercial and residential complexes for Karnataka
Slum Development Board (KSDB) and Bangalore Development Authority
(BDA). It majorly focuses on pre-cast concrete houses and
Monolithic Structures for low cost and speedy construction. Its
operations are concentrated in Karnataka especially around the
region of Bengaluru.
GRAFFITI (INDIA): CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Graffiti
(India) Private Limited (GPL) 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
Short Term Bank 3.00 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 8, 2022,
placed the rating(s) of GPL under the 'issuer non-cooperating'
category as GPL 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. GPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 24, 2023, July 4, 2023, July 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GPL is engaged in trading of designer ceramic glazed tiles under
brand name of "Graffiti", "Harmony" and "Canvas". GPL procures
ceramic tiles (semi-finished goods) from ceramic manufacturers
located at Morbi in Rajkot district of Gujarat (ceramic hub) and
designing is outsourced to its associate concern namely Shree
Ambica Industries. GPL sells through its established marketing
network covering more than 18 states with total 621 dealers, sub
dealers & distributors.
GULLS REALTORS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Gulls Realtors Private Limited
2/IB/3, North Block, Ganesh Nagar
Palayamkottai Road West,
Tuticorin, Tamil Nadu - 628003
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Prakul Thadi
Flat No. 1405, J Block,
Rainbow Vistas Green Hills Road,
Moosapet, Hyderabad,
Telangana - 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad - 500044
Email: cirp.gullsrealtors@gmail.com
Last date for
submission of claims: September 30, 2023
IIFL FINANCE: Moody's Withdraws 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
IIFL Finance Limited:
-- long-term corporate family rating of B1
-- senior secured foreign currency medium-term note (MTN) program
rating of (P)B1
-- senior secured local currency MTN program rating of (P)B1
Prior to the withdrawal, the outlook was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
IIFL Finance Limited is headquartered in Mumbai and reported total
assets of INR529 billion as of June 30, 2023.
IL&FS TRANSPORTATION: Ind-Ra Keeps D Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IL&FS
Transportation Networks Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR8.00 mil. Non-convertible debentures (NCDs) (long-term)*
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR1.19 mil. Long-term loan due on December 31, 2018
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
*Details in the annexure
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information. The ratings were last reviewed on May
28, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.
Company Profile
IL&FS Transportation Networks is a surface transportation
infrastructure company and the largest private sector road operator
in India under the build-operate-transfer model.
INDALC SPIRITS: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Indalc Spirits Pvt.
Ltd.'s (ISPL) debt instruments as follows:
-- INR740 mil. Proposed term loans assigned with IND B+/Stable
rating; and
-- INR220 mil. Proposed fund-based working capital limit assigned
with IND B+/Stable/IND A4 rating.
Key Rating Drivers
The ratings reflect the time and cost overrun risks associated with
ISPL's under-construction grain-based ethanol manufacturing unit
with a capacity of 34,000 kilo liters per annum at Dhenkanal
District, Odisha. As on 24 August 2023, ISPL had incurred
expenditure of about INR114.2 million (8.3% of the total planned
expenditure) in the form of equity, towards land development, civil
works and for other preliminary expenses. The management expects
the commercial operations to commence from September 2024. Ind-Ra
expects the scale of operations to remain small over the medium
term owing to the initial risks associated with capacity
utilization.
Liquidity Indicator - Stretched: ISPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The total investment for the project
is INR1,377 million, of which INR740 million(53.74%) will be funded
through term loan and rest INR637 million(46.26%) through
promoters' contribution in form of equity and unsecured loans from
related parties. The company plans to obtain a term loan of INR740
million by September 2023. ISPL has proposed repayment obligations
of INR61.67 million and INR123.33 million in FY25 and FY26,
respectively. The company plans to meet its working capital
requirements through proposed fund-based working capital limits of
INR220 million; ISPL expects the limits to be sanctioned by
September 2023, and expects it to be disbursed post the
commencement of operations.
The rating benefits from the high demand and growing market for
ethanol, which is used in fuels produced by oil companies such as
Hindustan Petroleum Corporation Limited ('IND AAA'/Stable), Bharat
Petroleum Corporation Limited and Indian Oil Corporation Limited
('IND AAA'/Stable), thereby aiding ISPL's revenue visibility over
the medium term.
The rating is supported by the promoter's experience of more than
10 years of experience in the agriculture, poultry and dairy
industry.
Rating Sensitivities
Negative: Any delay in the commencement of operations and
achievement of stability in the operating performance after the
commencement of commercial operations, affecting the company's debt
servicing ability, could lead to a negative rating action.
Positive: The timely commencement of operations and the subsequent
achievement of a stable operating profitability could lead to
positive rating action.
Company Profile
Incorporated in August 2020, ISPL is setting up a 100 kilo liters
per day grain-based distillery plant along with a 3MW captive power
plant at Saptasajya village in Odisha. The registered office is in
Bhubaneswar, Odisha, and the company is likely to commence
operations from September 2024.
INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indiamco
(IMC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 14.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 16,
2022, placed the rating(s) of IMC under the 'issuer
non-cooperating' category as IMC 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. IMC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2023, August 12, 2023, August 22,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1972, Indiamco is engaged in trading of rough and
polished diamonds, antique and precious stones. The entity is
currently not a DTC sight holder and procures rough and
semi-finished diamonds locally from Surat and also imported (from
USA).
IVRCL LIMITED: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IVRCL Limited's
Long-Term Issuer Rating in the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency through emails and phone
calls. Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR16.80 bil. Consortium fund-based limits (Long-term)
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR19.460 bil. Long-term loans (Long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR2.0 bil. Non-convertible debentures (Long-term) issued on
December 2009 INE875A07014 coupon rate 12.15% due on December
19, 2013 maintained in non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating; and
-- INR48.500 mil. Consortium-fund-based limits (Long-term/Short-
term) maintained in non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information.
The ratings were last reviewed on May 15, 2020. Ind-Ra is unable to
provide an update, as the agency does not have adequate information
to review the ratings.
Company Profile
Hyderabad-based IVRCL provides engineering, procurement and
construction services to the sectors such as irrigation, water
supply, transportation, buildings and industrial structures. It is
listed on the National Stock Exchange of India Limited and BSE
Limited.
JAIMAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jaimal
Singh Satnam Singh (JSSS) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 9,
2022, placed the rating(s) of JSSS under the 'issuer
non-cooperating' category as JSSS 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. JSSS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 26, 2023, August 5, 2023, August 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaimal Singh Satnam Singh (JSSS) was incorporated in 1995 and is
being managed by Mr. Ajinder Pal Singh (proprietor). The firm is
engaged in the manufacturing & selling of ladies dress material
under its own brand name 'R.Tex'.
JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jindal
Agro Mills Private Limited (JAMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 37.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 12,
2022, placed the rating(s) of Jindal Agro Mills Private Limited
(JAMPL) under the 'issuer non-cooperating' category as JAMPL 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. JAMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 29, 2023, August 8, 2023, August 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 1989, Jindal Agro Mills Private Limited (JAMPL) is
engaged in the trading and manufacturing & selling of nonferrous
metals at its single operating facility in Ludhiana, Punjab.
JPM EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JPM
Exports Private Limited (JEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 25,
2022, placed the rating(s) of JEPL under the 'issuer
non-cooperating' category as JEPL 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. JEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 11, 2023, July 21, 2023, July 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).
JPM Exports Private Limited (JEPL) incorporated on August 19, 2009
by Mr. Dilip Madhogaria, is engaged in manufacturing and export of
work wear and uniforms such as fire control units, hotels,
hospitals, military wear and casual wear. It is a Government
of India registered Star Export House. JEPL has expanded its
operations through Bangladesh in 2013 and has also set up a
comprehensive assembly line of production at its leased facility in
Barasat, West Bengal in 2016.
KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Krishna Educational Trust (SKET) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 19,
2022, placed the rating(s) of SKET under the 'issuer
non-cooperating' category as SKET 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. SKET
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 5, 2023, August 15, 2023, August 25,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gurgaon-Haryana based Shree Krishna Educational Trust (SKET) is a
non-profit trust incorporated in October, 2007 by Mr. Vijay Gupta
and family members. The trust is currently running educational
institute named as 'Gurgaon College of Engineering for Women' in
Bilaspur-Tauru Road, near Manesar (district-Gurgaon), Haryana. In
Feb 2015, trust has entered into an agreement with Great Lakes
Institutes of Management (GLIM) for giving entire college premises
on lease for 30 years (i.e. till Jan 2046).
KUDU FABRICS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kudu
Fabrics (KF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 8,
2022, placed the rating(s) of KF under the 'issuer non-cooperating'
category as KF 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. KF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 25, 2023, August 4, 2023, August 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kudu Fabrics (KF) is a partnership firm established in the year
1998. The firm is engaged in the manufacturing of fabric and
readymade garments for men and women at its manufacturing facility
located at Ludhiana, Punjab. Besides KF, the partners are also
involved in another group concern namely Kudu Industries Limited
(CARE B-; Stable; Issuer Not Cooperating/CARE A4; Issuer Not
Cooperating), engaged in the manufacturing of knitted fabric since
1990.
LOHIA AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lohia Auto
Industries (LAI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 9,
2022, placed the rating(s) of LAI under the 'issuer
non-cooperating' category as LAI 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. LAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 26, 2023, August 05, 2023, August 15,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Lohia Auto Industries (LAI) is a partnership firm set up in 2008 by
Lohia and Gupta brothers. LAI is known for the launch of two models
of electric vehicles- OMA STAR & FAME in 2008 in the automobile
industry, manufacturing unit being at Kashipur, Uttarakhand. Later,
the firm has also forayed into 3W segment with its brand of
electric and diesel three wheelers. Their range of three-wheeler
consists of electric three-wheeler – HUMRAHI, NARAIN and diesel
three wheeler-HUMSAFAR. At present, Ayush Lohia is the CEO of LAI,
having total experience of more than 15 years in business domain.
M.G. ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.G.
Associates (MA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE C; 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 26,
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 12, 2023, July 22, 2023, August 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kalaburagi (Karnataka) based, M.G. Associates (MA) was established
in the year 2010 as a partnership firm by Rathi and Mailapur
family. The firm is engaged in the construction of residential
townships, apartments, shopping malls and commercial complexes.
Further, the firm has diversified its business in FY18 into
hospitality by starting hotel in the name of Citrus Hotel in
Gulbarga, Karnataka. Currently, the firm engaged in development of
residential project in Gulbarga with total investment of INR72.64
crore.
NAGAR NIGAM RISHIKESH: Ind-Ra Gives BB- Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagar Nigam
Rishikesh (NNR) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.
Key Rating Drivers
The rating reflects NNR's inability to generate adequate revenue
income from its sources and heavy dependence on grants from the
state government to fund its operations. Tax and non-tax revenues
on average accounted for less than 12% of its total revenue income
during FY18-FY22, while its own income formed 8%-15%. The urban
local body (ULB) receives grants and support from the state
government, which on average constituted 85% of the total income
during FY18-FY22 While NNR is a smaller ULB with lesser income
compared to the capital city of Dehradun, it benefits from
proximity and better connectivity to the capital city.
The rating also reflects NNR's revenue concentration. The tax
revenue comprises general property tax, while non-tax revenue
consists of building permission fees, user charges and rental
income from properties. The ULB does not collect water supply and
sewerage charges as these civic services are provided by the Jal
Sansthan department of Uttarakhand. Its property tax collection
expanded at a CAGR of 10.07% during FY18-FY22; however, the
collection efficiency remained below 70%. Ind-Ra believes the
undiversified nature of Rishikesh's economy limits the ULB's scope
to broaden its revenue sources. The tourism and related businesses
are the main activities in the district.
The rating factors in NNR's high establishment and administrative
expenditure. Its establishment expenditure on average accounted for
around 60% of the total expenditure during FY18-FY22. The ULB
generated marginal surpluses in its revenue account during
FY18-FY22, except for FY20, when it received a large grant from the
government. Together, its tax and non-tax revenue receipts totaled
INR20.3 million in FY22 (FY21: INR33.2 million), which was not
adequate to cover its establishment expenditure or operations and
maintenance expenditure.
Moreover, the city faces inadequate civic services delivery. The
household level coverage of solid waste management services was
100% in 2022 (2021: 100%). However, the segregation of solid waste
was 50% in 2022 (2021: 50%; benchmark level: 100%) and the waste
recovery was 40% against the benchmark of 80%. Water supply and
sewerage services are provided by the Jal Sansthan department.
The rating is also constrained by NNR's modest capital utilization
ratio. Grants/contribution for capital works remained the major
contributor to the capital income during FY18-FY22. NNR witnessed a
capital deficit in FY18, FY21 and FY22, with capital receipts
remaining under-utilized in the rest of the years during FY18-FY22.
The capital utilization ratio (capital expenditure/capital income)
averaged more than 1x during this period. Its dependency ratio
averaged over 86% during FY18-FY22, peaking at 88.3% in FY20.
However, the rating is supported by NNR's adequate operating
margin. Its revenue balance was positive during FY18-FY22 except
for FY20. The revenue surplus increased to INR85.18million in FY22
(FY21: INR4.53 million). The operating revenue margin increased to
33.8x in FY22 (FY18: 0.35x). The operating ratio (revenue
expenditure/revenue income) improved to 66.2% in FY22 (FY21:
98.5%). Ind-Ra expects the revenue balance to remain in the
positive territory in the medium term, mainly supported by grants.
Liquidity Indicator -Adequate: The ULB has not availed any
borrowings. Its capital works are being funded primarily through
the capital grants. The ULB funded its capex through a combination
of cash/liquidity buffers and capital grants during the years when
the revenue account was in a deficit. The cash and bank balances
were INR148.76 million at FYE22 (FYE21: INR186.4 million). Since
the ULB has no borrowing plans in the near- to medium-term, Ind-Ra
expects the liquidity position to remain adequate.
Rating Sensitivities
Negative: A sustained dependence on grants, deterioration in
revenue balance position due to higher establishment expenditure
and a sharp worsening of operating ratio and margins could lead to
a negative rating action.
Positive: A sustained increase in its own revenue, leading to lower
dependency on grants and an improvement in civic services delivery
levels would be positive for the rating.
Company Profile
NNR is the local governing body of Rishikesh in Uttarakhand. In
2017, as part of expanding the limits of the municipality, it
included the gram sabha of Rishikesh and Virpur Khurd. Rishikesh
Municipality was upgraded to municipal corporation at end-2017. The
ULB has a jurisdiction of over 26sq.km with a population of
1,06,320 (Census 2011) with a total of 16,200 households. The
municipal corporation, consists of democratically elected members,
is headed by a mayor and administers the city's infrastructure and
public services.
NELLAI REALTORS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Nellai Realtors Private Limite
2/IB/3, North Block, Ganesh Nagar,
Palayamkottai Road West,
Tuticorin, Tamil Nadu - 628003
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Prakul Thadi
Flat No. 1405, J Block,
Rainbow Vistas Green Hills Road,
Moosapet, Hyderabad,
Telangana - 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad - 500044
Email: cirp.nellairealtors@gmail.com
Last date for
submission of claims: September 30, 2023
SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiv
Shakti Fibre Udyog (SSFU) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 16,
2022, placed the rating(s) of SSFU under the 'issuer
non-cooperating' category as SSFU 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. SSFU
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2023, August 12, 2023, August 22,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shiv Shakti Fibre Udyog (SSFU) was established in 2001 as a
proprietorship concern by Mr. Vinay Bansal, which was later
converted into partnership firm in 2007 with inclusion of Mr.
Rajesh Prasad as a partner. SSFU is engaged in manufacturing of
Fibre Reinforced Plastic (FRP) sheets under the brand name
"Rooffit". The Product profile largely comprises of FRP roofing
sheets, turbo ventilators, water gutters, doors frames etc. The
company has two manufacturing facilities located in Faridabad and
Sampla in Haryana State.
SHOWLIN NETWORK: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Showlin Network Marketing Pvt. Ltd
Shri Krishna Bhawan,
Near Ramchandra Tolbas Shop,
Nagpur, Nagpur MH 440002
Liquidation Commencement Date: August 25, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Paresh Chandulal Mehta
13B, Nirmal Society, Pandurang Wadi,
Dombivali East Pin 421201
Email: pareshmehta5959@gmail.com
Mobile: 7021008921
Last date for
submission of claims: September 25, 2023
SUNSHINE HI-TECH: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/s Sunshine Hi-Tech Infracon Limited
402, Unique Tower, Opp. Hotel Surya Sayanji
Gunj Vadodara, Gujarat-390005
Liquidation Commencement Date: August 30, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Rajeev Ranjan Singh
Truvisory Insolvency Professionals Private Limited,
1501, Tower No. 4, Spring Grove Towers,
Lokhandwala Township, Kandivali East,
Mumbai-4000101
Email: contactanshulgupta@gmail.com
410, 4th floor, Bluerose Industrial Estate,
Near Metro Mall and Tata Power Petrol Pump,
Western Express Highway, Borivali(E)-400066
Email: cirp.sunshinehitech@gmail.com
Last date for
submission of claims: September 29, 2023
TUTICORIN COAL: Jindal Power Seeks NCLAT Nod to Submit Plan
-----------------------------------------------------------
Livemint.com reports that Naveen Jindal-promoted Jindal Power has
approached the National Company Law Appellate Tribunal (NCLAT)
seeking permission to submit a resolution plan for the acquisition
of insolvent Tuticorin Coal Terminal Pvt. Ltd. The NCLAT on Sept.
21, in response to their plea, has sought an affidavit from the
Resolution Professional (RP).
According to Livemint.com, Jindal Power initiated this case against
RP Dhiren Shantilal Shah after their initial resolution plan
submission was rejected by the Mumbai Branch of the National
Company Law Tribunal (NCLT) in August. This rejection was based on
their absence from the final Prospective Resolution Applicant (PRA)
list issued in 2020.
During the hearing, Jindal Power argued that circumstances have
changed since the 2020 PRA list was created during the pandemic,
Livemint.com relates. They cited the case of Seapol Port Private
Limited, which was not on the 2020 PRA list but was allowed by the
NCLT to participate. Jindal Power emphasized the importance of a
level playing field for all interested parties.
Livemint.com says the RP (Resolution Professional) clarified that
the initial list of interested parties in the PRA comprised six
parties, but none of their proposed resolution plans were taken
into consideration. This led to the RP's request for liquidation.
However, the plea for liquidation was subsequently withdrawn when
Seapol expressed interest in submitting a resolution plan, which
was later approved by the NCLT. Additionally, the RP mentioned
another company called Seahawk, although they had not yet submitted
a resolution plan. The court will hear this case next in the first
week of October, Livemint.com notes.
In 2020, Bank of India initiated insolvency proceedings against
Tuticorin Coal Terminal Pvt. Ltd. due to unpaid dues amounting to
INR90.87 crore, Livemint.com recalls. The terminal facility,
situated within the government-owned V O Chidambaranar Port Trust
(VOCPT) in Thoothukudi, Tamil Nadu, had ceased operations in 2018
and had been left abandoned. This terminal, with a capacity of
seven million tonnes, was established and operated through an
Indo-French joint venture. ALBA Asia held a majority stake of 74%,
while the French shipping group Louis Dreyfus Armateurs SAS (LDS)
held a 26% stake. In total, the terminal owed INR355.79 crore to
seven banks, with Bank of India being the principal creditor in the
group, Livemint.com discloses.
It is believed that the financial viability of the Tuticorin Coal
Terminal was compromised by the high revenue percentage (around
52.7%) agreed upon for sharing with the VOC Port Trust,
Livemint.com says. This marked the first instance in the ports
sector of a public-private partnership (PPP) went into liquidation
process after the rejection of expressions of interest (EOIs) from
companies like Felguera Gruas India and V K S Mining Services
during the Corporate Insolvency Resolution Process (CIRP), citing
valuation concerns.
VINTAGE HOME: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vintage
Home Fashions (VHF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 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 16,
2022, placed the rating(s) of VHF under the 'issuer
non-cooperating' category as VHF 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. VHF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2023, August 12, 2023, August 22,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
VHF was established in April 1999 as a proprietorship firm by Mr
Puneet Chugh. The firm is engaged in the manufacturing of textile
home furnishing products which includes bed sheets, curtains,
quilts, blankets, carpets, etc, at its manufacturing unit located
in Panipat, Haryana.
=========
J A P A N
=========
TOSHIBA CORP: S&P Lowers ICR to 'BB-' After Tender Offer Succeeds
-----------------------------------------------------------------
S&P Global Ratings lowered to 'BB-' from 'BB+' its long-term issuer
credit rating on Toshiba Corp. S&P also kept the ratings on
CreditWatch with negative implications. Meanwhile, S&P affirmed its
'B' short-term issuer credit and commercial paper program ratings.
S&P will resolve its CreditWatch placement after carefully
examining the impact of new parent company JIP on engagement with,
and management and governance of Toshiba.
A tender offer by a special purpose company established by Japan
Industrial Partners Inc. (JIP) for Toshiba Corp. has succeeded. S&P
believe this will significantly worsen Toshiba's financial profile
as it will highly likely take on JPY1.2 trillion in debt raised for
share purchases by JIP's special purpose company.
S&P said, "We downgraded Toshiba because we believe it is likely
that Toshiba's financial profile will deteriorate significantly. It
is highly likely that the company will be obliged to repay debt
raised by JIP's special purpose company following the successful
tender offer. The total amount of funds required for the tender
offer are about JPY2 trillion. The funds will be common equity,
preferred equity and mezzanine loans, and it seems as much as
JPY1.2 trillion in senior loans. Even when considering only the
senior loans, we estimate that Toshiba's debt to EBITDA ratio at
the end of March 2024 will significantly deteriorate, from 1.4x at
the end of fiscal 2022 (March 31, 2023) to more than 6x at the end
of fiscal 2023.
"We kept Toshiba on CreditWatch with negative implications because
we believe we need to continue examining the impact of new parent
JIP on engagement with, and management and governance of Toshiba.
"We will likely resolve the CreditWatch placement within 90 days.
We will do so after carefully reviewing four factors. One, JIP's
involvement in Toshiba and its management strategy. Two, Toshiba's
relationship with major banks. Three, the outlook for the
performance of its main business and its stability. And four, the
outlook for its main cash flow indicators and the details of its
financial covenants, including the value of Toshiba's holding of
shares in its equity-method affiliate, Kioxia.
"After careful examination, if we come to consider JIP to be a
financial sponsor and determine that it will adopt a financial
policy that allows for high leverage, we may downgrade the company
by an additional notch."
=====================
N E W Z E A L A N D
=====================
AUCKLAND TRADING: Court to Hear Wind-Up Petition on Sept. 29
------------------------------------------------------------
A petition to wind up the operations of Auckland Trading (2023)
Limited will be heard before the High Court at Auckland on Sept.
29, 2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 14, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
CVIC SOFTWARE: Court to Hear Wind-Up Petition on Oct. 6
-------------------------------------------------------
A petition to wind up the operations of CVIC Software Engineering
New Zealand 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. 21, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
E A ENERGY: Court to Hear Wind-Up Petition on Oct. 6
----------------------------------------------------
A petition to wind up the operations of E A Energy Plus Limited
will be heard before the High Court at Auckland on Oct. 6, 2023, at
10:45 a.m.
Darren Blomfield filed the petition against the company on July 26,
2022.
The Petitioner's solicitor is:
Brett Leeson Martelli
Martelli Yaqub Lawyers
1 St Georges Bay Road
Parnell, Auckland
MAINZEAL PROPERTY: Bankruptcy Threat Looms for Directors
--------------------------------------------------------
BusinessDesk reports that the liquidator of the failed Mainzeal
construction group will pursue bankruptcy proceedings if the
directors holding the NZD60 million can for unpaid debts don't
cough up the money.
In the latest update lodged with the Companies Office, liquidator
Andrew McKay of BDO said the firm had received the supreme court
ruling in its favor and has made a demand of the directors to pay
the judgment sum of NZD39.8 million, plus interest that was
estimated at NZD20.9 million at the time of the ruling.
Mainzeal Property and Construction Ltd was a New Zealand-based
property and construction company. The company formed part of the
Mainzeal Group, which is owned by Richina Inc.
On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and associated entities as a result of a request made by
its director to BNZ.
Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.
On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.
The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.
Mainzeal is estimated to owe NZD11.3 million to the BNZ, NZD70
million to unsecured creditors and NZD5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.
RAJ TRUCKING: Court to Hear Wind-Up Petition on Oct. 9
------------------------------------------------------
A petition to wind up the operations of RAJ Trucking Limited will
be heard before the High Court at Hamilton on Oct. 9, 2023, at
10:45 a.m.
Pro Mechanical Limited filed the petition against the company on
Aug. 28, 2023.
The Petitioner's solicitor is:
T. Cooley
Brookfields Lawyers
Tower One, 9th Floor
205 Queen Street
Auckland
THREEWATER SCITECH: Court to Hear Wind-Up Petition on Oct. 6
------------------------------------------------------------
A petition to wind up the operations of Threewater Scitech 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. 21, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
=================
S I N G A P O R E
=================
IFN SINGAPORE: Creditors' Meeting Set for Oct. 3
------------------------------------------------
IFN Singapore Pte Ltd will hold a meeting for its creditors on Oct.
3, 2023, at 4:00 p.m., via electronic means.
Agenda of the meeting includes:
a. to receive a copy of the statement of the Company’s affairs
together with a list of creditors and the estimated amounts
of their claims;
b. to confirm the appointment of Liquidator nominated by the
Company or nominating another person or persons as
Liquidator(s) for the purpose of winding up the affairs of
the Company; and
e. any other business.
LASER CLINICS: Placed in Provisional Liquidation
------------------------------------------------
Mick Aw and Bernard Juay on Sept. 18, 2023, were appointed as
provisional liquidators of Laser Clinics Singapore Pte Ltd.
LOGICMILLS LEARNING: Court to Hear Wind-Up Petition on Sept. 29
---------------------------------------------------------------
A petition to wind up the operations of Logicmills Learning Centre
Pte Ltd will be heard before the High Court of Singapore on Sept.
29, 2023, at 10:00 a.m.
Low Sing Khiang filed the petition against the company on Sept. 7,
2023.
The Petitioner's solicitors are:
Raymond Lye
Ernest Wong
Union Law LLP
11 Collyer Quay
#12-06 The Arcade
Singapore 049317
PACIFIC NETWORK: Court to Hear Wind-Up Petition on Oct. 6
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A petition to wind up the operations of Pacific Network (Singapore)
Pte Ltd will be heard before the High Court of Singapore on Oct. 6,
2023, at 10:00 a.m.
Gan Kok Koon filed the petition against the company on Sept. 14,
2023.
The Petitioner's solicitors are:
M/s B T Tan & Co
10 Anson Road
#13-07 International Plaza
Singapore 079903
TIMES SHIPPING: Court to Hear Wind-Up Petition on Oct. 6
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A petition to wind up the operations of Times Shipping Pte Ltd will
be heard before the High Court of Singapore on Oct. 6, 2023, at
10:00 a.m.
Joint Vision Shipping Co., Limited filed the petition against the
company on Sept. 12, 2023.
The Petitioner's solicitors are:
Morgan Lewis Stamford LLC
10 Collyer Quay
#27-00 Ocean Financial Centre
Singapore 049315
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S R I L A N K A
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SRI LANKA: S&P Raises Sovereign Credit Ratings to 'CCC+/C'
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S&P Global Ratings raised its long- and short-term local currency
sovereign credit ratings on Sri Lanka to 'CCC+/C' from 'SD/SD'
(selective default). At the same time, S&P affirmed its 'SD/SD'
long- and short-term foreign currency ratings. The outlook on the
'CCC+' long-term local currency rating is stable. S&P also raised
the issue rating on Sri Lanka's local currency bond maturing in
October 2023 to 'CCC+' from 'D'.
Outlook
S&P's long-term foreign currency rating on Sri Lanka is 'SD'. It
does not assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default
probability.
The stable outlook on the long-term local currency rating reflects
the balance of improvements to the government's debt profile
achieved through its domestic restructuring exercises against the
continued risk to the government's fiscal sustainability posed by
Sri Lanka's ongoing economic, external, and fiscal pressures.
Downside scenario
S&P could lower the long-term local currency ratings on Sri Lanka
if there are indications of further restructuring of obligations
denominated in Sri Lankan rupees (LKR) to commercial creditors.
Developments that could precede these indications include a rapid
rise in inflation, a further rise in the government's interest
burden, or a significantly worse fiscal performance by the
government leading to local currency funding pressures.
Upside scenario
S&P could raise the long-term local currency sovereign credit
rating on Sri Lanka if we perceive that the sustainability of the
government's large local currency debt stock has improved further.
This could be the case if, for example, the government's fiscal
metrics, and the performance of the Sri Lankan economy, improve
much more quickly than we expect.
S&P could raise its long-term foreign currency sovereign credit
rating upon completion of the government's bond restructuring. The
rating would reflect Sri Lanka's creditworthiness
post-restructuring.
S&P's post-restructuring ratings tend to be in the 'CCC' or low 'B'
categories, depending on the sovereign's new debt structure and
capacity to support that debt.
Rationale
S&P said, "We raised our local currency ratings on Sri Lanka to
'CCC+/C' to reflect a forward-looking opinion about Sri Lanka's
creditworthiness on local currency obligations following the
completion of the government's domestic debt exchange program with
superannuation funds. We viewed this exchange as distressed rather
than opportunistic due to the government's very high interest
burden and local currency debt stock. In our opinion, the
restructuring also resulted in lenders receiving less than
originally promised.
"We also raised the rating on Sri Lanka's October 2023 local
currency bond to 'CCC+', in line with the change in the sovereign
credit rating."
Sri Lanka also completed on Sept. 21, 2023, a separate
restructuring exercise on its debt owed to the Central Bank of Sri
Lanka. Outstanding provisional advances and Treasury bills held by
the central bank were converted primarily into Treasury bonds with
maturities in 2029-2038, carrying fixed interest rates that will
step down in 2025 and 2027.
A much smaller portion of the outstanding credits have been
converted to short-term Treasury bills. S&P Global Ratings'
sovereign ratings do not reflect the government's capacity and
willingness to service financial obligations to public sector
enterprises or similar official creditors.
Nevertheless S&P views the completion of this restructuring
exercise, in addition to the restructuring to superannuation funds,
as supportive of Sri Lanka's near-term creditworthiness on its
local currency obligations because it will further reduce
refinancing needs as well as the government's interest bill.
In S&P's view, the successful completion of the domestic debt
exchange with superannuation funds suggests that the government
will continue to service its unaffected outstanding local currency
bonds in the near term. However, Sri Lanka remains dependent upon
favorable economic developments to continue to meet its financial
commitments.
As of May 2023, local currency-denominated Treasury bills and bonds
outstanding were approximately LKR14.1 trillion, or about 60% of
GDP. Sri Lanka's restructuring exercises on some of these
obligations will not affect the size of the outstanding debt stock
because there is no haircut on the value of the notes. Banks, which
were not included in the domestic debt exchange program on local
currency bonds, are estimated to hold approximately 27% of Treasury
bills and 43% of Treasury bonds.
Although Sri Lanka's ongoing restructuring efforts will help to
stabilize the government's fiscal dynamics, net general government
indebtedness will remain at a very high level of more than 100% of
GDP through at least 2026, in S&P's assessment. Likewise, S&P
estimates that the government's interest burden will be more than
70% of revenues for 2023, and will remain above 50% in 2026. These
outcomes will be highly dependent on the pace of nominal GDP
growth, fiscal consolidation and revenue growth, prevailing
interest rates in the economy, and future restructuring outcomes,
among other variables.
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V I E T N A M
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BAMBOO AIRWAYS: Struggling to Pay Pilot Wages, Sources Say
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Reuters reports that some pilots have left Vietnam's restructuring
Bamboo Airways in the last two months after late payments in
salaries, according to two people familiar with the matter.
About 30 foreign pilots departed during that time, more than 10% of
the airline's total pilot staff in June, according to one of the
people, who declined to be identified as the information was not
public.
A second person said some pilots had recently quit and others were
dismissed.
Embattled Bamboo, Vietnam's No. 3 airline, said in a statement to
Reuters that it has undertaken drastic restructuring and those
efforts encompass its route network, fleet and human resources.
"Bamboo Airways has reduced a number of pilot personnel recently to
serve this goal," the statement said, denying that late payments of
salaries were the reason behind the departures.
It did not respond to questions about how many pilots have left.
Many staff at Bamboo have sometimes had to face delays in salary
payments but this had not, until recently, affected foreign pilots
who make up a large majority of the airline's pilot staff, the
sources said, Reuters relays.
Messages seen by Reuters from an internal company chat forum that
management uses to communicate with foreign pilots show some salary
payments have been late.
An Aug. 21 message from a company representative in the forum told
foreign pilots they would have received on that day 35% of their
monthly salary that had been due a week earlier, and they would be
informed about the remainder when there was more information.
A similar message was sent a month earlier, Reuters notes.
The amounts were later paid in full but foreign pilots had not
received their pay for August that had been due on Sept. 15,
according to information from one of the people that was current as
of Sept. 25.
Bamboo also said in statements to Reuters that it is operating
stably and is planning to raise capital from strategic
shareholders. It said one of its major financial backers, Vietnam's
Sacombank, had expressed confidence in its long-term prospects and
the desire to increase its investment in the airline.
Bamboo's new chief executive, Nguyen Ngoc Trong, said in a letter
to staff last month, which was seen by Reuters, that the airline
was facing "tough times" but added the government was committed to
supporting the company.
Trong was appointed CEO in July when his predecessor resigned after
less than two months on the job.
Bamboo had flagged in 2021 plans to list in the United States but
has been struggling with rapid management changes and aggressive
restructuring since a former chairman was arrested in March 2022
over allegations of stock market manipulation, according to
Reuters.
It was not immediately clear which companies have the biggest
stakes in Bamboo. A spokesperson for Bamboo said details about its
ownership would be disclosed at a later date, Reuters relays.
Bamboo, which flies both internationally and domestically, has
around 17% of Vietnam's market share, its then CEO told local media
in March.
It booked losses of VND17.6 trillion (US$722 million) last year,
the government has said.
NO VA LAND: Developer Delays Bond Payment
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Bloomberg News reports that Vietnam's property debt crisis has
intensified, after the country's second-largest developer joined
the ranks of peers failing to repay a bond on time and seeking debt
extensions.
Bloomberg relates that No Va Land Investment Group, better known as
Novaland, said earlier last week that it would delay repayment of a
VND1 trillion (US$42 million) note originally due on Feb. 12. It
asked holders for an extension, or to convert the principal into
its real estate products. The developer said it was seeking to work
out a way within two months for it to pay off the debt.
According to Bloomberg, Novaland is the latest addition to an
expanding group of Vietnamese developers that have been late on
debt payment, indicating a widening cash crunch in the sector after
an anti-graft campaign spooked investors and new bond issuances
plunged. With billions of dollars of bonds due this year, the
industry's woes risk triggering a broader crisis in the Vietnamese
banking sector and economy, the report states.
"We believe this is just the beginning, and expect more debt
extensions, restructurings and defaults," Bloomberg Xavier Jean, an
analyst at S&P Global Ratings, as saying. He added that S&P was
"watching for a contagion effect" that could spill over to
companies beyond the construction sector.
Bloomberg notes that the South-east Asian nation's property crisis
started last year, after officials issued a crackdown on corporate
bond issuance following allegations of illegal activities. This set
off a series of actions to rectify the property market, including
high-level arrests, inspections of brokerages tied to cancelled
issuances, and an overhaul of the bond industry.
Citing estimates by the Ho Chi Minh City Real Estate Association, a
trade ministry publication last week showed that real estate firms
had VND130 trillion worth of bonds maturing this year, Bloomberg
relays.
Bloomberg relates that Hanoi Stock Exchange data showed that prior
to Novaland's latest announcement, industry peers Tan Hoang Minh
Group, Van Thinh Phat Holdings Group and Sunshine Group had also
sought to extend bond payment deadlines.
Vietnam's Ministry of Finance proposed a decree amendment that
would let companies extend corporate bond maturities by as long as
two years to ease a funding shortage, a local newspaper reported
last December, Bloomberg recalls. The trade ministry's publication
said the draft revision, which has been submitted to the
government, also includes allowing bond principal and interest to
be converted into loans or other assets.
In an investor note on Sept. 20, SSI Securities said: "What will
happen next - and whether a cross default contagion is to occur or
not - will remain as the big concern to the market right now. What
is a must right now is for the issuer to convene a bondholders'
meeting to discuss solutions, including redemption, further
guarantees, or a waiver of default," adds Bloomberg.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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