/raid1/www/Hosts/bankrupt/TCRAP_Public/231127.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, November 27, 2023, Vol. 26, No. 237
Headlines
A U S T R A L I A
ASHDOWN INVESTMENTS: Second Creditors' Meeting Set for Nov. 29
GETTA BURGER: Brisbane Burger Chain In Liquidation, 107 Jobs Go
GORILLA GRILL: Cult Burger Joint Goes Into Liquidation
ILLINBAH GROUP: First Creditors' Meeting Set for Nov. 29
L M G BUILDING: Second Creditors' Meeting Set for Nov. 29
MASON PLACE: Second Creditors' Meeting Set for Nov. 29
STAR ENTERTAINMENT: Inks Deal with NSW on Reduced Tax Rates
TASTY FOOD: Second Creditors' Meeting Set for Nov. 29
THINK TANK 2021-2: S&P Raises Class F Notes Rating to B+(sf)
C H I N A
CHINA: Weighs Unprecedented Builder Support With Unsecured Loans
COUNTRY GARDEN: Shrugs Off Penny Stock Label Amid Sector Support
DALIAN WANDA: Moody's Lowers CFR to Caa2, Outlook Remains Negative
I N D I A
AMBICA PULSE: CRISIL Lowers Rating on INR7cr Cash Loan to D
BIRLA TYRES: NCLAT to Hear Pleas Challenging Resolution Plan in Dec
CHAUDHARY JAI: CRISIL Keeps B Debt Ratings in Not Cooperating
DEEPAK PLASTIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ESSENZAA LIFESCIENCE: Insolvency Resolution Process Case Summary
GO FIRST: Lenders to Vote on Liquidation Amid Lack of Suitors
INOX TUBES: Insolvency Resolution Process Case Summary
JAGANNATH EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
KROSSLINK INFRASTRUCTURE: Insolvency Resolution Case Summary
LAKSHMI VENKATA: CRISIL Keeps B Debt Ratings in Not Cooperating
LOROM INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating
M-FAC SOLUTIONS: CRISIL Assigns B Rating to INR10cr Loans
M.K.R. TRADERS: CRISIL Lowers Rating on INR18cr Cash Loan to D
MAA KALI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAKRANIA OIL: CRISIL Keeps B- Debt Rating in Not Cooperating
MOUNTAIN EDGE: Insolvency Resolution Process Case Summary
MS COPPER: CRISIL Assigns B- Rating to INR15cr Cash Loan
OZONE INFRA: Ind-Ra Corrects October 26, 2023 Rating Release
P.D. AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
PARWANI BUILDERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
POINTIFIC DIGITAL: Insolvency Resolution Process Case Summary
POWERWIND LIMITED: Ind-Ra Corrects October 26, 2023 Rating Release
PRES OORJA: Ind-Ra Assigns BB Loan Rating, Outlook Negative
PRG BUILDCON: Ind-Ra Corrects Oct. 26, 2023 Rating Release
PUNJAB LIQUORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
PUNJAB RENEWABLE: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
R. K. NATURAL: CRISIL Moves B+ Rating to Not Cooperating Category
RAINBOW INFRABUILD: Insolvency Resolution Process Case Summary
RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
RASHMI YARNS: Ind-Ra Corrects Oct. 26, 2023 Rating Release
REWALE ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
RUBBER O MALABAR: Ind-Ra Corrects October 26, 2023 Rating Release
SAINI ALLOYS: Ind-Ra Affirms & Withdraws BB+ Bank Loan Rating
SAKTHI VINAYAGA: CRISIL Keeps B+ Debt Rating in Not Cooperating
SANDWOODS INFRATECH: Ind-Ra Cuts Term Loan Rating to D
SAURABH (INDIA): CRISIL Lowers Rating on INR40cr LoC to D
SCHNEIDER PROTOTYPING: Insolvency Resolution Process Case Summary
SEETA INTEGRATED: CRISIL Keeps B+ Debt Rating in Not Cooperating
SHANKARRAO PAWAR: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVAM CORPORATION: CRISIL Cuts Rating on INR20cr Loan to D
SHIVSHAKTI BARRELS: Ind-Ra Cuts Term Loan Rating to D
SIMRAN FOOD: CRISIL Keeps B+ Debt Rating in Not Cooperating
SIVAGURU SPINNING: Ind-Ra Assigns BB Loan Rating, Outlook Stable
SKYLINE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
SOMANI KUTTNER: CRISIL Keeps C Debt Ratings in Not Cooperating
SOUTH INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SRITHIK ISPAT: Ind-Ra Corrects October 26, 2023 Rating Release
STANDARD PAPER: CRISIL Keeps D Debt Rating in Not Cooperating
SUNLARGE INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
TCP LIMITED: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
N E W Z E A L A N D
IMPERIAL HYGIENE: Creditors' Proofs of Debt Due on Dec. 15
LITTLE LONDON: BDO Tauranga Appointed as Administrators
LN INK: Creditors' Proofs of Debt Due on Dec. 15
VEXALA LANDS: BDO Tauranga Appointed as Receivers and Managers
XCEL ELECTRICAL: Creditors' Proofs of Debt Due on Dec. 15
P H I L I P P I N E S
MEGAWORLD: Court Lifts Freeze Order on Assets After Posting Bond
S I N G A P O R E
D & L SINGAPORE: Commences Wind-Up Proceedings
DASIN RETAIL: Unitholders Seek to Replace Current Trustee-Manager
LENDLEASE RETAIL: Creditors' Proofs of Debt Due on Dec. 26
OID PTE: Creditors' Proofs of Debt Due on Dec. 24
TRANZPLUS ENGINEERING: Court to Hear Wind-Up Petition on Dec. 8
YOKOGAWA INSILICO: Creditors' Proofs of Debt Due on Dec. 27
- - - - -
=================
A U S T R A L I A
=================
ASHDOWN INVESTMENTS: Second Creditors' Meeting Set for Nov. 29
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Ashdown
Investments Pty Limited has been set for Nov. 29, 2023 at 10:00
a.m. via virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 28, 2023 at 5:00 p.m.
Cameron Gray of DW Advisory was appointed as administrator of the
company on Oct. 25, 2023.
GETTA BURGER: Brisbane Burger Chain In Liquidation, 107 Jobs Go
---------------------------------------------------------------
News.com.au reports that popular Brisbane burger chain Getta Burger
has collapsed into liquidation, closing 14 stores and with debts in
excess of AUD500,000, with cost of living and inflation behind the
chain's demise.
Liquidator Ian Currie, from BRI Ferrier, told news.com.au: "I've
been appointed to seven companies in the group that had 11 trading
stores as of yesterday morning [Nov. 23]. All have now been closed
and the staff terminated."
He added that four stores were also closed prior to the business
being put into liquidation on November 23 and that 107 staff
members have lost their jobs, who he said were mainly casuals.
News.com.au relates that the 14 Getta Burger stores that have
closed, either due to the liquidation or prior to it are in the
Brisbane suburbs of Ashgrove, Underwood, Capalaba, Clayfield,
Cannon Hill, Victoria Point, West End, Bridgeman Downs and Carina,
along with five stores in the outer Brisbane metropolitan area in
North Lakes, Springfield Lakes, Holmview, Yamanto and Yatala.
According to the report, Mr. Currie said wages had been paid up
until last Sunday, November 19, with staff only owed wages from the
past few days, along with any annual leave and redundancy payments
that may be owing.
He added that his investigations so far had revealed that
superannuation had not been paid for the previous quarter, "but
everything else is supposedly up-to-date".
News.com.au says Mr. Currie is still determining the financial
position of the seven companies in the group, but said that
payments to suppliers also seemed to be "relatively up-to-date".
However, he told news.com.au that the chain owed around AUD500,000
in payroll tax to the Queensland Revenue Office and said: "I
believe there are other tax debts".
Mr. Currie added that lease liabilities to the landlords who own
the 14 locations the chain had traded from would be "one of the
other large liabilities".
He said that from his understanding of the situation, the chain had
failed due to higher food costs and lower sales, news.com.au
relays.
"Food costs have gone up considerably and people have stopped
spending on takeaway food, especially where the stores are," which
he described as the mortgage belt populated by young families.
According to its website, Getta Burger was founded by Brent and Amy
Poulter and had been trading since 2014, news.com.au relays.
The couple owns several hospitality business and began running a
food truck as their first foray into the hospitality business
before starting chain Getta Burger.
It's understood two Getta Burger stores in Townsville are still
trading and are unaffected by the liquidation, the report notes.
Mr. Poulter confirmed rising costs were behind the chains' demise.
In a statement to news.com.au he said: "Like many small businesses
across the state and the country, our stores have felt the full
impact of the rising cost of living."
"Although this decision was an extremely difficult one for me to
make - personally and professionally - it came after a thorough
evaluation of the business's operational costs and our future
viability."
GORILLA GRILL: Cult Burger Joint Goes Into Liquidation
------------------------------------------------------
News.com.au reports that a popular Aussie burger joint has gone
bust after almost a decade serving customers, crumbling after
lockdowns and now a cost of living crisis.
Inner-city Melbourne burger joint Gorilla Grill went into
liquidation last week after shutting its doors in April, the report
discloses.
News.com.au relates that the business, officially known as TDV Pty
Ltd, has reportedly accrued debts of AUD200,000, according to
liquidator and director of APL Insolvency Jeremy Abeyratne.
Mr. Abeyratne told The Daily Mail Australia the small business was
a victim of back-to-back crises: first, Melbourne's record Covid-19
lockdowns, and then devastating inflation, news.com.au relays.
"The explanation they've largely given is that pretty much from the
start of Covid, they've been struggling," he told the news outlet.
"They've sort of hung on through Covid - it basically started
hitting and things just started getting worse."
News.com.au relates that the liquidator said Gorilla Grill
"probably hung on longer than they should've" but finally reached a
point where it could not go on.
"This is a big Covid hangover," Mr. Abeyratne continued.
"They're not unusual in that regard, we've seen lots of business
with that sort of explanation."
It is understood Gorilla Grill does not owe its staff any wages,
news.com.au notes.
Gorilla Grill started as a food truck in 2014, quickly gaining a
cult following for its Asian-inspired tacos, ribs, and
American-style burgers before establishing a sit-in restaurant at
Maribyrnong.
The menu included fried chicken ribs, Kimcheese fries, and a
massive selection of overflowing, and towering burgers - including
its Custom King Kong burger with three beef patties and pork
belly.
ILLINBAH GROUP: First Creditors' Meeting Set for Nov. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Illinbah
Group Pty Ltd will be held on Nov. 29, 2023, at 10:00 a.m. at the
offices of SV Partners Gold Coast at Level 3, 12 Short Street in
Southport.
Matthew John Bookless and Anne Meagher of SV Partners Gold Coast
were appointed as administrators of the company on Nov. 20, 2023.
L M G BUILDING: Second Creditors' Meeting Set for Nov. 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of L M G Building
Pty Ltd has been set for Nov. 29, 2023 at 1:00 p.m. at the offices
of Westburn Advisory at Level 5, 115 Pitt Street in Sydney.
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 Nov. 28, 2023 at 4:00 p.m.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Oct. 25, 2023.
MASON PLACE: Second Creditors' Meeting Set for Nov. 29
------------------------------------------------------
A second meeting of creditors in the proceedings of Mason Place Pty
Ltd has been set for Nov. 29, 2023 at 11:00 a.m. at the offices of
Bolwell Corporate Advisory Pty Ltd at Suite 15, Level 2, 25
Claremont Street in South Yarra and via virtual meeting
technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 28, 2023 at 4:00 p.m.
Craig Ivor Bolwell of Bolwell Corporate Advisory was appointed as
administrator of the company on Oct. 24, 2023.
STAR ENTERTAINMENT: Inks Deal with NSW on Reduced Tax Rates
-----------------------------------------------------------
News.com.au reports that the NSW government will move to cement a
deal to protect the jobs of 3,000 workers at Sydney's struggling
Star casino in exchange for significantly reduced pokies tax
rates.
Legislation to confirm the arrangement was introduced to parliament
last week.
According to news.com.au, the announcement comes as Sydney's major
casinos, The Star and The Crown, have agreed to increased tax rates
on table duties that will be backdated to July 1, 2023.
News.com.au relates that legislation will also be introduced to
protect more than 3,000 workers at The Star over the next six
years, in exchange for a transitional tax levy on poker machine
duties.
NSW Treasurer Daniel Mookhey claimed the casino would have gone
under without government intervention, news.com.au notes.
While the table rates implemented for The Crown will remain the
same as what was established under the former Coalition government,
The Star will receive significantly reduced rates on its income
from poker machines, the report says. Under the previous
arrangement, the highest-performing machines would be taxed at 60.7
per cent.
Announcing the new arrangement in August, Mr. Mookhey argued at the
time they were made without consultation with the casino and didn't
consider how they would affect their operations.
News.com.au notes that The Star's lifeline means poker machines
will be taxed at 20.91 per cent until June 30, 2024, before rates
increase to 22.91 per cent from July 1, 2027 until 2030. The move
is estimated to draw in AUD2.7 billion over 10 years; however, tax
changes could be made if The Star recovers faster than expected.
Accusing the former government of bungling its casinos policy, the
Treasurer said the negotiations were "one of the most difficult
challenges I inherited".
"The government can now proceed with legislation which will see
more than 3,000 workers have their jobs protected at The Star," the
report quotes Mr. Mookhey as saying.
Previously, Nine Newspapers reported The Crown had made an
unsuccessful appeal to the government for a tax reprieve after it
flagged 180 jobs would be cut after it was forced to reduce its
trading hours.
In Nov. 21's media release, Mr. Mookhey acknowledged Crown's
predicament and said he would continue to engage with
stakeholders.
"I note The Crown has made it clear that recent job losses arise
from their trading conditions," he said.
"The government will continue to engage with Crown and The Star, as
well as worker representatives, on their operating models and
regulatory frameworks – especially as both are remediating their
businesses."
Opposition spokesperson for gaming Kevin Anderson accused Labor of
making a "tricky tax deals between poker machines and card tables
at the state's major casinos," according to news.com.au.
"While the Opposition will always welcome saving jobs, this new
agreement is largely letting these big enterprises off the hook by
allowing them to operate under a pay as you can approach,"
news.com.au quotes Mr. Anderson as saying. "The former Liberal and
Nationals Government fully supported the recommendations of the
Bell and Bergin inquiries into operations at the Crown and the
Star, to introduce additional measures to strengthen compliance
requirements including serious penalties.
"The Previous Government forced both casinos to implement a
considerable reform agenda and as a result set up the platform for
them to continue to operate."
About The Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
TASTY FOOD: Second Creditors' Meeting Set for Nov. 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tasty Food
Group Pty Ltd has been set for Nov. 29, 2023 at 12:00 p.m. via
Microsoft Teams platform.
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 Nov. 28, 2023 at 5:00 p.m.
Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Oct. 25, 2023.
THINK TANK 2021-2: S&P Raises Class F Notes Rating to B+(sf)
------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by BNY Trust Co. of Australia Ltd. as
trustee of Think Tank Commercial Series 2021-2 Trust. At the same
time, S&P affirmed its ratings on two classes of notes.
S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolios. Our analysis of credit
risk is based on our "Principles Of Credit Ratings" criteria;
however, where factors that affect borrower performance are similar
to those for residential mortgage loans, we have applied similar
assumptions. The asset pool has continued to amortize and has a
pool factor of 57.2% as of Sept. 30, 2023. The weighted-average
current loan-to-value ratio is 60.0% and a weighted-average
seasoning of 41.9 months."
The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.
S&P said, "We have also factored into our analysis the relatively
high level of self-employed borrowers and alternative-documentation
loans in the pool. These characteristics increase our expectation
of loss for the portfolio. Arrears have performed within our
expectations. As of Sept. 30, 2023, loans greater than 30 days in
arrears represent 2.12% of the pool, of which 0.32% is greater than
90 days. There have been no charge-offs to any of the notes.
"The credit support provided in percentage terms has increased as
the pool has paid down due to the sequential pay structure. We
expect this buildup in credit support will continue because we
believe the transaction will not meet the pro-rata triggers in the
coming months.
"A constraining factor on the degree of upgrades is our expectation
of higher delinquencies across the market due to the impact of
higher interest-rates and softening macroeconomic conditions. The
composition of the portfolio and the subset of borrowers are likely
to be more susceptible to such changes in the economy, particularly
rising interest rates and cost-of-living pressures. Additionally,
there is increasing risk of borrower concentration as the pool
continues to amortize. The largest 10 borrowers make up 6.21% of
the pool. We believe the lower-rated notes are more susceptible to
this increasing borrower concentration risk."
These qualitative factors are constraining S&P's ratings beyond
quantitative factors alone.
Ratings Raised
Think Tank Commercial Series 2021-2 Trust
Class B: to AAA (sf) from AA (sf)
Class C: to AA- (sf) from A (sf)
Class D: to A- (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to B+ (sf) from B (sf)
Ratings Affirmed
Think Tank Commercial Series 2021-2 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
=========
C H I N A
=========
CHINA: Weighs Unprecedented Builder Support With Unsecured Loans
----------------------------------------------------------------
Bloomberg News reports that China may allow banks to offer
unsecured short-term loans to qualified developers for the first
time, people familiar with the matter said, a major push to ease
the property crisis that's dragging down growth in the world's
second-largest economy.
As part of a package of new measures to backstop the real estate
industry, regulators are considering allowing banks to issue
so-called working capital loans to some developers, the people
said, asking not to be identified discussing a private matter,
Bloomberg relays. Unlike other types of loans available to builders
that typically require land or assets as collateral, the new
financing facility would be unsecured and available for day-to-day
operational purposes, potentially freeing up capital for debt
repayment, the people said.
Officials are also weighing a mechanism that would allow one lender
to take the lead in supporting a specific distressed builder by
coordinating with other creditors on financing plans, the people
said.
According to Bloomberg, implementation would require regulators to
exempt bankers from being held accountable for possible bad loans
given the high risks involved, the people said, adding that
deliberations are ongoing and subject to change.
If the support measures are approved, they would represent China's
most forceful attempt yet to plug an estimated US$446 billion
shortfall in funding needed to stabilise the industry and deliver
millions of unfinished homes, Bloomberg states. President Xi
Jinping is also stepping up support for the broader economy, with
moves this week indicating increased urgency to stop a downward
spiral in the property sector from derailing growth and endangering
financial stability.
A Bloomberg Intelligence gauge of developers surged as much as 8.2
per cent on Nov. 23, while dollar bonds of some real estate
companies have soared this week as investors bet on more policy
action.
Bloomberg adds that authorities are finalising a draft list of 50
developers eligible for financial aid that includes Country Garden
Holdings and Sino-Ocean Group, people familiar said earlier, part
of a pivot by Beijing to help some of the nation's most distressed
builders.
Meanwhile, China's top lawmaking body said on Nov. 22 that banks
should increase funding for developers to reduce the risk of
additional defaults and make certain that housing projects get
completed, Bloomberg reports.
Bloomberg relates that while the working capital loans may ease the
industry's near-term funding challenges, it's unclear how they will
ultimately impact developers' ability and willingness to repay
creditors, especially offshore bondholders who have already
suffered billions of dollars in losses. Shifting more of the burden
to lenders also comes with risk.
China's US$57 trillion banking industry has already been battling
with shrinking margins and record pile of souring loans as
authorities have steadily increased pressure on lenders to shore up
the economy and the property sector, Bloomberg discloses. Net
interest margins at commercial banks dropped to a record 1.73 per
cent at the end of September, below the industry's 1.8 per cent
threshold seen as necessary to maintain a reasonable amount of
profitability.
Outstanding property loans at the end of September fell on a yearly
basis for the first time, underlining caution at the banks. At a
meeting with top financial regulators on Nov. 17, China's biggest
lenders, brokerages and distressed asset managers were told to meet
all "reasonable" funding needs from property firms, adds
Bloomberg.
COUNTRY GARDEN: Shrugs Off Penny Stock Label Amid Sector Support
----------------------------------------------------------------
Bloomberg News reports that distressed Chinese developer Country
Garden Holdings Co. is poised to shed its penny stock status after
Beijing signaled more support for troubled builders.
Bloomberg relates that the stock surged 20% intraday to over HK$1
on Nov. 23 after spending two months below that level. The builder
will be included in a draft list of firms eligible for financing
support, easing investor concerns over its liquidity woes,
Bloomberg says.
Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, Moody's Investors Service has downgraded Country
Garden Holdings Company Limited's corporate family rating to Ca
from Caa1 and its senior unsecured rating to C from Caa2. The
outlook remains negative. "The rating downgrades with negative
outlook reflect Country Garden's tight liquidity and heightened
default risk, as well as the likely weak recovery prospects for the
company's bondholders," said Kaven Tsang, a Moody's Senior Vice
President.
DALIAN WANDA: Moody's Lowers CFR to Caa2, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded Dalian Wanda Commercial
Management Group Co., Ltd.'s (DWCM) corporate family rating to Caa2
from Caa1.
As the same time, Moody's has downgraded the following ratings to
Ca from Caa3:
-- Wanda Commercial Properties (HK) Co. Limited's (Wanda HK) CFR;
and
-- The senior unsecured ratings on the bonds issued by Wanda
Properties Global Co. Limited and Wanda Properties International
Co. Limited.
Moody's has maintained the negative outlooks on all entities.
Wanda Properties Global and Wanda Properties International are
wholly-owned subsidiaries of Wanda HK. The rated bonds are
guaranteed by Wanda HK and supported by deeds of equity interest,
purchase undertakings and keepwell deeds between DWCM, Wanda HK and
the bond trustee.
"The downgrade reflects DWCM's deteriorated liquidity and
heightened refinancing risks, following its consent solicitation to
its noteholders, which Moody's recognize as a form of distressed
exchange," says Alfred Hui, a Moody's Analyst.
"The negative outlook reflects the uncertainty over the company's
ability to address its near-term debt maturities amid challenging
funding conditions," adds Hui.
RATINGS RATIONALE
Moody's believes DWCM's refinancing risk has increased. On November
21, 2023, DWCM announced that it is conducting a consent
solicitation to extend the maturity date of its USD600 million
offshore bond to December 29, 2024 from January 29, 2024, and to
add mandatory partial redemptions on January 5, 2024, May 29, 2024
and September 29, 2024. The company is also soliciting consent to
amend certain terms and conditions of the USD600 million offshore
bond. [1]
The proposed consent solicitation reflects DWCM's weak liquidity
and constrained financial flexibility. The company's liquidity will
further weaken if its property management subsidiary is unable to
launch its initial public offering (IPO) by the end of 2023, given
the sizable amount of the repurchase obligation for the
subsidiary's pre-IPO capital.
DWCM's cash balance declined materially to RMB13.3 billion as of
the end of September 2023 from RMB21.7 billion at end of 2022 as
the company increased its investments in wealth management products
and repaid some maturing debt using its internal cash source.
Although the company had wealth management products with an
estimated amount of around RMB66 billion as of end of September
2023, it is uncertain whether it can mobilize this cash source in a
timely manner for debt servicing, in particular its offshore debt.
The downgrade of Wanda HK's ratings to Ca, which incorporates a
one-notch parental uplift, follows the downgrade of the rating of
its parent DWCM and reflects DWCM's weakened ability to support
Wanda HK on a timely basis.
Wanda HK's Ca ratings also reflect the weak recovery prospects of
its bondholders if the company defaults, given its weaker credit
quality and reliance on DWCM's support through keepwell deeds and
equity interest purchase undertaking.
These agreements provide weaker protection to bondholders compared
with direct guarantees from DWCM. They differ from direct
guarantees for payment obligations under bonds, and the enforcement
of these agreements could be subject to extensive legal and
procedural uncertainties, particularly because of the lack of a
legal precedent in China for enforcing such agreements.
In terms of environmental, social and governance (ESG)
considerations, the Credit Impact Scores of CIS-5 for both DWCM and
Wanda HK reflect the very highly negative impact of ESG attributes,
especially governance risk, on their ratings.
The companies' governance risk exposure is reflected in DWCM's
concentrated ownership, complex organizational structure with low
transparency and very weak financial management and management
credibility, in view of its aggressive approach to managing (1) its
liquidity to meet its maturing debt, and (2) its pre-IPO
transaction.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade of DWCM's ratings is
unlikely.
However, positive rating momentum could emerge if DWCM (1)
satisfactorily addresses its near-term refinancing risks and the
repurchase obligation related to the pre-IPO transaction, (2)
strengthens its financial and liquidity management by prudently
managing its liquidity position and improving its access to
funding, and (3) manages its related-party transactions such that
it lowers its cash leakage and contagion risk associated with the
parent.
Moody's could downgrade DWCM's ratings if the company's liquidity
and refinancing risks heighten further, or if the recovery
prospects for its creditors deteriorate.
An upgrade of Wanda HK's ratings is also unlikely, given the
negative outlook.
However, positive rating momentum could emerge if DWCM's rating is
upgraded and Wanda HK's standalone credit profile improves.
Moody's could downgrade Wanda HK's rating if (1) DWCM's rating is
downgraded, (2) it defaults on its debt obligation, or (3) the
likelihood of the company receiving support from DWCM declines.
The principal methodology used in rating Dalian Wanda Commercial
Management Group Co., Ltd. was REITs and Other Commercial Real
Estate Firms published in September 2022.
Dalian Wanda Commercial Management Group Co., Ltd. (DWCM) develops
and operates commercial properties in China. As of the end of 2022,
the company operated 472 retail malls with an aggregate gross floor
area (GFA) of 65.6 million square meters.
The company was 44.31% owned by Dalian Wanda Group Co., Ltd.
(Dalian Wanda Group) as of December 31, 2022. The chairman of
Dalian Wanda Group, Wang Jianlin, also directly and indirectly
owned a 53.39% stake in the company as of the same date.
Wanda Commercial Properties (HK) Co. Limited is the primary
offshore funding and investment platform for DWCM. The company's
main assets include a 65.04% equity interest in Hong Kong-listed
Wanda Hotel Development Company Limited.
=========
I N D I A
=========
AMBICA PULSE: CRISIL Lowers Rating on INR7cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Ambica Pulse Mill (APM) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' as the entity has delayed
servicing its debt obligation, as per publicly available
information.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with APM for
obtaining information through letters and emails dated November
16.2023, apart from telephonic communication. However, the issuer
has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of APM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APM
is consistent with 'Assessing Information Adequacy Risk'.
Set up in 2007 as a proprietorship firm by Jodhpur, Rajasthan-based
Mr Dinesh Jain, APM primarily processes urad dal and has capacity
of 20 tonne per day. The firm sells to traders and commission
agents under the Tiranga and Champion brands.
BIRLA TYRES: NCLAT to Hear Pleas Challenging Resolution Plan in Dec
-------------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Nov. 24 adjourned hearing in a bunch of pleas
challenging the approved resolution plan of Birla Tyres.
According to the report, the NCLAT said the pleas will be heard
separately during the first week of December and January.
Livemint.com relates that the latest pleas include that of HDFC
Bank challenging the plan of Himadri Speciality Chemical Ltd and
Dalmia Bharat group to jointly acquire Birla Tyres.
Another petition involves Kesoram Industries Ltd, the parent
company of Birla Tyres, contesting the rejection of its claims as a
financial creditor in the Birla Tyres insolvency process.
Additionally, Manav Investment and Trading Company Ltd, a
shareholder, is raising a worker's claim in its case, the report
says.
Livemint.com notes that these pleas assume significance as there is
still no clarity on the business revival of the company even
post-acquisition by Dalmia Bharat Group. The fate of Birla Tyres'
workers hangs in the balance due to the alleged unilateral
rejection of their claims by the resolution professional in the
approved resolution plan.
In May 2022, SRF Ltd, an operational creditor, initiated insolvency
proceedings for Birla Tyres, owed over INR1,100 crore to creditors,
including Axis Bank, State Bank of India, ICICI Bank, and Yes
Bank.
Various expressions of interest were received from potential
applicants, including Ceat, Bain-Piramal-backed India Resurgent
Fund, Jindal Steel & Power, Bommidala Enterprises, Purnendu
Chatterjee-promoted MCPI, and Himadri Speciality Chemicals to
acquire the company, according to Livemint.com.
Following NCLT's approval, the consortium of Himadri and Dalmia
reportedly took physical possession of Birla Tyres' plant and
machinery in Balasore, Odisha, after completing the transaction
with the creditors, Livemint.com says. Subsequently, Birla Tyres'
shares were also delisted from the stock exchanges.
Birla Tyres Limited is an India-based company, which is engaged in
the business of manufacturing and dealing in automotive tyres. The
Company markets its automobile tyres under the brand name Birla
Tyres. Its manufacturers tyres for two wheelers, three wheelers,
small commercial vehicles (SCV)/light commercial vehicles (LCV),
truck & buses bias, truck & bus radial, farm, mining, industrial &
off the road (OTR), and type guide.
CHAUDHARY JAI: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chaudhary Jai
Ram Cold Storage Private Limited (CJR) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 3.1 CRISIL B/Stable (Issuer Not
Cooperating)
Overdraft Facility 1.9 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 4.7 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 0.3 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with CJR for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CJR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CJR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CJR continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in December 2014, CJR is promoted by Mr Veerendra
Singh and Mr Gaurav Singh. It is engaged in providing cold storage
services to farmers for potatoes and perishable products.
DEEPAK PLASTIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepak
Plastic Industries (DPI) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 1.17 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.52 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with DPI for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DPI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
DPI was established in 1982 by Mr. Sajan Vaswani. The firm
manufactures polyethylene bags of over 50 microns thickness and
plastic packaging materials of various sizes and thicknesses. The
firm has its manufacturing facility at Jalgaon, Maharashtra. The
firm has an installed capacity of manufacturing 26 tonnes per day
with uilization levels of around 70-75%.
ESSENZAA LIFESCIENCE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Essenzaa Lifescience Limited
115, B-Wing, Western Edge - 2,
Western Express Highway,
Borivali (East), Mumbai,
Maharashtra, India, 400066
Insolvency Commencement Date: November 10, 2023
Estimated date of closure of
insolvency resolution process: May 8, 2024
Court: National Company Law Ahmedabad Bench
Insolvency
Professional: Mr. Rajkumar Shamlal Jaiswal
102, 1st Floor, Sangeet Ashram CHS,
Saint Ramdas Road,
Mulund (E),
above Kadams Café
Mumbai, Maharashtra, 400 081
Email: iprajkumarjaiswal@gmail.com
Renascence Insolvency Resolution Professionals
Private Limited
101, Kanakia Atrium - 2, Cross Road 'A'
Chakala MIDC,
Andheri East, Mumbai - 400093
Email: cirp.ell@rirp.co.in
Email: rj@rirp.co.in
Last date for
submission of claims: November 24, 2023
GO FIRST: Lenders to Vote on Liquidation Amid Lack of Suitors
-------------------------------------------------------------
Reuters reports that Go First's lenders will vote on a proposal to
liquidate the insolvent Indian airline, two banking sources told
Reuters on Nov. 23, days after a deadline to bid for the company
ended with no suitors.
"The proposal whether or not to liquidate the airline has been
floated and individual lenders will take the proposal to their
boards and submit final votes in 10-15 days," said a banker with a
state-run bank that has exposure to Go First.
"It appears that there is no interest from suitors for the airline
and bankers are inclined to opt for liquidation rather than
restarting the insolvency process."
The Committee of Creditors met on Nov. 22 and Nov. 23 to decide the
future course of action for the airline.
Neither of the bankers wished to be named because they were not
authorised to speak to the media.
Go First, which filed for bankruptcy protection in May, owes a
total of 65.21 billion rupees ($785.6 million) to its creditors.
Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank
(IDBI.NS) and Deutsche Bank (DBKGn.DE) are among the airline's
creditors.
Jindal Power, the sole company whose expression of interest to take
over Go First was accepted by creditors, also decided to not follow
through with a bid, Reuters reported.
"Liquidation is the only viable option before banks as legal
troubles are deterring suitors," said the second banker.
"Since there is (land) collateral backing the loan, it is better to
opt for liquidation rather than spending more money on the
insolvency process."
Go First is also locked in a legal tussle with its lessors after a
moratorium imposed by Indian courts blocked them from repossessing
planes.
A recent amendment to India's insolvency rules allows lessors to
take back the planes, but a court has yet to determine whether this
change can be applied retrospectively to Go First.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition. The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.
INOX TUBES: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Inox Tubes Private Limited
G-39, DDA Flats Ajmeri Gate,
Behind Raghushree Market
Delhi, India, 110006
Insolvency Commencement Date: November 10, 2023
Estimated date of closure of
insolvency resolution process: May 7, 2024
Court: National Company Law Ahmedabad Bench
Insolvency
Professional: Rajiv Bajaj
B-269, Lower Ground Floor,
Chhatarpur Enclave,
Phase-2, New Delhi - 110074
Email: rbajajip@gmail.com
Email: cirpinox@gmail.com
Last date for
submission of claims: November 24, 2023
JAGANNATH EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Jagannath Educational Health and Charitable Trust (SJECT) continue
to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Term Loan 9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 10 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SJECT for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SJECT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJECT continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2008, SJECT runs two institutions, JCT College of
Engineering and JCT Polytechnic College, in the same campus near
Coimbatore. Mr S A Subramanian is the managing trustee.
KROSSLINK INFRASTRUCTURE: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s Krosslink Infrastructure Ltd.
511, Vyapar Bhavan, 5th Floor, 49,
P.D'mello Road,Carnac Bunder,
Masjid (E) MUMBAI - 400009, Maharashtra
Insolvency Commencement Date: November 2, 2023
Estimated date of closure of
insolvency resolution process: April 30, 2024
Court: National Company Law Ahmedabad Bench
Insolvency
Professional: Anil Kumar Dad
6019-20, World Trade Center, Ring Road,
Surat - 395002
Email: anil.dad@gmail.com
Email: cirp.krosslink.akd@gmail.com
Last date for
submission of claims: November 16, 2023
LAKSHMI VENKATA: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Venkata Maruthi Raw and Boiled Rice Trading Company (LVMT) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 1.7 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.3 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with LVMT for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LVMT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LVMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LVMT continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2005, LVMT is a proprietorship firm of Mr B Goutham
Reddy. The firm mills and processes paddy into rice, rice bran,
broken rice, and husk. Its rice mills are in Nellore, Andhra
Pradesh.
LOROM INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lorom India
Corporation Private Limited (LICPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 1 CRISIL B+/Stable (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with LICPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LICPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LICPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LICPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
LICPL was set up in 2008, as a wholly-owned subsidiary of LICL, a
Taiwanese company incorporated in 1988. LICPL is engaged in
designing, engineering, and manufacturing of cable assemblies, wire
harnesses and electronic assemblies, and the daily operations are
managed by Mr Tenzin Tsering.
M-FAC SOLUTIONS: CRISIL Assigns B Rating to INR10cr Loans
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of M-Fac Solutions Private Limited
(MFSPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash
Credit Limit 4 CRISIL B/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 6 CRISIL B/Stable (Assigned)
The rating reflects MFSPL's exposure to risks related to ongoing
project and its expected leveraged capital structure. These
weaknesses are partially offset by its favorable location of its
proposed plant and entrepreneurial experience of the promoters.
Key Rating Drivers & Detailed Description
Weakness:
* Exposure to risks related to ongoing project: MFSPL is scheduled
to commence its project in December, 2023. Demand risk is also
expected to be moderate as the industry is highly fragmented marked
by low entry barriers with small capital and technological
requirements. Also, will be exposed to intense competition from
other players in the segment. Timely completion and successful
stabilisation of its operations at the new unit will remain a key
rating sensitivity factor.
* Expected leveraged capital structure: MFSPL is expected to have
an average financial risk profile with high gearing and moderate
debt protection metrics. The project is aggressively funded through
a debt-equity ratio 3:1 times.
Strength
* Favorable location of its proposed plant: The manufacturing plant
is located in Neyveli, TN which has a mine in proximity, thus
ensuring a steady and cost-effective supply of raw materials with
minimum transportation costs.
* Entrepreneurial experience of the promoters: The extensive
entrepreneurial experience of the promoters in the region has
helped them develop healthy business relationships. This is
expected to support the company in quickly ramping up the
operations going forward.
Liquidity: Stretched
Cash accrual are expected to be over INR0.77 crore which are
insufficient against term debt obligation of INR1.01 crore over the
medium term. Promoters are ready to infuse funds based on
requirement.
Outlook: Stable
CRISIL Ratings believes that MFSPL will benefit over the medium
term from its promoter extensive industry experience.
Rating Sensitivity Factors
Upward factor
* Stabilizes operations at its proposed plant in time and reports
significant revenue of more than INR40 crores and profitability.
* Improvement in capital structure with reduction in gearing.
Downward factor
* Failure to ramp up scale of operations or low operating margins
leading cash accruals below INR50 lakhs.
* Faces a considerable delay in the commencement of its
operations.
MFSPL was incorporated in year 2022. MFSPL is currently setting up
a plant to manufacture precast building products, compressed
interlocking bricks, glass fiber reinforced polymer (GFRP) rebars,
roto molded water tanks, sanitary ware, unplasticized polyvinyl
chloride (uPVC) extrusions etc. in proximity to Neyveli, Tamil
Nadu. The plant is expected to be commissioned in December, 2023.
MFSPL is promoted by Mr. Amudhan Manimekalai Sowrirajan and Ms.
Thein Manimekalai Sowrirajan.
M.K.R. TRADERS: CRISIL Lowers Rating on INR18cr Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
M.K.R. Traders Private Limited (MKR) have been downgraded to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' owing to delay in debt servicing.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING)
Long Term Loan 0.72 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING)
Proposed Cash
Credit Limit 3.28 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with MKR for
obtaining information through letters and emails dated 10th October
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MKR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MKR
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
downgraded its rating on the bank facilities of MKR have been
downgraded to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating' owing to delay in debt
servicing.
Based in Sholingur, Tamil Nadu, MKR trades in provisions such as
rice, maida, oil, and grams. It procures from mills, farmers, and
agents, and sells to retailers in Sholingur. In August 2016, MKR
entered the retail segment and opened a retail outlet in Sholingur.
It plans to expand further, in the retail business, over the medium
term.
MAA KALI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Kali
Alloys Udyog Private Limited (MKAUPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.50 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 24.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Corporate Loan 4.75 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.10 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 3.75 CRISIL B+/Stable (Issuer Not
of Credit Cooperating)
Term Loan 24.50 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 0.15 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MKAUPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MKAUPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MKAUPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MKAUPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Incorporated in 2002, MKAUPL manufactures sponge iron and billet.
Its plant is located in Raigarh (Chhattisgarh). The company also
operates captive power plant of 10 MW (6MW heat recovery-based and
4 MW coal-based) in its manufacturing facility.Operations are
managed by its promoter-director Mr Poddar.
MAKRANIA OIL: CRISIL Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Makrania Oil
Mill (MOM) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MOM for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative. 'The investors, lenders
and all other market participants should exercise due caution with
reference to the rating assigned/reviewed with the suffix 'ISSUER
NOT COOPERATING' as the rating is arrived at without any management
interaction and is based on best available or limited or dated
information on the company. Such non co-operation by a rated entity
may be a result of deterioration in its credit risk profile. These
ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking
component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MOM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MOM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MOM continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
MOM was set up in 2003 as a proprietorship firm by Mr Kishan Kumar.
It manufactures and sells mustard oil. The processing facility at
Charkhi Dadri, Haryana, has installed capacity of around 300 tonne
per day.
MOUNTAIN EDGE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mountain Edge Tours and Holidays Private Limited
Registered office address as per the MCA Records:
Opposite Rajasthan Manch Shadipur,
Andaman Islands,
Port Blair, Andaman & Nicobar,
India, 744106
Other Address:
Unit No. B-125, Eastern Business District,
Neptune Living Point, LBS Road,
Bhandup (West), Mumbai - 400078
Insolvency Commencement Date: November 10, 2023
Estimated date of closure of
insolvency resolution process: May 8, 2024
Court: National Company Law Kolkata Bench
Insolvency
Professional: Kanchan Dutta
Chatterjee International Centre
14th Floor
Flat No. l3A, 33A J.L. Nehru Road, Kolkata 700071
Email: kanchan@kgrs.in
Email: mountainedge.cirp@gmail.com
Last date for
submission of claims: November 24, 2023
MS COPPER: CRISIL Assigns B- Rating to INR15cr Cash Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
bank facilities of MS Copper and Alloys Private Limited (MSCAAPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B-/Stable (Assigned)
Term Loan 12 CRISIL B-/Stable (Assigned)
The rating reflects MSCAAPL's nascent stage of operations
constraining scalability and weak financial profile. These
weaknesses are partially offset by its extensive industry
experience of the promoters.
Key Rating Drivers & Detailed Description
Weakness:
* Nascent stage of operations constraining scalability: MSCAAPL is
yet to stabilize operations and display track record of profitable
operations. And also MSCAAPL's business profile is constrained by
its scale of operations in the intensely competitive diversified
metals & mining industry. MSCAAPL's scale of operations will
continue limit its operating flexibility.
* Weak financial profile: MSCAAPL has average financial profile
marked by high gearing of 10.2 times and total outside liabilities
to adj tangible networth (TOL/ANW) of 10.3 times for year ending on
31st March 2023 due to modest networth. MSCAAPL's debt protection
measures have also been at weak level in past due to high gearing
and low accruals from the operations.
Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of around 35 years in the industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.
Liquidity: Stretched
Bank limit utilisation is high at around 97.02 percent for the past
13 months ended September 2023. NCA estimated Cash accruals are
expected to be in the range of INR10-40 Lakhs which are
insufficient against term debt obligation of INR1.99 crores over
the medium term. The promoters are likely to extend support in the
form of equity and unsecured loans to meet its working capital
requirements and repayment obligations, which will be a key rating
sensitivity.
Outlook: Stable
CRISIL Ratings believe MSCAAPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity Factors
Upward factors
* Sustained improvement in scale of operations and sustenance of
operating margin, leading to higher cash accruals above 2 crores.
* Sustained improvement in financial risk profile, moderating
gearing to at least 4 times.
Downward factors
* Decline in operating profitability to less than 2.5% or decline
in revenues.
* Large debt-funded capital expenditure weakens capital structure.
MSCAAPL was incorporated in 2021. It is located in Bari Brahmana,
Jammu, Jammu & Kashmir. MSCAAPL is engaged in manufacturing of
copper & brass sheets, circle and strips in various grades & sizes
and sale of scrap.
MSCAAPL is owned & managed by Mr. Sanjay Kumar Jain and Mr. Vidhu
Goyal.
OZONE INFRA: Ind-Ra Corrects October 26, 2023 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Ozone Infra Projects's
rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Ozone Infra
Projects' instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating action is:
-- INR75 mil. Fund Based Working Capital Limit maintained in non-
cooperating category with IND D/IND D (ISSUER NOT
COOPERATING) rating.
Company Profile
Set up in 2008 as a partnership firm, OIP provides engineering,
procurement and construction services for government projects such
as roads, bridges, canals and civil construction projects.
P.D. AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P.D. Agro
Processors (PDAP) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 0.55 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 4 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PDAP for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PDAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PDAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PDAP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
PDAP was established in July 2013 as a partnership firm by Mr.
Bhupender Agarwal and Ms. Kamla Agarwal. The firm processes
non-basmati rice (Sona Masuri, Samba Masuri, HMT) at its unit in
Rae Bareilly, Uttar Pradesh, which has installed milling and
sorting capacity of 15 tonne per hour. PDAP commenced operations in
January 2014.
PARWANI BUILDERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Parwani
Builders Private Limited (PBPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PBPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2003 and based in Pune, PBPL undertakes civil
construction works related to irrigation and railways. Mr Ajay
Parwani and Mr Alok Parwani are the promoters.
POINTIFIC DIGITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Pointific Digital Private Limited
Registered Office:
91 Springboard BusinessHub Private Limited
74/11, C Cross Road,
Opp Gate No. 2 Seepz,
Andheri East, Chakala MIDC,
Mumbai, Maharashtra, India, 400093
Principal Office:
CTS 595 Bhukanvala Chambers,
Plot No. B-28, 9TH Floor, Veera In. Est,
Village Oshiwara, Andheri,
Mumbai, Maharahstra 400053
Principal Office:
12th Floor, 1204 Welldone Tech Park,
Sohna Road, Sector 48,
Gurugram Haryana, 122018
Insolvency Commencement Date: November 10, 2023
Estimated date of closure of
insolvency resolution process: May 8, 2024 (180 Days)
Court: National Company Law Mumbai Bench-II
Insolvency
Professional: Kamal Agarwal
487/27 School Road,
Near Peeragarhi Metro Station,
New Delhi-110087
Email: advocate.kamal.aggl@gmail.com
Email: cirp.pointific@gmail.com
Mobile No: 9811138823
Last date for
submission of claims: November 24, 2023
POWERWIND LIMITED: Ind-Ra Corrects October 26, 2023 Rating Release
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Powerwind Limited's
rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Powerwind
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating actions are:
-- INR414.9 mil. Term loan maintained in non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating;
-- INR580 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D/IND D (ISSUER NOT
COOPERATING) rating; and
-- INR1.40 bil. Non-Fund Based Working Capital Limit maintained
in non-cooperating category with IND D/IND D (ISSUER NOT
COOPERATING) rating.
Company Profile
Powerwind manufactures windmill blades and assembles wind turbine
generators, at its facility in Bawal, Haryana.
PRES OORJA: Ind-Ra Assigns BB Loan Rating, Outlook Negative
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned PRES Oorja Pvt
Ltd.'s (POPL) bank facilities as follows:
-- INR158.99 mil. Term loan due on March 2029 assigned with IND
BB/Negative rating;
-- INR2.08 mil. Non-fund-based working capital limit assigned
with IND A4+ rating; and
-- INR138.93 mil. Proposed term loan assigned with IND BB/
Negative rating.
Analytical Approach: Ind-Ra has taken a consolidated view of Punjab
Renewable Energy Systems Private Limited (PRESPL; 'IND
BB'/Negative) and its wholly owned subsidiaries, PRES Clean and
Green Energy Private Limited (PCGEPL), Punjab Renewable Power
Private Limited (PRPPL), POPL, and PRES Regenerative Private
Limited (PRPL), owing to the strong operational and strategic
linkages among them. PRESPL has extended a corporate guarantee to
the debt of PCGEPL, PRPPL, POPL and PRPL.
The Negative Outlook reflects a delay in equity infusion from
PRESPL's strategic investors, resulting in a delay in completing
its capex and the execution of orders.
Key Rating Drivers
Liquidity Indicator – Poor: The proposed equity infusion by
PRESPL's strategic investors worth INR2,000 million has been
delayed. Mitsui & Co. had planned to infuse equity worth INR1,250
million in the company by end-May 2023. However, after the proposed
equity infusion, Mitsui would hold more than 50% shareholding in
PRESPL and become the holding company that would require approvals
from the board, shareholders and other authorities, leading to
Mitsui postponing the equity infusion. However, in 1HFY24, Mitsui
infused INR540 million in the form of short-term loan and SBI CAP
Ventures pumped in INR210 million in the form of optionally
convertible debentures. The management expects to raise funding in
the near- to medium-term as Mitsui would continue to raise a major
portion of the funding. The investment would also depend upon the
turnaround of the operational profitability of the group.
The average maximum monthly utilization of PRESPL's working capital
limit was 76.30% over the 12 months ended September 2023. On a
consolidated basis, the cash flow from operations (CFO) remained
negative at INR262.37 million (FY22: negative INR284.79 million;
FY21: negative INR134.06 million), owing to the company posting
EBITDA losses. Ind-Ra expects the CFO to decline further in FY24,
due to unfavorable changes in the working capital, continued EBITDA
losses and high interest costs. The net cash cycle reduced to 110
days in FY23 (FY22: 140; FY21: 187), due to a decline in the
inventory holding period to 101 days (118; 169) and an increase in
payables period to 33 days (23; 55). PRESPL's cash balance stood at
INR36.83 million at FYE23 (FYE22: INR34.34 million; FYE21: INR34.89
million). It has repayment obligations of INR116.6 million in FY24
and INR102.52 million in FY25, which are likely to be met through
equity infusions and internal accruals.
According to the management, PRESPL would incur around INR434.52
million in FY24 for steam, build-own-operate and transfer (BOOT),
SCM and for the construction of briquette manufacturing units.
Hence, PRESPL's ability to raise funds through debt and the
infusion of equity remain critical growth aspects for the company.
As per the FY23 provisional numbers, PRESPL's EBITDA loss, on a
consolidated basis, widened to INR202.96 million (FY22: loss of
INR173.05 million; FY21: loss of INR0.95 million), due to an
increase in the price of biomass, a delay in the execution of
client contracts and continued low absorption of fixed costs.
During 1HFY24, it reported an EBITDA loss of INR33.69 million, due
to lower scale of operations, increased biomass prices and
continued low absorption of fixed costs. Its EBITDA margins remain
susceptible to fluctuations in the prices of biomass, whose
availability primarily depends on the harvesting period and
monsoon. Ind-Ra expects the company to continue to register EBITDA
losses over the short term but likely to witness an improvement
over the medium-to long term, subject to timely infusion of the
proposed equity and successful completion of its capex.
The rating also continues to reflect PRESPL's weak credit metrics,
on a consolidated basis, due to the EBITDA losses. Ind-Ra expects
the credit metrics to remain weak in FY24 and will continue to
remain so in the medium term, due to the debt-funded capex plans
and the weak profitability. However, the extent of the impact shall
depend upon the company's ability to expand its supply chain
management (SCM) segment to minimize the price fluctuations, along
with its ability to pass on price fluctuations to its customers.
However, a revision in the price escalation would lead to the
existing and new contracts positively contributing to its
operational profitability.
The rating is constrained by the continued small scale of
operations. On a consolidated basis, its revenue grew to
INR1,183.78 million in FY23 (FY22: INR927.21 million; FY21:
INR670.98 million), led by an increase in the briquettes sales.
However, the FY23 revenue was lower than expected by the management
and Ind-Ra due to volatile biomass prices, a delay in the tie-up of
debt and the inexecution of a few contracts. Till 1HFY24, the group
achieved INR340.57 million revenue. Ind-Ra expects FY24 revenue to
fall due to a delay in the equity infusion. The successful
implementation of the projects and the achievement of growth from
new projects will remain a key rating monitorable.
However, the rating remains supported by PRESPL's presence in each
stage of its industry value chain. PRESPL operates in various
segments such as the manufacturing of briquettes and pellets, the
supply of raw biomass and steam, and the operation and maintenance
of boilers. In addition, PREPSL, through PRPPL, PRPL and PCGEPL,
has entered into long-term BOOT contracts to supply steam. It
established POPL in FY20 for operating its briquette manufacturing
units.
The rating benefits from PRESPL's strong customer base. The company
caters to well-established players such as Sun Pharmaceutical
Industries Limited, L'Oreal India Private Limited and Glenmark Life
Sciences Limited ('IND AA-'/Rating Watch with Developing
Implications) in the BOOT segment; and PepsiCo India Holdings
Private Limited and Cipla Limited ('IND AAA'/Stable) for steam
generation in the operations and maintenance (O&M) segment.
Furthermore, the company has signed various contracts with existing
and new reputed clients such as Britannia Industries Limited, Aarti
Group, JSW Cement Limited ('IND A+'/Stable), JK Cement Limited
('IND AA+'/Stable), and UltraTech Cement Limited ('IND AAA'/Stable)
in the BOOT, O&M and SCM segments.
The rating also benefits from the government support offered to the
biomass industry. Furthermore, the management stated that PRESPL is
the only organized player with integrated operations in the
domestic industry.
The promoters have more than a decade of experience in the biomass
industry. Also, PRESPL is backed by various financial and strategic
investors, who hold around 80.17% stake in the company. The
management expects continued funding support from strategic
investors in the near term, which could lead to an improvement in
its liquidity position. This has helped the company expand in the
bio-energy sector. Furthermore, PRESPL is being led by personnel
with a considerable experience in biomass aggregation and SCM, and
the commissioning, O&M of biomass briquettes-based steam generation
plants.
On a standalone basis, in FY23, POPL reported revenue of INR213.40
million (FY22: INR194.54 million), while its EBITDA stood at
INR67.28 million (INR27.45 million).
Rating Sensitivities
Negative: The inability to infuse equity or continued EBITDA losses
will be negative for ratings.
Positive: A substantial improvement in liquidity through timely
infusions of equity and an improvement in the profitability, all on
a sustained basis, will be positive for the ratings.
Company Profile
PRESPL is engaged in the supply of biomass, briquettes and steam to
various process plants through SCM, steam generation and O&M model,
briquette manufacturing, and the BOOT model.
POPL was set up as briquette manufacturing unit to produce biomass
briquettes from agriculture waste.
PRG BUILDCON: Ind-Ra Corrects Oct. 26, 2023 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects PRG BuildCon India Pvt
Ltd.'s rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained PRG BuildCon
India Pvt Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR70 mil. Fund Based Working Capital Limit maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR700 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Company Profile
Incorporated in December 2014 as Naya Infrastructure Pvt Ltd and
later renamed as PRG Buildcon India, is primarily engaged in
undertaking sub-contracting works in irrigation, building and water
supply projects in Andhra Pradesh and Telangana. The company is
certified as a special class civil contractor by the government of
Telangana. The daily operations of the company are managed by Sunil
Kumar Bontha.
PUNJAB LIQUORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Punjab Liquors
Private Limited (PLPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 7 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with PLPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PLPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
The Delhi-based company distributes both Indian Made Foreign Liquor
(IMFL) and country liquor, primarily in Haryana. PLPL was
incorporated in 2006 and promoted by Mr. Shiv Lala Doda, Mr. Gagan
Doda and Mr. Arun Deep Doda.
PUNJAB RENEWABLE: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Punjab Renewable
Energy Systems Private Limited's (PRESPL) bank facilities to 'IND
BB' from 'IND BB+'. The Outlook is Negative.
The detailed rating actions are:
-- INR575 mil. Fund-based facilities Long-term rating downgraded;
short-term rating affirmed with IND BB/Negative/IND A4+
rating; and
-- INR175 mil. Proposed term loan downgraded with IND BB/Negative
rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of PRESPL and its wholly owned subsidiaries: PRES Clean and Green
Energy Private Limited (PCGEPL), Punjab Renewable Power Private
Limited (PRPPL), PRES Oorja Private Limited (POPL), and PRES
Regenerative Private Limited (PRPL), owing to the strong
operational and strategic linkages among them. PRESPL has extended
corporate guarantees to the debt of PCGEPL, PRPPL, POPL and PRPL.
The downgrade and the Negative Outlook reflect a delay in equity
infusion from its strategic investors, resulting in a delay in
completing its capex and the execution of orders.
Key Rating Drivers
Liquidity Indicator – Poor: The proposed equity infusion by
PRESPL's strategic investors worth INR2,000 million has been
delayed. Mitsui & Co. had planned to infuse equity worth INR1,250
million in the company by end-May 2023. However, after the proposed
equity infusion, Mitsui would hold more than 50% shareholding in
PRESPL and become the holding company that would require approvals
from the board, shareholders and other authorities, leading to
Mitsui postponing the equity infusion. However, in 1HFY24, Mitsui
infused INR540 million in the form of short-term loan and SBI CAP
Ventures pumped in INR210 million in the form of optionally
convertible debentures. The management expects to raise funding in
the near- to medium-term as Mitsui would continue to raise a major
portion of the funding. The investment would also depend upon the
turnaround of the operational profitability of the group.
The average maximum monthly utilization of PRESPL's working capital
limit was 76.30% over the 12 months ended September 2023. On a
consolidated basis, the cash flow from operations (CFO) remained
negative at INR262.37 million (FY22: negative INR284.79 million;
FY21: negative INR134.06 million), owing to the company posting
EBITDA losses. Ind-Ra expects the CFO to decline further in FY24,
due to unfavorable changes in the working capital, continued EBITDA
losses and high interest costs. The net cash cycle reduced to 110
days in FY23 (FY22: 140; FY21: 187), due to a decline in the
inventory holding period to 101 days (118; 169) and an increase in
payables period to 33 days (23; 55). PRESPL's cash balance stood at
INR36.83 million at FYE23 (FYE22: INR34.34 million; FYE21: INR34.89
million). It has repayment obligations of INR116.6 million in FY24
and INR102.52 million in FY25, which are likely to be met through
equity infusions and internal accruals.
According to the management, PRESPL would incur around INR434.52
million in FY24 for steam, build-own-operate and transfer (BOOT),
SCM and for the construction of briquette manufacturing units.
Hence, PRESPL's ability to raise funds through debt and the
infusion of equity remain critical growth aspects for the company.
As per the FY23 provisional numbers, PRESPL's EBITDA loss, on a
consolidated basis, widened to INR202.96 million (FY22: loss of
INR173.05 million; FY21: loss of INR0.95 million), due to an
increase in the price of biomass, a delay in the execution of
client contracts and continued low absorption of fixed costs.
During 1HFY24, it reported an EBITDA loss of INR33.69 million, due
to lower scale of operations, increased biomass prices and
continued low absorption of fixed costs. Its EBITDA margins remain
susceptible to fluctuations in the prices of biomass, whose
availability primarily depends on the harvesting period and
monsoon. Ind-Ra expects the company to continue to register EBITDA
losses over the short term but likely to witness an improvement
over the medium-to long term, subject to timely infusion of the
proposed equity and successful completion of its capex.
The rating also continues to reflect PRESPL's weak credit metrics,
on a consolidated basis, due to the EBITDA losses. Ind-Ra expects
the credit metrics to remain weak in FY24 and will continue to
remain so in the medium term, due to the debt-funded capex plans
and the weak profitability. However, the extent of the impact shall
depend upon the company's ability to expand its supply chain
management (SCM) segment to minimize the price fluctuations, along
with its ability to pass on price fluctuations to its customers.
However, a revision in the price escalation would lead to the
existing and new contracts positively contributing to its
operational profitability.
The rating is constrained by the continued small scale of
operations. On a consolidated basis, its revenue grew to
INR1,183.78 million in FY23 (FY22: INR927.21 million; FY21:
INR670.98 million), led by an increase in the briquettes sales.
However, the FY23 revenue was lower than expected by the management
and Ind-Ra due to volatile biomass prices, a delay in the tie-up of
debt and the inexecution of a few contracts. Till 1HFY24, the group
achieved INR340.57 million revenue. Ind-Ra expects FY24 revenue to
fall due to a delay in the equity infusion. The successful
implementation of the projects and the achievement of growth from
new projects will remain a key rating monitorable.
However, the rating remains supported by PRESPL's presence in each
stage of its industry value chain. PRESPL operates in various
segments such as the manufacturing of briquettes and pellets, the
supply of raw biomass and steam, and the operation and maintenance
of boilers. In addition, PREPSL, through PRPPL, PRPL and PCGEPL,
has entered into long-term BOOT contracts to supply steam. It
established POPL in FY20 for operating its briquette manufacturing
units.
The rating benefits from PRESPL's strong customer base. The company
caters to well-established players such as Sun Pharmaceutical
Industries Limited, L'Oreal India Private Limited and Glenmark Life
Sciences Limited ('IND AA-'/Rating Watch with Developing
Implications) in the BOOT segment; and Pepsico India Holdings
Private Limited and Cipla Limited ('IND AAA'/Stable) for steam
generation in the operations and maintenance (O&M) segment.
Furthermore, the company has signed various contracts with existing
and new reputed clients such as Britannia Industries Limited, Aarti
Group, JSW Cement Limited ('IND A+'/Stable), JK Cement Limited
('IND AA+'/Stable), and Ultratech Cement Limited ('IND AAA'/Stable)
in the BOOT, O&M and SCM segments.
The rating also benefits from the government support offered to the
biomass industry. Furthermore, the management stated that PRESPL is
the only organized player with integrated operations in the
domestic industry.
The promoters have more than a decade of experience in the biomass
industry. Also, PRESPL is backed by various financial and strategic
investors, who hold around 80.17% stake in the company. The
management expects continued funding support from strategic
investors in the near term, which could lead to an improvement in
its liquidity position. This has helped the company expand in the
bio-energy sector. Furthermore, PRESPL is being led by personnel
with a considerable experience in biomass aggregation and SCM, and
the commissioning, O&M of biomass briquettes-based steam generation
plants.
On a standalone basis, PRESPL reported revenue of INR1197.62
million in FY23 (FY22: INR908.02 million; FY21: INR731.17 million)
and EBITDA loss of INR232.4 million (FY22: loss of INR211.26
million).
Rating Sensitivities
Negative: The inability to infuse equity or continued EBITDA losses
will be negative for ratings.
Positive: A substantial improvement in liquidity through timely
infusions of equity and an improvement in the profitability, all on
a sustained basis, will be positive for the ratings.
Company Profile
PRESPL is engaged in the supply of biomass, briquettes and steam to
various process plants through SCM, steam generation and O&M model,
briquette manufacturing, and the BOOT model.
R. K. NATURAL: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of R. K.
Natural Fibre Private Limited (RK) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 0.9 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
Working Capital 1.3 CRISIL B+/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RK for
obtaining information through letter and email dated October 13,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RK is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of RK to 'CRISIL B+/Stable Issuer not cooperating'.
Based in Bodeli, RK is owned and managed by the Patel family
members. The company gins and presses raw cotton to make cotton
bales, wash oil and de-oiled cakes.
RAINBOW INFRABUILD: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Rainbow Infrabuild Private Limited
Tenth Floor, 1022 Sakar 9,
Nr Old Reserve Bank,
Opp Times of India, Ashram Road,
Ahmedabad 380009
Insolvency Commencement Date: November 9, 2023
Estimated date of closure of
insolvency resolution process: May 6, 2024
Court: National Company Law Ahmedabad Bench
Insolvency
Professional: Mr. Janak Jagjivah Shah
201, Kamdhenu Complex,
Nr. Toran Dining Hall,
Opp Sales India Income Tax,
Ashram Road, Ahmedabad 380009
Email: iprvajanakshah@gmail.com
Email: cirp.rainbowinfrabuild@gmail.com
Last date for
submission of claims: November 24, 2023
RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ranar
Agrochem Limited (RAL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 18 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 29.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RAL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RAL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RAL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
RAL manufactures single super phosphate (SSP), di calcium phosphate
(DCP), and nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilizers. The company's manufacturing units are located at
Visakhapatnam (AP).
RASHMI YARNS: Ind-Ra Corrects Oct. 26, 2023 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Rashmi Yarns Limited's
rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Rashmi Yarns
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating action is:
-- INR300 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D/IND D (ISSUER NOT
COOPERATING) rating.
Company Profile
Rashmi Yarns, incorporated in 1997, is engaged in the texturizing
and twisting of polyester partially oriented yarn.
REWALE ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rewale
Engineering Private Limited (REPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 2.0 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with REPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of REPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on REPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
REPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings combined the business
and financial risk profiles of Shriniwas Machine Craft Pvt Ltd
(SMCPL), REPL, and Venkatesh Engineering Equipment Pvt Ltd (VEEPL).
The three companies, collectively referred to as the Rewale group,
are in the same business, under a common management, and have
strong operational and financial linkages.
REPL, commenced operations in 1983. SMCPL was set up by Mr Vilas
Rewale in 2003, and manufactures sheet metal canopies for generator
sets (gensets) for original equipment manufacturers such as M&M.
These canopies are ultimately used in the telecommunication
(telecom) industry. SMCPL subcontracts manufacturing entirely to
REPL. In 2005, Mr Rewale set up VEEPL, which assembles generator
sets (on jobwork basis) for M&M.
RUBBER O MALABAR: Ind-Ra Corrects October 26, 2023 Rating Release
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Rubber O Malabar
Products Private Limited's rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Rubber O Malabar
Products Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR45.80 mil. Term loan maintained in non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating; and
-- INR14.20 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D/IND D (ISSUER NOT
COOPERATING) rating.
Company Profile
Incorporated in 2009, ROM manufactures various types of rubber
conveyor belts. It belongs to the Infinis group of companies that
is owned by a group of technocrats with industry presence of over
two decades.
SAINI ALLOYS: Ind-Ra Affirms & Withdraws BB+ Bank Loan Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Saini Alloys
Limited's (SAL) debt instruments at 'IND BB+'/Stable and
simultaneously withdrawn the ratings.
The detailed rating actions are:
-- INR244.5 mil. Fund-based working capital limits* affirmed and
withdrawn; and
-- INR5.5 mil. Non-fund-based working capital limits# affirmed
and withdrawn.
*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn
#Affirmed at 'IND A4+' before being withdrawn
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Key Rating Drivers
The affirmation reflects SAL's continued medium scale of
operations, with its revenue declining to INR3,919.63 million in
FY23 (FY22: INR3,956.51 million; FY21: INR3,161.66 million), due to
a decline in the revenue of trading business. As on 31August 2023,
SAL achieved revenue of INR1,046.5 million. SAL has a manufacturing
capacity of 72,000 million tons per annum (MTPA) for ingots and
casting products. The company earned 70.89% of its revenue from
trading of hot-rolled coils and 29.11% through the manufacturing of
steel casting and ingots. The sales of alloy steel castings
increased to 10,194.79MT in FY23 (FY22: 3,771MT) as the company is
focusing more on manufacturing steel casting to capture demand.
Over the medium term, Ind-Ra expects the company's revenue to
decline further, due to the decline in the trading segment as a
result of lower demand.
SAL's EBITDA margins remained modest but improved slightly to 1.8%
in FY23 (FY22: 1.28%; FY21: 1.17%) with the return on capital
employed of 9.7% (8.9%; 9.0%). The improvement in margins was due
to an increase in the proportion of manufactured products in the
product mix to 29.11% in FY23 (FY22: 25.03%; FY20: 19.42%), coupled
with an increase in the proportion of higher margin generating
alloy steel casting to 76.92% (30.86%; 33.45%) in comparison to
ingots. Over the medium term, Ind-Ra expects the EBITDA margins to
increase slightly, due to the likely increase in the sale of higher
margin products.
The ratings further reflect SAL's continued moderate credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) reducing to 3.61x in FY23 (FY22: 4.8x; FY21: 2.92x) and
the net financial leverage (adjusted net debt/operating EBITDA)
falling to 4.47x in FY23 (FY22: 6.39x; FY21: 7.48x), due to higher
interest costs as a new home loan was sanctioned in FY23. Over the
medium term, Ind-Ra expects the overall credit metrics to improve,
due to the scheduled repayment of term loans and the absence of any
debt-funded capex plans.
Liquidity Indicator – Stretched: The company has scheduled debt
repayments of INR8.8 million and INR26.2 million in FY24 and FY25,
respectively. SAL's average maximum monthly utilization of its
fund-based limits stood at 71.38% and that of its non-fund-based
limits was 95.83% during the 12 months ended August 2023. The cash
flow from operations increased to INR140.51million in FY23 (FY22:
INR3.47 million; FY21: negative INR1.2 million), due to the
favorable changes in the working capital. The free cash flow turned
positive to INR90.38 million in FY23 (FY22: negative INR48.58
million; FY21: negative INR10.95 million) despite incurring a capex
of INR50.13 million towards the purchase of plant and machinery.
The comfortable net working capital cycle deteriorated to 28 days
in FY23 (FY22: 32; FY21: 33) due to the decline in the inventory
days to 35 (43; 39). The cash and cash equivalents stood at
INR79.63 million at FYE23 (FYE22: INR0.21 million; FYE21: INR1.61
million). Moreover, SAL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.
The ratings, however, continue to be supported by SAL's promoters'
over two decades of experience in the steel industry, leading to
established relationships with its customers as well as suppliers.
Company Profile
Incorporated in 1999, SAL was converted into a limited company in
March 2018. It is located in Uttar Pradesh and engages in
manufacturing of ingots and casting products as wells as trading of
hot rolled products. It has an installed capacity of 42,000MT per
annum for ingots and 30,000MT per annum for alloys steel casting.
SAKTHI VINAYAGA: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sakthi
Vinayaga Gin and Pressing Mills (SVG) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVG for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVG continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2009, SVG is a partnership firm. It gins and presses
cotton and also sells cotton lint and cotton seeds.
SANDWOODS INFRATECH: Ind-Ra Cuts Term Loan Rating to D
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sandwoods
Infratech Projects Private Limited's (SIPPL) term loan to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The detailed rating action is:
-- INR317.35 mil. Long-term loam downgraded with IND D (ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
Key Rating Drivers
The downgrade reflects SIPPL's delays in servicing of debt
obligation, based on public sources. Ind-Ra has not been able to
ascertain the reason for the delay, as the issuer has been
non-cooperative.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months will be positive for the rating.
Company Profile
Established in 2004, SIPPL is engaged in property development in
Delhi National Capital Region with a focus on luxury residences. It
is among a few developers that have delivered projects in Himachal
Pradesh.
SAURABH (INDIA): CRISIL Lowers Rating on INR40cr LoC to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Saurabh (India) Private Limited (SIPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL A4 Issuer Not Cooperating' as the entity
has delayed servicing its debt obligation, as per publicly
available information
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 31.1 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Letter of Credit 40 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Letter of Credit 35 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Letter of Credit 6.1 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Letter of Credit 8.9 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Letter of Credit 15 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Letter of Credit 20 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Proposed Letter 9.9 CRISIL D (ISSUER NOT
of Credit COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated November 16,
2023, November 13, 2023 apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'
SIPL was incorporated in 1994 and commenced commercial operations
in 2012. It is promoted and managed by Mr Ashok Banal and his son,
Mr Saurabh Bansal, and is based in Delhi. The company took over the
operations of group concern, Ashok Bansal & Co. It trades in edible
oil such as soya bean oil, palm oil, and canola oil.
SCHNEIDER PROTOTYPING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Schneider Prototyping India Private Limited
81, First Floor, Hemkunt Colony,
Level 1 Opp. Nehru Place,
New Delhi, India-110048
Insolvency Commencement Date: October 31, 2023
Estimated date of closure of
insolvency resolution process: April 28, 2024 (180 Days)
Court: National Company Law New Delhi Bench-IV
Insolvency
Professional: Parveen Kumar Jain
501, Lane No. 3A (Band Gali) Chanderlok,
behind Sanatan Dharan Mandir,
New Delhi-110093
Email: parveen_2817@yahoo.co.in
Immaculate Resolution Professionals Private Limited
Unit No. 112, First Floor,
Tower-A, Spazedge Commercial Complex, Sector-47,
Sohna Road, Gurgaon-122018
Email: schneiderprototypingindia@gmail.com
Last date for
submission of claims: November 14, 2023
SEETA INTEGRATED: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Seeta
Integrated Steel & Energy Limited (SISEL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SISEL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SISEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SISEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SISEL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SISEL was set up in 2002 as Seeta Sponge Iron Ltd by Joshi family;
it was renamed in 2008. In April 2010, Mr. Ashok Agarwal, Mr.
Bajrang Kumar Agarwal, Mr. Rahul Mittal, and Mr. Ajay Kumar Goel
acquired the company from the Joshi family. SISEL manufactures
sponge iron at its facility in Rourkela, which has installed
capacity of 45,000 tonnes per annum.
SHANKARRAO PAWAR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shankarrao
Pawar Seat Corner (SP) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 11 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Overdraft 25 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with SP for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SP
continues to be 'CRISIL D Issuer Not Cooperating'.
SP, set up in 1968, is a Pune-based firm that manufactures seat
covers and other accessories; it also trades in seat accessories
and seats. Mr Rajesh Pawar and Mr Amar Pawar are the promoters.
SHIVAM CORPORATION: CRISIL Cuts Rating on INR20cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Shivam Corporation India (Shivam) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating' as the
entity has delayed servicing its debt obligation, as per publicly
available information.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with Shivam for
obtaining information through letter and email dated November 16,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Shivam, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Shivam is consistent with 'Assessing Information Adequacy Risk.
Shivam trades in pig iron, cast iron, and iron scrap. It has
dealership of Jayaswal Neco Industries Ltd, Tata Metaliks Ltd and
Sesa Goa Ltd amongst others. Shivam has warehouses in Faridabad
(Haryana), Ghaziabad (Uttar Pradesh), Samalkha (Haryana), and
Delhi.
SHIVSHAKTI BARRELS: Ind-Ra Cuts Term Loan Rating to D
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shivshakti
Barrels Private Limited's (SBPL) debt facilities to 'IND D (ISSUER
NOT COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)'.
The detailed rating actions are:
-- INR1.88 mil. Term loan downgraded with IND D (ISSUER NOT
COOPERATING) rating;
-- INR45 mil. Fund-based working capital limit downgraded with
IND D (ISSUER NOT COOPERATING) rating; and
-- INR13.50 mil. Non-fund-based working capital limit downgraded
with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
Key Rating Drivers
The downgrade reflects SBPL's delays in debt servicing based on
information available from public sources. Ind-Ra has not been able
to ascertain the reason for the delays, as the issuer has been
non-cooperative.
Company Profile
Incorporated in 2000, SBPL manufactures mild steel barrels which
are mainly used for packaging hazardous chemicals. Its plant is in
Halol, Gujarat.
SIMRAN FOOD: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Simran Food
Private Limited (SFPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SFPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SFPL, set up in 1998 by Mr. Vijay Gupta, manufactures wheat
products such as maida and wheat flour. The manufacturing facility
is in Varanasi, Uttar Pradesh.
SIVAGURU SPINNING: Ind-Ra Assigns BB Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sivaguru Spinning
Mills Private Limited's (SSMPL) debt instruments an 'IND BB'
rating. The Outlook is Stable.
The detailed rating actions are:
-- INR300 mil. Fund-based working capital limits assigned with
IND BB/Stable/IND A4+ rating; and
-- INR130 mil. Term loan due on March 2028 assigned with IND BB/
Stable rating.
Key Rating Drivers
The ratings reflect SSMPL's small scale of operations even as its
revenue increased yoy to INR921.91 million in FY23 (FY22: INR666.07
million; FY21: INR606.86 million), owing to the rise in cotton-yarn
prices. SSMPL's 100% sales are domestic and Ind-Ra expects the
company's revenue to improve further yoy in FY24, due to an
increase in the cotton demand. FY23 numbers are provisional.
SSMPL's EBITDA margins were modest and volatile over FY20-FY23
ranging from 4%-8.5% on account of the fluctuations in the price of
cotton and changes in the sales mix. In FY23, the EBITDA margins
improved yoy to 8.27% (FY22: 7.74%), due to an increase in other
operating income. SSMPL's return on capital employed was 9.8% in
FY23 (FY22: 5.7%). Ind-Ra expects the EBITDA margin to remain
volatile due to the nature of SSMPL's business.
Liquidity Indicator - Poor: The working capital cycle improved to
121 days in FY23 (FY22: 150 days, FY21: 137 days) mainly on account
of a decrease in the inventory days to 63 days (91). However, the
cycle remains elongated. SSMPL's debt obligation for FY24 and FY25
is INR31.9 million and INR46.9 million, respectively. SSMPL's
average maximum utilization of fund-based limits was 91.21.05% for
the 12 months ended October 2023. At FYE23, the company had
unencumbered cash of INR0.32 million (FY22: INR5.07 million). The
company's cash flow from operations stood at INR9.91 million in
FY23 (FY22: INR29.30 million). The free cash flow turned positive
at INR2.55 million in FY23 (FY22: negative INR35.22 million).
The ratings also reflect SSMPL's modest credit metrics as reflected
by the interest coverage (operating EBITDA/gross interest expenses)
of 2.05x in FY23 (FY22: 1.76x) and the net leverage (adjusted net
debt/operating EBITDAR) of 5.17x (7.70x). In FY23, the credit
metrics improved yoy due to an increase in the absolute EBITDA to
INR76.26 million (INR51.55 million). In FY24, Ind-Ra expects the
credit metrics to remain at similar level, amid the absence of any
debt-led capex.
However, the ratings are supported by the promoters' nearly 13
years of experience in the spinning industry. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.
Rating Sensitivities
Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics with the net
leverage improving below 4x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.
Negative: Deterioration in the scale of operations, leading to
deterioration in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a negative rating action.
Company Profile
SSMPL, established in 2010, is based in Coimbatore, Tamil Nadu.
Sivakumar is the promoter of the company and has more than two
decades of experience in the spinning industry. The company
manufactures cotton & cotton blended yarns of different counts.
SKYLINE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Skyline
Engineering Contracts India Private Limited (SECPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 25 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 0.13 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 27.12 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 3.75 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with SECPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SECPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established as a partnership firm, Skyline Construction Company, in
1985 by the late Mr Jugal Kishore Guliani and reconstituted as a
private limited company in 1991, SECPL is promoted by Mr Jugal
Kishore Guliani's son, Mr Ashok Kumar Guliani. The company
constructs buildings across the residential, commercial, and
industrial segments. Registered office is in New Delhi.
SOMANI KUTTNER: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Somani
Kuttner India Private Limited (SKIPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (Issuer Not
Cooperating)
Overdraft Facility 9.1 CRISIL C (Issuer Not
Cooperating)
Overdraft Facility 5 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKIPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Set up in August 1996 by the Somani group, SKIPL is currently
jointly promoted by the Somani group and Kuttner. The latter is a
leading player in design, engineering, and installation of foundry
equipment and steel mill technology. The Somani group is run by Mr
DK Somani and his son, Mr TK Somani. SKIPL operates as an
engineering, procurement, and commissioning contractor, and
undertakes turnkey projects for the steel industry. The balance 50
percent stake in SKIPL is held by Northern Exim Pvt Ltd.
SOUTH INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of South India
Warehouse Corporation (SIWC) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 5.4 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.6 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SIWC for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIWC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIWC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIWC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in April 2010 in Bijapur, Karnataka, as a partnership firm,
SIWC provides warehousing services for agricultural commodities,
primarily food grains and pulses. Mr Mahaveer Poraval oversees the
firm's operations.
SRITHIK ISPAT: Ind-Ra Corrects October 26, 2023 Rating Release
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Srithik Ispat (P)
Ltd.'s rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Srithik Ispat
(P) Ltd.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.
The detailed rating actions are:
-- INR180 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR41.38 mil. Term loan with maintained in non-cooperating
category IND D (ISSUER NOT COOPERATING) rating; and
-- INR3 mil. Non-Fund Based Working Capital Limit Maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Company Profile
Incorporated in 1998, SIPL is part of the Srithik Group. The
company manufactures sponge iron from iron ore and coal. SIPL has
an 18,000mtpa manufacturing facility in Sanguem, Goa.
The company is headed by Mr. Shikhir Vir Agarwal and Mrs. Girija
Agarwal, who collectively have an experience of over a decade in
the iron and steel industry.
STANDARD PAPER: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Standard Paper
And Board India Private Limited (SPBIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPBIPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPBIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SPBIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SPBIPL continues to be 'CRISIL D Issuer Not
Cooperating'.
SPBIPL was established in 2010 and commenced operations in 2016; it
is promoted by Mr Yennarkey R Chiranjeevi Rathnam and his wife, Ms
Vijayalakshmi Chiranjeevi Rathnam, who also manage operations. The
company, based in Sivakasi, Tamil Nadu, is part of the Standard
group and trades in printer and copier paper.
SUNLARGE INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sunlarge
Industries Private Limited (SIPL) continue to be 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.75 CRISIL A4 (Issuer Not
Cooperating)
Long Term Loan 11.2 CRISIL B-/Stable (Issuer
Not Cooperating)
Open Cash Credit 4.25 CRISIL B-/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.
SIPL, incorporated in 2008, manufactures synthetic monofilament.
Its manufacturing unit is in Bengaluru. Its daily operations are
managed by Mr. B Sudhakar Pai and Dr. Rakesh Koul.
TCP LIMITED: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
-----------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed TCP Limited's
(TCPL) bank loan rating at 'IND BB-'. The Outlook is Stable.
The detailed rating actions are:
-- INR190 mil. (reduced from INR360 mil.) Fund-based working
capital limits affirmed with IND BB-/Stable rating;
-- INR72 mil. (reduced from INR92 mil.) Non-fund-based working
capital limits affirmed with IND A4+ rating;
-- INR67 mil. (reduced from INR98 mil.) Term loans due on June
2026 affirmed with IND BB-/Stable rating; and
-- INR125 mil. Term loans due on March 2028 assigned with IND BB-
/Stable rating.
Key Rating Drivers
The affirmation reflects TCPL's modest credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
0.04x in FY23 (FY22: 0.39x) and a net leverage (adjusted net
debt/operating EBITDAR) of 155x (17.41x). In FY23, the interest
coverage and net leverage deteriorated due to a reduction in the
EBITDA to INR2.12 million (FY22: INR30.06 million). In FY24,
however, Ind-Ra expects the credit metrics to improve on account of
an improvement in the EBITDA.
The ratings also reflect the company's modest EBITDA margin, which
deteriorated to 0.16% in FY23 (FY22: 1.68%) due to lower absorption
of fixed cost caused by the non-operation of the company's thermal
power plant on account of increased coal prices. The margins were
also impacted by the lower margins from the chemical division in
FY23 because of competitive pressures. The return on capital
employed remained negative in FY23. In FY24, Ind-Ra expects the
EBITDA to improve yoy because of the receipt of INR100 million from
Tamil Nadu Generation and Distribution Corporation toward the part
payment of interest that was due on the delayed payment for the
supply of power by TCPL between 2009 and 2014. The total interest
due from Tamil Nadu Generation and Distribution Corporation was
INR292.89 million. The remaining amount of INR192.89 million will
be paid to TCPL in six equal instalments, starting from April 2024,
with an interval of six months.
The ratings also factor in TCPL's medium scale of operations with a
revenue of INR1,302 million in FY23 (FY22: INR1,788.56 million). In
FY23, the revenue declined due to non-operation of the company's
thermal power plant because of the unfavorable coal prices, coupled
with the depreciation of the Indian rupee against the US dollar. In
1HFY24, TCPL booked a revenue of INR514 million. In FY24, Ind-Ra
expects the revenue to decline further yoy, due to the continued
non-operation of the thermal power plant and lower sales in the
chemical division.
Liquidity Indicator – Stretched: TCPL's long net working capital
cycle elongated further to 355 days in FY23 (FY22: 235 days) due to
an increase in the inventory days to 264 (146). The company does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The
average maximum utilization of TCPL's fund-based limits was 68.95%
during the 12 months ended September 2023. The cash flow from
operations declined to INR238.89 million in FY23 (FY22: INR249.32
million), due to an increase in the working capital. Furthermore,
the free cash flow fell to INR210.77 million in FY23 (FY22:
INR215.01 million). The cash and cash equivalents stood at INR4.02
million at FYE23 (FYE22: INR5.69 million), against repayment
obligations of INR27.2 million in FY24 and INR33.7 million in
FY25.
Rating Sensitivities
Negative: A continued weakening in the scale of operations, leading
to deterioration of profitability & credit metrics with pressure on
liquidity, will lead to a negative rating action.
Positive: An improvement in the profitability and the liquidity
position of the company and the interest coverage exceeding 2x, all
on a sustained basis, will be positive for the rating
Company Profile
Incorporated on 8 June 1971, TCPL manufactures sodium
hydrosulphite, liquid sulphur dioxide, sodium formate, sodium
sulphite and sodium thiosulphate. The company had been generating
power through a thermal power plant (63MW) and windmill (16.6MW),
but the power division has not been operational post FYE22.
=====================
N E W Z E A L A N D
=====================
IMPERIAL HYGIENE: Creditors' Proofs of Debt Due on Dec. 15
----------------------------------------------------------
Creditors of Imperial Hygiene Limited are required to file their
proofs of debt by Dec. 15, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 17, 2023.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
LITTLE LONDON: BDO Tauranga Appointed as Administrators
-------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Nov.
23, 2023, were appointed as administrators of Little London
Limited.
The administrators may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3110
LN INK: Creditors' Proofs of Debt Due on Dec. 15
------------------------------------------------
Creditors of LN Ink Limited and Lashnoir (2018) Limited are
required to file their proofs of debt by Dec. 15, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 14, 2023.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
VEXALA LANDS: BDO Tauranga Appointed as Receivers and Managers
--------------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Nov.
17, 2023, were appointed as receivers and managers of Vexala Lands
Limited.
The receivers and managers may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
Tauranga 3144
XCEL ELECTRICAL: Creditors' Proofs of Debt Due on Dec. 15
---------------------------------------------------------
Creditors of Xcel Electrical Private Limited are required to file
their proofs of debt by Dec. 15, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 10, 2023.
The company's liquidator is:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana
Porirua 5247
=====================
P H I L I P P I N E S
=====================
MEGAWORLD: Court Lifts Freeze Order on Assets After Posting Bond
----------------------------------------------------------------
Bilyonaryo.com reports that the Quezon City Regional Trial Court
has lifted the Writ of Preliminary Attachment (WPA) on the assets
of Megaworld Corp. of ultra bilyonaryo Andrew Tan.
According to Bilyonaryo.com, Judge Rochelle Yvette D. Gallano
discharged the WPA after Megaworld posted a counterbond worth
PHP873.324 million on November 24.
This counterbond aims to cover the alleged unpaid billings sought
by DATEM from Megaworld, Bilyonaryo.com relates.
Megaworld Corporation, together with its subsidiaries, develops,
sells, and leases real estate properties in the Philippines. The
company develops mixed-use planned communities or townships,
including residential, commercial, leisure, and entertainment
components. Its real estate portfolio comprises residential
condominium units, subdivision lots and townhouses, and
condominium-hotel projects, as well as office projects and retail
spaces. The company is also involved in the leasing of office and
commercial spaces; and property-related activities, such as project
design, construction, and property management, as well as provision
of business process outsourcing, educational facilities, restaurant
operation, marketing, and e-commerce activities. In addition, it
owns and manages hotels.
=================
S I N G A P O R E
=================
D & L SINGAPORE: Commences Wind-Up Proceedings
----------------------------------------------
Members of D & L Singapore Pte Ltd, on Nov. 17, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Saw Meng Tee
Ong Shyue Wen
EA Consulting Pte Ltd
(a subsidiary of EisnerAmper PAC)
1 North Bridge Road
#23-05 High Street Centre
Singapore 179094
DASIN RETAIL: Unitholders Seek to Replace Current Trustee-Manager
-----------------------------------------------------------------
The Business Times reports that a group of 15 Dasin Retail Trust
investors, who collectively hold over 10 per cent of the units in
the business trust, have served a requisition notice to replace its
current external trustee-manager, Dasin Retail Trust Management
(DRTM), with a newly incorporated internal trustee-manager. The
new entity will be wholly owned by all unitholders of Dasin Retail
Trust.
On behalf of this group, unitholder Tao Naiqun on Nov. 23 said that
the minority investors were seeking to convene an extraordinary
general meeting (EGM) to approve the internalisation "as a matter
of urgency," BT relates.
This was because the trustee-manager's major shareholder,
Sino-Ocean Capital, remains subject to a creditors' winding-up
petition to be heard on March 27, 2024.
The minority investors are worried about who will look after their
interests if the Hong Kong court approves the winding-up, he said.
According to BT, Tao also noted that no progress has been made on
the trust's refinancing front, in a reference to the notices
received by the trustee-manager from several lenders who have
called defaults under syndicated facilities.
"Disappointed investors have questioned how this came to pass, as
Dasin Retail Trust is still recording positive net assets," the
report quotes Tao as saying.
BT relates that Tao claimed that minority investors were also
"disturbed" by the updates on the trustee-manager's board, in the
wake of the Sept. 11 resignation of independent director Sun Shu,
effective Aug. 29.
Sun chaired the remuneration committee, and was a member of the
audit and risk committee and the nominating committee.
"This leaves only three independent directors out of the six
remaining directors, in breach of the statutory requirement for the
majority of the board to be independent," noted Tao, BT relays. He
said DRTM had announced that it would aim to fill the vacancy
within two months, and in any case, no later than within three
months. Concerned investors have noted, however, that no
independent director has so far been appointed.
BT adds that Tao also pointed out that DRTM's lead independent
director, Tan Huay Lim, was facing a lawsuit brought by Zhang
Zhencheng, whose family trust owns a major unitholding in Dasin
Retail Trust.
"Against the backdrop of Sino-Ocean's financial woes and the
concerns in relation to DRTM's board, the petitioning investors
believe that internalisation would be crucial to preserve Dasin
Retail Trust's asset value. There would be a complete alignment of
interests between unitholders and an internal trustee-manager
wholly owned by them," he said.
In Tao's view, the proposed move would also enhance corporate
governance by giving unitholders a say in the composition of the
board of the internalised trustee-manager, while making it "easier
to move forward with restructuring negotiations" in the "absence of
diverging interests," BT relays.
Other cost efficiencies brought about by internalisation, such as a
reduction in management and trustee fees, could also translate to a
higher distribution per unit for unitholders, he added.
About Dasin Retail
Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.
LENDLEASE RETAIL: Creditors' Proofs of Debt Due on Dec. 26
----------------------------------------------------------
Creditors of Lendlease Retail Investments 3 Pte. Ltd. are required
to file their proofs of debt by Dec. 26, 2023, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 23, 2023.
The company's liquidators are:
Toh Ai Ling
Chan Kwong Shing, Adrian
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
OID PTE: Creditors' Proofs of Debt Due on Dec. 24
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Creditors of OID Pte. Ltd. are required to file their proofs of
debt by Dec. 24, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 21, 2023.
The company's liquidator is:
Farooq Ahmad Mann
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
TRANZPLUS ENGINEERING: Court to Hear Wind-Up Petition on Dec. 8
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A petition to wind up the operations of Tranzplus Engineering (S)
Pte Ltd will be heard before the High Court of Singapore on Dec. 8,
2023, at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on Nov. 14,
2023.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
YOKOGAWA INSILICO: Creditors' Proofs of Debt Due on Dec. 27
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Creditors of Yokogawa Insilico Biotechnology Pte. Ltd. are required
to file their proofs of debt by Dec. 27, 2023, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 17, 2023.
The company's liquidators are:
Mr. Don M Ho
Mr. David Ho
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
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