/raid1/www/Hosts/bankrupt/TCRAP_Public/231023.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
Monday, October 23, 2023, Vol. 26, No. 212
Headlines
A U S T R A L I A
D635 GROUP: Tech Company Goes Into Liquidation
FREEMAN FREIGHTERS: Transport Operator Enters Liquidation
MANRAGS ESSENTIALS: Second Creditors' Meeting Set for Oct. 25
PAC CAPITAL: Forced to Liquidate 'Esports' Gaming Fund
SMHL SECURITISATION 2020-1: S&P Raises Cl. E Notes Rating to 'BB+'
SUNFLOWER ASSETS: First Creditors' Meeting Set for Oct. 27
WELLINGTON STREET: First Creditors' Meeting Set for Oct. 27
WET FIX: First Creditors' Meeting Set for Oct. 27
XTECH TRADE: First Creditors' Meeting Set for Oct. 27
C H I N A
TAIZHOU HUAXIN: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
I N D I A
BAIT LOGITECH: CARE Keeps D Debt Ratings in Not Cooperating
BENGAL ANTIBIOTICS: CARE Keeps D Debt Ratings in Not Cooperating
CREAMCRUST FOOD: CARE Keeps C Debt Ratings in Not Cooperating
DURGA AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating
EROS MINEROCK: CARE Keeps B- Debt Ratings in Not Cooperating
FASHION IMPEX: CARE Keeps C Debt Ratings in Not Cooperating
GAJANAN FOOD: CARE Keeps B- Debt Rating in Not Cooperating
JET AIRWAYS: Potential Buyer of Aircraft Gets Relief From NCLT
MAA PEETAMBRA: CARE Keeps D Rating in Not Cooperating Category
MADHAV TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
MODERN CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
MOON SYNDICATE: CARE Keeps D Debt Rating in Not Cooperating
NIRMAN ENGICONS: CARE Keeps B- Debt Rating in Not Cooperating
ODYSSEY ADVANCED: CARE Reaffirms B+ Rating on INR8cr LT Loan
P P BAFNA: CARE Lowers Rating on INR19.25cr LT Loan to B
PARAMOUNT AUTOMOTIVES: CARE Keeps B Rating in Not Cooperating
PARASHNATH RE-ROOLLING: CARE Keeps D Ratings in Not Cooperating
PHALTAN EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
RSV GLOBAL: CARE Keeps B- Debt Rating in Not Cooperating Category
S. S. ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
SAFAR POLYFIBRE: ICRA Withdraws B Rating on INR25.25cr Term Loan
SAGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
SAMRAT PLYWOOD: CRISIL Lowers Ratings on LT/ST Debts to D
SANGLI MIRAJ: ICRA Downgrades Issuer Rating to B+
SANHIT POLYMER: CARE Keeps B- Debt Rating in Not Cooperating
SGMM ORES: CARE Keeps B Debt Rating in Not Cooperating Category
SHANKHA DEEP: CARE Keeps B+ Debt Rating in Not Cooperating
SINHA SQUARE: CARE Keeps D Debt Rating in Not Cooperating
VERTICAL INFRA: CARE Keeps B- Debt Rating in Not Cooperating
WALZEN STRIPS: CRISIL Withdraws B+ Rating on Loan/Short Term Debt
WIINTRACK EXPORTS: ICRA Withdraws D Rating on INR7cr Cash Loan
[*] INDIA: Voluntary Insolvency Sees Faster Resolution
J A P A N
MITSUBISHI UFJ: Fitch Assigns BB+ Final Rating to $750MM Sub. Debts
M O N G O L I A
DEVELOPMENT BANK: Fitch Puts 'B' LongTerm IDRs on Watch Negative
N E W Z E A L A N D
CLUBS OF MARLBOROUGH: Recreational Complex Placed on Market
KARORI LIMITED: Creditors' Proofs of Debt Due on Nov. 27
MONTHAVEN FARM: Court to Hear Wind-Up Petition on Nov. 9
OMJ CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 26
RAINBOW CORNER: Creditors' Proofs of Debt Due on Nov. 13
REPORT WRITERS: Creditors' Proofs of Debt Due on Dec. 8
S I N G A P O R E
EXCEL SG: Creditors' Meeting Set for Nov. 7
HABOOB PTE: Creditors' Proofs of Debt Due on Nov. 20
JEWEL DEVELOPMENT: Creditors' Proofs of Debt Due on Nov. 20
TRACESAFE ASIA: Court to Hear Wind-Up Petition on Oct. 27
TUDOR COURT: Commences Wind-Up Proceedings
S R I L A N K A
ASIA SECURITIES: Fitch Cuts Nat'l LT Rating to BB+(lka), Off RWN
SRI LANKA: Dollar Bonds Drop After Government Pushback on Plan
SRI LANKA: Reaches Staff-Level Deal w/ IMF on First Bailout Review
T H A I L A N D
DAOL SECURITIES: Fitch Assigns BB(tha) Nat'l LT Rating on Sub Debts
- - - - -
=================
A U S T R A L I A
=================
D635 GROUP: Tech Company Goes Into Liquidation
----------------------------------------------
Eliza Mcphee for Daily Mail Australia reports that an Australian
technology company has collapsed after half of its staff quit
within a year.
According to Daily Mail, D635 Group, a Microsoft Gold Partner, has
gone into liquidation with its Sydney and Melbourne offices
closing.
Daily Mail says many disgruntled workers have claimed their
superannuation, wages and untaken annual leave have not been paid.
One senior worker had emailed 30 staff warning them to 'get out'
while they could in July last year, news.com.au reported, the
report relays.
'Please check to make sure that you are: Getting paid super, End of
year tax has been paid and you can do your tax returns. Use all of
your holidays ASAP,' the email read. 'Get out while you can.'
According to the report, the Federal Court had ordered the company
enter liquidation on Oct. 13 with creditors urged to contact
William Honner and Andrew Scott of accounting firm PwC.
David Wakeman is one former worker who claims he was underpaid by
the company.
He quit at the end of 2021 and claims he's owed AUD45,000.
D635 Group built software for health, real estate and accounting
services.
FREEMAN FREIGHTERS: Transport Operator Enters Liquidation
---------------------------------------------------------
Australasian Transport News reports that Western Sydney based
transport company Freeman Freighters has officially revealed it has
entered liquidation.
The call was first made on August 15, following a general meeting a
day before that decided to enter liquidation, ATN relates.
Sydney liquidators BRI Ferrier have been appointed during the
process through employees Jonathon Keenan and Peter Krejci,
according to ATN.
Freeman Freighters principal Kevin Yau is a lawyer with legal firm
LW Williams and Associates, aiding in the process.
Freeman Freighters first started in 1988 in Glendenning, NSW, yet
its history has now wound up as another closing operator.
The closure of Freeman Freighters came three weeks after a driver
was fatally injured in a collision at Tarcutta, NSW, ATN notes.
MANRAGS ESSENTIALS: Second Creditors' Meeting Set for Oct. 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Manrags
Essentials Pty Ltd and Manrags Holdings Ltd has been set for Oct.
25, 2023 at 11:00 a.m. via teleconference 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. 24, 2023 at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Sept. 4, 2023.
PAC CAPITAL: Forced to Liquidate 'Esports' Gaming Fund
------------------------------------------------------
Australian Financial Review reports that PAC Capital, the Sydney
investment manager that suffered a run after adverse media coverage
this year, will be forced to close a computer gaming and online
gambling fund that held its signature investments.
According to AFR, Equity Trustees said it had determined that PAC
Capital's "esports" fund was not commercially viable and would be
liquidated. A second fund, specialising in international shares,
will also be shut, according to Equity Trustees, a separate company
that administers the strategies.
"In consultation with the investment manager, we have determined
that these classes are no longer commercially viable," a letter to
investors said, AFR relays. "Therefore a decision has been made to
effect a managed sell-down of the assets."
AFR says the decision is a blow to PAC Capital's 38-year-old owner,
Clayton Larcombe, who had frequently spoken about the potential of
online gaming and his plans to finance it.
"I seem to have become this go-to person now in the industry where
they want me to lead companies," Forbes quoted him saying in
February, AFR recalls. "Everyone knows this ambition we have to
have some big roll up in the industry. It seems I'm at the
forefront of most conversations, so it's good fun."
Mr. Larcombe and PAC Capital chairman Harvey Kalman did not respond
to a request for comment on Oct. 17, AFR notes. Mr. Larcombe has
reportedly handed over day-to-day control of PAC Capital to Mr.
Kalman.
The two disbanded funds had assets worth AUD25 million, according
to public data, which included a stake in an online betting site,
Picklebet, which Mr. Larcombe controlled in a private capacity, AFR
discloses. In February, Mr. Larcombe predicted that Picklebet would
be worth AUD100 million this year.
He has previously said the joint ownership ensured his interests
were aligned with PAC Capital's investors, many of whom are clients
of an accounting firm in country Victoria called DMG Partners,
which is part-owned by Count Ltd, a listed company.
According to AFR, discrepancies in published information about PAC
Capital's funds, big swings in their value and adverse publicity
about Mr. Larcombe's qualifications and property purchases
triggered a mass withdrawal by investors that stopped only when
Equity Trustees froze four of its funds in August. Two of those
funds have now been reopened to redemptions.
The Sale-based DMG directors involved with PAC Capital, Mathew
Johns, Ben Lancaster and Charles Bagguley, did not respond when
asked if they had advised clients to withdraw their money from PAC
Capital, AFR notes.
There appears to be no mention on the PAC Capital website of the
decision to close the two funds, although related performance
reports have been removed, adds AFR.
SMHL SECURITISATION 2020-1: S&P Raises Cl. E Notes Rating to 'BB+'
------------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee for SMHL
Securitisation Trust 2020-1. At the same time, S&P affirmed its
ratings on two classes of notes. The transaction is a
securitization of prime residential mortgage loans originated by ME
Bank Ltd.
The raised ratings reflect increasing credit support and a
declining expectation of losses as the pool's loan-to-value (LTV)
ratios decrease. As of July 31, 2023, the pool has a balance of
about A$422 million, weighted-average LTV ratio of 56% and
weighted-average seasoning of 61 months.
As of Aug. 23, 2023, loans more than 30 days in arrears make up
1.32% of the pool, of which 0.81% is more than 90 days in arrears.
S&P believes arrears could increase across the sector, and this
constrains its ratings on the class C, class D, and class E notes.
S&P considers the credit support available to each class of notes
is sufficient to withstand the stresses it applies at their
assigned rating level. This credit support comprises note
subordination for all rated notes as well as mortgage insurance
covering about 15% of the loan portfolio. The transaction is
currently repaying note principal on a pro-rata basis, which limits
the build-up of further credit support to the rated notes.
The various mechanisms to support liquidity within the
transactions, including an amortizing liquidity facility and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.
Ratings Raised
SMHL Securitisation Trust 2020-1
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 BB+ (sf) from BB (sf
Ratings Affirmed
SMHL Securitisation Trust 2020-1
Class A: AAA (sf)
Class AB: AAA (sf)
SUNFLOWER ASSETS: First Creditors' Meeting Set for Oct. 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sunflower
Assets Pty Ltd will be held on Oct. 27, 2023, at 11:00 a.m. at
Tower 4, Level 18, 727 Collins Street in Melbourne and via virtual
meeting.
Mathew Dieter Windsor Blum and Luke Francis Andrews of BDO were
appointed as administrators of the company on Oct. 17, 2023.
WELLINGTON STREET: First Creditors' Meeting Set for Oct. 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Wellington
Street Investments Pty Ltd will be held on Oct. 27, 2023, at 4:00
p.m. at the offices of Romanis Cant at Level 2, 106 Hardware Street
in Melbourne.
Manuel Hanna and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of the company on Oct. 17, 2023.
WET FIX: First Creditors' Meeting Set for Oct. 27
-------------------------------------------------
A first meeting of the creditors in the proceedings of Wet Fix
Holdings Pty Limited will be held on Oct. 27, 2023, at 10:30 a.m.
at the offices of B&T Advisory at Level 19, 144 Edward Street in
Brisbane.
Travis Pullen of B&T Advisory was appointed as administrator of the
company on Oct. 17, 2023.
XTECH TRADE: First Creditors' Meeting Set for Oct. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Xtech Trade
Pty Ltd will be held on Oct. 27, 2023, at 10:00 a.m. at the offices
of Mcleods Accounting at Level 9, 300 Adelaide Street in Brisbane
and via Microsoft Teams.
Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Oct. 18, 2023.
=========
C H I N A
=========
TAIZHOU HUAXIN: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Taizhou Huaxin
Pharmaceutical Investment Co., Ltd.'s (THPI) Long-Term Foreign- and
Local- Currency Issuer Default Ratings (IDRs) at 'BB' with a Stable
Outlook. Fitch assessed THPI's Standalone Credit Profile (SCP) at
'b-'.
Fitch has also affirmed the rating on Huaxin Pharmaceutical (Hong
Kong) Co., Limited's USD146 million 5.0% senior unsecured notes due
2024 at 'BB'. The notes are directly guaranteed by THPI and hence
rated at the same level as THPI's IDR.
THPI's ratings are based on the government support score from its
assessment of 'Very Strong' status, ownership and control, 'Strong'
support track record, and 'Moderate' socio-political and financial
implications of default. The ratings also consider THPI's 'b-' SCP,
based on 'Weaker' revenue defensibility, 'Midrange' operating risks
and a 'Weaker' financial profile.
Fitch expects the company to maintain its important policy role in
the urban development of the Taizhou Medical High-tech Industrial
Development Zone and attraction of investments in the
pharmaceutical industry, which is crucial to the municipality's
development. Hence, Fitch believes the government has a strong
incentive to provide extraordinary support to the company, if
needed.
KEY RATING DRIVERS
Status, Ownership and Control: 'Very Strong'
THPI is a limited liability company that is majority owned and
fully controlled by the Taizhou municipal government. The Taizhou
State-owned Assets Supervision and Administration Commission
(SASAC) transferred its 99.45% stake in THPI to the Taizhou Guotou
Investment Group, which is fully owned by the Taizhou SASAC, this
year. The new immediate parent acts only as a nominal shareholder
of THPI and does not expect the new shareholding structure to
affect THPI's operations.
The municipality continues to have direct control over the
appointment of THPI's board and senior management, despite the
indirect shareholding, while the Taizhou SASAC closely supervises
THPI's operations and approves all major investment and financing
decisions.
Support Track Record: 'Strong'
The 'Strong' assessment reflects the government's record of
providing sizeable regular support, primarily in the form of annual
subsidies and capital injections. Over the past three years, the
company received CNY776 million in subsidies, which accounted for
around 46% of its profit before tax, ensuring its profitability.
The government injected CNY1 billion in capital per year into THPI
in 2020 and 2021. In addition, the company benefits from its
leading position in the development zone with limited competition,
while there are also no restrictions on government support, if
needed.
Socio-Political Implications of Default: 'Moderate'
Fitch factored in THPI's important policy role in developing the
pharmaceutical industry on behalf the city, including urban
development and the leasing of properties to tenants within the
development zone. Hence, a default of the company could disrupt
economic development for the city over the shorter term. However,
there may be other urban developers in Taizhou that can take THPI's
place, if needed. Hence, any disruptions would be temporary and
moderate.
Financial Implications of Default: 'Moderate'
The assessment considers THPI's strong policy role and limited
potential contagion impact of a default due to its geographical
concentration. The 'Moderate' attribute also factors in market
perception, indicated by higher funding costs than other urban
developers with a stronger assessment, reflecting THPI's tighter
capital-market funding access and the lower impact of a default.
Nevertheless, Fitch believes a failure of the company could disrupt
the availability of financing for the city's other
government-related entities (GREs), considering the company's
sizeable policy assets relative to the city's other GREs. THPI
ranked the second-largest by assets among policy-driven GREs owned
by the Taizhou government as of end-2022.
Standalone Credit Profile
Fitch derives THPI's SCP from a combination of 'Weaker' revenue
defensibility, 'Midrange' operating risk and a 'Weaker' financial
profile. Fitch expects net debt/EBITDA to stay at around 70x
through to 2027, factoring in the company's increasing EBITDA and
mild debt growth for its capex plan. The notch-specific SCP is
driven by weak liquidity relative to short-term debt, which results
in a lower SCP than other urban developers with similar leverage.
Revenue Defensibility 'Weaker'
The 'Weaker' assessment considers its expectations of the
development zone's stable growth, resulting in steady urban
development projects, mitigated by the concentration of THPI's
customers and businesses in Taizhou. The assessment also factors in
the company's limited pricing power relative to the government
sponsor, given its functional role.
Operating Risk 'Midrange'
The 'Midrange' operating risk assessment factors in the stability
of urban development works that are primarily contracted with the
government sponsor, with some ability to pass through some costs
and resource risks to the government and subcontractors. In
addition, its leasing operations and property sales are also
relatively stable, with pharmaceutical enterprises expanding in the
development zone. The company also has moderate capex plans with
adequate funding.
Financial Profile 'Weaker'
THPI's weak financial profile is indicated by high leverage of
71.3x at end-2022, although this is consistent with similar highly
leveraged urban developers. Fitch expects THPI's leverage will stay
around 70x through 2027. This is mitigated by continuous government
support and its well-established capital market access, alleviating
the pressure on its financial profile and funding.
Derivation Summary
Fitch assesses THPI under its GRE rating criteria. The rating
approach factors in Taizhou government's direct ownership and
control, as well as the company's important policy role as an urban
developer for the high-tech zone. Hence, Fitch believes the
government has an incentive to support THPI to avoid the
socio-political and financial implications of a default.
THPI's SCP is derived from Fitch's assessment of the company's
revenue defensibility, operating risk, and financial profile under
the Public Sector, Revenue-Supported Entities Rating Criteria.
Debt Ratings
THPI has one outstanding offshore bond issued by wholly owned
Huaxin Pharmaceutical (Hong Kong). The bond is rated at the same
level as the issuer's IDR, as it is directly guaranteed by THPI and
rank pari passu with all of the company's other unsecured and
unsubordinated obligations.
Liquidity and Debt Structure
THPI had CNY50.2 billion interest-bearing reported debt at the
consolidated level at end-2022. It has diversified financing
channels, including 43% in bank borrowings, 35% in bond instruments
and 22% in private debt from non-banking institutions. Short-term
debt accounted for 33% of total debt in 2022.
Fitch believes THPI has a weak liquidity profile. THPI had combined
liquidity of CNY9.7 billion at end-2022, compared with short-term
debt of CNY16.7 billion. However, this is partially mitigated by
the company's historical access to financing channels due in part
to its relationship with the government sponsor.
Issuer Profile
THPI is positioned as a major infrastructure developer dedicated to
the urban development of the Taizhou Medical High-tech Industrial
Development Zone and the development of the pharmaceutical
industry. It is responsible for urban construction, affordable
housing construction, primary land development and property
management. The development zone is a national-level zone focusing
on the pharmaceutical industry in Jiangsu province.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Deterioration in Fitch's credit view of the Taizhou
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.
- A weakening of government linkages or incentive to provide
support, resulting in a lower support score.
- A negative change in THPI's IDRs would lead to similar action on
its US dollar notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upward revision in Fitch's credit view of the Taizhou
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.
- An expansion of THPI's policy role could strengthen the sponsor's
incentive to provide support.
- A positive change in THPI's IDRs would lead to similar action on
its US dollar notes.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Taizhou Huaxin
Pharmaceutical
Investment Co.,
Ltd. LT IDR BB Affirmed BB
LC LT IDR BB Affirmed BB
Huaxin
Pharmaceutical
(Hong Kong) Co.,
Limited
senior
unsecured LT BB Affirmed BB
=========
I N D I A
=========
BAIT LOGITECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bait
Logitech Private Limited (BLPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.60 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 1,
2022, placed the rating(s) of BLPL under the 'issuer
non-cooperating' category as BLPL 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. BLPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 18, 2023, July 28, 2023, August 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bait Logitech Private Limited (BLPL) was incorporated in the year
2010 by promoters named Mr. Brahmananda Mishra and with its office
located Khordha , Odisha. Since its inception, the company has been
engaged in several business activities such as trading of iron
ores, construction of buildings, fabrication and erection of
industrial structures, and transportation services. The company
mainly generates income from trading of iron ores. This apart, the
company also generates income from transportation services and also
from civil construction, fabrication and erection job. Both the
directors (Mr. Brahmananda Mishra and Mr. Bimal Krushna Mishra)
have more than 25 years of experience in these industries. Both of
them look after the day to day operations of the entity along with
other technical and non-technical professionals who are having long
experience in this industry.
BENGAL ANTIBIOTICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bengal
Antibiotics (BA) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.60 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 23,
2022, placed the rating(s) of BA under the 'issuer non-cooperating'
category as BA 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. BA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2023, August 19, 2023, August 29, 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).
M/s. Bengal Antibiotics (BA) was set up as a proprietorship entity
in Dec. 1990 by Mr. Samir Samaddar of Hooghly District, West
Bengal. The entity is mainly engaged in manufacturing of
pharmaceutical formulation products which is sold to state health &
family welfare departments and also to wholesalers within the
state. The entity receives the formulations from the Directorate of
Drugs Control, West Bengal and the drugs are manufactured
post-approval from the department. The orders from the government
departments are tender backed and comprise 70% of the overall sales
and the remaining comes from open market. BA caters only to
domestic market within the state with product portfolio primarily
concentrated in anti-biotic, antiinflammatory and multi-vitamin
segment. The manufacturing facility is located at Jirat in Hooghly
district of West Bengal with an aggregate installed capacity of
3600 lakh tablets per annum and oral liquid 3,00,000 litres per
annum and meets the stringent good manufacturing practices (GMP)
and Good Laboratory Practice (GLP) norms.
CREAMCRUST FOOD: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Creamcrust
Food Products Company (CFPC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 1.00 CARE C; Stable/CARE A4; ISSUER
Short Term NOT COOPERATING; Rating
Bank Facilities continues to remain under
ISSUER NOT COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 30,
2022, placed the rating(s) of CFPC under the 'issuer
non-cooperating' category as CFPC 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. CFPC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2023, July 26, 2023, August 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Patan-based (Gujarat), CFPC was established in 2015 by Mr
Ismailbhai Dauwa, Mr Akbarali Dauwa, Mr Muktarhusen Dauwa and Mr
Zakirhussain Dauwa. CFPC was established to manufacture premium
quality ice-creams and it will sell ice-creams under the brand name
'Cream Crust'. Initially, it commenced operations from small
manufacturing unit in Ahmedabad (Gujarat) from January 2016. The
facility is located at Siddhpur in Patan district of Gujarat with
installed capacity of 36 lac liters ice-cream per annum.
DURGA AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durga
Automart (DA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 26,
2022, placed the rating(s) of DA under the 'issuer non-cooperating'
category as DA 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. DA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 12, 2023, August 22, 2023, September 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Durga Automart (DA), was established in the year 2015, however,
started its operation from December 2016 is a Malda based entity,
promoted by the Chitlangia family. Durga Automart (DA) is an
authorized dealer for TATA Motors Limited (TML) for commercial
vehicle with its main showroom located at Naldubi, Dist- Malda
(West Bengal). Currently, the firm has one showroom located at
Malda. Apart from that the firm also has customer sales points at
Raiganj, Islampur, and Balurghat. The firm also has a container
workshop at Patiranpur, Dakshin Dinajpur. Mr. Manish Kumar (aged 46
years) having around two decades of experience in the automobile
industry. He looks after the overall management of the firm, with
adequate support from other partners and a team of experienced
personnel.
EROS MINEROCK: CARE Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Eros
Minerock Products LLP (EMPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.28 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 7.00 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.70 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 26,
2022, placed the rating(s) of EMPL under the 'issuer
non-cooperating' category as EMPL 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. EMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 12, 2023, July 22, 2023, August 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Morbi (Gujarat) based, EMPL was established as a Limited Liability
Partnership (LLP) firm in April, 2013 by nine partners. The key
partners include Mr. Karsanbhai Mohanbhai Patel, Ms. Indumatiben
Karshanbhai Patel and Ms. Jalpaben Vishalbhai Pandit. Mr.
Karsanbhai Patel is also associated with Eros for Sanitarywares
which manufactures sanitary ware products. EMPL imports Gypsum from
Gulf Countries, and produces Calcinated Gypsum Powder, Dry Wall
Board, and Laminated Dry Wall Board. EMPL imports high quality raw
material from gulf countries and provides high purity grade
products at competitive price as locally available gypsum from
private small-scale players is of low purity grade. EMPL sells
Gypsum Powder directly to ceramic companies across India. EMP sells
Dry Boards and Laminated Dry Boards to builders, interior designers
etc. directly across India. Installed capacity Of EMPL is as
follows: Calcined Gypsum Powder: 30,000 Metric Ton Per Annum
(MTPA), Dry Wall Board: 20 Lakh Square Meters Per Annum, Laminated
Dry Wall Board: 40 Lakh Square Meters Per Annum as on March 31,
2017.
FASHION IMPEX: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fashion
Impex (FI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.51 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 11.50 CARE C; Stable/CARE A4; ISSUER
Short Term NOT COOPERATING; Rating
Bank Facilities continues to remain under
ISSUER NOT COOPERATING category
Short Term 2.50 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 3,
2022, placed the rating(s) of FI under the 'issuer non-cooperating'
category as FI 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. FI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 19, 2023, August 29, 2023, September 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur based (Rajasthan) Fashion Impex (FI) was formed in 2012 as a
proprietorship concern by Mr. Anupam Sethia. FI is engaged in the
business of manufacturing and export of ladies' readymade garments
as well as the trading of grey, finished and readymade garments and
low-cost bed sheets. Further, the partners of the firm have
converted it into private limited company in the name of Nesh
Textile Private Limited.
GAJANAN FOOD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gajanan
Food Products (GFP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.90 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 3,
2022, placed the rating(s) of GFP under the 'issuer
non-cooperating' category as GFP 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. GFP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 19, 2023, August 29, 2023, September 8,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GFP was established in November-2015 and is based out of
Chandrapur, Maharashtra. The entity is engaged in processing &
milling of rice, broken rice and its by-products like husk, rice
bran etc.
JET AIRWAYS: Potential Buyer of Aircraft Gets Relief From NCLT
--------------------------------------------------------------
BQ Prime reports that the National Company Law Tribunal on Oct. 17
granted relief to Ace Aviation Ltd., the potential buyer for Jet
Airways Ltd.'s grounded aircraft.
According to BQ Prime, the court has allowed an application that
allows them to purchase the debt-ridden airlines' aircraft, based
on an agreement reached between Ace and the monitoring committee of
Jet Airways.
BQ Prime relates that the sale had come to a halt in November 2022,
owing to disputes between Jet Airways lenders and the Jalan Kalrock
Consortium, the successful resolution applicant for the debt-ridden
airlines.
Ace Aviation, a Malta-based company that is part of the Challenge
Group, had approached the insolvency court after the monitoring
committee of Jet Airways' insolvency put the aircraft sale on hold
pursuant to a legal tussle between Jalan Karlock Consortium and its
lenders, the report recalls.
According to the report, the company's letter of intent for
purchasing the grounded aircraft was accepted by the monitoring
committee, which consists of its lenders, consortium, and
resolution professionals. However, the committee later refused to
go ahead with the sale after disputes erupted between the
consortium and the airline's lenders. By then, Ace had already
deposited INR50 crore out of the INR400 crore agreed for the
aircraft.
Initially, the disputes were over the non-payment of INR350 crore,
as agreed by the consortium in its resolution plan. Now that the
consortium has paid the agreed amount, disputes remain as to the
source of funds infused by the aircraft, BQ Prime states.
In its July order, the court refused to allow the sale, citing
these pre-existing disputes. "Since the sale process was kept in
abeyance by the lenders and monitoring committee, it is their
responsibility to clear the deadlock, as it has arisen
post-approval of the resolution plan," the court had then said.
Aggrieved, it approached the appellate tribunal for relief;
however, this was subsequently withdrawn.
The court has now allowed the sale of aircraft, despite ongoing
troubles between the consortium and its lenders.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.
In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.
MAA PEETAMBRA: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Peetambra Sugar and Power Limited (MPSPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.67 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 1,
2022, placed the rating(s) of MPSPL under the 'issuer
non-cooperating' category as MPSPL 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. MPSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 18, 2023, July 28, 2023,
August 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dabra (Madhya Pradesh) based Maa Peetambra Sugar and Power Limited
(MPSPL, CIN: U15420MP2013PLC030055) was incorporated in 2013 by Mr.
Rajendra Kandele is mainly engaged in the manufacturing of White
Sugar.
MADHAV TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Madhav
Textiles (MT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 22,
2022, placed the rating(s) of MT under the 'issuer non-cooperating'
category as MT 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. MT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 8, 2023, July 18, 2023, July 28, 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).
Surat (Gujarat) based MT was established in 2010 as a
proprietorship firm by Mr. Akhilesh Maheswari. MT is into the
business of trading of yarn (Viscose and Mono Filament) and
finished fabrics. MT is also doing job work of finished fabric
however proportion of the same is very small. MT imports its
material i.e. viscose yarn and mono filament yarn from China and
Korea and purchases finished fabric from the local market. These
materials are then being supplied to local weavers (in case of
yarn) and manufacturer of sarees and readymade garments (in case of
finished fabric).
MODERN CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Modern
Construction Company (MCC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 23,
2022, placed the rating(s) of MCC under the 'issuer
non-cooperating' category as MCC 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. MCC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 9, 2023, August 19, 2023, August 29,
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).
Modern Construction Co., (MCC) was established as a partnership
firm in 1992 by Mr. Raj Kumar Agarwala and Mrs. Anita Devi Agarwala
of Assam. Since its inception, the firm has been engaged in civil
construction activities in the segment like roads and bridges etc.
MCC participates in tenders and executes orders for the public
works department, PMGSY and various other state and central
projects. Mr. Raj Kumar Agarwala (aged about 60 years), has more
than two decades of experience in civil construction industry,
looks after the day to day operations of the firm. He is supported
by other partners Mrs. Anita Devi Agarwala (aged about 55 years)
who also has more than two decades of experience in this line of
business. The partners are supported by a team of experienced
professionals.
MOON SYNDICATE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Moon
Syndicate (MS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 5,
2022, placed the rating(s) of MS under the 'issuer non-cooperating'
category as MS 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. MS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 22, 2023, August 1, 2023, August 11, 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).
Chhattisgarh based Moon Syndicate was established in April 1990 by
Mr. Sontosh Raj Yadav. Since its inception, the entity has been
engaged in mining, crushing and supply of iron ore, manganese ore
and ferro alloys. Presently, the entity has 226 equipment base
which includes 59 excavators & loaders, 37 dozers, 116 mining
equipment and 14 crushing equipment. The crushing facilities of the
entity are located in the state of Chhattisgarh, Madhya Pradesh,
Jharkhand and Maharashtra with aggregated crushing capacity of
9,60,000 metric ton per annum.
NIRMAN ENGICONS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nirman
Engicons Private Limited (NEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 5,
2022, placed the rating(s) of NEPL under the 'issuer
non-cooperating' category as NEPL 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. NEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 22, 2023, August 1, 2023, August 11, 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).
NEPL was incorporated on February 15, 2008, by the four directors:
Mr Narendra Prasad Singh, Mrs Rina Devi, Mr Pankaj Kumar and Mr
Subodh Kumar of Begusarai, Bihar. Since its inception, NEPL has
been engaged in civil construction business in the segments like
construction of road, bridge and buildings. The company procures
orders through tender and executes orders floated by the Water
Resource Department (WRD) of Bihar Government. Recently, NEPL has
set up a manufacturing plant for cattle feeds at Begusarai, Bihar,
with an installed capacity of 38,000 metric ton per annum. The
company has started commercial operations at cattle feeds plant
from August 2016 onwards.
ODYSSEY ADVANCED: CARE Reaffirms B+ Rating on INR8cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Odyssey Advanced Telemetics Systems (OATS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 8.00 CARE B+; Stable Reaffirmed
Short Term Bank
Facilities 4.00 CARE A4 Reaffirmed
Rationale and key rating drivers
The ratings assigned to the Bank Facilities of OATS remain
constrained by its small scale of operations, proprietorship nature
of constitution, moderate capital structure and debt coverage
indicators, stretched liquidity position and volatility in input
prices coupled with intensely competitive nature of industry.
However, the ratings continue to derive strength from experience of
the proprietor and satisfactory order book position.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Substantial increase in the scale of operations above INR35 crore
along with sustained improvement in margins.
* Timely release of retention money on a sustained basis.
Negative factors
* Significant withdrawal of capital resulting in stressed liquidity
position.
* Delay in execution of orders in hand beyond stipulated time
frame.
* De-growth in scale of operation from current level on a sustained
basis.
Analytical approach:
Standalone
Outlook: Stable
The stable outlook assigned to OATS is based on the firm's ability
to maintain the financial performance based on the experience of
the promoters.
Detailed description of the key rating drivers:
Key weaknesses
* Small scale of operations: The TOI if the firm moderated during
FY23 to INR15.51 crore from INR18.15 core in FY22, a 13% moderation
in y-o-y basis. The moderation was majorly attributable to delay in
execution of projects due to issues with land allotment. The
operating margin remained stable with 13%. However, the decreases
in operating income led to a lower PAT margin of 3.25%. Going
ahead, the TOI of the firm is expected to improve based on
satisfactory orders in hand.
* Proprietorship nature of constitution: OATS, being a
proprietorship firm, is exposed to inherent risk of the capital
being withdrawn at time of personal contingency and entity being
dissolved upon the death/insolvency of the proprietor. Further,
proprietorship firm has restricted access to external borrowing as
credit worthiness of the proprietor would be the key factors
affecting credit decision for the lenders.
* Moderate Capital Structure and debt coverage indicators: The
overall gearing as on March 31, 2023 has remained at a similar
level of 2.48x against 2.59x as on March 31, 2022 majorly due to
gradual repayment of the existing term loans and addition in
borrowing in terms of loan against FDR and loan from NSIC. However,
the debt coverage indicators moderated attributable to decrease in
TOI for FY22. The interest coverage ratio for FY23 remain moderate
at 1.31x against 1.73x in FY22.
* Volatility in input prices and intensely competitive industry:
The major inputs for any civil contractors are cement, bricks,
asphalt, stone chips and metals, the prices of which are highly
volatile and the contracts executed by the firm do not contain
price escalation clauses in most of the contracts. Therefore, the
firm is exposed to volatility in the prices of input materials.
Furthermore, entity has to bid for the contracts based on tenders
opened by Government departments, PSUs and Corporates. Upon
successful technical evaluation of various bidders, the lowest bid
is awarded the contract, which exposes the firm to risk of high
competition in the industry.
Key Strengths
* Satisfactory Order Book position: OATS secures work contracts
through tender and executes orders for various departments of
Odisha State Government and private companies. The major clients of
the entity include names like Public Works Department (PWD) Odisha,
Reliance Jio, BSNL, ATC Telecom Infrastructure Pvt Ltd, Techno
Global Services Pvt Ltd etc. The order book of the firm as on
August 31, 2023 consists of orders to be executed worth INR65.49
crores (4.2 x of TOI FY23). Further, the firm is L1 in orders of
around INR31.35 crores as August 31, 2023.
* Experience of the Proprietor: The firm Odyssey Advanced
Telemetics Systems (OATS) was established in 1993 as a
proprietorship firm by Mr. Debasis Ray. He has more than three
decades of experience in civil construction activities in the
segment like building, tower, shelter, etc. and also provides
operations and maintenance services for the telecommunication
sector. He looks after the day-to-day operations of the firm.
Liquidity: Stretched
The liquidity of the firm is marked stretched with tightly matched
cash accruals against loan repayments. The firm earned GCA of 0.78
crores against loan repayment obligation of INR1.22 crore during
FY23, which was partly funded through long term debts against FDR.
The operation of OATS is working capital intensive in nature. The
firm executes orders mainly for public sector units. Therefore, the
firm is required to keep deposit as EMD/Security Deposits with
government agency. Payment from government agency comes with
procedural delays resulting in high collection period. The fund
based limits remained almost fully utilised for the 12 month period
ending June '23. The company has debt repayment obligation of INR
0.95 crores in FY24, against which it is expected to generate
matching cash accruals.
Odyssey Advanced Telemetics Systems (OATS) was established in 1993
as a proprietorship firm by Mr. Debasis Ray. The firm is engaged in
civil construction activities in segments like building, tower,
shelter, etc. and also provides operations and maintenance services
for the telecommunication sector. OATS secures work contracts
through tender and executes orders for various departments of
Odisha State Government and Private Parties. The proprietor Mr.
Debasis Ray has more than three decades of experience in the same
line of industry and looks after the day-to-day operations of the
entity.
P P BAFNA: CARE Lowers Rating on INR19.25cr LT Loan to B
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
P P Bafna Ventures Private Limited (PPBVPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.25 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 15,
2022, placed the rating(s) of PPBVPL under the 'issuer
non-cooperating' category as PPBVPL 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. PPBVPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 1, 2023, August 11,
2023, August 21, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. Further the revision considers the decline
in scale of operations and profitability as well as an increase in
overall debt in FY22 over FY21.
P P Bafna Ventures Private Limited (PPBVPL) part of Bafna Group was
originally established in the year 2012 as a partnership firm under
the name of Bafna Exports and the same got converted to private
limited company in 2014. The company is managed by directors Mr.
Yogesh Prakash Bafna, Mr. Praful Prakash Bafna and Mr. Prakash
Bafna. PPBVPL is engaged in manufacturing of notebooks and trading
of various types of papers and fruits like grapes. The operations
of the company are diversified across Maharashtra, West Bengal,
Assam and Gujarat. PPBVPL also exports to USA, UK, South Africa &
Canada.
PARAMOUNT AUTOMOTIVES: CARE Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Paramount
Automotives Private Limited (PAPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.50 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 5,
2022, placed the rating(s) of PAPL under the 'issuer
non-cooperating' category as PAPL 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. PAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 22, 2023, August 1, 2023, August 11, 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).
Odisha based Paramount Automotives Private Limited (PAPL) was
incorporated in May, 2008 by Mr. Achar Singh Bhumber and his two
sons, Mr. Talabjit Singh Bhumber and Mr. Tejender Singh Bhumber.
PAPL is an authorized dealer of Mahindra & Mahindra Limited for
both passenger and commercial vehicles and Ashok Leyland Limited
for commercial vehicles in the district of Koraput and Rayagada in
Odisha and engaged in the sale of vehicles, spare parts and
servicing activities. The company presently operates through four
sales outlets [three in Jeypore and one in Rayagada].
PARASHNATH RE-ROOLLING: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Parashnath Re-Roolling Mills Limited (SPRML) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 166.95 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 53.92 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 30,
2022, placed the rating(s) of SPRML under the 'issuer
non-cooperating' category as SPRML 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. SPRML continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 16, 2023, July 26, 2023,
August 05, 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).
SPRML, incorporated in 2002, was promoted by two brothers, Mr. Anil
Kumar Jain and Mr. Vipin Kumar Jain, of Durgapur. The company is
presently engaged in manufacturing of Billets, Wire Rods and
Structural products like Angles, Channels, Joists, H Beam, MS Flat,
MS Round and MS Scrap with manufacturing facility located at
Durgapur in West Bengal. The products are sold under "PARAS" brand.
In July 2014, SPRML was referred to CDR. In November 2014, CDR cell
approved the restructuring package of the company with effective
date of July 1, 2014.
PHALTAN EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Phaltan
Education Society (TPES) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.62 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 30,
2022, placed the rating(s) of TPES under the 'issuer
non-cooperating' category as TPES 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. TPES
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 16, 2023, August 26, 2023, September 5,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The Phaltan Education Society (PES) was established in 1951 by Late
Shrimant Maloji Raje in Phaltan, District Satara, Maharashtra. PES
subsequently took over the management of Mudhoji High School
(established in 1893) and extended its reach in the education
sector. Currently, PES administers 35 different institutions which
include primary schools, high schools, junior colleges,
agricultural schools, an agricultural college, a horticulture
college, English medium school, senior colleges, IT center, minimum
skills vocational centers and an engineering college.
ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities and Fixed Deposit programme of Royal Castor Products
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
---------- ----------- -------
NCD/Debt- 10.00 [ICRA]B+(Stable); ISSUER NOT
Fixed Deposit COOPERATING; Rating Continues
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
Long Term- (20.00) [ICRA]B+ (Stable) ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- 55.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term (10.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
Others to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with Royal Castor Products 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
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Royal Castor Products Limited (RCPL) was incorporated in August
1994 and is based out of Siddhpur in the Patan district of Gujarat.
The Company was initially promoted by Mr. Mohanbhai M Patel and
presently has more than 50 shareholders. Standard Greases &
Specialities Private Limited has a stake of around 23%. In FY 2013,
Kusumoto Chemicals Limited, (a company with whom RCPL has
established relations for over a decade) infused around Rs. 11.10
Cr for an 8.8% stake in the company. RCPL is engaged in the
business of manufacturing derivative products by processing castor
oil and refined castor oil. Its portfolio consists of more than 20
derivative products. It has a refining plant with a capacity of
73,214 tonnes per annum (TPA).
RSV GLOBAL: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RSV Global
(RG) continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.11 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 12,
2022, placed the rating(s) of RG under the 'issuer non-cooperating'
category as RG 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. RG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 29, 2023, August 8, 2023, August 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
RG was set up in the year 2000 as a partnership firm by Mr. Sanjay
Jain and his brother Mr Vinay Jain of Raipur, Chhattisgarh. The
firm is engaged in processing of agricultural seeds (like cassia
torea semen seeds, niger seeds, safflower seed, linseeds, sal
seeds, etc.) and trading of agri product (rice, wheat, maize,
millet, etc). The firm has one seed processing unit in Raipur,
having a processing and grading capacity of 50 tons per day (tpd).
The firm procures breeder seeds (initial level or raw seeds) from
the state authorities or agriculture universities and provides them
to farmers for germination. After the receipt of germinated
foundation seeds from the farmers, the firm grades them and sell it
to retailers and distributors in Chhattisgarh and adjacent states
as well as exports it to countries like USA, Vietnam, Belgium,
Italy, Germany, Japan, Netherland, etc. Besides, RG has installed
0.6 MW Wind Mill in Dhulia, Maharashtra and has entered into a
power selling agreement with Maharashtra State Electricity
Distribution Company Ltd. (MSEDCL) for 13 years w.e.f. Aug. 2006.
S. S. ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S. S.
Engineering Works (SSEW) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 12,
2022, placed the rating(s) of SSEW under the 'issuer
non-cooperating' category as SSEW 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. SSEW
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 29, 2023, August 8, 2023, August 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
S.S. Engineering Works (SSEW) was established in 1993 as a
proprietorship firm by one Shri Somnath Basu of Kolkata, West
Bengal for manufacturing of process equipment like ESP components,
Boiler components, Steel Frame Dwelling, Ducting, Reactors, Heavy
Structural Tanks, Pressure Vessels, L.D. converter etc. which find
applications in the metallurgy, steel, cement, gas, chemical, paper
& power sector. The clients of SSEW primarily include reputed
Government and private entities. The firm works on tender based
orders from the Government entities and gets direct orders from the
private entities. The manufacturing unit of the firm is located at
Maheshtala, Kolkata and has an effective installed capacity of
7,000 MTPA.
SAFAR POLYFIBRE: ICRA Withdraws B Rating on INR25.25cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Safar Polyfibre Pvt. Ltd. at the request of the company and based
on the No Due Certificate (NDC) received from its bankers. 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- 25.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Short Term- 4.79 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Withdrawn
Others to remain under 'Issuer Not
Cooperating' category
Incorporated in February 2016, Safar Polyfibre Private Limited
(SPPL) has set up a greenfield project with production capacity of
50 tonnes per day of recycled polyster stable fibres (RPSF) using
waste polyethylene terephthalate (PET) bottles as raw material at
Kuchiyadad in Rajkot, Gujarat. It commenced commercial operation
from October 2017. 2 SPPL is promoted by Mr. Hitesh Bhalodiya, Mr.
Nilesh Bhalodiya and Mr. Paresh Bhalodiya, along with seven other
directors. The promoters have two decades of experience in
manufacturing various plastic products from virgin material and
scrap. The promoters also have a vast experience of other sectors
such as construction, trading of grit, stones, pesticides and
manufacturing wall tiles, among others.
SAGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sagar
Industries (Sagar) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Sagar for
obtaining information through letter and email dated September 11,
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 Sagar, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Sagar
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Sagar continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1994, Sagar is a partnership concern. The firm is
engaged into ginning and pressing of the raw cotton and crushing of
cotton seeds. The factory is situated in Surendranagar, Gujarat.
SAMRAT PLYWOOD: CRISIL Lowers Ratings on LT/ST Debts to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Samrat Plywood Limited (SPL; part of Samrat group) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SPL for
obtaining information through letter and email dated March 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 SPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
downgraded its ratings on the bank facilities to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'. As per information available in the public
domain, there remains delinquency and derogatory in the company
account and clarity about the same from the management and bankers
is awaited.
SPL is a public limited company engaged in the manufacturing of
plywood and laminates. The company is promoted by Mr. Suresh
Singhal and his three sons (Mr. Rajiv Singhal, Mr. Anand Singhal
and Mr. Puneet Singhal). The company produces plywood at its
Derabassi (Punjab) unit with an installed annual capacity of
1,200,000 square meters and laminates at its Nalagarh (Himachal
Pradesh) unit, with an installed annual capacity of 1,000,000 units
p.a.
SANGLI MIRAJ: ICRA Downgrades Issuer Rating to B+
-------------------------------------------------
ICRA has revised the ratings on certain bank facilities of The
Sangli Miraj and Kupwad Municipal Corporation (SMKMC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable); ISSUER
NOT COOPERATING and continues to
remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Sangli Miraj and Kupwad Municipal Corporation's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
The Sangli Miraj and Kupwad Municipal Corporation (SMKMC) was
established in 1998 by merging the erstwhile Municipal Councils of
Sangli, Miraj and Kupwad. The SMKMC, being an urban local body
(ULB), provides municipal services to the cities of Sangli, Miraj
and Kupwad situation in Sangli district of Maharashtra. According
to Census 2011, the SMKMC, covering an area of 118.18 km., serves a
total population of 5.03 lakh. The ULB is administered by the Urban
Development Department of the Government of Maharashtra (GoM) as
per provisions of the Maharashtra Municipal Corporations Act 1949.
The ULB jurisdiction is divided into 38 municipal wards and is
governed by an elected body (Council), headed by a Mayor, while the
Commissioner acts as the chief executive, overseeing its everyday
functioning.
SANHIT POLYMER: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sanhit
Polymer (SP) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of SP under the 'issuer non-cooperating'
category as SP 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. SP 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).
Sanhit Polymer (SP) was established in October 2000 as a
partnership firm by one Mr Shantanu Majumder of Birbhum in West
Bengal and another two partners. Currently the firm is governed by
the amended partnership deed executed on May 2001. The firm has
manufacturing unit at Santiniketan in Birbhum with installed
capacity of 2700 MTPA. The firm manufactures polymer products like
Polythene tarpaulin, cap cover, UV films etc.
SGMM ORES: CARE Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SGMM Ores
Private Limited (SOPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 29,
2022, placed the rating(s) of SOPL under the 'issuer
non-cooperating' category as SOPL 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. SOPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 15, 2023, July 25, 2023, August 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jabalpur, Madhya Pradesh based SGMM Ores Private Limited (SOPL,
CIN: U13100MP2012PTC027610) was incorporated in 2012 by Mr Rajiv
Chadha along with family members. The company is engaged in iron
ore processing and the process includes resizing, washing and
beneficiation. The beneficiation process is used to process low
grade iron ore and converting to economic viable ore concentrate by
rejecting some tailings quantity. The plant of the company is
located at Jabalpur (Madhya Pradesh) with an installed capacity of
5 Lakh Tonnes Per Annum (LTPA) as on March 31, 2017. SGMM is having
one mine to procure raw material at Jabalpur. The company also
procures raw material from Local dealers. The company sells its
products to manufacturer located in Jabalpur and nearby area.
SHANKHA DEEP: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shankha
Deep Exports Private Limited (SDEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 1,
2022, placed the rating(s) of SDEPL under the 'issuer
non-cooperating' category as SDEPL 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. SDEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 18, 2023, July 28, 2023,
August 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shankha Deep Exports Private Limited (SDEPL) was incorporated on
January 25, 2008 by Jana family of Kolkata, West Bengal. The
company is engaged in processing and export of sea food, primarily
Vannami and black tiger prawns. SDEPL has its processing facilities
on lease rental basis at Kolkata, West Bengal (owned by Bengal
Marine Private Limited). The facility has an aggregate processing
capacity of 1500 metric ton per annum of seafood. The company
exports its products mainly to Japan and Vietnam. Mr. Kamdev Jana
(Managing Director) is having about 8 years of experience in sea
food industry, looks after the overall management of the company.
He is further assisted by other three directors who are also having
about 8 years of experience in this business.
SINHA SQUARE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sinha
Square (SS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.42 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 22,
2022, placed the rating(s) of SS under the 'issuer non-cooperating'
category as SS 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. SS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2023, August 18, 2023, September 28, 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).
Mr. Anirudh Kumar is setting up a modern and luxury hotel under the
name "Sinha Square" in Deoghar, Jharkhand. The hotel has proposed
to provide services like multi-cusine restaurant, banquet, swimming
pool and conference hall. The hotel is expected to comprise of 60
double bed rooms. The total cost of the project is INR14.75 crore
and the same is funded by proprietor contribution of INR4.75 crore
and term loan of INR10.00 crore. The project is expected to be
completed by March 2019 and the commercial operations expected to
start from April 2019. The firm has already invested INR14.00 crore
towards land & site development, building, civil works etc. till
November 29, 2018 which is met through proprietor's contribution
and term loan from bank. The financial closure of the aforesaid
term loan has already been achieved. Mr. Anirudh Kumar has three
decades of experience in different business like civil
construction, mining and roadways. He is proposed to look after the
overall management of the hotel, with adequate support from a team
of experienced personnel.
VERTICAL INFRA: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vertical
Infra (VI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 30,
2022, placed the rating(s) of VI under the 'issuer non-cooperating'
category as VI 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. VI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2023, August 26, 2023, September 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
VI was established in year 2011, and is engaged in the business of
real estate development. The firm belongs to Vertical Group of Pune
and is a SPV formed for execution of the proposed residential
project, "Oriana" at Mundhwa, Pune.
WALZEN STRIPS: CRISIL Withdraws B+ Rating on Loan/Short Term Debt
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Walzen Strips Private
Limited (WSPL) to 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of WSPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of WSPL
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL B+/Stable/CRISIL
A4/Issuer Not Cooperating. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING';
Rating Withdrawn)
Short Term Rating - CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING'; Rating
Withdrawn)
WSPL, established in 1989, manufactures high-tensile steel strips
(HTSS), hardened and tempered steel strips (HATSS), and cold-rolled
annealed steel strips (CRASS). Its manufacturing facility is in
Howrah, West Bengal, and has installed capacity of 15,500 tonnes
per annum of steel strapping.
WIINTRACK EXPORTS: ICRA Withdraws D Rating on INR7cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Wiintrack Exports 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– 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Withdrawn
Term Loan
Short-term– 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Withdrawn
Cash Credit
Wiintrack Exports was established in the year 2002 as a partnership
firm and is engaged in the business of manufacturing of readymade
garments. The Firm manufactures knitted and woven garments meant
for overseas customers and mainly caters to European market. The
Firm operates from its own factory located in Tirupur (Tamil Nadu).
The Firm procures yarn from domestic market and the same in knitted
into fabric. The firm has in-house knitting, printing and garment
manufacturing capabilities while it outsources dyeing and
embroidery processes to job workers. Mr. K Velusamy is the managing
partner of the firm and has an experience of more than 15 years in
the textile industry.
[*] INDIA: Voluntary Insolvency Sees Faster Resolution
------------------------------------------------------
The Economic Times reports that bankruptcy filings by stressed
companies themselves have seen faster resolutions than those
initiated by creditors, but the recovery in such cases has been
below par, according to data compiled by the insolvency regulator.
The average time taken to resolve a stressed company under the
Insolvency and Bankruptcy Code (IBC) was 632 days as of June 2023,
way above the 270 days stipulated by the Insolvency and Bankruptcy
Code (IBC), ET relates citing the data from the Insolvency and
Bankruptcy Board of India (IBBI). But in cases where the stressed
firms had filed for voluntary bankruptcy, the time taken was 541
days.
=========
J A P A N
=========
MITSUBISHI UFJ: Fitch Assigns BB+ Final Rating to $750MM Sub. Debts
-------------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to Mitsubishi
UFJ Financial Group, Inc.'s (MUFG, A-/Stable) issue of USD750
million perpetual subordinated debt securities, which are
classified as Additional Tier 1 (AT1) securities.
KEY RATING DRIVERS
The AT1 securities are rated four notches below the MUFG's
Viability Rating (VR) of 'a-', the baseline anchor rating for such
instruments, comprising two notches for loss severity and two
notches for non-performance risk.
Non-performance risk arises from the optional interest payments
that MUFG may cancel, at its discretion, in part or in full on an
interest payment date.
Expected recoveries upon non-performance is assessed as poor in
light of the securities' deep subordination - they only rank ahead
of ordinary equity. In addition, the securities are subject to full
and irrevocable principal write-down at a point of non-viability to
be applied when the Japanese Prime Minister confirms that the
Specified Item 2 Measures pursuant to Article 126-2, Paragraph 1,
Item 2 of the Deposit Insurance Act have to be taken or when the
common equity Tier 1 ratio falls below 5.125%.
The rating reflects that there are no relevant additional features
that reduce or increase non-performance risk, such as a profit test
on interest payments, or the presence of unusually thin capital
buffers or distributable reserves.
See Fitch Affirms Ratings on Mitsubishi UFJ Financial Group and
Affiliates at 'A-'; Outlook Stable for commentary on MUFG's key
rating drivers and sensitivities.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating on the securities will be downgraded if MUFG's VR is
downgraded.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The rating on the securities will be upgraded if MUFG's VR is
upgraded.
SUMMARY OF FINANCIAL ADJUSTMENTS
Total assets and total liabilities exclude acceptances and
guarantees from Japan's generally accepted accounting principles
balance sheet to be globally comparable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Mitsubishi UFJ
Financial Group,
Inc.
Subordinated LT BB+ New Rating BB+(EXP)
===============
M O N G O L I A
===============
DEVELOPMENT BANK: Fitch Puts 'B' LongTerm IDRs on Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed Development Bank of Mongolia LLC's (DBM)
Long-Term Issuer Default Ratings (IDRs) of 'B' and Government
Support Rating (GSR) of 'b' on Rating Watch Negative (RWN). Fitch
has also placed the rating of DBM's senior unsecured debt of 'B' on
RWN.
KEY RATING DRIVERS
Refinancing Risk and Policy Role: The RWN reflects heightened
refinancing risk. Fitch believes the Mongolian sovereign (B/Stable)
has the ability and propensity to support DBM, but a lack of timely
preparedness for two major bond maturities amid unfavorable market
conditions, including a US-dollar bond maturing on 23 October 2023,
has raised refinancing risk and has led Fitch to reassess DBM's
importance to the state as a policy bank, despite DBM's 100%
government ownership.
The timeliness of government support, which may be impeded by
operational obstacles, is important to its support assessment and
presents risk to the support-driven ratings. The RWN also relates
to DBM's capacity to perform its policy role in light of the
perceived challenges in refinancing and resolving non-performing
loans, which may impact its assessment of the sovereign's
propensity to support DBM. This may take more than six months to
resolve. Once resolved, DBM's ratings could remain unchanged or be
downgraded. DBM has not disbursed any new loans since early 2022.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The ratings will be downgraded if Fitch perceives the risk of
default to be a possibility. The ratings could also be downgraded
if Fitch believes DBM's policy role and importance to the state
have diminished, even if the full government ownership remains
unchanged.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
There is limited scope for upward rating action given the RWN.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
DBM's senior unsecured debt is rated in line with its Long-Term
IDR.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
DBM's senior unsecured debt rating will move in tandem with its
Long-Term IDR.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The bank's IDRs are driven by its view of the likelihood of support
from the Mongolian sovereign.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Development
Bank of
Mongolia LLC LT IDR B Rating Watch On B
ST IDR B Rating Watch On B
LC LT IDR B Rating Watch On B
Gov’t Support b Rating Watch On b
senior
unsecured LT B Rating Watch On RR4 B
=====================
N E W Z E A L A N D
=====================
CLUBS OF MARLBOROUGH: Recreational Complex Placed on Market
-----------------------------------------------------------
Ian Allen at Stuff.co.nz reports that Clubs of Marlborough, also
known as 42 Alfred St, is on the market.
According to Stuff, the listing went live on the Bayleys website
last week, touting the liquidation sale as an "iconic
opportunity".
The men tasked with selling the property on an "as is, where is
basis" are Glenn Dick, of Bayleys Marlborough, and Fraser Press, of
Bayleys Wellington. And they want it sold within the month, with
the tender process closing on November 15, the report notes.
A press release from the pair suggested ideas for the "substantial"
6,500 square metre two-storey property, on a 2800sqm section.
"A potential change of use to a campus-style office precinct, place
of assembly for church or community groups, education facility,
commercial accommodation, retail or entertainment precinct are all
possible avenues to explore," the press release, as cited by Stuff,
said.
Potential owner-occupiers or astute investors looking to purchase a
property in Blenheim at a fraction of the replacement value needed
to seriously consider this opportunity, Mr. Dick said.
"Recreating an asset of this scale and quality would come at a
significant cost and protracted time-frame in today's market," the
report quotes Mr. Dick as saying. "This opportunity will suit a
vast range of users due to its prime location, favourable central
business zoning and the extensive infrastructure that is within the
property."
Stuff relates that the listing said the building was developed in
2007 as a "centrepiece for the community", with a range of
different clubs using the facility under the ownership of the
Blenheim Working Men's Club and the Blenheim RSA.
The 133-year-old Blenheim Working Men's Club, trading as Clubs of
Marlborough, closed its purpose-built headquarters in November last
year due to outstanding debt and declining revenue. The clubs
officially went into liquidation in March this year, Stuff notes.
Stuff adds that liquidator Malcolm Hollis, of
PricewaterhouseCoopers, in April said he wanted the property on the
market "very soon", but a few "little issues", such as a 99-year
Bridge Club lease, pushed that out until October.
That was sorted, and the press release from Bayleys on Friday said
the property assets and chattels were "officially on the market
with a path forward for a clean sale".
KARORI LIMITED: Creditors' Proofs of Debt Due on Nov. 27
--------------------------------------------------------
Creditors of The Karori Limited, Garland 7 Limited, Panstar 357
Limited, LTA Construction Limited and Great Wall Investment Limited
are required to file their proofs of debt by Nov. 27, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 16, 2023.
The company's liquidators are:
Jared Waiata Booth
Daniel Weidan Zhang
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
MONTHAVEN FARM: Court to Hear Wind-Up Petition on Nov. 9
--------------------------------------------------------
A petition to wind up the operations of Monthaven Farm Limited will
be heard before the High Court at Christchurch on Nov. 9, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 11, 2023.
The Petitioner's solicitor is:
Arna McAvoy
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
OMJ CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 26
-----------------------------------------------------------
A petition to wind up the operations of OMJ Constructions Limited
Will be heard before the High Court at Auckland on Oct. 26, 2023,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 7, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
RAINBOW CORNER: Creditors' Proofs of Debt Due on Nov. 13
--------------------------------------------------------
Creditors of The Rainbow Corner Montessori Limited are required to
file their proofs of debt by Nov. 13, 2023, to be included in the
company's dividend distribution.
The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on Oct. 13, 2023.
REPORT WRITERS: Creditors' Proofs of Debt Due on Dec. 8
-------------------------------------------------------
Creditors of Report Writers Limited and Restaurant Indonesia
Limited are required to file their proofs of debt by Dec. 8, 2023,
to be included in the company's dividend distribution.
Report Writers Limited commenced wind-up proceedings on Oct. 16,
2023.
Restaurant Indonesia Limited commenced wind-up proceedings on Oct.
10, 2023.
The company's liquidator is:
Garry Whimp
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
=================
S I N G A P O R E
=================
EXCEL SG: Creditors' Meeting Set for Nov. 7
-------------------------------------------
Excel SG Pte Ltd will hold a meeting for its creditors on Nov. 7,
2023, at 11:30 a.m., at 3 Shenton Way #03-06C Shenton House, in
Singapore.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the company on Oct. 17, 2023.
HABOOB PTE: Creditors' Proofs of Debt Due on Nov. 20
----------------------------------------------------
Creditors of Haboob Pte. Ltd. are required to file their proofs of
debt by Nov. 20, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 13, 2023.
The company's liquidator is:
Mr. Farooq Ahmad Mann
M/s Mann & Associates PAC
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
JEWEL DEVELOPMENT: Creditors' Proofs of Debt Due on Nov. 20
-----------------------------------------------------------
Creditors of Jewel Development Pte. Ltd. are required to file their
proofs of debt by Nov. 20, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 17, 2023.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
TRACESAFE ASIA: Court to Hear Wind-Up Petition on Oct. 27
---------------------------------------------------------
A petition to wind up the operations of Tracesafe Asia Pacific Pte
Ltd will be heard before the High Court of Singapore on Oct. 27,
2023, at 10:00 a.m.
Ong Hwee Teng (Wang Huiting) filed the petition against the company
on Oct. 2, 2023.
The Petitioner's solicitors are:
M/s RLC Law Corporation
111 North Bridge Road
#08-30 Peninsula Plaza
Singapore 179098
TUDOR COURT: Commences Wind-Up Proceedings
------------------------------------------
Members of Tudor Court Gallery Pte Ltd, on Oct. 16, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ms. Chin Moy Yin
101 Upper Cross Street
#05-24 People's Park Centre
Singapore 058357
=================
S R I L A N K A
=================
ASIA SECURITIES: Fitch Cuts Nat'l LT Rating to BB+(lka), Off RWN
----------------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka-based Asia Securities
(Private) Limited's (ASPL) National Long-Term Rating to 'BB+(lka)'
from 'BBB-(lka)', and removed the Rating Watch Negative (RWN). The
Outlook is Stable.
KEY RATING DRIVERS
Increased Risk Appetite Drives Downgrade: The rating action
reflects a rise in investment risk-taking in the past 12-18 months,
and volatile financial markets that make risk control more
challenging and leave profitability and balance-sheet buffers more
susceptible to market risk. This is despite ASPL's franchise as one
of Sri Lanka's most active equity brokers, with profitable
operations and capital and liquidity buffers above regulatory norms
even with difficult market conditions in the past few years.
Less Severe Macroeconomic Risk: The removal of the RWN reflects its
view that further rating downside is less imminent following the
downgrade and completion of the local-currency portion of the
sovereign's domestic debt optimisation (DDO). The DDO excluded
treasury securities held by banks and securities firms, which
addresses one element of risk to asset quality and capitalisation.
The operating environment will remain weak in light of strained
household finances and fragile investor confidence. Nonetheless, a
gradual economic recovery, together with easing inflation and
interest rates, should temper the pressure on operating performance
and funding.
Increased Market Risk Exposure: Fitch expects volatile markets to
continue to test ASPL's financial buffers and risk controls. Its
risk management safeguards have been stretched by the significant
fluctuations in financial markets in the past few years. Swings in
market opportunities have prompted shifts in the company's risk
appetite, such as its decision to raise its allocation to
securities investments since 2022. Fitch assesses that these
changes have increased the company's balance-sheet risks,
contributing to the rating downgrade.
Volatile Market-Driven Business: ASPL's equity brokerage franchise
served a meaningful share of equity market turnover over the
financial years ending March 2020 to March 2023 (FY20-FY23).
Earnings are mainly from equity brokerage and broker credit
(securities-backed lending) income, which are typically variable
and dependent on market activity. ASPL's increased fixed income and
equity securities holdings have earned some investment gains, but
such activity is susceptible to market conditions and could also
lead to losses.
Meaningful Related-Party Exposure: ASPL's shareholders hold other
markets-related businesses separately from ASPL. These entities
receive loans from ASPL to cover operating costs, which are
substantial relative to ASPL's total equity despite declining in
recent months. The related-party transactions are subject to board
review, but exposures nonetheless remain significant relative to
total equity. Fitch deducts these exposures from tangible equity
when analysing the financial profile.
Key-Person and Execution Risk: Fitch considers ASPL to be subject
to higher key-person risk, as Fitch views its chairperson as
instrumental to its strategy and business operations - aided by a
group of key employees. Fitch expects the operating environment to
remain challenging in the near term, raising execution risks for
the company.
Profitability to Fluctuate: ASPL has remained profitable despite
difficult market conditions over the past few years, due partly to
its modest operating cost base, persistent brokerage market share,
and ability to maintain pricing spreads on its broker credit
receivables. However, operating profit/average equity varied widely
between 5.8% and 116.3% over FY20-FY23, and earnings drivers are
likely to remain unpredictable in a weak operating environment.
This will present continued risks to ASPL's profitability,
including the risk of losses.
Investments Raise Capital Sensitivity: ASPL has accumulated capital
over the past year, backed by generally profitable operations.
Fitch-estimated net adjusted leverage remained around 3x at FYE23
as ASPL continued to limit its broker credit exposures. Still, its
increased investment securities holdings leave its capital position
more susceptible to adverse market movements, although the
company's stress tests show adequate capital under a market value
haircut scenario. The company is also likely to expand its broker
credit portfolio and increase leverage if the market improves. Any
further rise in ASPL's related-entity exposure will reduce its
regulatory net capital and Fitch-adjusted tangible equity.
Concentrated, Short-Term Funding: ASPL has been able to increase
its funding lines and add to its funding providers despite a
challenging market backdrop. However, its funding sources remain
concentrated in a modest number of banks, reflecting its small
absolute borrowing needs but also greater confidence sensitivity,
in its view. Funding is mostly short term, reflecting the variable
nature of its balance-sheet needs. This raises rollover risk - ASPL
could be driven to liquidate investments or curtail broker credit
at short notice to meet unexpected liquidity outflows, which may
entail losses.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating is sensitive to changes in ASPL's credit quality
relative to other entities rated on Fitch's Sri Lankan national
scale. The credit profile may face downward rating pressure in the
event of further increases in ASPL's risk appetite and investment
risk relative to capital, either due to the portfolio's size or
quality, larger related-party exposures that would reduce
Fitch-adjusted tangible equity and regulatory capital, or narrowing
liquidity buffers relative to short-term funding.
Fitch may also take negative rating action if there is renewed
weakness in market variables or funding and liquidity conditions,
leading to increased risk to the company's asset exposures,
profitability and balance-sheet buffers. Such stresses if extreme
could result in a multiple-notch downgrade.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A more stable operating environment, a sustained brokerage
franchise with generally steady share of market turnover, more
moderate investment risk relative to the capital base, and
significantly reduced related-entity receivables would be positive
for the credit profile. This is provided that the company maintains
adequate profitability, capital and liquidity relative to
balance-sheet risks.
Entity/Debt Rating Prior
----------- ------ -----
Asia Securities
(Private) Limited Natl LT BB+(lka) Downgrade BBB-(lka)
SRI LANKA: Dollar Bonds Drop After Government Pushback on Plan
--------------------------------------------------------------
Reuters reports that Sri Lanka's sovereign dollar bonds fell more
than 2 cents on Oct. 26, Tradeweb data showed, after authorities
from the island nation expressed "serious reservations" about a
debt restructuring proposal put forward by international
bondholders.
Sri Lanka is in the midst of a debt restructuring after defaulting
last year during a punishing economic crisis.
Reuters relates that the November 2025 maturity fell at the
quickest pace, losing 2.45 cents as of 0946 GMT, but most of the
country's sovereign dollar bonds had lost 2 cents or more.
According to Reuters, international bondholders sent a proposal to
the government on Oct. 2 on how to overhaul its US$12 billion of
Eurobonds that envisaged a write-down, or haircut, on both capital
and interest as well as the issuance of a so-called macro linked
bond.
The plan, which was widely seen as beneficial for the country's
bondholders, saw bond chalk up some healthy gains in recent days.
But Sri Lanka's finance ministry said in a statement dated Oct. 18
that the country was not happy with proposal, Reuters relays.
"The authorities have already expressed to the bondholders' their
serious reservations about the construct of the macro-linked bonds
proposed by the group," it said in the statement.
Separately, Japan's top currency diplomat said one more push was
needed to resolve Sri Lanka's debt problems, 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.
SRI LANKA: Reaches Staff-Level Deal w/ IMF on First Bailout Review
------------------------------------------------------------------
Reuters reports that Sri Lanka and the International Monetary Fund
(IMF) on Oct. 19 reached an agreement on a first review of its
extended fund facility arrangement, the first step in releasing
about US$330 million dollars for the country struggling under a
financial crisis.
According to Reuters, Sri Lanka started negotiating with creditors
including China, Japan and India last September, parallel to moving
forward on a US$2.9 billion IMF bailout.
The staff-level agreement is subject to approval by the fund's
management and its executive board, the IMF said.
"We urge all official creditors to move forward and agree on an
appropriate debt treatment in line with the financing assurances
they provided."
Reuters relates that the fund said negotiations between bilateral
creditors, bondholders and Sri Lanka are ongoing, adding that
further delay might worsen the economic outlook for the country,
thereby reducing its capacity to repay.
Sri Lanka plunged into the worst financial crisis in seven decades
last year after its foreign exchange reserves dwindled to record
lows, but since locking down the IMF program in March has managed
to partly stabilize its economy, reducing runway inflation and
rebuilding reserves.
However, IMF board approval on the first review still depends on
Sri Lanka moving forward on its debt restructuring with key
bilateral lenders including Japan and India as well as
bondholders.
Reuters adds that Sri Lanka earlier said it has reached a
preliminary agreement with China EXIM Bank to rework about $4.2
billion in bilateral debt.
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.
===============
T H A I L A N D
===============
DAOL SECURITIES: Fitch Assigns BB(tha) Nat'l LT Rating on Sub Debts
-------------------------------------------------------------------
Fitch Ratings (Thailand) has assigned a National Long-Term Rating
of 'BB(tha)' to DAOL Securities (Thailand) Public Company Limited's
(DAOLSEC, BB+(tha)/Stable) upcoming issue of subordinated unsecured
debentures. The debentures have a maturity of one year and six
months.
KEY RATING DRIVERS
Fitch rates DAOLSEC's subordinated debentures one notch below the
firm's National Long-Term Rating. This reflects the debentures'
higher loss-severity risk relative to senior unsecured instruments,
in line with Fitch's Corporate Hybrids Treatment and Notching
Criteria.
The subordinated noteholders rank after senior creditors in
priority of claims. There is no additional notching for
non-performance risks as the notes do not incorporate going-concern
loss-absorption and equity-conversion features. Fitch has not
assigned equity credit to the issue, as the instrument is not
designed to be a permanent part of the company's capital
structure.
For more detail on DAOLSEC's Key Rating Drivers and Rating
Sensitivities, please see Fitch Affirms DAOL Securities (Thailand)
at 'BB+(tha)'; Removes RWN; Outlook Stable, published on 31 March
2023.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating on the subordinated debentures is sensitive to any
change in DAOLSEC's National Long-Term Rating. Any downgrade of
DAOLSEC's National Long-Term Rating would lead to corresponding
action on the subordinated debentures' rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of DAOLSEC's National Long-Term Rating would be likely
to result in similar action on the subordinated debentures'
rating.
Entity/Debt Rating
----------- ------
DAOL Securities
(Thailand) Public
Company Limited
Subordinated Natl LT BB(tha) New Rating
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