/raid1/www/Hosts/bankrupt/TCRAP_Public/230929.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, September 29, 2023, Vol. 26, No. 196
Headlines
A U S T R A L I A
ALITA RESOURCES: Liquidation Paves Way for Mine Sale to MinRes
C4L PTY: First Creditors' Meeting Set for Oct. 5
DIFFERENT TECHNOLOGIES: Second Creditors' Meeting Set for Oct. 4
ENERGY STREET: Second Creditors' Meeting Set for Oct. 3
GOLDEN HOMES: Second Creditors' Meeting Set for Oct. 4
KALIUM LAKES: Agrimin Enters Share Sale Agreement to Acquire Firm
KALIUM LAKES: Second Creditors' Meeting Set for Oct. 4
ORION TRUST 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes
RESIMAC TRIOMPHE 2021-2: S&P Raises Cl. F Notes Rating to BB (sf)
C H I N A
CHINA EVERGRANDE: Founder Put in Police Control, Halts Trading
CIFI HOLDINGS: Auditors Unlikely to Qualify Opinion on Earnings
DALIAN WANDA: In Talks With Backers to Avert US$4BB IPO Repayment
[*] Inner Mongolia to Borrow $9BB to Pay Bills Owed to Businesses
I N D I A
ACTIVE CHAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
BALAJI EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
BANKE BIHARI: ICRA Keeps B- Debt Ratings in Not Cooperating
BETTERMAN ENGINEERS: ICRA Keeps B- Ratings in Not Cooperating
BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
DEVEURO PAPER: ICRA Withdraws B Rating on INR3.88cr Term Loan
EKTA ELECTRICALS: ICRA Keeps B+ Debt Rating in Not Cooperating
KAPOOR OIL: ICRA Keeps B Debt Ratings in Not Cooperating Category
KOHINOOR CARPETS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHALAXMI INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating
MAHESH GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
N.S. ASSOCIATES: ICRA Withdraws B+ Rating on INR6cr LT Loan
NAGAR NIGAM: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
PASHUPATI TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
PRINCE PROPERTIES: ICRA Keeps B+ Debt Rating in Not Cooperating
RAAJA MAGNETICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAWMATE SOLUTIONS: ICRA Keeps B Issuer Rating in Not Cooperating
REGEN INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
S.P.R.L FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAI-LAXMI TEXOFAB: ICRA Keeps B+ Debt Ratings in Not Cooperating
SATHISH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
SHANKARA VEHICLES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SIDDHNATH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
UNITED NANOTECHNOLOGIES: ICRA Keeps B- Ratings in Not Cooperating
N E W Z E A L A N D
DEMACIA HOMES: Court to Hear Wind-Up Petition on Oct. 9
JP HOSPITALITY: Court to Hear Wind-Up Petition on Oct. 9
NUDE SKIN: Creditors' Proofs of Debt Due on Oct. 30
SPADE & SHOVEL: Creditors' Proofs of Debt Due on Oct. 20
ZORA'S SHOP: Creditors' Proofs of Debt Due on Oct. 21
S I N G A P O R E
AMTEK GLOBAL: Court Enters Wind-Up Order
INDEX-EVERGREEN CARPENTRY: Court Enters Wind-Up Order
LJH CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 25
NO SIGNBOARD: Submits Revised Trading Resumption Proposal
OCCASIONS CATERING: Court to Hear Wind-Up Petition on Oct. 20
STASH NEXT: Commences Wind-Up Proceedings
VERDANT HABITATS: Commences Wind-Up Proceedings
S R I L A N K A
SRI LANKA: Fails to Seal in First Review of IMF's Bailout
- - - - -
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A U S T R A L I A
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ALITA RESOURCES: Liquidation Paves Way for Mine Sale to MinRes
--------------------------------------------------------------
Reuters reports that a court on Sept. 27 placed Singapore-listed
Alita Resources into liquidation, paving the way for Australia's
Mineral Resources to acquire the Bald Hill lithium mine.
According to Reuters, the order granted approval for Alita to
execute a share sale agreement with Mineral Resources to dispose of
the mine, per a statement by Alita's administrators, McGrath
Nicol.
Reuters relates that the ruling comes at a time when Western
Australia's lithium sector is consolidating as market participants
closely watch local billionare Gina Rinehart lift stake in
Albemarle Corp's buyout target, Liontown Resources.
Mineral Resources, called MinRes, had earlier this month updated
the market of its intentions to acquire the Bald Hill mine after
the Foreign Investment Review Board blocked a takeover by
China-linked Austroid Corporation, Reuters recalls.
"If the court orders the liquidator to be appointed, MinRes will
pay out the secured debt and acquire Alita's interest in the Bald
Hill mine," MinRes had said in a statement on Sept. 4.
The mine was hit by a string of liquidity issues amid a slump in
commodity prices back in 2019, which has been the primary asset of
Alita.
Alita Resources, once called Mineral Assets Pty and was listed on
the Australian stock exchange, has been under administration for
nearly four years, Reuters notes.
About Alita Resources
Alita Resources Limited operates as a mineral exploration and
excavation company. The Company explores and produces lithium and
tantalum concentrates. Alita Resources offers its services in
Australia.
Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Alita Resources Limited, Lithco NO.2
Pty Ltd, and Tawana Resources Pty Ltd on Dec. 4, 2020.
Richard Tucker and John Bumbak of Kordamentha were appointed as
administrators of Alita, Tawana Gold Pty Ltd, and Waba Holdings Pty
Ltd on Aug. 28, 2019.
C4L PTY: First Creditors' Meeting Set for Oct. 5
------------------------------------------------
A first meeting of the creditors in the proceedings of C4L Pty Ltd,
All Mowers Spares Pty Ltd, and Premium Turf Equipment Pty Ltd will
be held on Oct. 5, 2023, at 11:00 a.m. virtually by Team for
business teleconference.
Bradley John Tonks of PKF was appointed as administrator of the
company on Sept. 25, 2023.
DIFFERENT TECHNOLOGIES: Second Creditors' Meeting Set for Oct. 4
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Different
Technologies Pty Ltd has been set for Oct. 4, 2023 at 3:00 p.m.
virtually via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 3, 2023 at 4:00 p.m.
Amanda Coneyworth and James Stewart of KPMG were appointed as
administrators of the company on June 29, 2023.
ENERGY STREET: Second Creditors' Meeting Set for Oct. 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of Energy Street
Pty Ltd has been set for Oct. 3, 2023 at 10:30 a.m. virtually via
Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 2, 2023 at 5:00 p.m.
David Ian Mansfield and Travis Adrian Anderson of Deloitte
Financial Advisory were appointed as administrators of the company
on Aug, 29, 2023.
GOLDEN HOMES: Second Creditors' Meeting Set for Oct. 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Golden Homes
(TAS) Pty Ltd has been set for Oct. 4, 2023 at 11:00 a.m. via
virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 3, 2023 at 5:00 p.m.
Michael Carrafa and Richard John Cauchi of SV Partners Insolvency
(VIC) were appointed as administrators of the company on Aug. 30,
2023.
KALIUM LAKES: Agrimin Enters Share Sale Agreement to Acquire Firm
-----------------------------------------------------------------
ICIS reports that Australian producer Agrimin Limited has announced
it has entered into a Share Sale Agreement (SSA) with the receivers
of former potash producer Kalium Lakes which held the Beyondie
project which was focused on manufacturing sulphate of potash
(SOP).
ICIS relates that the deal includes Kalium Lakes subsidiaries,
Kalium Lakes Potash and Kalium Lakes Infrastructure. These entities
comprise all of the operations and employees of the Kalium Lakes
group.
According to the report, Kalium Lake ran into an issue of funding
and after lacking further means it went into administration in
early August 2023 and appointed McGrathNicol Restructuring, who
then announced the project will continue on while it considers
options for the sale or recapitalisation efforts.
Agrimin said to undertake its own assessment of the ongoing
requirements of the Beyondie project it will initially transition
the site to a period of care and maintenance before targeting a
recommencement of brine field and pond operations in mid-2024, ICIS
relays.
ICIS says the current intention is for a plant restart in H1 2025
and expansion thereafter.
ICIS notes that the agreement remains subject to several conditions
and events being satisfied before the transaction completes
including Agrimin raising capital in the coming weeks to fund the
transaction.
It will also need a respective deeds of company arrangement being
approved by the creditors of each company.
On the assumption that all conditions are satisfied, completion of
the transaction is anticipated in early November with the
administrators to have the second meeting of creditors on October
3, ICIS adds.
About Kalium Lakes
Kalium Lakes Ltd. (ASX:KLL) -- http://www.kaliumlakes.com.au/-- is
an exploration and development company, which engages in the
exploration and evaluation of mineral resources.
Rob Brauer, Jason Preston and Rob Kirman of McGrathNicol were
appointed as Receivers and Managers of Kalium Lakes on Aug. 3,
2023.
The appointment of the Receivers followed the directors' decision
to appoint Martin Jones, Matthew Woods and Clint Joseph from KPMG
as voluntary administrators to Kalium Lakes also on Aug. 3, 2023.
The Receivers have assumed control of Kalium Lakes' operations
which will continue on a business as usual basis while an urgent
assessment of the options for the sale and/or recapitalisation of
the Group is undertaken.
KALIUM LAKES: Second Creditors' Meeting Set for Oct. 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Kalium Lakes
Potash Pty Ltd and Kalium Lakes Infrastructure Pty Ltd has been set
for Oct. 4, 2023 at 10:00 a.m. at the offices of KPMG at Level 8,
235 St Georges Terrace in Perth and via virtual meeting
technology.
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 Oct. 3, 2023 at 4:00 p.m.
Martin Bruce Jones and Matthew David Woods of KPMG were appointed
as administrators of the company on Aug. 3, 2023.
ORION TRUST 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Corporate Trust Ltd. as trustee of Orion Trust 2023-1.
Orion Trust 2023-1 is a securitization of prime and nonconforming
residential mortgage loans originated by Brighten Financial Pty
Ltd.
The preliminary ratings reflect the following factors.
The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to prime-quality
Australian resident borrowers, and the credit support provided to
each class of notes are commensurate with the ratings assigned.
Credit support is provided by subordination and excess spread, if
any. S&P's assessment of credit risk considers Brighten Financial's
underwriting standards and approval process, and its servicing
quality.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, principal draw function,
provision of a liquidity facility, and provision of an
extraordinary expense reserve. S&P's analysis is on the basis that
the notes are fully redeemed via the principal waterfall mechanism
under the transaction documents by their legal final maturity date,
and it assumes the notes are not called at or beyond the
call-option date.
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
Commonwealth Bank of Australia as liquidity facility provider. We
also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.
"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published Oct. 9, 2014, and concluded that there are no constraints
on the maximum rating that can be assigned to the notes."
Preliminary Ratings Assigned
Orion Trust 2023-1
Class A1, A$320.00 million: AAA (sf)
Class A2, A$38.30 million: AAA (sf)
Class B, A$18.00 million: AA (sf)
Class C, A$9.00 million: A (sf)
Class D, A$6.50 million: BBB (sf)
Class E, A$4.20 million: BB (sf)
Class F, A$4.00 million: Not rated
RESIMAC TRIOMPHE 2021-2: S&P Raises Cl. F Notes Rating to BB (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2021-2. At the same time,
S&P affirmed its ratings on two classes of notes.
The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 43.3% as of Sept. 7, 2023.
Loans more than 30 days in arrears make up 0.20% of the current
balance and there have been no losses to date. Furthermore, the
portfolio has strengthened, with a weighted-average current
loan-to-value ratio of 57.7% and weighted-average seasoning of 33
months.
While the transaction has recently converted to a pro rata payment
structure, there has been a significant buildup of subordination,
and credit support provided to each class of notes is commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread.
Under the pro rata payment structure, the class G allocated
principal is paid to the class F notes until the class F notes are
fully repaid, followed then by the class G notes. The class F notes
therefore will continue to benefit from an increase in the
percentage of credit support provided as the pool amortizes under a
pro rata structure, while the percentage of credit support will
remain static for the remaining rated notes.
S&P has also considered in its analysis the effects of the current
increasing interest-rate environment and cost of living pressure.
These qualitative factors constrain our ratings beyond quantitative
factors alone.
Ratings Raised
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-2
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Class D: to A- (sf) from BBB (sf)
Class E: to BBB (sf) from BB (sf)
Class F: to BB (sf) from B (sf)
Ratings Affirmed
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-2
Class A: AAA (sf)
Class AB: AAA (sf)
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C H I N A
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CHINA EVERGRANDE: Founder Put in Police Control, Halts Trading
--------------------------------------------------------------
Bloomberg News reports that China Evergrande Group and its units
suspended trading in Hong Kong, a day after people familiar with
the matter said the property giant's founder had been taken away by
police.
No reason was given for the halt in a notice to the Hong Kong stock
exchange on Sept. 28.
Evergrande Chairman Hui Ka Yan was taken away earlier this month
and is being monitored at a designated location, people familiar
with the matter said on Sept. 27, according to Bloomberg. It's not
clear why Hui is under so-called residential surveillance, a type
of police action that falls short of formal detention or arrest and
doesn't mean Hui will be charged with a crime.
Bloomberg says the move is the latest sign that the saga at the
world's most indebted developer has entered a new phase involving
the criminal justice system, after authorities earlier this month
detained some staff at its wealth management unit and two former
executives were also held, according to Caixin. It adds to
questions over the fate of Evergrande after setbacks to its
restructuring plan in recent days roiled financial markets and
raised the risk of a liquidation.
The three suspended entities had a combined market value of HK$16.7
billion ($2.1 billion) on Sept. 27, down from HK$81.4 billion
before their recent trading resumptions, Bloomberg discloses.
Evergrande sits at the center of a years-long property crisis that
has hurt the Chinese economy and hammered confidence in the housing
market. On Sept. 22, the developer said it scrapped key creditor
meetings and has to revisit its plan to restructure its offshore
debt. Since then, it has disclosed it was unable to meet regulatory
qualifications to issue new bonds - a key component of the debt
overhaul - while its mainland unit failed to repay an onshore note,
Bloomberg relates.
The company faces an Oct. 30 hearing at a Hong Kong court on a
winding-up petition, which could potentially force it into
liquidation, Bloomberg notes.
Evergrande officially became a defaulter in 2021 and authorities
from its home province of Guangdong led what is poised to be one of
the nation's biggest debt restructurings.
Shares of Evergrande fell 19% to HK$0.32 on Sept. 27, Bloomberg
discloses. The company's dollar bond prices remain indicated at
deeply distressed levels at below 5 cents.
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.
CIFI HOLDINGS: Auditors Unlikely to Qualify Opinion on Earnings
---------------------------------------------------------------
Bloomberg News reports that CIFI Holdings Group Co.'s property
management affiliate said the group's auditors are unlikely to
qualify their opinion on the company's recent annual results.
Bloomberg relates that CIFI Ever Sunshine Services Group said the
auditors have indicated that they do not expect to qualify their
audit opinion on the consolidated financial statements for the 2022
financial, according to a filing to the Hong Kong stock exchange on
Sept. 26.
Earlier this year, CIFI said its auditor received an anonymous
letter that raised challenges about some transactions, Bloomberg
recalls.
Following an independent review, the company's board said in the
filing that the allegations have no impact on the company's
business operations and financial position and that no remedial
actions are required to be undertaken in connection with the
allegations, Bloomberg relays.
The company's shares have been suspended since March 31, Bloomberg
notes. The company has made an application to the exchange for the
resumption of trading from 9:00 a.m. on Sept. 27.
About CIFI Holdings
CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.
As reported in the Troubled Company Reporter-Asia Pacific, in
October 2022, Fitch Ratings has downgraded China-based property
developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings to 'CC' from 'BB-'. Fitch has
also downgraded CIFI's senior unsecured rating and the ratings on
the outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.
The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing April 8, 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.
The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors
Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate
family rating to Ca from B3 and senior unsecured rating to C from
Caa1. The outlook remains negative.
DALIAN WANDA: In Talks With Backers to Avert US$4BB IPO Repayment
-----------------------------------------------------------------
Bloomberg News reports that Dalian Wanda Group Co. has started
negotiations on a proposal that would allow the conglomerate to
avoid repaying about CNY30 billion (US$4.1 billion) to investors
in its shopping mall business if the unit fails to complete its
initial public offering this year, according to people familiar
with the matter.
According to Bloomberg, Wanda is considering offering compensation
to pre-IPO investors of Zhuhai Wanda Commercial Management Group
Co. as an alternative to immediate repayment, the people said,
potentially easing the risk of a liquidity crunch that spooked
markets earlier this year. The Chinese conglomerate recently told
investors that an IPO of the mall unit will likely take place next
year, the people added.
About Dalian Wanda
Dalian Wanda Commercial Management Group Co., Ltd. operates as a
commercial property developer, owner, and operator. The Company
develops and manages mixed-use property projects including retail,
office, hotel, residential, restaurant, entertainment, and other
projects. Dalian Wanda Commercial Management Group conducts
businesses in China.
As reported in the Troubled Company Reporter-Asia Pacific on July
10, 2023, Moody's Investors Service downgraded Dalian Wanda
Commercial Management Group Co., Ltd.'s (DWCM) corporate family
rating to B1 from Ba2. Moody's also downgraded Wanda Commercial
Properties (HK) Co. Limited's (Wanda HK) CFR to B3 from B1. The
senior unsecured ratings on the bonds issued by Wanda Properties
Global Co. Limited, Wanda Properties Overseas Limited and Wanda
Properties International Co. Limited to B3 from B1.
Wanda Properties Global, Wanda Properties Overseas and Wanda
Properties International are wholly owned subsidiaries of Wanda HK.
The rated bonds are guaranteed by Wanda HK and supported by deeds
of equity interest, purchase undertakings and keepwell deeds
between DWCM, Wanda HK and the bond trustee.
Moody's has also changed the rating outlook on DWCM and its
subsidiaries to negative from ratings under review. This concludes
the rating review initiated on May 5, 2023.
[*] Inner Mongolia to Borrow $9BB to Pay Bills Owed to Businesses
-----------------------------------------------------------------
Caixin Global reports that the government of China's Inner Mongolia
autonomous region plans to issue CNY66.3 billion (US$9 billion) of
refinancing bonds Oct. 9 to pay off debts owed to businesses,
authorities said Sept. 25.
It will be the first borrowing by a local government to make
overdue payments to private businesses in response to a State
Council directive Sept. 20, Caixin relates. China's cabinet
ordered state-owned enterprises (SOEs) and provincial-level
governments to pay their debts to businesses.
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I N D I A
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ACTIVE CHAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Active Char
Products Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 0.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2004, ACPPL can manufacture 4,680MT of activated
carbon in a year from its plant set up in Edayar, Kochi. Coconut
shell-based activated carbon finds its application majorly in water
purification and gold extraction. In FY2017, the company reported a
net loss of INR0.39 crore on an operating income of INR28.40 crore,
as compared to a net profit of INR2.52 crore on an operating income
of INR42.84 crore in the previous year. For FY2018 the company is
estimated have reported a net loss of INR0.7 crore on an operating
income of INR30.0 crore. ACPPL is a part of Mfar Group which has
presence globally across various sectors including construction,
hospitality, manufacturing, and real estate. Mfar Group ventured
into activated carbon manufacturing in 1995 through IGCL and set up
three more manufacturing entities namely CSPL, ACPPL and Kalpa Char
Products Private Limited in the subsequent years. The combined
capacity of the three entities IGCL, CSPL and ACPPL (referred as
the Group) is 11,280 MTPA. In FY2019, on a consolidated basis, the
group reported a net loss of INR4.45 crore on an OI of INR85.23
crore, as compared to a net loss of INR9.73 crore on an OI of
INR90.76 crore in the previous year.
ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Adams Marketing Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 24.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.83 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2007, through the merger of two proprietorship
firms - Adams Motors and Adams Electronics - Adams Marketing Pvt.
Ltd. primarily deals in electronic consumer durable goods such as
televisions, washing machines, refrigerators, air conditioners, and
laptops. AMPL is the authorized dealer of reputed consumer durable
players, including Samsung India Pvt. Ltd., Voltas Limited, Sony
India Pvt. Ltd., and Mitsubishi Electric India Pvt. Ltd., among
others. It currently operates through its 12 multi-brand showrooms
across West Bengal. The company also has a central warehouse
located at Benaras Road, Biradingi, West Bengal, for inventory
storage and distribution across all its stores.
BALAJI EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Balaji
Educational and Cultural Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Overdraft to remain under 'Issuer Not
Facilities Cooperating' category
Long Term- 2.59 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.41 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain
Proposed under issuer not cooperating
Unallocated category
Limits
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Balaji Educational and Charitable Trust (BECT) was formed in March
2013 by Mr. Radheshyam Heda and the members of his family for
imparting education. The trust operates an engineering college in
the name of Jain College of Engineering and Research (JCER) and
offers civil, computer science, electronics and communication and
mechanical engineering courses. The college is approved by AICTE
(All India Council for Technical Education) and is affiliated to
VTU (Visvesvaraya Technological University). Along with the
engineering college, the trust also operates a school in the name
of Jain Heritage School (JHS) which offers education from Nursery
to Class V and is affiliated to CBSE (Central Board of Secondary
Education). The school and the engineering college started
operations from the academic year 2017-18 and 2018-19 respectively.
Both the school and college are located in Belgaum, Karnataka.
BANKE BIHARI: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Shri Banke
Bihari Polyfab Pvt Ltd in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.35 [ICRA]B- (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.65 [ICRA]B- (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shri Banke Bihari Polyfab Private Limited (SBBP), incorporated in
2008, began operations from April 2010 as a manufacturer of High
Density Polyethylene (HDPE) woven sacks and cement bags. At
present, the company has an installed production capacity of 3,100
MTPA for HDPE woven fabric at its manufacturing facility at
Burdwan, West Bengal. The company also trades in various
commodities based on market opportunities. In FY2015, SBBP also
started trading in Polypropylene (PP) granules.
BETTERMAN ENGINEERS: ICRA Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings of Betterman Engineers Private Limited
to the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the ‘Issuer Not
Cooperating’
Category
Short-term 10.00 [ICRA]A4 ISSUER NOT
Non Fund based COOPERATING; Rating Moved to
BG the ‘Issuer Not Cooperating’
category
As part of its process and in accordance with its rating agreement
with Betterman Engineers Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available
information.
Incorporated in 2002, Betterman Engineers Private Limited (BEPL) is
mainly involved in the fabrication of metal components such as air
pollution control equipment and furnace components, which are
primarily used in power plants, integrated iron and steel plants,
sugar plants etc. The company has two manufacturing units at
Chamrail and Uluberia in West Bengal.
BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Brainer Infra LLP in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Brainer Infra LLP (BILLP) was established in January 2016 as a
limited liability partnership firm to develop a residential project
under the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases. During the first phase
of the project, BILLP is developing a Low-Income Group (LIG)-
category residential complex comprising sixteen towers divided into
320 flats spread over 2.60 acres of land with saleable area of 2.32
lakh square feet (lsf).
DEVEURO PAPER: ICRA Withdraws B Rating on INR3.88cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Deveuro Paper Products LLP at the request of the firm and based on
the No Objection Certificate (NOC) received from the banker, and in
accordance with ICRA's policy on withdrawal of credit rating.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term
Fund-based-
Cash Credit 3.00 [ICRA]B (Stable); withdrawn
Long term
Fund-based–
Term Loan 3.88 [ICRA]B (Stable); withdrawn
Long term
Fund-based-
Unallocated 3.12 [ICRA]B (Stable); withdrawn
The key rating drivers, liquidity position, rating sensitivities
have not been captured as the rated instruments are being
withdrawn.
DPP was incorporated in July 2015 by Mr. Pankaj Aggarwal and Mrs.
Sangeeta Aggarwal; however, commercial operations of the firm
started in FY2019. Based out of Noida, Uttar Pradesh, the firm
manufactures paper products made out of sugarcane bagasse. The firm
produces customised and eco-friendly sugarcane bagasse products
mainly for schools, offices and weddings. Its range of products
include paper plates, bowls, clamshells, trays and containers with
compartments. The firm received an ISO 14001:2015 Environmental
Management System certification in September 2019 as a manufacturer
of compostable tableware and food packing containers. In FY2022,
the firm reported an operating income of INR20.0 crore and OPBITDA
of INR3.3 crore at an OPM of 16.4%.
EKTA ELECTRICALS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Ekta
Electricals in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 4.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2005, Ekta Electricals was formed as a
proprietorship entity and was reconstituted into a partnership firm
in April, 2016. The firm has three partners, who have the requisite
technical know-how and possess long experience in the electrical
engineering segment. Ekta Electricals executes electrical contracts
majorly including internal & external electrification, cabling,
erection of substation including transformer, panels, DG sets,
switchyard, illumination systems, etc.
KAPOOR OIL: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Kapoor Oil Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.40 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Kapoor Oil Industries was incorporated in July 2006 as partnership
firm promoted by Mr. Babubhai Patel and other seven partners.
Initially, the firm was engaged in the business of crushing of
cottonseeds. Later in, FY 2013, the firm has commenced ginning and
pressing of raw cotton to produce cotton bales and cottonseeds. The
firm is currently owned by 12 partners wherein six partners namely
Mr. Amrutbhai Patel, Mr. Dahyabhai Patel, Mr. Chunilal Patel, Mr.
Rameshbhai Patel, Mr. Rashikbhai Patel and Mr. Popat bhai Patel
manage the firm. The account and finance function of the firm is
handled by Mr. Manojbhai Patel, a son of Mr. Popat bhai Patel.
KOHINOOR CARPETS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Kohinoor Carpets in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.18 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Kohinoor Carpets is a proprietorship firm owned by Mr. Ram Chander
Chuttani. The firm manufactures cotton rugs, bathmats, carpets,
cotton puffs, polar blankets, and various home furnishings. The
firm's manufacturing facilities are located at Panipat and Karnal
in Haryana and about 80% of its revenues come from exports, with
the US, the UK and Australia being the key markets.
MAHALAXMI INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mahalaxmi
India Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 12.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2000, MIPL is engaged in trading of coking and
non-coking coal primarily in the northern and north-eastern states
of India. The company commenced trading in sugar from FY2015
onwards. Its registered office is located at Beltola in Guwahati,
Assam, with branches at Ludhiana (Punjab), Kutch (Gujarat), Paradip
(Odisha), Meerut (Uttar Pradesh) and Goalpara (Assam). The company
has a number of group entities, including Mahalaxmi Associates
Private Limited, which is also engaged in coal trading.
MAHESH GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mahesh Ginning Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.75 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
MGPL is into ginning of cotton and started its operations in
October 2011. The company has an installed capacity of 310 bales
per day. The company is part of the Mahesh Group belonging to the
Tayal family of Sendhwa, Madhya Pradesh, which is predominantly
engaged in cotton trading and ginning, and has more than two
decades of experience in this line of business. MGPL procures kapas
from farmers/mandis, which is processed in ginning mills for
removing seeds and other impurities. The cotton bales are sold to
spinning mills and traders whereas cotton seeds are sold to oil
extraction units.
N.S. ASSOCIATES: ICRA Withdraws B+ Rating on INR6cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
N.S. Associates Private Limited at the request of the company and
based on the No Objection Certificate (NOC) received from its
bankers. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Short Term- 20.42 [ICRA]A4; ISSUER NOT
Non Fund COOPERATING; Withdrawn
Based-Others
Incorporated in 2002, NSPL is promoted by seven technically
qualified professionals - Mr. Shashank Gupta, Mr. Mirza Ahmar Beg,
Mr. Mirza Shamsul Hasan Beg, Mr. Mirza Zafar Beg, Mr. Nishat Gupta,
Mr. Devendra Rawat and Mr. M.Q.H. Beg. NSPL is engaged in civil
construction work also executing interior decoration work having
executed multiple projects for both private and public sectors.
NAGAR NIGAM: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagar Nigam
Roorkee (NNR) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.
Key Rating Drivers
The rating primarily reflects NNR's inadequate revenue income from
its own sources and heavy dependence on grants from the upper tiers
of state government to fund its operations. While tax and non-tax
revenue, on average, constituted 10% of NNR's total revenue income
during FY18-FY22, its own income accounted for 8%-11.7%. Its
grants, which averaged 79.6% of the total revenue income during
FY18-FY22, constituted 77.7% in FY23 (budget estimate).
The rating also reflects NNR's revenue concentration. Ind-Ra
believes the small and undiversified nature of NNR's own revenue
base limits the urban local body's (ULB) financial flexibility. Its
tax revenue comprises primarily general property tax, while non-tax
revenue comprises rental income from municipal properties. The ULB
does not collect water supply and sewerage charges as these civic
services are provided by the state agency of Uttarakhand Jal
Sansthan.
The rating is constrained by NNRs high establishment expenditure.
The establishment expenditure as a share of its total revenue
expenditure averaged 74% during FY18-FY23. The tax and non-tax
revenue receipts, combined, were not adequate to cover its
establishment expenditure during this period. The operating ratio
(revenue expenditure/revenue income) was 90% in FY22 (FY21: 100%).
The ULB generated surpluses in the revenue account during
FY18-FY20, primarily due to the large receipt of grants from the
upper tiers of the government, based on the fiscal transfers
recommended by the state and central finance commissions. The
revenue account, which slipped into a deficit in FY21, due to
COVID-19, moved into a surplus of INR34.9 million in FY22. Ind-Ra
expects the ULB to meet its operating expenditure in the medium
term, mainly supported by the grants.
However, the rating is supported by robust growth in NNR's capital
expenditure, which expanded at a CAGR of 37.2% to INR164.22 million
during FY18-FY22. The share of capital expenditure in its total
expenditure averaged 27% during this period. The rating benefits
from NNR's capital utilization ratio. The capital utilization
(capital expenditure/capital income) ratio improved to 3x in FY22
(FY21: 1.4x) from below 1x during FY18-FY20. A capital utilization
ratio above 1x indicates NNR's ability to utilize funds to finance
capex in the ULB's area.
The rating draws comfort from the ULB's track record in the
property tax collection efficiency and the coverage of solid waste
management services. The current demand property tax collection
efficiency stood at 80%-83% during FY18-FY23, except FY20 when the
onset of COVID pandemic impacted collection.
NNR is responsible for the collection, segregation and disposal of
all solid waste generated in the city. Solid waste is collected
door-to-door and its household level coverage of solid waste
management service network remained consistently at 100% during
FY18-FY22. The level of segregation of municipal solid waste
increased to 50% in FY23 from nil in FY18.
Liquidity Indicator - Adequate: NNR has not availed any borrowings.
Its capital works are funded primarily through capital grants. The
NNR funded its capex through a combination of cash/liquidity
buffers and capital grants in years when the revenue account
slipped into a deficit. Its cash and bank balances were INR363.41
million in FY22 (FY21: INR437.76 million). As the ULB has no
borrowing plans in the near-to-medium term, Ind-Ra expects the
liquidity position to remain adequate.
Rating Sensitivities
Positive: A sustained increase in own revenue sources, lower
dependence on grants and a decrease in its establishment
expenditure would be positive for the rating.
Negative: Sustained deterioration in the revenue balance position,
due to a sharp worsening in its operating ratio and weak
capitalization ratio could lead to a negative rating action.
Company Profile
NNR is the civic body that governs the city of Roorkee in
Uttarakhand. The municipality/nagar palika of Roorkee was
established in 1949. The city was upgraded to a nagar nigam or
municipal corporation on February 27.
The corporation has jurisdiction over an area of 23.01sq.km with a
population of 1,81,228. The municipal corporation consists of
democratically elected members, is headed by a mayor and
administers the city's infrastructure and public services.
PASHUPATI TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Pashupati
Traders in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.74 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.85 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.41 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Pashupati Traders (PT) was incorporated in 1993 as a partnership
firm and later reconstituted as sole proprietorship concern in
2011. The entity is involved in sales and services of passenger
cars for General Motors India Limited (GMIL) and in sales and
services of light commercial vehicles for Ashok Leyland Limited
(ALL) in Dibrugarh, Assam. PT operates from a single unit
for both the dealerships however the showrooms for the vehicles of
GMIL and ALL are located in different floors. From January, 2015 PT
has also taken dealership of Mahindra & Mahindra Limited for sales
of Mahindra Powerol DG Set.
PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Patel Oswal Housing in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Patel Oswal Housing is a partnership firm incorporated in the year
2010, which is a syndicate of business group namely, Anjani Group
engaged in real estate development in and around the city of Pune.
Besides real estate activities, members have other business
activities. The group members have known each other for more than
decade and together they experience of working together in various
ventures.
PRINCE PROPERTIES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Prince Properties in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Prince Properties was established in 2009 as a partnership firm to
build a 3-star hotel, with 137 rooms in Jodhpur, Rajasthan. The
firm is promoted by the Rajasthan-based Soni and Purohit Groups.
RAAJA MAGNETICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Raaja
Magnetics Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 16.83 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RML manufactures electrical stampings and die-cast rotors for
motors used in pumps for agricultural and general industrial
applications. The castings find applications in various kinds of
motors such as hermetic motors, pump motors, appliances motors and
general purposes motors. RML has its two manufacturing units in
Coimbatore (Tamil Nadu) and Bangalore (Karnataka) to cater to the
South India market.
RAWMATE SOLUTIONS: ICRA Keeps B Issuer Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Rawmate Solutions in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B (Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under ‘Issuer Not
Cooperating’ category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2011, Rawmate Solutions (RS) is a part of Raipur
based Tatva Group and is involved in the solar integration business
for installation of solar pumps, solar rooftops and solar power
generation. RS was earlier into granite trading business, however
presently they have discontinued their granite trading business due
to lack of demand from the export market.
REGEN INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Regen
Infrastructure and Services Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 20.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Non Fund Based remain under 'Issuer Not
Others Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RISPL, incorporated in January 2008, is a wholly owned subsidiary
of Regen Powertech Private Limited (RPPL). This company primarily
handles the infrastructure requirements in commissioning a wind
turbine generator (WTG), including facilitation of land
acquisition, and the civil works w.r.t. erection and commissioning
of WTGs supplied by RPPL. The company also provides O&M services to
WTGs installed by RPPL.
S.P.R.L FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of S.P.R.L Foods Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.62 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 22.38 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
S.P.R.L Foods Ltd. (SPRL), a private limited company, was set up in
January 2013 by Mr. Shiv Poojan and his family members. SPRL is
engaged in processing and selling of basmati/ non-basmati rice;
processing of wheat into various by products such as Maida and Suji
for different traders and millers in Andhra Pradesh, U.P.,
Maharastra, Delhi, M.P and Telangana. It has a plant at Sahson
(Allahabad), which has a milling capacity of 54000 tonnes per annum
for wheat processing and 46080 capacity tonnes per annum for paddy
processing.
SAI-LAXMI TEXOFAB: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long Term and Short-term rating of Sai-Laxmi
Texofab in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.43 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- (1.50) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 0.05 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.01 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in April 2002, Sai-Laxmi Texofab is a partnership firm
promoted by Mr. Ajay Boghawala and Mr. Naresh Boghawala. SLT
manufactures dyed yarn, twisted yarn, airtex yarn, and grey cloth
and sells them in the Surat market; also a minimal portion of sales
is contributed by yarn manufactured on job work basis. SLT has its
registered office in Surat (Gujarat). The firm's manufacturing
units are located at Surat city and Kim village, Surat. The city
factory manufactures grey cloth with a capacity of 12,00,000 meters
per month, while the factory in Kim produces twisted yarn with a
capacity of 100 MT per month.
SATHISH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings of Sathish Engineering Works to the
'Issuer Non Cooperating' category. The ratings are denoted as
[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.07 [ICRA]B+ (Stable) ISSUER NOT
Term Loans COOPERATING; moved to Issuer
Not Cooperating Category
Long-term 3.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; moved to Issuer
Not Cooperating Category
Short-term 16.00 [ICRA]A4 ISSUER NOT
Inland Bill COOPERATING; moved to Issuer
Discounting Not Cooperating Category
Short-term 3.00 [ICRA]A4 ISSUER NOT
Non Fund-Based COOPERATING; moved to Issuer
Facilities Not Cooperating Category
Short-term 5.93 [ICRA]A4 ISSUER NOT
Unallocated COOPERATING; moved to Issuer
Limits Not Cooperating Category
As part of its process and in accordance with its rating agreement
with Sathish Engineering Works, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Sathish Engineering Works (SEW) was established in 1985 as a
proprietorship concern by Mr. Rajasekaran in Paramakudi, Tamil
Nadu. During the initial years, the entity used to perform job
works such as welding for private entities. Since 1987, the entity
has been supplying various distribution transformer structure
materials such as AB switch, angles, channels, bolts, nuts, cross
arm, composite insulators etc. to TANGEDCO (known as TNEB earlier),
which is the sole customer of SEW. Some of the materials such as
composite and disc insulators, lightning arresters are procured
from third parties, while the other materials are manufactured and
assembled as complete sets of transformer structure materials
before being delivered to TANGEDCO.
SHANKARA VEHICLES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Shankara Vehicles Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shankara Vehicles Pvt. Ltd. (SVPL), incorporated in November 2014,
is an authorised dealer of Hyundai Motors India Limited (HMIL). The
company deals in new cars, pre-owned cars, accessories, spares and
provides service for HMIL's passenger cars. At present, the company
owns two sales, services and spares outlets in Raipur, Chhattisgarh
out of which one showroom has been opened recently (in August
2018). The company sold 1087 vehicles during FY2018.
SIDDHNATH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term of Shree Siddhnath Cotex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 66.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shree Siddhnath Cotex Pvt. Ltd. (SCPL), incorporated in 2008, is
involved in the business of ginning and pressing of raw cotton
having an installed capacity of 500 bales per day (1 bale=170 kg).
The company also undertakes trading of cotton bales and cotton
seeds. In FY 15 (October 14) the company installed 8 expellers for
crushing of cotton seeds having an installed capacity of 36000
MTPA. Presently, the product mix of the company comprises mainly of
cotton bales, cotton seed, cotton oil cake and cotton oil. The
company was erstwhile promoted by Mr. Girdhar Gangwani and family.
From April 2013, there was a change in the constitution of the
company with the company being taken over by Mr. Suresh Lunagariya
and family. Mr. Suresh Lunagariya has a vast experience in the
ginning and pressing of cotton by the virtue of being a director in
the Vaibhav Ginning and Spinning Mills Pvt. Ltd., Radheshyam Fibres
Pvt. Ltd., Kavan Cotton Pvt. Ltd. and Navneet Cotton Co. The unit
is favourably located in Chotila, Surendranagar and the area around
the unit is one of the major cotton production belts in India.
UNITED NANOTECHNOLOGIES: ICRA Keeps B- Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of United
Nanotechnologies Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.70 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.02 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 0.25 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.03 [ICRA]B- (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
United Nanotechnologies Private Limited was incorporated in 2004 as
a private limited company. The company was taken over by the
current management in 2013. The company was converted into a
closely held limited company in March 2014. The operations are
mainly looked after Mr. Saharsh Poddar whereas Mr. Sunil Kumar
Poddar also takes part in the overall management of the company.
The manufacturing operations of the company commenced from January
2014. The registered office and manufacturing unit of the company
is located at Plot No. –N 2, Food & Poly Park, Dhulagori,
Sankrail, Howrah711302, West Bengal. The company also has a branch
office at Chatterjee International Centre, 33 A, J. L. Nehru Road,
12th Floor, Room No.7, Kolkata-700071 which is mainly used for
administration. The company is mainly engaged in manufacturing of
filler master batches and compounds. The company generally conducts
its operations in two shifts of around 24 hours.
=====================
N E W Z E A L A N D
=====================
DEMACIA HOMES: Court to Hear Wind-Up Petition on Oct. 9
-------------------------------------------------------
A petition to wind up the operations of Demacia Homes Limited will
be heard before the High Court at Hamilton on Oct. 9, 2023, at
10:45 a.m.
Mcleod Hiabs Limited filed the petition against the company on Aug.
18, 2023.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19, 191 Queen Street
Auckland
JP HOSPITALITY: Court to Hear Wind-Up Petition on Oct. 9
--------------------------------------------------------
A petition to wind up the operations of JP Hospitality Solutions
Limited will be heard before the High Court at Hamilton on Oct. 9,
2023, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 24, 2023.
The Petitioner's solicitor is:
C. D. Walmsley
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
NUDE SKIN: Creditors' Proofs of Debt Due on Oct. 30
---------------------------------------------------
Creditors of Nude Skin and Laser Clinic Limited and The Telecom
Shop Limited are required to file their proofs of debt by Oct. 30,
2023, to be included in the company's dividend distribution.
Nude Skin and Laser Clinic Limited commenced wind-up proceedings on
Sept. 15, 2023.
The Telecom Shop Limited commenced wind-up proceedings on Sept. 18,
2023.
The company's liquidators are:
Colin Sanderson
Keaton Pronk
Boris Van Delden
McDonald Vague Limited
PO Box 6092
Victoria Street West
Auckland 1142
SPADE & SHOVEL: Creditors' Proofs of Debt Due on Oct. 20
--------------------------------------------------------
Creditors of Spade & Shovel Landscaping Limited are required to
file their proofs of debt by Oct. 20, 2023, to be included in the
company's dividend distribution.
The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on Sept. 22, 2023.
ZORA'S SHOP: Creditors' Proofs of Debt Due on Oct. 21
-----------------------------------------------------
Creditors of Zora's Shop Limited are required to file their proofs
of debt by Oct. 21, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 21, 2023.
The company's liquidators are:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
=================
S I N G A P O R E
=================
AMTEK GLOBAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Sept. 15, 2023, to
wind up the operations of Amtek Global Technologies Pte. Ltd.
US Bank Trustees Limited filed the petition against the company.
The company's liquidators are:
Lai Seng Kwoon
Reliance Assurance LLP
7500A Beach Road
#05-303, The Plaza
Singapore 199591
INDEX-EVERGREEN CARPENTRY: Court Enters Wind-Up Order
-----------------------------------------------------
The High Court of Singapore entered an order on Sept. 15, 2023, to
wind up the operations of Index-Evergreen Carpentry & Marine
Services Pte. Ltd.
Vallianz Shipbuilding & Engineering Pte. Ltd. filed the petition
against the company.
The company's liquidators are:
Goh Wee Teck
Lin Yueh Hung
c/o RSM Corporate Advisory
8 Wilkie Road
#03-08, Wilkie Edge
Singapore 228095
LJH CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 25
----------------------------------------------------------
Creditors of LJH Construction & Engineering Co. Pte. Ltd. are
required to file their proofs of debt by Oct. 25, 2023, to be
included in the company's dividend distribution.
The company's liquidator is:
Chan Yee Hong
CLA Global TS Risk Advisory
80 Robinson Road, #25-00
Singapore 068898
NO SIGNBOARD: Submits Revised Trading Resumption Proposal
---------------------------------------------------------
The Business Times reports that No Signboard Holdings said on Sept.
27 that it has submitted a further revised trading resumption
proposal to the Singapore Exchange Regulation (SGX RegCo) "due to
recent developments in the company".
According to the report, trading in the shares of the
Catalist-listed restaurant operator has been suspended since Jan.
24, 2022, as it was unable to demonstrate that it can continue as a
going concern.
BT relates that the company previously announced in January 2023
that it had submitted a trading resumption proposal to SGX RegCo,
and later said in April that it had made revisions to the
proposal.
On Sept. 24, No Signboard said it has reinstated the agreement to
engage its largest shareholder GuGong to provide services for
operational matters, as well as that to sell its trademarks and
brand name to GuGong, BT reports.
Both agreements were formerly announced by No Signboard to have
been terminated in March 2023, a move it then said would
purportedly "expedite the completion" of a proposed investment, BT
relays.
About No Signboard
No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.
No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.
As reported in the Troubled Company Reporter-Asia Pacific on May
30, 2022, The Business Times said No Signboard Holdings said the
Singapore High Court has granted it and two of its subsidiaries a
moratorium lasting till Oct. 29, 2022.
On April 29, the embattled restaurant operator and wholly owned NSB
Hotpot and NSB Restaurants applied for moratorium relief spanning 6
months, under Section 64 of the Insolvency, Restructuring and
Dissolution Act. They sought court orders that no resolution shall
be passed to wind up the companies and that no legal process shall
be commenced or continued against any property of the applicants,
among other things.
OCCASIONS CATERING: Court to Hear Wind-Up Petition on Oct. 20
-------------------------------------------------------------
A petition to wind up the operations of Occasions Catering Pte Ltd
will be heard before the High Court of Singapore on Oct. 20, 2023,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 21, 2023.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
STASH NEXT: Commences Wind-Up Proceedings
-----------------------------------------
Members of Stash Next Gen Pte Ltd, on Sept. 18, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Goh Tiong Hong
63 Circular Road
#02-01 Singapore 049417
VERDANT HABITATS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Verdant Habitats 2 Pte Ltd, on Oct. 25, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Chan Yee Hong
CLA Global TS Risk Advisory
80 Robinson Road, #25-00
Singapore 068898
Email: yeehongchan@sg.cla-ts.com
=================
S R I L A N K A
=================
SRI LANKA: Fails to Seal in First Review of IMF's Bailout
---------------------------------------------------------
Reuters reports that the International Monetary Fund did not reach
a staff-level agreement with Sri Lanka in its first review under a
$2.9 billion bailout package, due to a potential shortfall in
government revenue generation, the Fund said on Sept. 27.
Speaking after a two-week visit to the country, IMF delegation head
Peter Breuer said a second tranche of about $330 million under a
lending programme would only be released after the IMF reaches a
staff-level agreement, and there was no fixed timeline on when that
would take place, Reuters relates.
"Sri Lanka has made commendable progress in implementing difficult
but much-needed reforms. These efforts are bearing fruit as the
economy is showing tentative signs of stabilisation," the IMF said
in a statement.
"The team will continue its discussions in the context of the First
Review with the goal of reaching a staff-level agreement in the
near term."
According to Reuters, the IMF delegation said despite early signs
of stabilisation, full economic recovery is not yet assured and
growth momentum remains subdued.
In the last six months, Sri Lanka has seen its runaway inflation
drop to 1.3% in September, its currency appreciate by about 12% and
foreign exchange reserves improve, Reuters discloses.
But the island has struggled to improve its revenue with additional
measures likely to be taken in the upcoming budget in
mid-November.
Despite revenue mobilisation having improved relative to last year,
the IMF said revenue was expected to fall short of initial
projections by nearly 15% by year end.
"While partially due to economic factors, the onus of fiscal
adjustment would fall on public expenditure if there were no
efforts to recoup this shortfall. This could weaken the
government's ability to provide essential public services and
undermine the path to debt sustainability," notes the report.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.
As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on Sept. 19, 2023, lowered its long- and
short-term local currency sovereign credit ratings on Sri Lanka to
'SD' from 'CC/C'. At the same time, S&P affirmed the other ratings
on Sri Lanka, including the 'SD' long-term foreign currency rating.
In addition, S&P lowered to 'D' its issue rating on Sri Lanka's
local currency bond maturing October 2023.
The TCR-AP also reported that 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'.
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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
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
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