/raid1/www/Hosts/bankrupt/TCRAP_Public/231027.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, October 27, 2023, Vol. 26, No. 216
Headlines
A U S T R A L I A
AVRA GROUP: Owes AUD1.2 Million, Had AUD17 in Bank Upon Collapse
AYDEN PROPERTY: First Creditors' Meeting Set for Oct. 31
C4L PTY: Second Creditors' Meeting Set for Oct. 31
CREDABL ABS 2023-1: Moody's Assigns (P)B2 Rating to AUD2MM F Notes
CRITICAL STAGES: Placed Into Liquidation
FIRSTMAC EAGLE NO.4: S&P Assigns BB (sf) Rating to Class E Notes
JRG CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 31
TASSLA TRADING: Second Creditors' Meeting Set for Oct. 31
THINK TANK 2023-3: S&P Assigns B (sf) Rating to Class F Notes
TRIDENT PLASTICS: Second Creditors' Meeting Set for Oct. 31
ZIP MASTER 2023-2: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
C H I N A
CHINA EVERGRANDE: Founder's Wealth Drops to New Low as Woes Mount
[*] CHINA: New Bonds to Help Economic Recovery, Official Says
I N D I A
ALIN CASHEWS: CARE Keeps D Debt Ratings in Not Cooperating
ANNAPOORANI YARNS: ICRA Keeps D Debt Ratings in Not Cooperating
ATLAS TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
BALAJI LITERARY: ICRA Keeps D Debt Ratings in Not Cooperating
BHARAT FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
CHHATRAPATI SAHAKARI: CARE Keeps C Debt Rating in Not Cooperating
CLUB 29: CARE Keeps D Debt Ratings in Not Cooperating Category
EFFULGENCE TRADING: CARE Keeps D Debt Ratings in Not Cooperating
GREENKO ENERGY: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
H.M. INDUSTRIAL: ICRA Keeps D Debt Rating in Not Cooperating
HAPPY ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category
KAMESHWAR INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
MADAN GOPAL: CARE Keeps D Debt Ratings in Not Cooperating
MANAGING COMMITTEE: CARE Keeps D Debt Rating in Not Cooperating
MONALISA CERAMICS: CARE Keeps D Debt Rating in Not Cooperating
NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating
RECMET ALLOYS: CARE Keeps C Debt Rating in Not Cooperating
RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
SAFE PARENTERALS: ICRA Moves D Debt Ratings to Not Cooperating
SANDOR MEDICAIDS: ICRA Keeps D Debt Ratings in Not Cooperating
SATURN RINGS: CARE Keeps D Debt Rating in Not Cooperating
SHRIYA OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating
VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
ASHLEY HOMES: Blacklock Rose Appointed as Administrators
KITCHENS DIRECT: Creditors' Proofs of Debt Due on Nov. 13
SPORTS WORX: Court to Hear Wind-Up Petition on Nov. 3
SURREY ROAD: Creditors' Proofs of Debt Due on Feb. 22
WE DIG: Court to Hear Wind-Up Petition on Nov. 6
P H I L I P P I N E S
PHOENIX PETROLEUM: Uy Expects Company to Bounce Back in 2-3 Years
S I N G A P O R E
ASTI HOLDINGS: Loses Offer After Failure to Submit Fin'l. Statement
AVANTGARDE MOTOR: Court to Hear Wind-Up Petition on Nov. 17
OGP FREIGHT: Court Enters Wind-Up Order
ORIS ENTERTAINMENT: Court to Hear Wind-Up Petition on Nov. 17
RADIUS EXPERIENTIAL: Court Enters Wind-Up Order
TASTY LOONG: Court Enters Wind-Up Order
S O U T H K O R E A
[*] Luxury Seoul Project Fails to Get Loan Extension; Fuels Concern
V I E T N A M
ASIA COMMERCIAL: Moody's Affirms 'Ba3' Deposit & Issuer Ratings
- - - - -
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A U S T R A L I A
=================
AVRA GROUP: Owes AUD1.2 Million, Had AUD17 in Bank Upon Collapse
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News.com.au reports that it's been revealed that a building company
that collapsed earlier this year had just AUD17.80 left in its bank
account.
In July, news.com.au reported that Melbourne-based bespoke building
company Avra Group (Aust) Pty Ltd had entered into liquidation.
A report prepared by Philip Newman of insolvency firm PCI Partners,
the appointed liquidator, showed that the company owes around
AUD1.2 million to around 37 unsecured creditors, news.com.au
discloses.
Avra Group owes staff around AUD24,000 in unpaid entitlements while
other creditors include the Deputy Commissioner of Taxation owed an
unknown amount, NAB and Westpac, Bunnings, a law firm and a number
of tradies.
"The company operated one bank account with the National Australia
Bank which the director has advised held a credit balance of
approximately AUD17 at the date of liquidation," Mr. Newman wrote,
notes the report. "NAB has since confirmed that the company
maintained one bank account which held a credit balance of
AUD17.80."
In all, Avra Group has total assets estimated to be worth
AUD305,000.
Among those was a vehicle, which the company's sole director Mark
Avramoski possessed, with a realisable value of around AUD26,000.
According to news.com.au, creditors have expressed concern upon
discovering that Mr. Avramoski has partnered with another business
based in Canada, according to an announcement from earlier this
month.
"Over the years, Mark has built a reputation for himself as a
reliable professional with experience delivering infrastructure
projects for local municipalities," the post, from agricultural
tech company North Star Systems Inc, reads.
Although Avra Group only had one live project under way,
news.com.au understands a number of customers had terminated
contracts as construction on their site stalled for months.
They say this now makes it trickier for them to claim on
insurance.
One of those is David Favretto, 45, and his family, who have been
in limbo all year as they waited for Avra Group to uphold their end
of the building contract, news.com.au says.
AYDEN PROPERTY: First Creditors' Meeting Set for Oct. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Ayden
Property Group Pty Ltd will be held on Oct. 31, 2023, at 3:00 p.m.
at Level 12, 20 Bridge Street in Sydney.
Grahame Ward and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on Oct. 19, 2023.
C4L PTY: Second Creditors' Meeting Set for Oct. 31
--------------------------------------------------
A second meeting of creditors in the proceedings of C4L Pty Ltd,
Premium Turf Equipment Pty Ltd, and All Mowers Spares Pty Ltd has
been set for Oct. 31, 2023 at 11:00 a.m. virtually by Microsoft
Teams Teleconference.
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. 30, 2023 at 4:00 p.m.
Bradley John Tonks of PKF was appointed as administrator of the
company on Sept. 25, 2023.
CREDABL ABS 2023-1: Moody's Assigns (P)B2 Rating to AUD2MM F Notes
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Moody's Investors Service has assigned provisional ratings to notes
to be issued by BNY Trust Company of Australia Limited as Trustee
of the Credabl ABS 2023-1 Trust.
Issuer: Credabl ABS 2023-1 Trust
AUD200.00 million Class A Notes, Assigned (P)Aaa (sf)
AUD18.75 million Class B Notes, Assigned (P)Aa2 (sf)
AUD11.25 million Class C Notes, Assigned (P)A2 (sf)
AUD3.75 million Class D Notes, Assigned (P)Baa2 (sf)
AUD9.00 million Class E Notes, Assigned (P)Ba2 (sf)
AUD2.00 million Class F Notes, Assigned (P)B2 (sf)
The AUD5.25 million Class G Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of practice
premise (commercial real estate), equipment, goodwill, fixture and
fitting, and auto loans to Australian medical and healthcare
professionals. Practice premise loans represent 49.6% of the
portfolio and benefit from security over commercial real estate.
All portfolio receivables were originated by Credabl Pty Ltd
(Credabl, unrated). This is Credabl's first asset-backed
securitisation (ABS) transaction.
Credabl is a finance business that provides commercial loans and
personal loans to medical, dental, veterinary and allied health
professionals. Credabl started originating loans in 2018 and has
originated approximately AUD1.2 billion since inception. Credabl
has a loan book of AUD802.7 million as at August 31, 2023.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity reserve in
the amount of 1.8% of all notes; (5) the legal structure; (6)
experience of Credabl as servicer; and (7) presence of BNY Trust
Company of Australia Limited (BNY) as the back-up servicer.
In Moody's view, the credit strengths of this transaction include,
among others:
-- The strong obligor credit quality as demonstrated by the very
low levels of historical portfolio losses and arrears. As of August
31, 2023, 0.33% of Credabl's portfolio is 30+ days in arrears. As
at August 31, 2023 Credabl has written off loans totalling AUD2.1
million which represents less than 0.2% of approximately AUD1.2
billion of origination. Over 91.6% of the portfolio are loans to
businesses operated by specialist dentists, specialist medical
doctors, general medical practitioners or veterinary surgeons and
guaranteed those individuals. These businesses and individuals are
prime obligors with high incomes relative to the general Australian
population.
-- High proportion of secured loans with 49.6% of the loans are
secured by commercial real estate, 19.2% of the loans are secured
by equipment, 2.0% of the loans are secured by vehicles. and 14.1%
of the loans are to fund fixtures and fittings. In addition all
loans benefit from personal guarantees from the related medical,
dental, veterinary and allied health professionals.
-- An excess spread reserve will be available to cover portfolio
losses. The excess spread reserve will be funded from the income
waterfall to a target of 0.5% of the initial invested amount should
any of: 1) 3 month rolling acreage 90+ days delinquent loans exceed
2% of the portfolio, or 2) a servicer default exists. The excess
spread reserve will be funded to an uncapped target from the call
date.
However, the transaction has several challenging features, such
as:
-- Credabl has a limited origination and servicing track record
with loan originations starting in early 2018. This risk is partly
mitigated by the fact that Credabl has an experienced management
and operational team with a long track record in medical, dental,
veterinary and allied health lending in Australia, a niche asset
class with over twenty years of strong performance.
-- Portfolio granularity: The number of obligors, 733 individual
borrower groups, is relatively low compared to other commercial ABS
securitisations. There is also industry concentration to medical
and healthcare professionals with 100% of the pool related to this
industry. The lack of granularity is partly mitigated by the
absence of significant over exposure to individual obligors,
diversity at a geographical level and the fact that medical and
healthcare is a non-cyclical industry. The largest obligor exposure
is about 1.1% of the portfolio and the top 10 obligors account for
about 8.1%.
-- Balloon loans constitute a significant proportion 80.7% of the
portfolio. Balloon payments constitute 60% of the portfolio
balance. This is due to the 1 to 5 year maturity of the practice
premise and goodwill loans with the balloon payments of these loans
expected to be refinanced. Goodwill loans, loans to fund the
goodwill acquired as part of a practice purchase, constitute 15.1%
of the portfolio. Moody's stressed the default probability of these
loans and the correlation between these loans to account for the
refinancing risk related to balloon maturities and in particular
the fewer refinance options available for goodwill loans due to the
specialised nature of goodwill loan lending.
-- The pro-rata amortisation of the subordinate classes of notes
will lead to reduced credit enhancement of the senior notes in
absolute terms. This exposes the senior notes to the risk of loss
in the tail end of the transaction, particularly should the timing
of defaults prove to be backloaded.
MAIN MODELASSUMPTIONS
-- Mean default rate: Moody's assumed a mean default rate of 2.63%
over a weighted average life of 2.51 years (equivalent to a Ba1
proxy rating). The default rate assumption was based on (1) the
historical performance data of Credabl's portfolios; (2)
benchmarking to comparable portfolios performance, in particular
the performance of other specialist healthcare lender portfolios;
(3) the high proportion of balloon loans and the corresponding
impact on the assumed default rate and (4) the characteristics of
the loan-by-loan portfolio information.
-- Default rate volatility: Moody's assumed a coefficient of
variation (i.e. the ratio of standard deviation over the mean
default rate explained above) of 92.31%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors.
-- Recovery rate: Moody's assumed a 46.1% stochastic recovery rate
with a standard deviation of 20.0%. The recovery rate assumption is
primarily based on the characteristics of the collateral-specific
loan-by-loan portfolio information. In particular, 50.0% of the
portfolio is secured by real estate collateral on which third-party
valuation has been obtained.
-- Portfolio credit enhancement: Considering the assumptions the
Aaa portfolio credit enhancement was set at 19.2%
PORTFOLIO CHARACTERISTICS
The initial portfolio balance was AUD245,371,493, composed of loans
to 733 borrower groups. The average borrower group exposure was
AUD334,750. The portfolio consists of practice premise loans
(49.6%), equipment loans (19.2%), goodwill loans (15.1%), fixture
and fittings loans (14.1%) and auto loans (2.0%). The top obligor
exposure is 1.1% and the top ten obligors constitute 8.1% of the
portfolio.
The weighted average portfolio yield was 7.39%.
KEY TRANSACTION STRUCTURAL FEATURES
-- The notes will be repaid on a sequential basis initially. When
the class A subordination is equal to or greater than 30.0% and 12
months has passed since the deal has closed, Class A to Class F
Notes will receive their pro-rata share of principal, provided
step-down conditions are satisfied. These include, among others, no
unreimbursed charge-offs and payment date occurring prior to the
call option date. If step-down conditions are no longer met, the
repayment of principal will revert to sequential. The call option
date will occur on the earlier of the payment date in December
2027 or the date on which the aggregate outstanding amount of the
trust receivables is less than or equal to 20% of the aggregate
outstanding amount of the trust receivables as at settlement date.
The transaction benefits from a funded liquidity reserve that is
sized at 1.8% of the aggregate invested amount of notes, subject to
a floor of AUD450,000, and is sufficient to cover almost 4 months
of required payments.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "SME
Asset-Backed Securitizations methodology" published in July 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.
CRITICAL STAGES: Placed Into Liquidation
----------------------------------------
Limelight Magazine reports that just six months after taking over
the reins of the Sydney-based national theatre touring company
Critical Stages, CEO Robbi James has announced the "difficult
decision" to place the company into liquidation.
According to Limelight, the company has ceased to trade with
immediate effect. All employment contracts have been terminated.
Critical Stages Touring has been supporting artists and audiences
around Australia since 2005, extending the life of notable
independent theatre productions through touring and audience
development.
Its work was recognised by the Australia Council, with the company
awarded National Touring Status from 2018-2021, Limelight notes.
Recent productions toured by the organisation include Steve
Rodgers' drama King of Pigs, former Critical Stages CEO Chris
Bendall's Black Sun Blood Moon, the Good Room's I Want to Know What
Love Is and William Zappa's The Iliad - Out Loud.
"2023 has been an incredibly difficult year for CST financially.
The touring landscape changed dramatically following the COVID
shutdown period, with sharp increases in freight and travel costs
coupled with decreased engagement and available investment in the
marketplace. While audiences were starting to return to see live
performance with more confidence, this has been slower than
anticipated and impacted further this year with ongoing economic
pressures," the report quotes Mr. James as saying.
"The decision to place Critical Stages into liquidation will
severely impact the independent sector, and is "heartbreaking
beyond words," added Mr. James. "Right now, my primary focus is to
support our team in Sydney and Melbourne, our touring parties, and
all of the artists and crew members who have been directly affected
by this news in the short term."
FIRSTMAC EAGLE NO.4: S&P Assigns BB (sf) Rating to Class E Notes
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S&P Global Ratings assigned ratings to six of the seven classes of
prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No.4 Series Eagle No.4.
The ratings reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination and excess spread. The credit support
provided to the rated notes is sufficient to cover the assumed
losses at the applicable rating stress. S&P's assessment of credit
risk takes into account Firstmac Ltd. (Firstmac)'s underwriting
standards and approval processes, which are consistent with
industry-wide practices, and the strong servicing quality of
Firstmac.
The rated notes can meet timely payment of interest--excluding the
residual interest due on the class B, class C, class D, and class E
notes--and ultimate payment of principal under the rating stresses.
Key rating factors are the level of subordination provided, the
liquidity reserve, the principal draw function, the interest-rate
swap, and the provision of an extraordinary expense reserve. S&P's
analysis is on the basis that the notes are fully redeemed by their
legal final maturity date and it does not assume the notes are
called at or beyond the call date.
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. (Westpac) as bank account
provider and National Australia Bank Ltd. as interest-rate swap
provider. NAB will provide an interest-rate swap to hedge the
interest-rate risk between any fixed-rate mortgage loans and the
floating-rate obligations on the notes. The transaction documents
for the swap and bank account include downgrade language consistent
with S&P Global Ratings' counterparty criteria.
"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Firstmac Mortgage Funding Trust No.4 Series Eagle No.4
Class A-1, A$400.00 million: AAA (sf)
Class A-2, A$60.00 million: AAA (sf)
Class B, A$18.00 million: AA (sf)
Class C, A$8.00 million: A (sf)
Class D, A$6.00 million: BBB (sf)
Class E, A$3.70 million: BB (sf)
Class F, A$4.30 million: Not rated
JRG CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 31
------------------------------------------------------------
A second meeting of creditors in the proceedings of JRG
Constructions Pty Ltd has been set for Oct. 31, 2023 at 10:30 a.m.
at Ainslie Football & Social Club, Antill Room, 52 Wakefield Avenue
in Ainslie.
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. 30, 2023 at 4:00 p.m.
Aaron Torline of Slaven Torline was appointed as administrator of
the company on Sept. 25, 2023.
TASSLA TRADING: Second Creditors' Meeting Set for Oct. 31
---------------------------------------------------------
A second meeting of creditors in the proceedings of Tassla Trading
Pty Ltd has been set for Oct. 31, 2023 at 11:00 a.m. online via
Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 30, 2023 at 5:00 p.m.
Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Sept. 25, 2023.
THINK TANK 2023-3: S&P Assigns B (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of residential mortgage-backed, floating rate, pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think
Tank Residential Series 2023-3 Trust.
Think Tank Residential Series 2023-3 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).
The ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
-- S&P' view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.
-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, the yield reserve, and the
principal draw function.
-- The extraordinary expense reserve of A$150,000, funded from day
one by Think Tank, available to meet extraordinary expenses.
-- The reserve will be topped up via excess spread if drawn.
-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.
-- The counterparty exposure to Commonwealth Bank of Australia as
bank account provider and National Australia Bank Ltd. as liquidity
facility provider. The transaction documents for the bank account
and liquidity facility include downgrade language consistent with
our counterparty criteria.
Ratings Assigned
Think Tank Residential Series 2023-3 Trust
Class A1, A$600.00 million: AAA (sf)
Class A2, A$82.50 million: AAA (sf)
Class B, A$22.50 million: AA (sf)
Class C, A$17.62 million: A (sf)
Class D, A$12.38 million: BBB (sf)
Class E, A$6.75 million: BB (sf)
Class F, A$4.50 million: B (sf)
Class G, A$3.75 million: Not rated
TRIDENT PLASTICS: Second Creditors' Meeting Set for Oct. 31
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Trident
Plastics (SA) Pty Ltd has been set for Oct. 31, 2023 at 9:30 a.m.
at the offices of Institute of Chartered Accountants at Level 29,
91 King William Street in Adelaide.
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. 27, 2023 at 4:00 p.m.
Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were
appointed as administrators of the company on June 26, 2023.
ZIP MASTER 2023-2: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of notes to be issued by Perpetual Corporate Trust Ltd. as
trustee of Zip Master Trust - Series 2023-2. Zip Master Trust -
Series 2023-2 is a securitization of a buy now, pay later line of
credit receivables to consumers originated by zipMoney Payments Pty
Ltd. (Zip).
The preliminary ratings reflect the following factors:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.
-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.
-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of interest on the rated notes.
-- The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
S&P's rating on the providers fall below the applicable rating.
-- The legal structure of the master trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.
Preliminary Ratings Assigned
Zip Master Trust – Series 2023-2
Class A1, A$150,000,000: AAA (sf)
Class A2, A$27,750,000: AAA (sf)
Class B, A$20,250,000: AA (sf)
Class C, A$21,000,000: A (sf)
Class D, A$29,250,000: BBB (sf)
Class E, A$18,750,000: BB (sf)
Class F, A$18,000,000: B (sf)
Class G, A$15,000,000: Not rated
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C H I N A
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CHINA EVERGRANDE: Founder's Wealth Drops to New Low as Woes Mount
-----------------------------------------------------------------
Bloomberg News reports that China Evergrande Group's founder is no
longer a billionaire.
Mr. Hui's net worth has fallen to $979 million, according to the
Bloomberg Billionaires Index, with shares of his debt-laden real
estate firm trading at just HK$0.24 (3 cents) each. Shares of China
Evergrande have dropped 86% since its trading resumption in late
August.
While Mr. Hui's wealth may seem trivial in the context of a police
investigation into alleged crimes by the property tycoon, the value
of his assets is of keen interest to creditors seeking to limit
losses from one of the biggest corporate collapses in Chinese
history, Bloomberg says. The slump is also another illustration of
how hard Mr. Hui has fallen after riding the nation's real estate
boom for more than a decade.
Once Asia's second-richest man and worth $42 billion at his peak in
2017, Mr. Hui's wealth has plummeted 98% since then, according to
Bloomberg's wealth index. The founder is now under police control,
leaving his empire in limbo with no clear restructuring plan in
sight.
A further test later this month has the potential to almost wipe
out his fortune, says Bloomberg. The world's most indebted
developer will face an Oct. 30 court hearing in Hong Kong over a
petition to liquidate the firm.
If a winding up order is made, liquidators will be appointed to
convert Evergrande's assets into cash for the benefit of all
creditors, according to Jonathan Leitch, a partner at Hogan Lovells
in Hong Kong, Bloomberg relays.
"Potentially, creditors end up owning the business and shareholders
get wiped out," Bloomberg quotes Mr. Leitch as saying. Still, if
Mr. Hui is kept onboard to see through a restructuring, he may get
to keep some equity as an incentive, the lawyer said.
In a further twist, Mr. Hui's wife Ding Yumei was listed as a
third-party independent in an August filing, hinting at a divorce
and separation of assets, Bloomberg reports.
Ding owns a 6% stake in Evergrande, worth some $24 million, through
a British Virgin Islands vehicle wholly owned by her since the
company's listing in Hong Kong in 2009, according to Bloomberg.
Previously, her stake was credited as Mr. Hui's spousal interest in
Evergrande's filings, while it now lists Ding as a separated
beneficial owner. Through this stake, Ding should have collected
more than $500 million in cash dividends over the years. It's
unknown how Mr. Hui split assets with Ding.
According to Bloomberg, Mr. Hui has been pledging assets after he
was urged by Chinese authorities to use his personal properties to
pay debts. One luxury mansion on Hong Kong's peak linked to him is
on the market for HK$880 million after it fell into receiver's
hands. It failed to sell earlier this year after bids fell short of
the creditor's target.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.
[*] CHINA: New Bonds to Help Economic Recovery, Official Says
-------------------------------------------------------------
Reuters reports that China's new sovereign bonds will help bolster
the economic recovery, China's vice finance minister Zhu Zhongming
said on Oct. 25, as the government's stepped-up fiscal stimulus
sharply raises its budget deficit.
According to Reuters, China's top parliament body has approved a
CNY1 trillion ($137 billion) in sovereign bond issuance to help
rebuild areas hit by this year's floods and improve urban
infrastructure to cope with future disasters, state media said on
Oct. 24.
"After the treasury bond funds are put into use, it will help drive
domestic demand and further consolidate the recovery of the
economy," Zhu said at a news conference.
Reuters says the world's second-largest economy grew faster than
expected in the third quarter, improving the chances that Beijing
can meet its growth target of around 5% for 2023. But economists
said the crisis-hit property sector remains a drag on the economy
and continues to cloud the growth outlook.
In a rare move, China sharply lifted its 2023 budget deficit to
around 3.8% of gross domestic product from an originally set 3% due
to the rise in central government debt, according to state media.
Reuters relates that the proposed increase in bond issuance comes
as Beijing prepares to inject a fresh dose of fiscal stimulus to
shore up the economic recovery, policy insiders said, but there are
worries reverting to debt-funded stimulus would undermine the move
to a consumer-led economic growth model.
Some analysts played down the near-term positive economic impact of
the new debt issuance, the report notes.
"We believe the economic impact of this 1 trillion yuan in
additional CGBs (Chinese government bonds) should not be
overstated, especially in the near term," Reuters quotes Ting Lu,
chief China economist at Nomura, as saying in a note.
"Fiscal multiplier effects from spending on water conservancy
projects is likely to be rather limited."
China will reasonably set the pace of bond insurance and match the
issuance with spending, Zhu said, adding that authorities will take
steps to prevent bond fund misuses.
The government's debt level is still within a reasonable range, the
minister said, without giving details.
According to Reuters, some policy advisers said the central
government has room to spend more as its debt as a share of GDP is
just 21%, far lower than 76% for local governments.
Half of the funds raised via the bond issuance will be spent this
year and the other half will be used next year, according to state
media said.
Analysts at UBS expect the government to raise its budget deficit
and special local bond quotas for 2024, alongside further cuts in
interest rates and bank reserve requirement ratios, Reuters
relates.
Reuters adds China's parliament has also approved a bill to allow
local governments to front load part of 2024 local bond quotas.
Local governments had been told to complete the issuance of the
2023 quota of CNY3.8 trillion in special local bonds by September
to fund infrastructure projects.
=========
I N D I A
=========
ALIN CASHEWS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alin
Cashews (AC) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 16.80 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 12,
2022, placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC 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. AC 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).
Alin Cashews (AC) is a partnership firm engaged in processing &
wholesale trading of raw cashew and cashew kernel based out of
Kollam, Kerala. The firm exports cashews kernel to Middle East,
USA, Europe and does wholesale trading across all over India. The
day to day operations are overseen by Mr. Shihansha who has around
three decades of experience in the industry.
ANNAPOORANI YARNS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Annapoorani Yarns in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 3.39 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 0.71 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Annapoorani Yarns, 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.
Annapoorani Yarns is primarily engaged in the trading of textile
yarn and fabric, for garments. The operations of the firm are
managed by Mr. R Jayachandran. The Entities product profile
includes 100% Cotton, Polyester and Blended Yarns, Melange Yarns
and Fabrics.
ATLAS TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Atlas
Textiles (AT) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.68 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.25 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 13,
2022, placed the rating(s) of AT under the 'issuer non-cooperating'
category as AT 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. AT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 30, 2023, August 9, 2023, August 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1988 as proprietorship concern and later
reconstituted as partnership concern in July 2011, Atlas Textiles
(AT) is engaged in manufacturing of readymade garments (mainly
knitted and hosiery garments for men, women and kids). AT has
two manufacturing facilities located in Tirupur with aggregate
installed capacity of 20,000 pieces per day. The entity procures
entire raw materials (mainly Yarn, cloth and accessories) from the
local market. AT is an exports-oriented firm and exports 100% of
its sales to client base in UK, USA, Italy and South Africa.
BALAJI LITERARY: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Shri Balaji Literary &
Charitable Society Bahra Group of Institutions in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Shri Balaji Literary & Charitable Society Bahra Group of
Institutions, 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.
Operationalsince 2009, SBLC is a part of Punjab based Rayat-Bahra
Group, which operates more than 35 colleges spread across 5
campuses and one Private University. SBLCS currently operates five
colleges through one campus which is located at Patiala
(Punjab) and offers engineering, management, computer pplications,
pharmacy and diploma courses under various colleges in the campus.
The total student strength across the five colleges during AY
2016-17 was ~1700 students.
BHARAT FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings of Bharat Food & Agro Products
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.35 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 12.65 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Bharat Food & Agro Products, 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.
Incorporated in 2008, BFAP is a partnership firm involved in
milling and processing of basmati and non-basmati rice. The firm's
plant at Payal, Ludhiana (Punjab) has a milling capacity of 6
ton/hour. It sells its products under its registered brand names
'Nature Gold', and 'Royal Taste of India'.
CHHATRAPATI SAHAKARI: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Managing
Committee of Shree Chhatrapati Sahakari Sakhar Karkhana Limited
(SCSSKL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 13,
2022, placed the rating(s) of SCSSKL under the 'issuer
non-cooperating' category as SCSSKL 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. SCSSKL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 30, 2023, August 9, 2023,
August 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL) was
incorporated by on April ,1955 as a cooperative society. SCSSKL is
currently promoted by Mr. Amarsingh Rajendrakumar Gholap as a
chairman and is engaged in manufacturing of sugar & and
co-generation of power. The company located near Bhavinagar Taluka
Indapur in Pune Region.
CLUB 29: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Club 29
Private Limited (C2PL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.13 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 27,
2022, placed the rating(s) of C2PL under the 'issuer
non-cooperating' category as C2PL 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. C2PL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2023, August 23, 2023, September 2,
2023.
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).
CPL incorporated in January 2012, is a Mont Vert Group venture
based out of Wakad, Pune and is focused on providing a recreational
indoor centre. Club29 is a recreational facility that provides
facilities such as restaurant banquets halls, gymnasium facility,
sports lounge consisting of badminton court, squash court,
Table-Tennis tables, swimming pool, bowling alley, billiards tables
and fuzz ball tables etc.
EFFULGENCE TRADING: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Effulgence
Trading and Services Private Limited (ETSPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 120.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 25,
2022, placed the rating(s) of ETSPL under the 'issuer
non-cooperating' category as ETSPL 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. ETSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 11, 2023, July 21, 2023,
July 31, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Arka Carbon Fuels Private Limited (ACFPL) is a part of Swastik
group (SG) and Mr. Hitesh Bindal is the founder promoter of the
company. The company has changed its name to Effulgence Trading And
Services Private Limited (ETSPL) from May 24, 2022. ETSPL imports
its coal requirement directly or through merchant importers in
India and supplies it to the domestic market for usage by various
industries like cement, captive power plants, steel and bricks.
ETSPL is also engaged in trading of domestic coal purchased through
e-auction route from Coal India Limited (CIL). SG, based out of
Indore, Madhya Pradesh, is primarily involved in the business of
coal trading. The group has presence of more than two decades with
interests in diversified businesses including coal trading,
logistics, construction and real estate.
GREENKO ENERGY: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on Greenko Energy Holdings at the company's request. The
outlook was stable at the time of the withdrawal.
Prior to the withdrawal, the stable outlook reflected S&P's
expectation that Greenko's funds from operations cash interest
coverage will improve toward 1.50x. Improving receivables
collection from state distribution companies could help offset
Greenko's weaker operating performance of its wind assets. The
company's wind portfolio underperformed P90 (meeting power
generation probability of at least 90% of the time) estimates by
over 3% in the fiscal year ended March 31, 2023. This is higher
than the previous year's underperformance of 2.3%. The acquisition
of Teesta Urja Ltd. in Sikkim state (for the balance 66% stake) is
still pending administrative approvals and the management expects
deal completion by the end of fiscal 2024.
H.M. INDUSTRIAL: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the rating for the INR15.00 crore Non-Convertible
Debenture programme of H.M. Industrial Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Debentures (NCD) Rating Continues to remain under
issuer not cooperating category
As part of its process and in accordance with its rating agreement
with H.M. Industrial Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
In 1991, H.M. Industries was established as partnership firm by Mr.
Paresh Patel, Mr. Dinesh Patel and Mr. Viresh Patel. In the year
2000, Mr. Viresh Patel left from partnership and subsequently
in2012, Mr. Hardeep Patel and Mr. Jigar Patel, sons of Mr. Paresh
Patel joined the company. In the current fiscal, from mid June
2016, the constitution of the entity has changed from Partnership
firm to Private Limited Company. Initially, the company was engaged
in crushing of castor seed only. Later in the year 2002, the
company foray in cotton seed crushing. Again in 2006, it added new
business line of cotton ginning. For producing better quality of
castor oil which can be used in pharmaceutical industries, the
company has installed BSS plant for refining castor oil in FY 2013.
The company has also installed solvent extraction plant with
processing capacity of 500 MTPD of castor seeds to produce
De–Oiled Cake and castor oil. Initially the operation of solvent
extraction plant was expected to commence from November 2013
however due to delay in getting licence of Hexgine, the extraction
plant has commenced operation from March 2014. Currently company
has installed 48 cotton ginning machines with an installed capacity
of producing 400 cotton bales per day, 9 expellers for crushing
45000 MT of Cotton seeds and 9 expellers for crushing 180000 MT.
HAPPY ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Happy
Acoustics Private Limited (HAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 36.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 14,
2022, placed the rating(s) of HAPL under the 'issuer
non-cooperating' category as HAPL 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. HAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 30, 2023, September 9, 2023, September
19, 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).
HAPL was incorporated on March 16, 2012 by Mr Amarjit Singh Kalra
and his wife, Ms Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loud speakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in September, 2012 and its
manufacturing facility is located in Delhi.
INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indian
Acoustics Private Limited (IAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.54 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 24.00 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 October 17,
2022, placed the rating(s) of IAPL under the 'issuer
non-cooperating' category as IAPL 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. IAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 2, 2023, September 12, 2023, September
22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
IAPL was incorporated on June 21, 2010 by Mr Amarjit Singh Kalra
and his wife, Ms Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loudspeakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in November, 2011 and its
manufacturing facility is located in Noida.
INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indukuri
Enterprises (IE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.90 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 October 7,
2022, placed the rating(s) of IE under the 'issuer non-cooperating'
category as IE 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. IE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 23, 2023, September 2, 2023, September 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Indukuri Enterprises (IE) is a Pune based partnership firm
established in January 2018 and was promoted by Mrs. Indukuri
Suryakumari Venkat Raju and Mr. Aditya Verma. IE is engaged in
trading of bagasse.
ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ITNL Road
Infrastructure Development Company Limited (IRIDCL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.24 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 22, 2022,
placed the rating(s) of IRIDCL under the 'issuer non-cooperating'
category as IRIDCL 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. IRIDCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2023, June 17, 2023, June 27, 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).
ITNL Road Infrastructure Development Company Ltd. (IRIDCL) is a
Special Purpose Vehicle (SPV) floated by IL&FS Transportation
Networks Ltd. (ITNL, rated CARE D; Issuer Not Cooperating) for
two-laning of National Highway (NH-8) from 58.245 km to 177.05 km
(approximately 116 km) on Gomti – Beawar section in the State of
Rajasthan (traversing two districts viz. Ajmer and Rajsamand) on a
Design, Build, Finance, Operate and Transfer (DBFOT) basis.
KAMESHWAR INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kameshwar
Industries (KI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.45 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 5,
2022, placed the rating(s) of KI under the 'issuer non-cooperating'
category as KI 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. KI 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).
Kadi-based (Gujarat) KI was established in June, 2013 as a
partnership firm to carry on the business of cotton ginning and
pressing. It is currently managed by 6 partners and operates from
its sole manufacturing plant situated in Kadi, Gujarat with an
annual installed capacity of 66,00,000 Kg. of cotton bales and
1,25,00,000 Kg. of cotton seeds as on March 31, 2017. Partners
purchase raw material in bulk quantity from farmers locally.
MADAN GOPAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Madan
Gopal Bhikam Chand Marketing Private Limited (SMGBCMPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 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 September 27,
2022, placed the rating(s) of SMGBCMPL under the 'issuer
non-cooperating' category as SMGBCMPL 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. SMGBCMPL continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and a letter/email dated August 13, 2023, August 23,
2023, September 2, 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 (Rajasthan) based, Sri Madan Gopal Bhikam Chand Marketing
Private Limited (SMPL) was established in 2006 as a private limited
company by Mall Family. SMPL is engaged in trading and exports of
agricultural products, such as spices, animal feeds, and herbs. It
also trades in lac, used in bangles and paints, in the domestic
market.
MANAGING COMMITTEE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Managing
Committee of Institute of Management & Information Science
(MCOIOMIS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of MCOIOMIS under the 'issuer
non-cooperating' category as MCOIOMIS 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. MCOIOMIS continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 23, 2023, August 2, 2023,
August 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
MCOIOMIS was set up in December 1996 as a society. The society is
running educational institution in the name of Institute of
Management & Information Science (IMIS) at Bhubaneswar, Orissa. The
Institute has intake sanctioned capacity of 120 students for Post
Graduate Diploma in Management (PGDM) for the academic year
2016-2017 and the course is approved by All India Council for
Technical Education (AICTE).
MONALISA CERAMICS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Monalisa
Ceramics India Private Limited (MCIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 October 12,
2022, placed the rating(s) of MCIPL under the 'issuer
non-cooperating' category as MCIPL 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. MCIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, October 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in September 2010, as a private limited company, by
Mr. Shaikh Mashooq Safi and Mr. Suraj Parekh, Monalisa Ceramics
India Private Limited (MCIPL) is engaged in trading of ceramic
tiles, mainly porcelain flooring tiles under the brand name of
"Monalisa".
NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Narula Solvex Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Narula Solvex Pvt. Ltd., 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.
Established in 2003, NSPL is a private limited company, which
processes rice bran with a product mix, comprising crude rice bran
oil and de-oiled rice bran from its production unit located at Moga
(Punjab), with an installed capacity of 300 metric tonnes per day
(MTPD). The company extracts solvents and sells the crude oil to
the oil refiners and traders in the nearby regions. It procures
rice bran from millers in the nearby regions of Haryana and Punjab.
NSPL is promoted by the Narula family, with an experience of around
two decades in rice bran oil extraction.
RECMET ALLOYS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Recmet
Alloys Private Limited (RAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.95 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 25,
2022, placed the rating(s) of RAPL under the 'issuer
non-cooperating' category as RAPL 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. RAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 11, 2023, July 21, 2023, July 31, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
New Delhi based RAPL was incorporated during October 2010 with
objective of setting up a Lead refining and smelting unit at
Jambusar, Bharuch district (Gujarat) at a proposed refining
capacity of 24,000 MT per annum. RAPL's registered office is in New
Delhi but all its operations are carried out from its Vadodara
(Gujarat) office as this is near to its plant in Jambusar, Bharuch
district (Gujarat). RAPL is promoted by Mr. Rabindra Agarwal, Mr.
Sanjay Saini, Mr. Kunj Behari Sarraf and Mr. Anup Agarwal with the
first three directors having experience of more than a decade into
Non-ferrous metal industry. RAPL has completed its project of
setting up Lead refining and smelting unit in April, 2016 the total
cost of the project was INR12.85 core which was funded through debt
to equity of 0.45 times. The plant has been set up on a land plot
purchased by the company at Jambusar having area of 34,095 sq.
meters.
RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RNR Imports
& Exports (Partnership) (RIEP) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 12.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 26,
2022, placed the rating(s) of RIEP under the 'issuer
non-cooperating' category as RIEP 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. RIEP
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).
RNR Imports & Exports (RIEP) was established in October 2017 as a
Proprietorship firm and converted to partnership firm in December
2017. The firm is promoted by Mrs. Madhavi Latha, Mrs. Aruna Kumari
and Mr. Ravinder Reddy. The firm is managed by Mrs. Madhavi Latha,
who is an MBA graduate and has more than two decades of experience
in packing industry in edible oils segment and is also a director
in Vyshnavi Fillers Private Limited, which is engaged in
manufacturing of 15Kg capacity empty tins, small cans and barrels
used for packing of edible oils. The registered office of the firm
is located at Guntur, Andhra Pradesh. RIEP is engaged in trading of
Rice and ethanol to African countries. The firm purchases, rice
from Raipur and Chhattisgarh, and Ethanol from Pune. The firm
purchases from the wholesaler located in and around Gunture and
directly export to foreign countries like Ghana. Also, in 8MFY19
the firm has achieved a turnover of INR 5.00 crore. The financial
closure of the firm has achieved in January 2018 and the firm has
started its commercial in February 2018.
SAFE PARENTERALS: ICRA Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Safe
Parenterals Private Limited to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Cash Credit Cooperating' Category
Long-term– 17.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Term Loan Cooperating' Category
As part of its process and in accordance with its rating agreement
with Safe Parenterals Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA for information and payment of
surveillance fee that became due, the entity's management has
remained non-cooperative. In the absence of requisite cooperation
and in line with the ICRA's policy on Non-cooperation by a rated
entity, the rating has been moved to the "Issuer Not Cooperating"
category.
Safe Parenterals Private Limited (SPPL) was incorporated on
December 14, 1992. The Company is engaged in manufacturing wide
range of injectables using aseptic filling/terminal sterlization.
The existing unit is situated in 4 acres of land, having three
separate production blocks with all infrastructure facilities and
supporting equipments. Its manufacturing facility is located at
Gollapadu Village, Guntur district, Andhra Pradesh. The company was
incorporated and operated by Dr. Siva Rama
Krishna and his family till May 2020. However, the company was
acquired by Pranaya Pharmaceuticals group in FY2021. Expromoters
still hold 22% shareholding in the company but are not involved in
the day-to-day operations. The company's operations are now being
managed by Mr. S Sridhar Reddy.
SANDOR MEDICAIDS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the rating for the INR20.00 crore Non-Convertible
Debenture programme of Sandor Medicaids Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Debentures (NCD) Rating Continues to remain under
issuer not cooperating category
As part of its process and in accordance with its rating agreement
with Sandor Medicaids Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sandor Medicaids Private Limited (SMPL) is in the medical
distribution business of high technology products such as
specialized biotech drugs for cancer and transplantation as well as
devices and equipment's used in various therapeutic areas for the
last 20 years. SMPL was incorporated by Mr. Rajeev Sindhi and Mr.
KVM Reddy in 1995. SMPL started with the distribution of IStat
Portable Clinical Analyser for Abbott and since then has been
involved in the distribution of niche, state of the art technology
products in various therapeutic fields. The focus has been on
critical care, transplantation, nephrology and oncology. The
company is an exclusive distributor of medical devices and drugs
manufactured by reputed health care companies including Genzyme
Corporation, Abbott Point of Care, ITC Med, Minntech Corporation,
Dr. Franz Chemie etc.
SATURN RINGS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saturn
Rings & Forgings Private Limited (SRFPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 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 October 13,
2022, placed the rating(s) of SRFPL under the 'issuer
non-cooperating' category as SRFPL 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. SRFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 29, 2023, September 8,
2023, September 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2012, Saturn Rings & Forgings Private Limited
(SRFPL) is engaged in manufacturing of bearing rings and other
forged component products and operates out of plant situated at
Shirwal, Pune.
SHRIYA OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shriya
Overseas Private Limited (SOPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 12.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 27,
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 noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2023, August 23, 2023, September 2,
2023.
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).
Shriya Overseas Private Limited (SOPL) was incorporated in May 1991
by Mr. P. K. Jain and Mr. Bhagat Ram Goyal having its registered
office in Delhi. In 1997, there was a change in promoters with Late
Mr. Rajan Mehra and his family taking over the management of the
company. SOPL had started dealership of General Motors India
Private Limited (GM) for their 'Chevrolet' brand of cars in October
2003. Over the years the SOPL has been involved in the automobile
dealership business for brands such as Chevrolet, Harley Davidson,
Hyundai, etc.
THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Thermo
Products Private Limited (TPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.33 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 26,
2022, placed the rating(s) of TPPL under the 'issuer
non-cooperating' category as TPPL 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. TPPL
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, October 6,
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).
Pune (Maharashtra) based TPPL, incorporated in 2004 is promoted by
Mr. Mukesh Agarwal and Mr. Omprakash Agarwal. The company is
engaged in the manufacturing of packaging material viz. EPS
(Expanded Polystyrene or Styrofoam popularly known as thermocol)
buffers at its manufacturing facility located at Sanaswadi, Pune.
VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Visual &
Acoustics Corporation Llp (VACL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of VACL under the 'issuer
non-cooperating' category as VACL 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. VACL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 2, 2023, September 12, 2023, September
22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
VACL was incorporated on November 26, 2009 by M. Amarjit Singh
Kalra and his wife Ms Surinder Kaur Kalra. The firm is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loud speakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The firm
commenced operations in November, 2009 and its manufacturing
facility is located in Mundka based (Delhi).
=====================
N E W Z E A L A N D
=====================
ASHLEY HOMES: Blacklock Rose Appointed as Administrators
--------------------------------------------------------
Garry Whimp and Benjamin Francis of Blacklock Rose Limited on Oct.
20, 2023, were appointed as administrators of Ashley Homes
Limited.
The administrators may be reached at:
Blacklock Rose Limited
PO Box 6709
Auckland 1142
KITCHENS DIRECT: Creditors' Proofs of Debt Due on Nov. 13
---------------------------------------------------------
Creditors of Kitchens Direct (NZ) Limited, Kitchens Direct
Appliances Limited, Kitchens Direct Ip Holdings Limited, Kitchens
Direct Franchising Limited and Ban Harrison Limited are required to
file their proofs of debt by Nov. 13, 2023, to be included in the
company's dividend distribution.
Kitchens Direct (NZ) Limited, Kitchens Direct Appliances Limited,
Kitchens Direct Ip Holdings Limited and Kitchens Direct Franchising
Limited commenced wind-up proceedings on Oct. 10, 2023.
Ban Harrison Limited commenced wind-up proceedings on Oct. 11,
2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
SPORTS WORX: Court to Hear Wind-Up Petition on Nov. 3
-----------------------------------------------------
A petition to wind up the operations of Sports Worx Limited will be
heard before the High Court at Auckland on Nov. 3, 2023, at 10:45
a.m.
AP Fencing Services Limited filed the petition against the company
on Sept. 21, 2023.
The Petitioner's solicitor is:
H. L. Quinn
Quinn Law, Solicitors
202B Kohimarama Road
Kohimarama
Auckland
SURREY ROAD: Creditors' Proofs of Debt Due on Feb. 22
-----------------------------------------------------
Creditors of Surrey Road Quarry Limited are required to file their
proofs of debt by Feb. 22, 2024, to be included in the company's
dividend distribution.
The High Court at New Plymouth appointed Rhys Cain and Larissa
Logan of Ernst & Young as liquidators on Oct. 20, 2023.
WE DIG: Court to Hear Wind-Up Petition on Nov. 6
------------------------------------------------
A petition to wind up the operations of We Dig Earthworks Limited
will be heard before the High Court at Tauranga on Nov. 6, 2023, at
10:00 a.m.
HPL Distribution Limited filed the petition against the company on
Sept. 13, 2023.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19
191 Queen Street
Auckland
=====================
P H I L I P P I N E S
=====================
PHOENIX PETROLEUM: Uy Expects Company to Bounce Back in 2-3 Years
-----------------------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy is confident
his Phoenix Petroleum (PNX) will get out of its deep financial hole
in the near future.
According to Bilyonaryo.com, PNX told the Philippine Stock Exchange
that the added capital and debt relief it obtained from the sale of
its PNX Petroleum Singapore Pte. Ltd. should push its local
business closer to recovery.
"Together with its liability management exercise and any possible
equity infusion, the same levels of revenue are expected to be
attained in the two to three years along with an increase in
margins," said PNX, notes the report. "This is a self help given
the difficulty in raising additional working capital bank lines."
Bilyonaryo.com relates that PNX will receive $19.2 million from the
sale of its remaining 85 percent stake in PNX Singapore (the
remaining 15 percent is owned by Libra Investments Pte. Ltd.) The
added liquidity will be used to meet the PNX's short-term needs for
working capital to buy inventory for its B2B customers.
Bilyonaryo.com says the divestment will also offset and settle the
outstanding obligations of PNX Phoenix LPG Philippines, PNX Gas
Vietnam, and Udenna Corp. totaling to $24.6 million.
Insofar as business operations are concerned, there is no impact
since mid 2022, PPPI has been sourcing its inventories from local
suppliers, the report adds.
About Phoenix Petroleum
Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
30, 2023, Dennis Uy's financial troubles have deepened as Phoenix
Petroleum's (PNX) navigates an extraordinary surge in losses.
PNX reported losses of PHP2.061 billon in the first half this year,
1,617 percent more than its PHP121 million loss in 2022,
Bilyonaryo.com disclosed.
While Uy-led management previously blamed PNX's PHP3.2 billion loss
last year to the spiraling cost of crude oil, the prevailing
scenario has seen the average price of Dubai crude (benchmark of
Asian refineries) dwindling by a quarter to $77.37 per barrel.
According to Bilyonaryo.com, PNX's setback came primarily from its
ballooning financial expenses which hit PHP1.9 billion this year,
43 percent more than the PHP1.3 billion last year.
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S I N G A P O R E
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ASTI HOLDINGS: Loses Offer After Failure to Submit Fin'l. Statement
-------------------------------------------------------------------
The Business Times reports that watch-listed semiconductor company
Asti Holdings said on Oct. 25 that its potential offerer and
potential offerer consortium will no longer be pursuing an
acquisition of the company.
BT relates that the offerers ceased interest in the company after
it failed to prepare audited financial statements of the company
for FY2022 by Sept. 30, 2023. This had been a condition upon which
the offer was contingent.
According to BT, Asti said it was unable to prepare the financial
statement as the company no longer had an auditor, since
shareholders at its last annual general meeting (AGM) approved a
resolution to retire Ernst & Young, its auditor at the time.
Since then, no auditor has been appointed; a resolution to appoint
RT at the last AGM failed to garner majority approval from
shareholders.
The board said it intends to put up another resolution to
shareholders to appoint an auditor as soon as possible, so that it
can finalise its audited financial statement for FY2022.
The company added that it will also engage with the offerers to
"clarify the scope and the implications of their decision not to
pursue the potential exit offer", as well as seek other potential
exit offers, BT relays.
Separately, on a disclaimer of opinion made by an independent
auditor on its subsidiary Dragon Group International (DGI), Asti
said it anticipates "no significant factors which might affect the
audit process and signing off of the audited financial statements
of the company for FY2022," BT reports.
According to BT, DGI on Oct. 24 put up a notice that RT, its
independent auditor, had put up a disclaimer of opinion as it had
not been able to obtain "sufficient appropriate audit evidence to
provide a basis for an audit opinion on the group's financial
statements".
In its report, the auditor noted that DGI and its subsidiaries are
in net liabilities positions of US$1.1 million and US$3.2 million,
respectively, BT discloses. Their current liabilities also exceed
their current assets, it said.
"These conditions indicate the existence of a material uncertainty
which may cast significant doubt about the group's and the
company's ability to continue as a going concern," said the
auditor.
RT also noted that Asti is in a middle of a lawsuit, which could
affect its undertaking to not recall the amounts due to itself and
provide continuing financial support to DGI and its subsidiaries,
BT adds.
"Because of the significance of the uncertainties arising from the
matters described above, we are unable to express an opinion on the
accompanying financial statements," the auditor said.
Based in Singapore, ASTI Holdings Limited --
https://www.astigp.com/ -- engages in the provision of
semiconductor manufacturing services for surface mount technology
components in Singapore, China, Malaysia, the Philippines, the
United Kingdom, and internationally.
AVANTGARDE MOTOR: Court to Hear Wind-Up Petition on Nov. 17
-----------------------------------------------------------
A petition to wind up the operations of Avantgarde Motor Asia Pte
Ltd will be heard before the High Court of Singapore on Nov. 17,
2023, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Oct. 18,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
OGP FREIGHT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Oct. 20, 2023, to
wind up the operations of OGP Freight Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
ORIS ENTERTAINMENT: Court to Hear Wind-Up Petition on Nov. 17
-------------------------------------------------------------
A petition to wind up the operations of Oris Entertainment And
Events Pte Ltd will be heard before the High Court of Singapore on
Nov. 17, 2023, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Oct. 18,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
RADIUS EXPERIENTIAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Oct. 16, 2023, to
wind up the operations of Radius Experiential International Pte.
Ltd.
Chan Yee Hong filed the petition against the company.
The company's liquidators are:
Mr. Chan Yee Hong
c/o CLA Global TS Risk Advisory
80 Robinson Road
#25-00 Singapore 068898
TASTY LOONG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Oct. 20, 2023, to
wind up the operations of Tasty Loong Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
[*] Luxury Seoul Project Fails to Get Loan Extension; Fuels Concern
-------------------------------------------------------------------
Bloomberg News reports that financial regulators and government
officials in South Korea met after a luxury Seoul residential
project failed to get an extension for US$344 million in bridge
loans, underscoring policymakers' continued concern about funding
in the real estate market.
Some housing projects are experiencing difficulties in coordinating
the interests of lenders, contractors and developers participating
in project financing, the Financial Services Commission said in a
statement on Oct. 25, without identifying specific projects.
That followed creditors failing to delay the due date of KRW464
billion (US$344 million) in bridge loans to the Le Pied Cheongdam
PFV residential project in Gangnam, the nation's most affluent
area. The loan hasn't been extended since it matured on Aug. 16 and
it's applied for co-management process, in which creditors form a
committee to plan to fix troubled projects, its biggest creditor
Korean Federation of Community Credit Cooperatives said via email.
According to Bloomberg, the Gangnam loan trouble comes a year after
a default by Legoland Korea's developer sparked a credit crisis in
Asia's fourth-biggest economy. South Korean authorities are still
closely watching the debt markets for any signs that borrowers are
having trouble raising funds as economic growth slows and funding
costs increase on rising interest rates and accelerating inflation,
Bloomberg notes.
Yields on three-month commercial paper, which companies use to
raise funds for short-term expenses like payrolls, have started to
rise again since last month after dropping from their peaks late
last year, adds Bloomberg.
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V I E T N A M
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ASIA COMMERCIAL: Moody's Affirms 'Ba3' Deposit & Issuer Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed Asia Commercial Bank's (ACB)
Ba3 local currency (LC) and foreign currency (FC) long-term (LT)
bank deposit and issuer ratings, as well as the bank's ba3 Baseline
Credit Assessment (BCA) and adjusted BCA.
At the same time, Moody's has also affirmed ACB's Ba2 LT FC and LC
Counterparty Risk Ratings (CRR) and Ba2(cr) LT Counterparty Risk
(CR) Assessment, NP short-term (ST) FC and LC CRR, ST FC and LC
bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.
Moody's has maintained the stable outlook on the ratings, where
applicable.
RATINGS RATIONALE
The affirmation of ACB's ratings is driven by Moody's expectation
that the bank's improved capitalization and profitability will
temper the moderate deterioration in its asset quality. It also
considers the bank's lower reliance on market funds relative to its
rated peers in Vietnam, and the bank's modest liquidity.
ACB's asset quality weakened in the first half of 2023, driven by
higher delinquencies from retail and corporate borrowers. Its gross
nonperforming loan (NPL) ratio increased to 1.1% at the end of June
2023 from 0.7% at the end of 2022, while its special mention loan
(SML) ratio rose to 0.9% from 0.6% over the same period. The bank's
loan loss reserves as a percentage of its NPLs also declined to
108% from 159% over the same period, reflecting modest buffers for
future loan losses.
Nevertheless, ACB does not have material exposure to the stressed
real estate and construction sectors, and its NPL ratio is one of
the lowest among its rated peers in Vietnam. In addition, its focus
on retail and small and medium-sized enterprise borrowers has
resulted in low concentration risk and reduced the risk of a spike
in its NPLs.
ACB's profitability is a key credit strength. At the end of June
2023, the bank's annualized return on tangible assets was 2.5%,
higher than the average of around 1.5% for its rated peers in
Vietnam. Moody's expects narrowing net interest margins and higher
credit costs to strain the bank's profitability over the next 12-18
months.
ACB's capitalization has improved over the past few years,
supported by capital retention and higher profitability, with its
tangible common equity (TCE) as a percentage of risk weighted
assets (RWA) increasing to 11.4% at the end of June 2023 from 8.4%
at the end of 2020. Moody's expects the bank's TCE/RWA to remain
stable over the next 12-18 months, with internal capital generation
supporting asset growth.
ACB's reliance on market funding is lower than most of its rated
peers in Vietnam, with its market funds as a percentage of tangible
banking assets at 18% at the end of June 2023. At the same time,
high-quality liquid assets such as cash, balances with central bank
and government securities accounted for just 11% of its tangible
banking assets as of June 2023, reflecting limited buffers in times
of need.
While Moody's assumes a moderate probability of government support
for ACB in times of need, this assumption this does not lead to a
rating uplift from the bank's ba3 BCA.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the bank's ratings is unlikely in the near term,
given the weaker economic momentum in Vietnam and continued stress
in the real estate sector. Nonetheless, Moody's could upgrade the
ratings if the bank strengthens its TCE/RWA to more than 15% and
maintains high-quality liquid assets as a percentage of tangible
banking assets above 20% on a sustained basis. An improvement in
asset quality and profitability will also be positive for the BCA.
Moody's would downgrade ACB's long-term ratings if its BCA is
downgraded by more than one notch. Specifically, a NPL plus SML
ratio of more than 5% over a sustained period, which would strain
the bank's profitability and capital, will be credit negative. A
significant deterioration in the bank's funding and liquidity would
also be negative for the BCA.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Asia Commercial Bank (ACB) is headquartered in Ho Chi Minh City. It
reported total assets of VND630 trillion as of June 30, 2023.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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