/raid1/www/Hosts/bankrupt/TCRAP_Public/231005.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, October 5, 2023, Vol. 26, No. 200
Headlines
A U S T R A L I A
COVENTRY BOND 2023-2: S&P Assigns Prelim B (sf) Rating on F Notes
HOME LOAN: First Creditors' Meeting Set for Oct. 12
ORE PROCESSING: Second Creditors' Meeting Set for Oct. 10
QUICK CORE: Second Creditors' Meeting Set for Oct. 12
SARVELLO FINE: Second Creditors' Meeting Set for Oct. 10
WHITE ROCK: First Creditors' Meeting Set for Oct. 11
YOUPLA GROUP: ASIC Appeals Part of Findings in ABCF Funeral Case
C H I N A
CHINA SCE: Seeks Offshore Debt Restructuring After Default
JIAYUAN INTERNATIONAL: Moody's Withdraws 'Ca' Corp. Family Rating
F I J I
SATORI HOLDINGS: Appeal Court Denies Interim Relief in Liquidation
I N D I A
ANMOL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
ARCHANA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
GEMINI ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
GLENMARK PHARMACEUTICALS: S&P Affirms 'BB' ICR, Outlook Now Pos.
HANUMAN PULSES: CRISIL Keeps D Debt Rating in Not Cooperating
KAMNA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KAMYA CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
KNK CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
KSHATRIYA CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
KURUNJI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
LAMIYA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAA SARASWATI: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHAJYOTI FIBERS: CARE Keeps D Debt Rating in Not Cooperating
NARAYAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
NUPUR VINIYOG: CRISIL Keeps D Debt Rating in Not Cooperating
PADMAPAT ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
PERIYAR AGRO: CRISIL Lowers Rating on INR13cr Cash Loan to D
PSN MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating
SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
SATYAM GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
SDS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating
SHAKTIMAN BIO: CARE Keeps D Debt Rating in Not Cooperating
SHRESHT INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
SRS THERMAX: CRISIL Keeps D Debt Ratings in Not Cooperating
V. G. SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
M A L A Y S I A
KECK SENG: To Wind Down and Liquidate Tanjong Puteri Golf Resort
N E W Z E A L A N D
AAN ELECTRONICS: Court to Hear Wind-Up Petition on Oct. 13
HNP CONSORTIUM: Creditors' Proofs of Debt Due on Oct. 25
IHI CAPITAL: Court to Hear Wind-Up Petition on Oct. 13
RPD CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 28
WAYNE ALDRIDG: Creditors' Proofs of Debt Due on Oct. 31
P H I L I P P I N E S
LOYOLA PLANS: Government Puts Pre-Need Company Under Liquidation
PH RESORTS: Uy Strikes Bailout Deal with China Banking Corp.
S I N G A P O R E
ACCFIN CORPORATE: Creditors' Proofs of Debt Due on Nov. 6
IDSMED SERVIZIPLUS: Creditors' Proofs of Debt Due on Nov. 2
NU-FORTUNE GOLD: Commences Wind-Up Proceedings
RADIUS EXPERIENTIAL: Court to Hear Wind-Up Petition on Oct. 16
THEMIS ALLIANCE: Court Enters Wind-Up Order
S R I L A N K A
SRI LANKA: Aims to Streamline Tax Structure, Boost Collections
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A U S T R A L I A
=================
COVENTRY BOND 2023-2: S&P Assigns Prelim B (sf) Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Corporate Trust Ltd. as trustee for Coventry Bond Trust
2023-2. Coventry Bond Trust 2023-2 is a securitization of prime
residential mortgage loans originated by BC Securities Pty Ltd.
(BCS).
The preliminary ratings assigned to the floating-rate RMBS reflect
the following factors.
The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents of Australia and
to self-managed superannuation fund borrowers, and the credit
support provided to each class of rated notes are commensurate with
the ratings assigned. Credit support is provided by subordination,
excess spread, if any, and a loss reserve funded by the trapping of
excess spread, subject to conditions. S&P's assessment of credit
risk considers BCS's underwriting standards and approval process as
well as its servicing quality.
The rated classes of 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, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P said, "Our
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 we assume 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 Australia and New Zealand Banking Group Ltd. as the
bank account 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."
Preliminary Ratings Assigned
Coventry Bond Trust 2023-2
Class A1-MM, A$100.00 million: AAA (sf)
Class A1-AU, A$213.00 million: AAA (sf)
Class A1-4.5Y: A$32.00 million: AAA (sf)
Class A2, A$28.50 million: AAA (sf)
Class B, A$15.50 million: AA (sf)
Class C, A$6.50 million: A (sf)
Class D, A$4.50 million: BBB (sf)
Class E, A$2.80 million: BB (sf)
Class F, A$1.70 million: B (sf)
Class G, A$1.50 million: Not rated
HOME LOAN: First Creditors' Meeting Set for Oct. 12
---------------------------------------------------
A first meeting of the creditors in the proceedings of Home Loan
Republic Pty Ltd will be held on Oct. 12, 2023, at 11:00 a.m. via
teleconference facilities.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Oct. 2, 2023.
ORE PROCESSING: Second Creditors' Meeting Set for Oct. 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ore Processing
Services Pty Ltd and Lorena Gold Mine Pty Ltd has been set for Oct.
10, 2023 at 11:00 a.m. at the offices of Clifton Hall at Level 3,
431 King William Street in Adelaide 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. 9, 2023 at 4:00 p.m.
Daniel Lopresti and Anna Agostino of Clifton Hall were appointed as
administrators of the company on Sept. 4, 2023.
QUICK CORE: Second Creditors' Meeting Set for Oct. 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of A Quick Core
Concrete Cutting Service Pty Ltd has been set for Oct. 12, 2023 at
11:00 a.m. at the offices of JR Advisory at Level 1, 410 Elizabeth
Street in Surry Hills.
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. 11, 2023 at 4:00 p.m.
Scott Turner of JR Advisory was appointed as administrator of the
company on Sept. 6, 2023.
SARVELLO FINE: Second Creditors' Meeting Set for Oct. 10
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sarvello Fine
Foods Pty Ltd has been set for Oct. 10, 2023 at 11:00 a.m. via a
Zoom videoconferencing facility.
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. 9, 2023 at 4:00 p.m.
David Hurst and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on Sept. 4, 2023.
WHITE ROCK: First Creditors' Meeting Set for Oct. 11
----------------------------------------------------
A first meeting of the creditors in the proceedings of WHITE ROCK
(MTC) PTY LTD will be held on Oct. 11, 2023, at 10:30 a.m. via
electronic means.
Liam William Paul Bellamy of RRI Advisory was appointed as
administrator of the company on Sept. 28, 2023.
YOUPLA GROUP: ASIC Appeals Part of Findings in ABCF Funeral Case
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
appealed part of the decision of the Federal Court in ASIC's case
against ACBF Funeral Plans Pty Ltd (ACBF) and its parent entity
Youpla Group Pty Ltd handed down on Sept. 5, 2023.
ASIC had alleged that ACBF represented it was owned or managed by
Aboriginal persons when that was not the case. At first instance,
the Court found such representations were made but was not
satisfied those representations were false. ASIC is appealing that
finding.
ASIC Deputy Chair Sarah Court said, 'ASIC has appealed this
decision because we are concerned that representations were made to
First Nations people that ACBF and its funeral plan had Aboriginal
ownership and management which, in ASIC's view, had the effect of
deceiving many Aboriginal consumers into buying the plan.
The appeal will be heard by the Full Federal Court on a date to be
determined.
In its' original proceedings filed in October 2020, ASIC alleged
four misrepresentations by ACBF and involvement in those
misrepresentations Youpla Group, that:
1. ACBF Funeral Plans was owned or managed by an Aboriginal
person or persons;
2. the ACF Plan had Aboriginal community approval;
3. the ACF Plan was more beneficial to Aboriginal consumers
than other funeral insurance products generally available at
the time; and
4. plan holders would receive a lump sum payment of their
chosen benefit amount, when in reality they would only be
reimbursed for funeral related expenses up to the benefit
amount upon production of proof that those expenses had been
incurred.
On Sept. 5, 2023, judgment was delivered in which ACBF was found to
have made false and misleading representations in relation to the
fourth representation only. The judge imposed a AUD1.2 million
pecuniary penalty on ACBF (which ASIC is not to enforce without
leave of the Court).
ASIC's remaining allegations, including the 'involvement'
allegation against Youpla Group, were dismissed.
ASIC is not appealing the Court's findings in relation to the
remaining two representations or the Court's findings in relation
to Youpla Group.
About Youpla Group
Seven Youpla Group entities went into liquidation between November
2021 and April 2022.
Three of the Youpla Group entities in liquidation are registered
funeral contribution funds under NSW State legislation and their
winding up is regulated by NSW Fair Trading.
ASIC and NSW Fair Trading have been working together closely to
consider the circumstances that have given rise to this
application. ASIC and NSW Fair Trading are committed to continuing
to work together, along with the liquidator of the Youpla Group
entities, to ensure the best possible outcome for affected
consumers.
In October 2020, ASIC commenced proceedings in the Federal Court
against ACBF Funeral Plans Pty Ltd and Youpla Group Pty Ltd for
alleged contraventions of the ASIC Act.
=========
C H I N A
=========
CHINA SCE: Seeks Offshore Debt Restructuring After Default
----------------------------------------------------------
Reuters reports that China SCE Group said on Oct. 4 a non-payment
on a syndicated loan has triggered an event of default under its
dollar bonds and it would explore a holistic solution to all its
debt.
According to Reuters, the Xiamen-based company is the latest to
join a long list of Chinese property developers who have defaulted
their offshore debt and begun a restructuring process. But only a
handful have announced restructuring terms so far.
Reuters relates that SCE said in a filing it will suspend trading
in its four dollar bonds worth a total of $1.8 billion from Oct.
5.
"The group's liquid cash and bank deposits may not be sufficient to
meet its current and future obligations," the developer said,
citing declining sales and tightening liquidity since the second
quarter.
It said the payment it did not make was on an instalment of
principal and interest worth $61 million of a March 2021 syndicated
loan, which may result in demands for early repayment from its
other creditors, Reuters adds. It has not received such demand yet,
however, it added.
About China SCE Group
China SCE Group Holdings Limited, an investment holding company,
engages in the development, investment, and management of
properties in the People's Republic of China. The company develops
residential and commercial real estate, cultural tourism real
estate, and industrial real estate properties; rents apartments;
and operates and manages shopping malls, residential and public
facilities, education, health management, and other business
sectors, as well as provides financial services, such as fund
management and investment. It also trades in construction
materials. The company was formerly known as China SCE Property
Holdings Limited and changed its name to China SCE Group Holdings
Limited in July 2018. China SCE Group Holdings Limited is a
subsidiary of Newup Holdings Limited.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
18, 2023, Moody's Investors Service has downgraded China SCE Group
Holdings Limited's corporate family rating to Caa1 from B3, and the
company's senior unsecured rating to Caa2 from Caa1. The rating
outlook remains negative.
JIAYUAN INTERNATIONAL: Moody's Withdraws 'Ca' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Jiayuan International Group
Limited's Ca corporate family rating and C senior unsecured
rating.
Prior to the withdrawal, the rating outlook was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
COMPANY PROFILE
Jiayuan International Group Limited (Jiayuan) was formed through a
reorganization of the private property development business of
Chairman Shum Tin Ching in Jiangsu, China, and was listed on the
Hong Kong Stock Exchange in 2016. As of the end of June 2022, the
company had a land bank of around 16.6 million square meters.
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F I J I
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SATORI HOLDINGS: Appeal Court Denies Interim Relief in Liquidation
------------------------------------------------------------------
The National Business Review reports that the Court of Appeal has
declined a request for interim relief regarding the liquidation of
the Andrew Griffiths' investment vehicle, Satori Holdings.
NBR relates that the hearing on Oct. 3 was the latest in a
multi-faceted legal dispute involving Mr. Griffiths, the receivers
of the company behind luxury Six Senses Resort in Fiji.
Mark Terence McDonald and Raymond Paul Cox, both of Grant Thornton
New Zealand Limited, were appointed joint and several liquidators
of the company by an order of the High Court at Hamilton on the
application of Island Grace (Fiji) Limited. The liquidation
commenced on Feb. 17, 2023.
=========
I N D I A
=========
ANMOL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anmol
Enterprises (Anmol) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Anmol for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Anmol, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Anmol
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Anmol continues to be 'CRISIL D Issuer Not Cooperating'.
Anmol is a project-specific firm promoted by Ahmedabad-based Mr.
Arvind Patel and his family members. The firm is developing a
residential project in Gota, Ahmedabad. It commenced construction
in January 2012.
ARCHANA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archana
Motors Private Limited (AMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Electronic Dealer 11.5 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Kerala based AMPL is promoted by Mr Shibu Job C and is an
authorized dealer of commercial vehicles of Tata Motors Ltd,(TML)
in Thrissur and Palakkad.
BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Balaji
Agritrade Private Limited (BAPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BAPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAPL continues to be 'CRISIL D Issuer Not Cooperating'.
BAPL's primary business is trading of agro commodities. It deals in
the SriGanga Nagar, Rajasthan. However, in fiscal 2017, BAPL
undertook a project to build a private mandi, Balaji Agritrade. The
purpose of establishing mandi is to support the farmers to sell
their crop.
GEMINI ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gemini
Enterprises-Hyderabad (GE) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GE for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GE
continues to be 'CRISIL D Issuer Not Cooperating'.
Established as a proprietorship firm in 1999 by Mr. V Ramesh, GE is
a primary distributor for HUL's products in Hyderabad.
GLENMARK PHARMACEUTICALS: S&P Affirms 'BB' ICR, Outlook Now Pos.
----------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Glenmark
Pharmaceuticals Ltd. (Glenmark) to positive from stable. At the
same time, S&P affirmed its 'BB' long-term issuer credit rating on
the India-based pharmaceutical company.
The positive outlook on Glenmark reflects S&P's view that we could
raise the ratings upon successful debt repayment.
S&P said, "Glenmark is likely to strengthen its financial position.
We believe the company will use proceeds from the proposed
divestment of its stake in GLS, its active pharmaceutical
ingredient (API) subsidiary, to repay debt. Glenmark does not have
any acquisition plans over the next two years. It is also looking
to reduce its finance costs in the current environment.
Nevertheless, Glenmark will have net cash on a reported basis,
given that the transaction will improve its overall credit quality,
in our view."
Glenmark will be selling its 75% stake in GLS to Nirma Ltd. for
Indian rupee (INR) 56.5 billion. The company had about INR44.4
billion of debt outstanding as of June 30, 2023. The transaction is
subject to regulatory and shareholder approval.
The improvement in Glenmark's financial profile will be contingent
on the amount of debt the company pays down. The company's earnings
base is also likely to shrink following the transaction. This will
increase the sensitivity of Glenmark's credit metrics to volatile
earnings. Therefore, a reduction in debt will be imperative for a
sustained improvement in the company's credit profile. GLS
contributed 10%-12% to the company's revenue and 25%-30% to its
EBITDA in the past two years.
Glenmark has a short record of operating at low leverage. Moreover,
given the company's volatile credit metrics over the years, a
commitment to a disciplined financial policy will also be essential
for a higher rating.
Debt reduction is likely to more than offset the earnings impact.
Following the completion of the transaction, S&P expects Glenmark's
revenue to be 10%-12% lower than our previous base case. EBITDA
margins could also be stagnant at about 16% in fiscal 2024 versus
15.9% in fiscal 2023. However, healthy growth of the generics
business, stabilizing input costs (of fuel and energy), and
normalizing supply chains will support the company's earnings.
S&P said, "Absent any significant remediation costs, we expect
Glenmark's EBITDA to rebound to the level in fiscal 2023. EBITDA
margins should average about 18% by fiscal 2025. Accordingly, we
expect the company to generate positive discretionary cash flow
from fiscal 2025. This would further strengthen its balance sheet.
"The divestment has a marginally negative impact on Glenmark's
business position.The company sources 15%-20% of its API needs from
GLS. It also has a well-established supplier network. Glenmark is
GLS' single largest customer and we expect it to continue its
arrangement with GLS even after the transaction, given the mutual
reliance of their businesses.
"We believe the impact of the API divestment will be limited, even
though API has maintained higher EBITDA margins of about 30% and
contributed 25%-30% to Glenmark's total earnings in the past two
years. This is because we expect a healthy performance from
Glenmark's core generics business over the next 12-24 months.
"The positive outlook on Glenmark reflects our expectation that the
company will significantly reduce debt on completion of the GLS
sale and maintain healthy earnings. It also reflects our view that
the debt reduction will more than offset the company's weakened
business position, following the divestment.
"We could revise the outlook back to stable if Glenmark uses
proceeds from the recent asset sale for purposes other than debt
reduction, or if its earnings weaken materially and beyond our
expectations.
"We could also revise our outlook back to stable if Glenmark adopts
a more aggressive financial policy to focus on growth investments
and shareholder distributions, such that the company cannot sustain
its improved leverage. A ratio of funds from operations (FFO) to
debt staying below 45% sustainably would indicate this. Failure to
complete the transaction would also likely result in a revision of
the outlook to stable.
"We may raise the rating on Glenmark if the company accelerates
debt repayment from the proceeds of the GLS sale, such that its
FFO-to-debt ratio improves and stays comfortably above 45%."
Apart from immediate debt reduction, a higher rating will also be
contingent on Glenmark's commitment to a disciplined financial
policy such that the company will operate at much lower leverage
than it did in the past.
HANUMAN PULSES: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Hanuman
Pulses (SHP) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SHP for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative. 'The investors, lenders
and all other market participants should exercise due caution with
reference to the rating assigned/reviewed with the suffix 'ISSUER
NOT COOPERATING' as the rating is arrived at without any management
interaction and is based on best available or limited or dated
information on the company. Such non co-operation by a rated entity
may be a result of deterioration in its credit risk profile. These
ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking
component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHP continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1985, SHP is a partnership firm engaged in
processing and trading of pulses such as tur, chana and matar dal.
The firm is promoted by Mr Ratan Jhawar and Mr Ramesh Jhawar and
has a facility in Raipur.
KAMNA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamna Medical
Centre Private Limited (KMCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1.91 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5.85 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KMCPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KMCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KMCPL, incorporated in 2006, is operating a 260-bed hospital in
Meerut (Uttar Pradesh). The company also commenced paramedical
courses under the medical college (300 seats per batch) named KMC
College of Nursing. Dr Sunil Gupta and Dr Pratibha Agarwal are the
promoters.
KAMYA CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamya
Clothing Private Limited (KCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continues to be 'CRISIL D Issuer Not Cooperating'.
KCPL was set up in the early 1990s as a partnership firm, and was
reconstituted as a private limited company in 2012. The company is
promoted by Mr. Anilkumar P Nawani and his family members. Its
product portfolio comprises denims and formal shirts for men.
KNK CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KNK
Construction Private limited (KNK) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 90 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 30 CRISIL D (Issuer Not
Cooperating)
Proposed Bank 25 CRISIL D (Issuer Not
Guarantee Cooperating)
Proposed Overdraft 30 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with KNK for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KNK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KNK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KNK continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KNK was set up in fiscal 2017 by merging the group companies, KNK
Nexgen Construction Pvt Ltd and KNK Swami and Co. It constructs
factories, industrial houses, and commercial and residential
buildings for the Government of Karnataka and private entities
outside the state.
KSHATRIYA CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kshatriya
Constructions (KC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KC for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KC
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1980, KC is a Hyderabad-based proprietorship firm which
undertakes development of residential real estate projects in and
around the city. Currently, the firm is executing seven residential
real estate projects, funded largely by proprietor's contribution
and minimal external debt of Rs 10 crore. The day-to-day operations
are managed by Mr P. Kumar
KURUNJI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kurunji Agro
Product (KAP) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5.5 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 1.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KAP for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative. 'The investors, lenders
and all other market participants should exercise due caution with
reference to the rating assigned/reviewed with the suffix 'ISSUER
NOT COOPERATING' as the rating is arrived at without any management
interaction and is based on best available or limited or dated
information on the company. Such non co-operation by a rated entity
may be a result of deterioration in its credit risk profile. These
ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking
component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KAP continues to be 'CRISIL D Issuer Not Cooperating'.
KAP was set up in 2009 and commenced operations in 2013. Based in
Dindigul, Tamil Nadu, the firm manufactures mango pulp. It was set
up by Mr. S Palanisamy, Mr. S A Kadar. and Mr. A Muruganandham.
LAMIYA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lamiya Silks
- Triprayar (LS) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.9 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 0.33 CRISIL D (Issuer Not
Credit Limit Cooperating)
Term Loan 0.77 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LS for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LS
continues to be 'CRISIL D Issuer Not Cooperating'.
LS is a Kerala-based firm, engaged in retailing of readymade
garments. The firm was set up by Mr Abdul Jabbar in 2008. Daily
operations are being managed by Mr Abdul and his son, Mr Ashik.
MAA SARASWATI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Saraswati
Education Society (Regd.) (MSES) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 8.9 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MSES for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MSES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSES continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MSES is registered in Haryana under the Indian Societies Act, 1860,
with an objective of setting up educational institutes. The society
has set up Maa Saraswati Institute of Engineering And Technology at
Kalanaur, Rohtak (Haryana) for providing engineering and management
courses. Mr. Radhey Shyam, the president of the society, manages
operations.
MAHAJYOTI FIBERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahajyoti
Fibers Private Limited (MFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.45 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 10,
2022, placed the rating(s) of MFPL under the 'issuer
non-cooperating' category as MFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 26, 2023, July 6, 2023, July 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sendhwa (Madhya Pradesh) based, Mahajyoti Fibers Private Limited
(MFPL, CIN: U17111MH2008PTC187544) was promoted by Agrawal family
in 2008. MFPL is currently managed by Mr. Sanjay Agrawal, Mr.
Mukeshkumar Agrawal, Mr. Sachin Joshi and Mr. Dwarkaprasad Agrawal.
The company is engaged in trading of ginned cotton and cotton seeds
and also produces cotton bales by ginning and pressing of raw
cotton. The ginning facility is located at Prakasha (Maharashtra)
with an installed capacity of 31,500 Metric tonnes per annum (MTPA)
as on March 31, 2016.
NARAYAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narayan
Industries - Chattisgarh (NI) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NI for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of NI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
The firm was established in 2007 as a proprietorship by Mr Mukesh
Motwani. It is engaged in processing of paddy into non-basmati rice
and sorting of various types of dal. It also trades in non-basmati
rice and undertakes rice milling on job work-basis for Food
Corporation of India (FCI). The firm's manufacturing facility is
located in Baloda Bazar, Chhattisgarh. It sells products to local
traders in the state.
NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Age False
Ceiling Private Limited (NAFCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with NAFCPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NAFCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
NAFCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of NAFCPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
NAFCPL, incorporated in 2008, manufactures false ceilings at its
facility in Nagpur, Maharashtra. It started production in 2012;
before that, it traded in false ceiling materials. Mr Manoj Gupta
and family are the promoters.
NUPUR VINIYOG: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nupur Viniyog
Private Limited (NVPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NVPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NVPL continues to be 'CRISIL D Issuer Not Cooperating'.
NVPL, incorporated in 1992 at Kolkata, trades in agricultural
commodities, food, and steel items; these products are exported to
South Asian countries. Mr Pinaki Dasgupta and Mr Neeraj Khaitan are
the promoters
PADMAPAT ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Padmapat
Engineers (PE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.78 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 3.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2023, August 10, 2023, August 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Padmapat Engineers (PE) was formed in 2001 as a proprietorship
concern by Mr. Vijyant Patni. The firm is L&T stockiest for supply
of L&T Switchgears and distributor of Shenzhen INVT Electronic
Company Limited (SIECL) for AC-DC Drive, Servo Drive, PLC, etc. PE
is also authorised representative and distributor of Chino
Corporation India Private Limited (CCI) for 16 different localities
in Uttar Pradesh for products of CCI. PE is also executing
contracts of solar plant establishment since last 10 years.
PERIYAR AGRO: CRISIL Lowers Rating on INR13cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities
Periyar Agro Food Industries Private Limited (PAFIPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with PAFIPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-co-operation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PAFIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that the rating action of
PAFIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on best-available information from public domain, CRISIL
Ratings has downgraded its rating on the bank facilities PAFIPL to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delays in servicing debt obligation and order
for liquidation by NCLT.
Incorporated in 1996, PAFI is engaged in the business of wheat
processing into products like semolina (Suji), wheat flour and
refined flour. The company is promoted by Mr. Mohammed Riyaz and is
based out of Kochi, Kerela.
PSN MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PSN Motors
Private Limited (PSN) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.8 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 0.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.16 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.29 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PSN for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PSN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSN continues to be 'CRISIL D Issuer Not Cooperating'.
PSN was initially set up in 1921 and reconstituted as a private
limited company in 1952. Since 2009, PSN has been an authorised
dealer for SML Isuzu Ltd. It is presently managed by its managing
director, Mr. P K Sangameswaran.
RADHA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radha
Krishna Automobiles Private Limited (RKAPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 96.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of RKAPL under the 'issuer
non-cooperating' category as RKAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RKAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 10, 2023, July 20, 2023,
July 30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Radha Krishna Automobiles Private Limited (RKAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles of
Toyota Kirloskar Motors Pvt Limited (TKML) and it is an authorized
dealer of TKML. The group was promoted by Mr. M Subrahmanyam
(Chairman), who has more than five decades of experience in trading
and more than two decades of experience in automobile industry. Mr.
M Srinivas (Managing Director) has more than two decades of
experience in automobile industry. The group comprises of four
automobile companies namely Radha Krishna Automobiles Private
Limited, Radha Madhav Automobiles Private Limited, Leela Krishna
Automobiles Private Limited and Yashoda Krishna Automobiles Private
Limited located in Andhra Pradesh and Telangana.
SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSCPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSCPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2008, SSCPL is engaged in extraction of rice bran
oil. The company has its processing unit located at Berhampur
(Odisha) and has total extraction capacity of 180 tonnes per day.
SSCPL is promoted by Mrs. Jami Nirmala, Mr. Jami Siva Sai, Mr. Jami
Ramesh and Mrs. Jami Kavita who also looks after the operations.
SATYAM GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Satyam Green
Energy (SGE) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SGE for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGE continues to be 'CRISIL D Issuer Not Cooperating'.
SGE, a proprietorship firm, was promoted by Mr. Sanjay Joshi for
setting up a solar power project of 1.1-megawatt in Solapur,
Maharashtra.
SDS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SDS Infratech
Private Limited (SIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL D Issuer Not Cooperating'.
SIPL, formed in 2008 and based in Delhi, undertakes real estate
development. The company is promoted by Mr. Deepak Bansal. It is
developing two residential projects, both under NRI residency, at
Noida and Greater Noida.
SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Senthil Kumar
Textiles (SKT) continues to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKT for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKT continues to be 'CRISIL C Issuer Not Cooperating'.
Established in June 2011, as a partnership firm. SKT is engaged in
retailing of various international and domestic branded apparels
and accessories. SKT is based in Tamil Nadu.
SHAKTIMAN BIO: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shaktiman
Bio Agro Industries PRivate Limited (SBAIPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.78 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 27,
2022, placed the rating(s) of SBAIPL under the 'issuer
non-cooperating' category as SBAIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SBAIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 13, 2023, August 23,
2023, September 2, 2023 and September 22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of ongoing delays in debt
servicing as recognized from publicly available information i.e.,
CIBIL filings.
Yamuna Nagar (Haryana) based, Shaktiman Bio Agro Industries Private
Limited (SPL) was incorporated in 2007 as a private limited
company. The company is primarily engaged in trading of gunny bags
and Poly Propylene (PP) woven bags which find its application in
packaging industry. The company is also engaged in manufacturing of
corrugated boxes at its facility located in Yamuna Nagar, Haryana.
SHRESHT INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shresht
Industries Private Limited (SIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL D Issuer Not Cooperating'.
SIPL, based in Hyderabad and incorporated in 2013, manufactures
water purifiers for domestic and industrial use, under the Shresht
RO brand. The company is promoted by Mr Pattela Gaurav and his
family.
SRS THERMAX: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SRS Thermax
Limited (SRS) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRS for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRS continues to be 'CRISIL D Issuer Not Cooperating'.
SRS was incorporated in April 2013 and is promoted by the
Gwalior-based Mr Jaidev Sharma and family. The company manufactures
corrugated boxes, partitions, plates and boards used for industrial
packaging. Its manufacturing facility is at Gwalior. Operations are
managed by the promoter-director, Mr Jaidev Sharma.
V. G. SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. G.
Shipbreakers Private Limited (VGS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VGS for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VGS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VGS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VGS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.
===============
M A L A Y S I A
===============
KECK SENG: To Wind Down and Liquidate Tanjong Puteri Golf Resort
----------------------------------------------------------------
Kang Siew Li at theedgemalaysia.com reports that Keck Seng
(Malaysia) Bhd said it will wind down operations and voluntarily
liquidate its 99.97%-owned subsidiary, Tanjong Puteri Golf Resort
Bhd (TPGR).
TPGR, formerly known as Victavest Holdings Sdn Bhd, operates a
54-hole golf course in Pasir Gudang, Johor. It does not have any
subsidiary or associated company.
"TPGR has been operating under very difficult and challenging
market conditions characterised by declining number of golfers,
ageing assets, increased maintenance expenses and the severe
repercussions of Covid-19. As a consequence, TPGR has incurred
consistent financial losses over several years and has accrued
substantial debts," Keck Seng (Malaysia) said in a regulatory
filing on Oct. 2, theedgemalaysia.com relays.
As of Sept. 22, 2023, TPGR's total outstanding liabilities to
short-term unsecured creditors amounted to MYR57.66 million. Keck
Seng (Malaysia), as TPGR's holding company, stands as its largest
creditor, theedgemalaysia.com discloses.
"In light of TPGR's ongoing inability to settle its outstanding
debts to creditors, including its largest creditor, Keck Seng
(Malaysia), it has been determined that continued financial support
from Keck Seng (Malaysia) would not be commercially prudent.
Although Keck Seng (Malaysia) has provided financial backing for a
considerable number of years, given the circumstances, it is no
longer feasible for TPGR to sustain its operations in the face of
mounting liabilities," it added.
According to theedgemalaysia.com, Keck Seng (Malaysia) said it had
made a statutory declaration pursuant to Section 440(1) of the
Companies Act 2016 that TPGR cannot, by reason of its liabilities,
continue its business, and appointed Leong May Lee of Perun
Consultants as the interim liquidator to commence the creditors'
voluntary winding up (CVWU).
"The meetings of the TPGR shareholders and the creditors of TPGR
are scheduled to be held within 30 days from the date of this
announcement," said Keck Seng (Malaysia).
It added that the winding up is not expected to have any adverse
impact on the group's earnings per share and net asset per share
for the financial year ending Dec. 31, 2023 (FY2023), as well as
any operational impact, theedgemalaysia.com notes.
As at end-December 2022, Keck Seng (Malaysia)'s total amount of
investment in TPGR was MYR49.19 million and based on the management
accounts made up to Sept 22, 2023, the advances to TPGR stood at
MYR57.23 million.
theedgemalaysia.com adds that Keck Seng (Malaysia) said the group
had made full impairment amounting to MYR106.42 million in relation
to its investment in TPGR and advances made to TPGR.
"Therefore, Keck Seng (Malaysia) is not expected to provide further
material impairment in respect of the CVWU of TPGR for FY2023," it
added.
The CVWU does not require the approval of Keck Seng (Malaysia)'s
shareholders or any other relevant authority.
Keck Seng (Malaysia) Bhd engages in palm oil cultivation and
manufacturing, property development and investment, and hotels and
resort ownership businesses.
=====================
N E W Z E A L A N D
=====================
AAN ELECTRONICS: Court to Hear Wind-Up Petition on Oct. 13
----------------------------------------------------------
A petition to wind up the operations of AAN Electronics Systems
Limited will be heard before the High Court at Auckland on Oct. 13,
2023, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 1, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
HNP CONSORTIUM: Creditors' Proofs of Debt Due on Oct. 25
--------------------------------------------------------
Creditors of HNP Consortium Limited are required to file their
proofs of debt by Oct. 25, 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. 26, 2023.
IHI CAPITAL: Court to Hear Wind-Up Petition on Oct. 13
------------------------------------------------------
A petition to wind up the operations of Ihi Capital Investment
Holding Limited will be heard before the High Court at Auckland on
Oct. 13, 2023, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 29, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
RPD CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 28
----------------------------------------------------------
Creditors of RPD Construction Limited are required to file their
proofs of debt by Oct. 28, 2023, to be included in the company's
dividend distribution.
The High Court at Christchurch appointed Brenton Hunt of Insolvency
Matters as liquidators on Sept. 28, 2023.
WAYNE ALDRIDG: Creditors' Proofs of Debt Due on Oct. 31
-------------------------------------------------------
Creditors of Wayne Aldridge Contracting Limited are required to
file their proofs of debt by Oct. 31, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 28, 2023.
The company's liquidators are:
Hamish John Pryde
CS Insolvency
C/- Coombe Smith (PN) Limited
168 Broadway Avenue
PO Box 788
Palmerston North
=====================
P H I L I P P I N E S
=====================
LOYOLA PLANS: Government Puts Pre-Need Company Under Liquidation
----------------------------------------------------------------
Louise Maureen Simeon at The Philippine Star reports that pre-need
firm Loyola Plans Consolidated Inc. has been declared under
liquidation by the government.
In its latest notice, the Insurance Commission placed Loyola Plans
under liquidation effective end-September, the Star relates.
This means that the IC is terminating Loyola Plans' insurance
business by canceling all of its insurance policies and by not
issuing any new or renewal policies, according to the report.
IC placed Loyola Plans under conservatorship in March due to its
inability to pay off benefits and debts.
According to IC, claimants who have not yet filed their claims or
have not been included in the master list are asked to file not
later than six months or until April 18, 2024, the report relays.
PH RESORTS: Uy Strikes Bailout Deal with China Banking Corp.
------------------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy has finally
struck a bailout deal with China Banking Corp. (CBC) led by ultra
bilyonaryo Hans Sy after three years.
According to Bilyonaryo.com, Mr. Uy's PH Resorts Group Holdings
(PHR) disclosed that its subsidiaries have successfully
restructured their loans with CBC through a sale and leaseback
agreement with an option to buy back certain land and improvements
of the stalled Emerald Bay casino hotel project in Mactan, Cebu.
Bilyonaryo.com relates that PHR had been in talks with CBC to
extend payment for its PHP6.04 billion loan after failing to meet
debt covenants.
CBC's loans were secured by a corporate guarantee from Mr. Uy's
Udenna Corp.
A portion of the CBC loans (PHP2.1 billion) was used to acquire the
12.5-hectare beach property where PHR is constructing the
long-delayed Emerald Bay, the report notes.
As part of the deal, PHR's subsidiaries can repay the PHP3.1
billion bridge loan facility from Chinabank in 2018, Bilyonaryo.com
relates.
Simultaneously, PHR retains possession of the property to complete
the construction of the Emerald Bay Project, which began in 2017
and was initially set to open in 2021.
The agreement includes an option for Mr. Uy to repurchase the
properties, Bilyonaryo.com notes.
PH Resorts Group holdings Inc operates as a holding company. The
Company, through its subsidiaries, manages and maintains
tourism-related businesses which includes resort and casino
projects. PH Resorts Group holdings serves customers in the
Philippines.
=================
S I N G A P O R E
=================
ACCFIN CORPORATE: Creditors' Proofs of Debt Due on Nov. 6
---------------------------------------------------------
Creditors of ACCFIN Corporate Consultants Pte. Ltd. are required to
file their proofs of debt by Nov. 6, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 2, 2023.
The company's liquidator is:
Oon Su Sun
c/o 182 Cecil Street
#30-01 Frasers Tower
Singapore 069547
IDSMED SERVIZIPLUS: Creditors' Proofs of Debt Due on Nov. 2
-----------------------------------------------------------
Creditors of Idsmed Serviziplus Pte. Ltd. are required to file
their proofs of debt by Nov. 2, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 21, 2023.
The company's liquidator is:
Koh Swee Tian
7 Temasek Boulevard
#04-01 Suntec Tower One
Singapore 038987
NU-FORTUNE GOLD: Commences Wind-Up Proceedings
----------------------------------------------
Members of Nu-Fortune Gold Group Pte Ltd, on Sept. 26, 2023, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Luke Anthony Furler
Quantuma (Singapore)
137 Amoy Street
#02-03 Far East Square
Singapore 049965
RADIUS EXPERIENTIAL: Court to Hear Wind-Up Petition on Oct. 16
--------------------------------------------------------------
A petition to wind up the operations of Radius Experiential
International Pte Ltd will be heard before the High Court of
Singapore on Oct. 16, 2023, at 2:45 p.m.
Chan Yee Hong, the Judicial Manager of the Company, filed the
winding up petition on Sept. 27, 2023.
The Petitioner's solicitors are:
CLA Global TS Risk Advisory
80 Robinson Road
#25-00 Singapore 068898
THEMIS ALLIANCE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 22, 2023, to
wind up the operations of Themis Alliance Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=================
S R I L A N K A
=================
SRI LANKA: Aims to Streamline Tax Structure, Boost Collections
--------------------------------------------------------------
Reuters reports that crisis-hit Sri Lanka will focus on improving
tax collection as it streamlines the structure of the tax system,
the treasury secretary said, with new legislation planned to
improve public finances.
The steps follow comments by the International Monetary Fund, which
blamed an expected shortfall in government revenue generation for
its failure to reach a staff-level pact with Sri Lanka after a
$2.9-billion bailout package in late September.
"Sri Lanka has to strike a very delicate balance," Reuters quotes
Treasury Secretary Mahinda Siriwardana as saying. "It is imperative
that historically high budget deficits must be reduced through
better tax collection and improvement in tax administration . . .
to recover from the financial crisis."
Besides tackling debt management, the government wants to
restructure loss-making state-owned enterprises, he said, with
plans to introduce new legislation to reform loss-making commercial
public firms before the end of the year, Reuters relays.
"Loss-making state-run enterprises have also placed a massive
burden on state banks," Siriwardana said, notes the report. "These
multiple challenges can only be addressed by reducing the strain on
the Treasury."
Reuters says the IMF had urged the Indian Ocean nation to
strengthen tax administration, scrap exemptions and stamp out
evasion so as to boost revenues and signal better governance.
The failure to sign a staff-level agreement in the first review
following the bailout package could delay release of a second
tranche of funds, adds Reuters.
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,
Fitch Ratings has upgraded Sri Lanka's Long-Term Local-Currency
Issuer Default Rating (IDR) to 'CCC-' from 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below. The Long-Term Foreign-Currency
IDR has been affirmed at 'RD' and the Country Ceiling at 'B-'.
The Short-Term Local-Currency IDR has been downgraded to 'RD' from
'C' following the exchange of treasury bills held by the central
bank and subsequently upgraded to 'C' in line with the Sovereign
Rating Criteria, as Fitch believes the local-currency debt exchange
has now been completed.
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'.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***