/raid1/www/Hosts/bankrupt/TCRAP_Public/231201.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, December 1, 2023, Vol. 26, No. 241
Headlines
A U S T R A L I A
BLACKWATTLE CMBS 2021-1: S&P Raises Cl. F Notes Rating to B(sf)
CGP ENTERPRISES: First Creditors' Meeting Set for Dec. 4
DACK WA: First Creditors' Meeting Set for Dec. 4
EARLWOOD SMASH: First Creditors' Meeting Set for Dec. 4
MA MONEY 2023-1: Moody's Assigns B2 Rating to AUD3.5MM Cl. F Notes
OPENPAY PTY: Bulk Foods Business SnackEzy Still Owed AUD42,000
OSQO ENTERPRISE: First Creditors' Meeting Set for Dec. 5
PCG CONSOLIDATED: First Creditors' Meeting Set for Dec. 5
PEPPER RESIDENTIAL 31: S&P Raises Cl. F Notes Rating to B+(sf)
PGP GROUP: Second Creditors' Meeting Set for Dec. 4
PLENTI RATED 4: Moody's Assigns B2 Rating to AUD4.6MM Cl. F Notes
REMI INVESTMENT: ASIC Cancels AFS License
C H I N A
BILIBILI INC: Net Loss Narrows to CNY1.35BB for Qtr. Ended Sept. 30
HILONG HOLDING: Moody's Alters Outlook on 'Caa1' CFR to Negative
WANDA PROPERTIES: Extension on Bond Repayment Gains Early Consent
H O N G K O N G
CAR INC: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
I N D I A
ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating
AKASH FISHMEAL: CARE Keeps B- Debt Rating in Not Cooperating
AMARNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
AYAN FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
BHAKTI INFRACON: CARE Keeps D Debt Rating in Not Cooperating
BORAH AGENCIES: CARE Keeps B Debt Rating in Not Cooperating
DAKSHIN BUDHAKHALI: CARE Keeps D Debt Rating in Not Cooperating
DIVYARATNA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating Category
G.R.K THEATRES: CARE Keeps B- Debt Rating in Not Cooperating
GO FIRST: To Chase INR12,000 crore With Litigation Finance
GOOD DAY: CARE Keeps D Debt Ratings in Not Cooperating Category
JAI JALPESH: CARE Lowers Rating on INR6.54cr LT Loan to D
KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
KING REFINERIES: CARE Keeps C Debt Rating in Not Cooperating
KVN IMPEX: CARE Lowers Rating on INR20cr LT Loan to C
LEKHYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
M/S GMA: Ind-Ra Cuts Bank Loan Rating to D, Outlook Stable
MAHALAKSHMI ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating
MAINAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating
MRMC FOODS: CARE Keeps B+ Debt Rating in Not Cooperating Category
PADMEY IMPEX: Ind-Ra Corrects October 26, 2023 Rating Release
RADHA CASTING: CARE Keeps B- Debt Rating in Not Cooperating
RAJARAMBAPU PATIL: Ind-Ra Keeps BB- Loan Rating in Non-Cooperating
RAKESH KUMAR: CARE Keeps D Debt Rating in Not Cooperating Category
SAMRAT PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating
SHIKHARJEE RICE: CARE Keeps B- Debt Rating in Not Cooperating
SHRUTI SNACKS: CARE Keeps B+ Debt Rating in Not Cooperating
SIMPLEX INFRA: CARE Keeps D Debt Ratings in Not Cooperating
SIWAL INFRACON: CARE Keeps C Debt Rating in Not Cooperating
SVR CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
VEDASRI GREEN: CARE Lowers Rating on INR10cr LT Loan to B-
J A P A N
UNIVERSAL ENTERTAINMENT: S&P Puts 'CCC+' LT ICR on Watch Positive
M A L A Y S I A
PHARMANIAGA BHD: Net Loss Widens to MYR49.3MM in Q3 Ended Sept. 30
PHARMANIAGA BHD: Submits New Regularisation Plan to Raise Fund
N E W Z E A L A N D
CENTRAL AUCKLAND: Creditors' Proofs of Debt Due on Jan. 5
SKY BUILDINGS: Creditors' Proofs of Debt Due on Dec. 21
TCC CENTRE: Creditors' Proofs of Debt Due on Jan. 5
TONNE ENGINEERING: Court to Hear Wind-Up Petition on Dec. 4
WAY INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 8
P H I L I P P I N E S
BINANCE HOLDINGS: Philippines SEC Blocks Crypto Exchange
S I N G A P O R E
FASTECH AUTO: Court to Hear Wind-Up Petition on Dec. 15
PUMA ENERGY: Moody's Upgrades CFR to Ba3, Outlook Remains Stable
S R I L A N K A
SRI LANKA: Debt Deal Could Help Clear IMF Bailout Review
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A U S T R A L I A
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BLACKWATTLE CMBS 2021-1: S&P Raises Cl. F Notes Rating to B(sf)
---------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by Permanent Custodians Ltd. as trustee
for Blackwattle Series CMBS Trust 2021-1. At the same time, S&P
affirmed its ratings on four 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 41.1% as of Sept. 30, 2023. The weighted-average
current loan-to-value ratio is 54.8% and weighted-average seasoning
is 55.7 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 has also factored into its analysis the level of geographic,
postcode, and borrower concentrations 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 1.66% is more than 90 days past due. 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. The
transaction can convert to a pro-rata payment structure, in which
principal would be passed through to each rated class of notes if
the principal step-down tests are met. In the pro-rata payment
structure, payments to the unrated class G and class H notes will
occur on a sequential basis, after repayment of all of the rated
notes.
S&P said, "A constraining factor on the degree of rating upgrade
for the class C notes as well as our ratings on the class D notes,
class E notes, and class F notes is our expectation of higher
delinquencies across the market due to the impact of higher
interest-rates and softening macroeconomic conditions.
Additionally, there is increasing risk of borrower concentration as
the pool continues to amortize. The largest 10 borrowers make up
29.2% of the pool. We believe the lower-rated notes are more
susceptible to this increasing borrower concentration risk."
These qualitative factors are constraining our ratings beyond
quantitative factors alone.
Ratings Raised
Blackwattle Series CMBS Trust 2021-1
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Ratings Affirmed
Blackwattle Series CMBS Trust 2021-1
Class A: AAA (sf)
Class D: BBB (sf)
Class E: BB (sf)
Class F: B (sf)
CGP ENTERPRISES: First Creditors' Meeting Set for Dec. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of CGP
Enterprises Pty Ltd will be held on Dec. 4, 2023, at 10:30 a.m. at
Level 1, 160 Brisbane Street in Ipswich and via virtual meeting.
Adam Francis Ward of Worrells was appointed as administrator of the
company on Nov. 22, 2023.
DACK WA: First Creditors' Meeting Set for Dec. 4
------------------------------------------------
A first meeting of the creditors in the proceedings of Dack WA Pty
Ltd will be held on Dec. 4, 2023, at 11:30 a.m. at the offices of
WA Insolvency Solutions, a division of Jirsch Sutherland, at Suite
6.02, Level 6, 109 St Georges Terrace in Perth and via
teleconference facilities.
Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Nov. 22, 2023.
EARLWOOD SMASH: First Creditors' Meeting Set for Dec. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Earlwood
Smash Repairs Pty. Limited will be held on Dec. 4, 2023, at 11:00
a.m. at the offices of BRI Ferrier, Level 26, 25 Bligh Street, in
Sydney, NSW.
Andrew Cummins and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on Nov. 22, 2023.
MA MONEY 2023-1: Moody's Assigns B2 Rating to AUD3.5MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited as trustee of MA Money
Residential Securitisation Trust 2023-1.
Issuer: MA Money Residential Securitisation Trust 2023-1
AUD375.0 million Class A1 Notes, Assigned Aaa (sf)
AUD53.0 million Class A2 Notes, Assigned Aaa (sf)
AUD43.5 million Class B Notes, Assigned Aa2 (sf)
AUD3.5 million Class C Notes, Assigned A2 (sf)
AUD9.5 million Class D Notes, Assigned Baa2 (sf)
AUD5.5 million Class E Notes, Assigned Ba2 (sf)
AUD3.5 million Class F Notes, Assigned B2 (sf)
The AUD4.0 million Class G1 Notes and AUD2.5 million Class G2 Notes
are not rated by Moody's.
The transaction is a securitisation of Australian residential
mortgage loans originated and serviced by MA Money Financial
Services Pty Ltd (MA Money, unrated).
RATINGS RATIONALE
The ratings takes into account, among other factors:
-- Evaluation of the underlying receivables and their expected
performance;
-- Evaluation of the capital structure and credit enhancement
provided to the notes;
-- The availability of excess spread over the life of the
transaction; and
-- The liquidity facility in the amount of 1.5% of the notes
balance subject to a floor of AUD750,000.
According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, and a relatively moderate weighted average scheduled LTV of
67.0%. However, Moody's notes that the transaction features some
credit weaknesses such as a high exposure to self-employed
borrowers of 51.8%.
Moody's MILAN stressed loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 10.3%. Moody's
expected loss for this transaction is 1.3%. These assumptions also
reflect Moody's assessment of the historical performance of MA
Money's portfolio in terms of delinquencies and defaults evidenced,
and benchmarking with comparable RMBS transactions in the
Australian market.
The key transactional features are as follows:
-- Principal collections will be distributed on a sequential basis
at first. Starting from the second anniversary from closing, all
notes (excluding the Class G1 and G2 Notes) may participate in
proportional principal collections distribution, subject to the
step down criteria being met. The step down criteria include, among
others, no charge-offs on any of the notes and Class A notes
subordination of at least 28.8%. The Class G notes' share of
principal will be allocated pro rata and pari passu to the Class A1
to Class F Notes.
The key portfolio features are as follows:
-- The portfolio has a relatively moderate weighted-average
scheduled loan-to-value (LTV) ratio of 67.0%, with 8.7% of the
loans with a scheduled LTV ratio above 80%.
-- The portfolio has a weighted-average seasoning of 9.3 months,
with 66.5% of loans originated in the last six months.
-- Investment and interest-only (IO) loans represent 42.8% and
23.3% of the pool, respectively.
-- 40.5% of loans were extended on an alternative documentation
(alt doc) basis.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.
OPENPAY PTY: Bulk Foods Business SnackEzy Still Owed AUD42,000
--------------------------------------------------------------
News.com.au reports that the owner of a small Aussie business has
revealed she is still owed AUD42,000 by failed buy now pay later
business Openpay, and that most of the debt relates to transactions
the company entered into after it knew it was in financial
trouble.
Tara Low, who owns online bulk foods business SnackEzy, contacted
news.com.au after we broke the news that Openpay, once a major
player in the buy now pay later market, had gone into voluntary
liquidation at the end of last week.
Ms. Low, 35, from Wollongong, said she is yet to see any of the
money she is owed by Openpay, and that the debt may have pushed her
into bankruptcy if extended family had not helped.
Openpay was previously listed on the Australian Securities Exchange
(ASX) and entered into receivership on February 4, 2023.
At the time of its collapse, it reportedly owed more than AUD66.1
million to creditors, AUD4.1 million in unpaid leave and wages to
employees, and had just AUD1.2 million left as cash in the bank,
news.com.au discloses.
Ms. Low told news.com.au that her suspicions about the business
were first raised when it deviated from its normal merchant payment
schedule.
She said the normal process for receiving payments from Openpay was
that they would transfer funds to merchants the evening following
the day of purchase.
For example, money from sales on SnackEzy using Openpay as the
payment method on a Monday would be received in Ms Low's bank
account on Tuesday night.
She added that funds from sales transacted on Friday, Saturday and
Sunday would be paid the following Monday night.
According to news.com.au, Ms. Low said that first sign that things
were beginning to go amiss was at the end of January – days
before Openpay called for a trading halt on the ASX and more than a
week before it announced it had appointed receivers.
She said that rather than the weekend's takings, only the money
from sales on Friday January 27 was deposited into her bank account
on Monday January 30.
Instead, takings from sales made on Saturday January 28 were
deposited on Tuesday January 31, takings from sales made on Sunday
January 29 were deposited on Wednesday February 1.
And then the payments stopped altogether, news.com.au relays.
Despite inquiries to Openpay about the unusual payment schedule and
missing payments, Ms Low said she was told that everything was fine
and continued to accept sales using Openpay for the rest of that
week.
On Saturday February 4 she received an email from an Openpay
business development manager which read: "As their [sic] is nothing
to communicate we are open and it is business as usual and not
shutting down. So there is nothing to report."
But on Monday February 6, Openpay announced, via the ASX, that it
had actually appointed receivers on Saturday February 4.
News.com.au adds that Ms. Low said that she never received the
money for any sales she made that were paid for using Openpay from
Monday January 30 to Sunday February 5, which amounted to
approximately AUD42,000.
She hit out at the firm for continuing to trade when it knew its
financial position was precarious.
"If they knew they couldn't pay me I could have stopped taking
orders and would only be in the hole about AUD6,000," news.com.au
quotes Ms. Low as saying.
Ms. Low added that the timing of Openpay's collapse coincided with
one of the peak trading times for her business as it was the start
of the new school year, a traditionally busy time as parents look
to stock up on lunch box-friendly snack foods.
She said that following the news that the company had failed, she
was locked out of its online merchant portal.
As a result, she told news.com.au that the AUD42,000 figure was an
estimate and that the true amount she is owed could actually be
higher.
About Openpay Pty
Openpay Pty Ltd was a fintech company that develops online payment
solutions that feature buy now, pay later services.
Barry Kogan, Jonathan Henry & Robert Smith of McGrathNicol were
appointed as receivers of Openpay Group on Feb. 4, 2023.
OSQO ENTERPRISE: First Creditors' Meeting Set for Dec. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Osqo
Enterprise Pty Ltd will be held on Dec. 5, 2023, at 10:00 a.m. via
Microsoft Teams video teleconferencing.
Hamish Alan MacKinnon and Nicholas Giasoumi of Dye & Co. Pty Ltd
were appointed as administrators of the company on Nov. 23, 2023.
PCG CONSOLIDATED: First Creditors' Meeting Set for Dec. 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of PCG
Consolidated Holdings Pty Ltd, PCG Development 1 Holdings Pty Ltd
and PCG Development 4 Pty Ltd will be held on Dec. 5, 2023, at 1:30
p.m., 11:30 a.m., and 12:30 p.m., respectively, at the offices of
Worrells, Level 14, 570 Bourke Street, in Melbourne, Victoria.
Con Kokkinos of Worrells was appointed as administrator of the
company on Nov. 23, 2023.
PEPPER RESIDENTIAL 31: S&P Raises Cl. F Notes Rating to B+(sf)
--------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee for Pepper Residential Securities Trust No. 31. At the same
time, S&P affirmed its ratings on two classes of notes for the same
transaction.
The rating actions reflect:
-- S&P's view of the credit quality of the underlying collateral
portfolios, which have been amortizing in line with its
expectations.
-- The significant buildup in the percentage of credit enhancement
provided to the rated notes.
-- The strength of the cash flows at each respective rating level
that are 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.
-- That we have factored into our analysis the arrears performance
of the transaction. Over the past 12 months, arrears have been
trending up, in line with Standard & Poor's Performance Index
(SPIN) for nonconforming loans. As of Oct. 31, 2023, loans greater
than 30 days in arrears represent 6.03% of the pool, of which 1.97%
is more than 90 days in arrears. However, there have been
negligible losses to date and no charge-offs to any of the notes.
-- That S&P expects arrears levels to remain elevated, given the
characteristics of the portfolio, which includes borrowers with
adverse credit history, low-documentation loans, and self-employed
borrowers. These characteristics increase our expectation of loss
for the portfolio.
-- The transaction's prepayment rates, which generally have been
above the industry standard for nonconforming loans. This has
lowered the pool factor to about 34.4% as of Oct 31, 2023. The
continuation of a high prepayment rate could decrease the level of
excess spread generated and lead to a deterioration in the credit
quality of the remaining pool if the stronger credit quality
borrowers were to prepay.
-- That principal to noteholders is currently paid sequentially;
however, the transaction will convert to pro-rata paydown once the
step-down triggers are met. Under the pro-rata payment structure,
the class G allocated principal will continue to be paid to the
class F notes until the class F notes are fully repaid, then to the
remaining subordinated notes. We expect the transaction will soon
convert to pro rata.
-- That the turbo repayment of the class F notes, being the most
subordinated rated notes, has created overcollateralization, which
provides additional credit support for the class F notes.
-- A constraining factor on the degree of upgrades is the
composition of the portfolio and the subset of borrowers who are
likely to be more susceptible to changes in the economy,
particularly higher interest rates and cost-of-living pressures.
These qualitative factors constrain S&P's ratings beyond
quantitative factors alone.
Ratings Raised
Pepper Residential Securities Trust No. 31
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
Pepper Residential Securities Trust No.31
Class A1-a: AAA (sf)
Class A2: AAA (sf)
PGP GROUP: Second Creditors' Meeting Set for Dec. 4
---------------------------------------------------
A second meeting of creditors in the proceedings of PGP Group
(Aust) Pty Ltd has been set for Dec. 4, 2023 at 3:00 p.m. at the
offices of PricewaterhouseCoopers at One International Towers,
Watermans Quay in Barangaroo.
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 Dec. 1, 2023 at 4:00 p.m.
Daniel Walley, Adam Colley and Mahala Hazell of
PricewaterhouseCoopers were appointed as administrators of the
company on Oct. 30, 2023.
PLENTI RATED 4: Moody's Assigns B2 Rating to AUD4.6MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee for Plenti Rated Funding Trust No. 4 (Trust).
Issuer: Perpetual Corporate Trust Limited in its capacity as the
trustee for Plenti Rated Funding Trust No. 4
AUD165.6 million Class A Notes, Assigned Aaa (sf)
AUD3.3 million Class A-X Notes, Assigned Aaa (sf)
AUD16.6 million Class B Notes, Assigned Aa2 (sf)
AUD6.2 million Class C Notes, Assigned A2 (sf)
AUD3.7 million Class D Notes, Assigned Baa2 (sf)
AUD4.6 million Class E Notes, Assigned Ba1 (sf)
AUD4.6 million Class F Notes, Assigned B2 (sf)
The AUD3.7 million Class G Notes and AUD2.1 million Subordinated
Notes are not rated by Moody's.
Plenti Rated Funding Trust No. 4 transaction is a revolving cash
securitisation of consumer and commercial auto loan receivables
extended to prime borrowers in Australia. The loans were originated
by Plenti Finance Pty Limited (Plenti, unrated) and are serviced by
Plenti RE Limited (Plenti RE).
Plenti is a 100% owned Australian subsidiary of Plenti Group
Limited. The Plenti business was established in 2014 focusing on
unsecured consumer lending before commencing automotive lending in
2017. Plenti is a technology-led lending business, offering
automotive, renewable energy and personal loans via its proprietary
technology platform.
RATINGS RATIONALE
The ratings take into account key portfolio and structural
features, which among other factors include: (1) Moody's evaluation
of the underlying receivables and their expected performance; (2)
evaluation of the capital structure and credit enhancement provided
to the notes; (3) the availability of excess spread over the
transaction's life; (4) the liquidity facility comprising 1.50% of
the note balances, subject to a floor of AUD1.35 million; (5)
Plenti RE Limited's experience as servicer; and (6) the back-up
servicing arrangements with Perpetual Corporate Trust Limited.
According to Moody's, the transaction benefits from the highly
diversified nature of the portfolio and the low observed historical
losses. Moody's notes that the transaction features some credit
weaknesses such as: (1) the issuance of Class A-X Notes, which are
not collateralized and are repaid through the interest waterfall,
reducing excess spread available to cure portfolio losses; (2) the
limited amount of historical data that does not cover a full
economic cycle; and (3) the pro rata amortisation of the
subordinated classes of notes, other than Subordinated Notes, after
certain stepdown conditions are met, which will lead to reduced
credit enhancement of the senior notes in absolute terms.
KEY PORTOLIO AND STRUCTURAL FEATURES
As of August 31, 2023, key pool characteristics include:
-- The portfolio consists of fixed-rate consumer and commercial
auto loan receivables extended to prime borrowers in Australia.
-- The receivables in the pool amounted to around AUD207 million,
and included around 5,549 loan contracts. The average loan size was
around AUD37,300.
-- Loans backed by commercial vehicles, passenger vehicles and
other assets represented 79.4%, 18.8% and 1.8% of the pool,
respectively.
-- The weighted average interest rate was 9.58%.
-- 27.4% of receivables have a balloon payment, with the remainder
of the portfolio being fully amortising. The aggregate balloon
exposure as a percentage of the current portfolio balance is 10.4%
-- The weighted average seasoning of the portfolio was 4.1 months,
while the weighted average remaining term of the portfolio is 60.3
months.
The key structural features include:
-- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 20.00%, 12.00%, 9.00%, 7.20%, 5.00% and
2.80% of note subordination, respectively.
-- The Trust has the ability to acquire additional new
receivables, subject to portfolio parameters. The credit
characteristics of the pool will be re-assessed if the proportion
of receivables acquired is above a certain threshold.
-- While an amortisation event is subsisting, no new receivables
can be added to the pool. Amortisation events and rapid
amortisation events protect noteholders against a deterioration in
the quality and performance of the underlying collateral.
Amortisation events include:
(1) expiry of the 12-month availability period and is not renewed;
(2) a carry over charge-off remains unreimbursed on the
Subordinated Notes; and
(3) the actual subordination is below the required subordination
percentage, which is currently 20.0%, 12.0%, 9.0%, 7.2%, 5.0% and
2.8% for the Class A, Class B, Class C, Class D, Class E and Class
F notes respectively, commensurate with the required rating of the
notes.
-- The transaction features a sequential/pro rata paydown
structure. Initially, if no amortisation event exists and the
principal step-down test is passed, all Class A to G Notes are paid
pro rata from available principal collections; if the test is not
passed, principal payments are made sequentially from Class A to
Class G. Furthermore, Class A and Class A-X Notes receive principal
payments on a pari passu basis if a rapid amortisation event
subsists. Rapid amortisation events include amortisation events
that remain unremedied for a certain period of time.
-- The Class A-X Notes are repaid in accordance with an
amortisation schedule. The Class A-X funded receivable reflects the
commission paid by the seller to the introducer in respect of that
receivable. These notes are not collateralised and receive their
interest and principal payments via the income waterfall. The Class
A-X Notes also benefit from access to principal draws and from
liquidity draws. The interest and principal on these notes rank
pari passu with the interest on the Class A Notes in the income
waterfall. If a rapid amortisation event occurs, the Class A-X
Notes will be repaid on a pari passu basis with the Class A Notes
via the principal waterfall, in addition to the payments they
receive under the income waterfall. Repayment of the Class A-X
Notes in a senior position in the income waterfall reduces the
availability of excess spread for the other notes.
-- The Class A-X Notes are sensitive to high prepayment rates,
which could see the underlying asset portfolio repay in full before
the notes have fully amortised within the scheduled 36 months.
Following a Class A-X amortization event, turbo amounts will be
made towards the repayment of Class A-X Notes via the income
waterfall. If an underlying loan defaults, is disposed or becomes
an ineligible receivable, the unamortised amounts of the related
Class A-X funded receivable will form part of the scheduled amounts
due on the Class A-X Notes for that period. If the deal is called
by the sponsor before repayment of the Class A-X Notes under the
amortisation schedule, the Class A-X Notes will be made whole and
repaid in full. A Class A-X amortization event occurs, among
others, if the average prepayment rate exceeds a certain level.
-- A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities, excluding the Class A-X Notes and Subordinated
Notes.
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are a mean default rate of 3.90%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 19.50%. The assumptions are partly driven by the higher
proportion of commercial automotive loans in the pool and the
limited corresponding historical loss data. The expected defaults
and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss we expect the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE are parameters used
by Moody's to calibrate its lognormal portfolio default
distribution curve and to associate a probability with each
potential future default scenario in its ABSROM cash flow model.
Moody's assumed mean default rate of 3.90% is stressed compared to
the extrapolated default rate of 1.6%. The stress Moody's has
applied in determining its mean default rate reflects the limited
historical data available for Plenti's portfolio. It also reflects
the current macroeconomic trends, and other similar transactions
used as a benchmark.
The PCE of 19.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
REMI INVESTMENT: ASIC Cancels AFS License
-----------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of Remi
Investment Services Pty Ltd (RIS).
The licence was cancelled because RIS is no longer carrying on a
financial services business.
The cancellation took effect on Nov. 27, 2023.
Under the Corporations Act, ASIC may cancel an AFS licence held by
a body corporate if it ceases to carry on a financial services
business under s915B.
RIS may apply to the Administrative Appeals Tribunal for a review
of ASIC's decision.
RIS held AFS licence number 234703 since Oct. 31, 2003. Before it
ceased to carry on a financial services business, RIS authorised
Remi Capital Pty Ltd to provide financial services. Remi was wound
up by order of the Supreme Court of Queensland on June 9, 2022 and
is currently under external administration.
=========
C H I N A
=========
BILIBILI INC: Net Loss Narrows to CNY1.35BB for Qtr. Ended Sept. 30
-------------------------------------------------------------------
The Standard reports that video-sharing platform Bilibili Inc.
narrowed its net loss for the quarter ending September by 21
percent year-on-year, or 13 percent quarterly. That amounted to
CNY1.35 billion, The Standard discloses.
And the adjusted net loss narrowed to CNY860 million, marking a 51
percent reduction year-on-year. Net revenues were CNY5.8 billion,
nearly unchanged compared to the quarter in 2022.
Among them, revenue from value-added services was nearly CNY2.6
billion, representing a 17 percent year-on-year increase.
Advertising revenue grew by 21 percent yearly to CNY1.64 billion
while mobile game revenue was CNY990 million, indicating a 33
percent year-on-year decrease, The Standard relays.
Average daily active users increased by 14 percent to CNY102.8
million compared to the quarter in 2022.
For the full year of 2023, the company anticipates total net
revenues to range from CNY22.5 billion to CNY23.5 billion, the
report discloses.
Bilibili is a video-sharing website based in Shanghai where users
can submit, view, and add overlaid commentary on videos.
Bilibili Inc. reported three consecutive annual net losses of
CNY3.34 billion, CNY7.21 billion, and CNY7.15 billion for the years
ended Dec. 31, 2020, 2021, and 2022.
HILONG HOLDING: Moody's Alters Outlook on 'Caa1' CFR to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Hilong Holding
Limited to negative from stable. At the same time, Moody's has
affirmed the company's Caa1 corporate family rating.
"The negative outlook reflects Hilong's rising refinancing risk
over the next 12-18 months, because its cash resources as of the
end of September 2023 and Moody's forecast cash flow for the
company will be insufficient to cover the USD314.5 million notes
maturing in November 2024, and its capital investment requirement,"
says Chenyi Lu, a Moody's Vice President and Senior Credit
Officer.
"Its weak liquidity and hence heightened risk of default offset
Hilong's improving business operations and steady earnings, and its
solid market positions in the drill pipe and oil country tubular
goods (OCTG) coating materials and services sectors," adds Lu.
RATINGS RATIONALE
Hilong's CFR takes into consideration the company's relatively
small size and high customer concentration; performance volatility
caused by the cyclical nature of the drill pipe and oilfield
services businesses, which are exposed to movements in global oil
prices; and weak liquidity. The rating also reflects its weak
financial policy demonstrated by its debt default in June 2020 and
debt restructuring in May 2021.
Hilong's liquidity is weak. As of the end of September 2023, Hilong
had cash and cash equivalents of RMB558 million. These liquidity
sources and Moody's estimated operating cash flow for the company
of around RMB550 million to RMB575 million over the next 12-18
months will be insufficient to cover its short-term debt of RMB606
million maturing over the next year; its RMB2.28 billion debt
maturing within the next 12-18 months, including its RMB2.26
billion (USD314.5 million) USD bonds in November 2024; and its
estimated maintenance capital spending of about RMB150 million over
the next 12-18 months.
Moody's projects that Hilong's adjusted debt/EBITDA will decrease
to 3.0x-3.5x over the next 12-18 months from 3.6x for the 12 months
ended June 30, 2023, mainly because of earnings growth and a slight
decline in its adjusted debt. The earnings growth is underpinned by
high oil prices, which will support demand for its drill pipe
products, OCTG coating services and oilfield services.
Environmental, social and governance (ESG) considerations mainly
reflect the governance considerations associated with its weak
financial strategy and risk management, and poor management
credibility and track record demonstrated by its debt default in
June 2020 and debt restructuring in May 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Given the negative rating outlook, an upgrade of Hilong's rating
over the near term is unlikely. Positive rating pressure could
emerge if the company improves its liquidity position on a
sustained basis.
Moody's could downgrade the rating if it is unlikely that the
company can meet its debt obligations.
The principal methodology used in this rating was Oilfield Services
published in January 2023.
Hilong Holding Limited is an integrated oilfield equipment and
services provider. The company's four main businesses are oilfield
equipment manufacturing and services; line pipe technology and
services; oilfield services; and offshore engineering services.
The company listed on the Hong Kong Stock Exchange in 2011. Mr. Jun
Zhang, the chairman and founder of the company, is the controlling
shareholder, with a 48.8% equity interest as of the end of June
2023.
WANDA PROPERTIES: Extension on Bond Repayment Gains Early Consent
-----------------------------------------------------------------
Reuters reports that Wanda Properties International, a unit of
conglomerate Dalian Wanda Group, said on Nov. 30 it had received
early consent approval from bondholders to extend the repayment on
a $600 million guaranteed bond due 2024.
Reuters relates that the regulatory filing in Hong Kong said those
voting in favour of the extension represented more than 99.3% of
the aggregate principal amount of the bonds.
Wanda Properties is still seeking final approval to extend the
payment date of its $600 million 7.25% note to Dec. 29, 2024 from
the current maturity date of Jan. 29, at a meeting of bondholders
on Dec. 13 this year.
Wanda Properties International Co. Limited provides real estate
services. The Company owns, operates, and develops real properties.
Wanda Properties International serves customers in China.
=================
H O N G K O N G
=================
CAR INC: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on CAR Inc. at the company's request. The outlook on the rating was
positive at the time of the withdrawal.
=========
I N D I A
=========
ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Advanced
Computers And Mobiles India Private Limited (ACMIPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 107.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 57.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 9,
2022, placed the rating(s) of ACMIPL under the 'issuer
non-cooperating' category as ACMIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ACMIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 26, 2023, August 5, 2023,
August 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ACMIPL is one of India's leading distribution house in the Telecom
Industry. ACMIPL trades in mobile phones, accessories and data
cards. ACMIPL has its distribution network spanning pan India with
over 20 distribution centres and over 10,000 retail touch points.
AKASH FISHMEAL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Akash
Fishmeal & Fishoil Private Limited (AFFPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of AFFPL under the 'issuer
non-cooperating' category as AFFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. AFFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 27, 2023, September 06,
2023, September 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Akash Fishmeal & Fish Oil Pvt Ltd. is a private limited company
incorporated in March 2015. The company is into the business of
manufacturing fish meal/ oil, with a capacity of 400 MT per day of
Fishmeal & Fishoil production. The company started commercial
production in April 2016. Fish meal finds its application in Aqua
feeding, fish feeding & poultry feeding as main ingredient, & fish
oil finds its application in manufacturing of Omega 3 tablets for
human consumption.
AMARNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amarnath
Enterprises (AE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.45 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 06, 2023, September 16, 2023, September 26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Amarnath Enterprises (AE) was established in the year 2008 by Mr.
P. NageswaraRao and his brothers. AE is engaged in hospitality
services like lodging, restaurant and conference hall facility. AE
is running a restaurant located in Dwarakanagar, Vishakapatnam in
the name of "Hotel Quality Inn BezKrishnaa" franchisee of Choice
Hospitality India Private Limited under the brand name 'Quality'.
Choice Hospitality India Pvt. Ltd. was established in 1987 with the
objective of setting up first class, midmarket franchised hotels in
metropolitan and secondary cities. The brands of Choice Hotels in
India are Quality, Comfort, Sleep Inn, Clarion and Cambria Suites.
AYAN FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ayan Foods
(AF) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 4,
2022, placed the rating(s) of AF under the 'issuer non-cooperating'
category as AF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 20, 2023, September 30, 2023, October 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
AF was established in June 2015 as a proprietorship entity by Mr.
Anurag Agarwal to setup a rice milling plant at Raipur,
Chhattisgarh. The entity has started its commercial operations from
February 2016.The entity has been engaged in milling and processing
of non-basmati rice. The manufacturing facility of the company is
located at Devendra Nagar, Raipur in Chhattisgarh.
BHAKTI INFRACON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhakti
Infracon LLP (BIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 14,
2022, placed the rating(s) of BIL under the 'issuer
non-cooperating' category as BIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 30, 2023, September 9, 2023, September
19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Surat (Gujarat) based, BIL was established as a partnership firm
during July 2017 named Bhakti Buildcon by Mr.Rakeshkumar Dudhwala,
Ms. Dimpleben Dudhwala, Mr. Pradipkumar Patel, Mr.Banti Sadadiwala,
Mr. Dineshbhai Patel and Mr. Jigarbhai Gajjar. In February 2018,
the firm converted to Limited Liability Partnership and named
Bhakti Infracon LLP. BIL is currently executing a commercial
project named 'Walk Way The Mall' (RERA Registration No.
PR/GJ/SURAT/SURAT CITY/SUDA/CAA02185/270318) with 250 proposed
units (223 shops, 12 food shops, a restaurant, a gym, a game zone
and a multiplex) at Surat. BIL is part of Surat based 'Bhakti
group' which has strong presence in Surat. Over the period, the
group has completed various projects of more than 11.62 lakh Sq.
feet. Currently the group has on-going projects with cost of more
than INR118.95 crore under different entities.
BORAH AGENCIES: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Borah
Agencies Private Limited (BAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 10,
2022, placed the rating(s) of BAPL under the 'issuer
non-cooperating' category as BAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 26, 2023, September 5, 2023, September
15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Borah Agencies Private Limited (BAPL) was incorporated in
September, 2007 by Mr. Prodip Borah of Dibrugarh, Assam, commenced
as an authorized dealer of Hyundai Motor India Ltd. (HMIL) for its
passenger vehicles, spares & accessories for Tinsukia district of
Assam and four district of Arunchal Pradesh. Subsequently in Feb.
2013, the company entered into dealership agreement with Escorts
Ltd (EL) for its commercial vehicles (like trucks, tractors, etc.),
spares & accessories for two district of Assam & four district of
Arunchal Pradesh and started selling the EL vehicles since May,
2013. The company offers the aforesaid products through its three
showrooms (self-owned) equipped with 3-S facilities (Sales, Service
and Spare-parts) located at Assam.
DAKSHIN BUDHAKHALI: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dakshin
Budhakhali Improvement Society (DBIS) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.11 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated December 5, 2018, placed the ratings of DBIS under the
'issuer non-cooperating' category, as DBIS had failed to provide
information for monitoring of the ratings and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.
DBIS continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
August 27, 2023, August 17, 2023 and August 7, 2023. In line with
the extant Securities and Exchange Board of India (SEBI)
guidelines, CARE Ratings has reviewed the rating on the basis of
the best available information, which however, in CARE Ratings'
opinion is not sufficient to arrive at a fair rating. The rating on
DBIS's instruments will continue to be denoted as 'CARE D/Issuer
not cooperating'.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings take into account continuous delay in servicing of debt
obligations.
Analytical approach: Standalone.
Outlook: Not applicable
Detailed description of the key rating drivers:
At the time of the last rating on September 21, 2022, delay in
servicing of debt obligations were the weaknesses.
Key weaknesses
* Delay in servicing of debt obligations: There are ongoing delays
in servicing of debt obligations by DBIS.
DBIS was formed in 1995 as a charitable society. It started MFI
activity from May 2006 by lending to women borrowers engaged in
small businesses under 'Self Help Groups' model in the rural area
of West Bengal. It also provides other technical support services
to its borrowers which enables them to achieve
self-sustainability.
DIVYARATNA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Divyaratna
Agrotech Private Limited (DAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 29.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2022, placed the rating(s) of DAPL under the 'issuer
non-cooperating' category as DAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. DAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 8, 2023, October 28, 2023, November 10,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Divyaratna Agrotech Private Limited (DAPL), incorporated in the
year 2000 was taken over in 2007 by Mr. Dilip Jindal and Mrs.
Rachana Jindal, directors of Desmo Exports Limited. DAPL is engaged
in the business of trading of industrial chemicals and solvents.
The warehouse of the company is located in Bhiwandi, Maharashtra.
DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dynamic
(CG) Equipments Private Limited (DEPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 49.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of DEPL under the 'issuer
non-cooperating' category as DEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. DEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 6, 2023, September 16, 2023, September
26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dynamic (CG) Equipments Pvt. Ltd. (DEPL; erstwhile Dynamic JCB
Earthmovers Private limited), incorporated in 2008, is promoted by
Mr. Ashwani Mahendru (Managing Director). DEPL is an authorized
dealer and service center operator for JCB India Limited (JCBI) in
commercial vehicles and earth moving equipment since 2008 in
Chhattisgarh. The contract of JCB is renewable every three years
and was last renewed in September, 2013. Further, the company is
also in the business of leasing and providing after sales service
and deals in accessories & spare parts of Earth moving Equipments.
The company is also the authorized distributor for Castrol Brand of
Industrial Engine oil, Gear oil, Hydraulic oil and other industrial
oils which it is selling to its customers. Over the years, the
company has built a network in 27 branches and Any Time Parts
(ATP)'s in Chhattisgarh which provides spares and accessories of
JCB. Presently DEPL has four showrooms cum service centres at
Raipur, Siltara and Bilaspur and Raigarh.
G.R.K THEATRES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of G.R.K
Theatres Private Limited (GTPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.77 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 26.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of GTPL under the 'issuer
non-cooperating' category as GTPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2023, September 6, 2023, September
16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
G.R.K Theatres Private Limited was established by Mr. Radhakrishnan
in the year 1983. The company was predominantly operating in
entertainment business but post 2012 company decided to diversify
its business by entering into Auto dealership and construction of
commercial complex. G.R.K gets its biggest share of revenues from
Auto Dealership business with two showrooms in Pondicherry and one
in Cuddalore.
GO FIRST: To Chase INR12,000 crore With Litigation Finance
----------------------------------------------------------
Livemint.com reports that Go First plan to scout for litigation
finance to bring home up to INR12,000 crore tied up in various
lawsuits, two people aware of the development said, as the bankrupt
airline stares at likely liquidation. The amount includes an
arbitration award that it won against engine maker Pratt & Whitney
at the Singapore International Arbitration Centres (SIAC) earlier
this year, as well as several other lawsuits under way.
Livemint.com says the airline has moved a Delaware court to enforce
the arbitration ruling, but has run short of funds to pursue the
case after it stopped flying in May.
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.
GOOD DAY: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Good Day
Foods Private Limited (GDFPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.26 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.03 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of GDFPL under the 'issuer
non-cooperating' category as GDFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GDFPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 2, 2023, September
12, 2023, September 22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2003, Good Day Foods Private Limited (GDFPL) is
engaged in the processing of milk and manufacturing of dairy
products (including paneer, sweets, mawa, curd, ghee, chhas, lassi,
dry mithai, shrikhand, kulfi, frozen desert, whey powder jar milk
and cream) for reputed customers in domestic and international
market. The company has a manufacturing facility located in Thane,
Mumbai.
JAI JALPESH: CARE Lowers Rating on INR6.54cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jai Jalpesh Flour Mills Private Limited (JJFMPL) as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.54 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of JJFMPL under the 'issuer
non-cooperating' category as JJFMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. JJFMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, November 22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of JJFMPL have been
revised on account of delays in debt servicing recognized from
Audit report of FY20, available from registrar of the companies.
Jai Jalpesh Flour Mills Private Limited (JJFMPL) was incorporated
in the year 2012 was promoted by the Ghosh and Sharma family based
out of West Bengal. Since its inception, the company has been
engaged in milling of flour products like maida (refined
all-purpose flour), Atta (whole wheat flour), Suji (semolina),
bran, Rawa from wheat. The manufacturing facility is located at
Jalpaiguri district in the state of West Bengal.
KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kaytx
Industries Private Limited (KIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of KIPL under the 'issuer
non-cooperating' category as KIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2023, September 6, 2023, September
16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
KIPL was incorporated in 2005 by Mr Satish Dutt to undertake
manufacturing and trading of steel structures including channels,
angles, joists, etc. Subsequently, the company was acquired by the
current promoters on April 1, 2011. KIPL is promoted by Mr.
Parshotam Lal Aggarwal and Mr. Salil Aggarwal. The company has an
integrated manufacturing facility and offers manufacturing,
fabrication and galvanization of structured steel products.
KING REFINERIES: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of King
Refineries Private Limited (KRPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 10,
2022, placed the rating(s) of KRPL under the 'issuer
non-cooperating' category as KRPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KRPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 26, 2023, September 5, 2023, September
15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of KRPL have been
revised on account of non-availability of requisite information.
The ratings further consider cash losses as well as net losses
reported during FY22 over FY21.
King Refineries Private Limited (KRPL) was incorporated in July
1994 by Mr. S.A. Arumugam, Managing Director; who has got more than
five decades of experience in edible oil refining industry. KRPL is
engaged in the business of edible oil refining. The day to day
operations are managed by the directors, Mr. Venkatachalam and Mr.
M. Abinand. KRPL procures crude oil
(sunflower oil, ground nut oil and cotton seed oil) from local
traders in Tamil Nadu. Apart from the same, KRPL also started
importing oil (crude sunflower oil) from Ukraine since October
2015.
KVN IMPEX: CARE Lowers Rating on INR20cr LT Loan to C
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
KVN Impex Private Limited (KVN), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 20.00 CARE C Revised from CARE BB;
Bank Facilities Stable
Short Term
Bank Facilities 10.48 CARE A4 Reaffirmed
Short Term
Bank Facilities 14.00 CARE D Revised from CARE A4
Short Term
Bank Facilities 250.00 CARE D Revised from CARE A4
Rationale and key rating drivers
The revision in ratings assigned to the bank facilities of KVN
takes into account the delay in debt servicing of the company to
one of its lenders and its tight liquidity position.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Satisfactory track record of timely repayment and servicing of
debt obligation for a continuous period of 90 days.
* Improvement in liquidity position of the company
Negative factors
* Any further deterioration in the liquidity profile of the
company
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Delay in debt servicing: As per due diligence exercise conducted
by CARE Ratings Ltd, one of the lenders has reported delays in
meeting its short-term debt obligations.
* Operating Loss in FY23 and moderation of Financial Risk Profile:
KVN incurred PBILDT loss of INR27.88 crores in FY23 on account of
volatility in Polymer Prices. The company's financial risk profile
stood leveraged with overall gearing of 6.97x as on March 31, 2023,
as against 2.59x on March 31, 2022. Due to the losses, the net
worth of the company decreased to INR39.52 crore in FY23 (FY22:
INR79.84 crore). KVN primarily relies on Letter of Credit (LC) to
fund its Working capital requirement. During FY23, The company had
enhanced its LC limits from INR220.00 to INR264.00 resulting in
higher Debt as compared to FY22. During 4MFY24, The PBILDT margins
stood positive at 3.5% on back of stabilising polymer prices.
* Profitability Exposed to commodity Price Risk and foreign
exchange risk: The margins of the company are mostly determined by
import cost of polymers and related logistics which in turn depend
largely on oil price and dollar-rupee exchange rates. The PBILDT
margins declined sharply and company reported loss during FY23 due
to volatility in commodity prices. Due to commoditized nature of
operations and moderately high inventory levels, any revision in
the price of commodities can lead to inventory write downs
impacting the profitability of the company. Besides, the margins of
the company are exposed to currency rate movements, as the company
does not possess any natural hedge against its imports. The company
has the policy of hedging around 40-50% of the forex exposure and
rest is kept open.
* Highly competitive nature of Polymers and allied chemicals
trading industry: Polymers and chemicals trading industry is
characterized by low-entry barriers due to the minimal capex
requirements, commodity nature of the product and the easy
availability of technology, which has resulted in a proliferation
of several small and large traders spread across the country. The
widespread demand for different grade polymers coupled with
government side push in infrastructure development and logistics
related projects, has also led to an increase in the number of
players in this industry. The highly fragmented nature of the
industry has resulted in intense competition within the industry,
resulting in thin profit margins.
Key strengths
* Experience of the promoters and long operational track record:
The promoters Mr. Ramesh Menon and Mr. Rajesh Menon assisted their
father Mr. K.V. Narayana Menon in his chemicals trading business
which they later diversified into polymer trading business in 1999
because of the extensive demand for polymers in Indian market by
incorporating KVN. The long-standing experience of the promoters in
the industry has helped them to forge good relationships with
leading domestic and international polymer manufacturers and
relationship with many customers. The promoters have more than two
decades of experience and has expanded the group to one of the
major trading houses for polymers with more than 100 employees and
around 2000 customers.
Liquidity: Poor
The company had delays in servicing its LC/Buyers Credit.
KVN was incorporated in January 8, 1999 by Mr. Ramesh Menon and Mr.
Rajesh Menon based out of Calicut, Kerala. The promoters assisted
their father Mr. K. V. Narayanan Menon, who established Ramesh
Chemicals a sole proprietorship entity in 1966, dealing with
chemicals such as hydrochloric acid, sulphuric acid, nitric acid.
In the year 1999 Mr. Ramesh Menon and Mr. Rajesh Menon diversified
their business into Polymer trading by establishing KVN. The
company mainly deals with High Density Polyethylene (HDPE), Low
Density Polyethylene (LLDPE), Polypropylene (PP) and Plastic
granules. The company has fourteen branches and warehouses in the
state of Kerala, Tamil Nadu, Karnataka and Pondicherry. The company
primarily imports chemicals and sells to small and medium
enterprises in South India.
LEKHYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lekhya
Motors Private Limited (LMPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.50 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of LMPL under the 'issuer
non-cooperating' category as LMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. LMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 7, 2023, September 17, 2023, November
16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated on May 2, 2016, Lekhya Motors Private Limited (LMPL)
is promoted by Mr. Goluguri Srirama Reddy Lekhya and Ms. Jwalitha
Goluguri Lekhya. LMPL is a part of Reddy and Reddy Group which has
7 other associate companies engaged in trading of sea food and
dealers of automobiles. LMPL is an authorized dealer of Maruthi
Suzuki India Limited. The company is engaged in sale of new cars,
servicing of vehicles and sale of spare parts (3S) and operates
through its NEXA showroom situated in Hubballi, Karnataka.
M/S GMA: Ind-Ra Cuts Bank Loan Rating to D, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on M/S GMA Pinnacle Automotives Private Limited's (GMA) bank
facility:
-- INR100 mil. Fund-based working capital limits* downgraded and
reassigned with IND B+/Stable/IND A4 rating.
*Downgraded to 'IND D' before being reassigned
The downgrade reflects GMA's delay in debt servicing for one day in
December 2022. The reassignment of 'IND B+' rating reflects GMA's
satisfactory debt servicing for all bank facilities in the past 90
days.
Key Rating Drivers
Liquidity Indicator - Poor: The average maximum utilization of the
fund-based limits for the 12 months ended September 2023 was
98.76%. GMA does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The cash flow from operations fell to INR11.71 million in FY23
(FY22: INR21.13 million), mainly due to a decline in booking
advances from customers. Consequently, the free cash flow turned
negative at INR1.18 million in FY23 (FY22: INR17.73 million) The
working capital cycle stretched to 25 days in FY23 (FY22: 19 days),
due to a reduction in payable days to 17 days (42 days). GMA had
cash and cash equivalents of INR2.45 million at FYE23 (FYE22:
INR4.76 million), against scheduled repayments of INR13.6 million
in FY24 and INR6.70 million for FY25. FY23 numbers are provisional
in nature.
The rating reflects GMA's small scale of operations, as indicated
by revenue of INR926.55 million in FY23 (FY22: INR684.67 million).
The revenue increased in FY23 mainly on account of an increase in
the demand for Jeep cars and overall growth in the automobile
market. During 1HFY24, GMA booked a revenue of INR261 million.
Ind-Ra expects the revenue to remain stable on a yoy basis in
FY24, and believes the revenue would continue to be at FY23 levels
over the medium term, given the absence of any new launches of Jeep
vehicles or tie-ups with other brands.
The rating also reflects GMA's modest EBITDAR margin owing to the
dealership nature of the business. The margin improved to 3.6% in
FY23 (FY22: 3.07%) due to a rise in revenue contribution from
higher-margin segments such as spare parts and higher absorption of
fixed costs, resulting from an increase in other operating income.
The ROCE was 3.3% in FY23 (FY22: 0.3%). Ind-Ra expects the EBITDA
margin in FY24 to remain at FY23 levels.
The ratings also factor in GMA's moderate credit metrics due to the
modest margins. The credit metrics improved in FY23 owing to an
increase in the EBITDAR to INR22.33 million (FY22:INR10.26
million). The interest coverage (operating EBITDAR/gross interest
expense + rent) was 2.04x in FY23 (FY22: 1.09x) and the net
leverage (adjusted net debt/operating EBITDAR) was 6.9x (10.74x).
Ind-Ra expects the credit metrics to improve in the near term
because of the scheduled repayment of long-term debt and the
absence of any major capex plans.
The ratings, however, remain supported by the promoter's experience
of almost a decade in the automobile industry.
Rating Sensitivities
Negative: A significant decline in the revenue and profitability
margins, leading to deterioration in the liquidity profile and
credit metrics, all on a sustained basis, would be negative for the
ratings.
Positive: A significant improvement in the revenue and
profitability margins, along with an improvement in the liquidity
position and credit metrics, with the net leverage falling below
6x, all on a sustained basis, would be positive for the ratings.
Company Profile
Incorporated in 2016, GMA is an authorized dealer of Jeep vehicles.
The company is engaged in the selling of imported and
domestically-manufactured cars, spare parts-accessories and
servicing.
MAHALAKSHMI ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Mahalakshmi Alloys And Metals Private Limited (MAMPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.40 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 4.00 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of MAMPL under the 'issuer
non-cooperating' category as MAMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MAMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 31, 2023, August 10,
2023, August 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mahalakshmi Alloys and Metals Private Limited (MAMPL) was
incorporated in 2005 as a Private Limited company by Mr. Ajay Kumar
Choudhary & Mr. Vinod Kumar Agarwal. The company is engaged in
manufacturing of various Cast iron & Alloy castings ranging from
600 Gms to 6 tons based on specification of orders received from
customers located in and around Andhra Pradesh. It has its
registered office located at Hyderabad, Andhra Pradesh. The
products manufactured by MAMPL include Ingot moulds, cast iron
centre column, Cast iron slag plot etc. The end Nproducts are
supplied to local retailers who are located in and around Andhra
Pradesh. MAMPL is a part of reputed MPL group which is in existence
since 1959 engaged in providing diversified products ranging from
steel products, cements & sponge iron.
MAINAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mainak Agro
Food Product (MAFP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.54 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 4,
2022, placed the rating(s) of MAFP under the 'issuer
non-cooperating' category as MAFP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MAFP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 20, 2023, September 30, 2023, October
10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mainak Agro Food Product (MAFP) was set up as a partnership firm in
May 2007. Since its inception, the firm has been engaged in milling
and processing of parboiled and non-parboiled rice. The
manufacturing plant of the firm is located at Burdwan, West Bengal.
Apart from own rice milling, the firm also does custom milling for
government of West Bengal.
MRMC FOODS: CARE Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MRMC Foods
Private Limited (MFPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 15.20 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of MFPL under the 'issuer
non-cooperating' category as MFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2023, September 6, 2023, September
16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in May, 2013, MRMC Foods Private Limited (MFPL)
started its operations in November, 2014 and is managed by Mr.
Rajiv Mangal and Praveen Mangal. The company is engaged in the
processing of paddy to rice and also sells its by products like
bardana, bran, husk, etc., at its sole manufacturing facility in
Ferozepur, Punjab. The company sells its product under its own
brand name "Yahas" and "Hunar".
PADMEY IMPEX: Ind-Ra Corrects October 26, 2023 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Padmey Impex Private
Limited's rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Padmey Impex
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:
-- INR100 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D/IND D (ISSUER NOT
COOPERATING) rating; and
-- INR80 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Company Profile
Established in 2008, Padmey Impex Private Limited manufactures
plastic bags at its unit in Daman (Maharashtra).
RADHA CASTING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radha
Casting and Metalik Private Limited (RCMPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 7,
2022, placed the rating(s) of RCMPL under the 'issuer
non-cooperating' category as RCMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RCMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 23, 2023, September 2,
2023, September 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
RCMPL was incorporated in June 2006, was promoted by brothers Mr.
Dhananjay Kumar and Mr. Pawanjay Kumar of Jharkhand. The company
had initially set up a pig iron plant (installed capacity 15000
metric tonnes per annum: MTPA) at Ramgarh, Jharkhand and commenced
commercial operation in the year 2008. But, later on, in May 2011,
the company was forced to shut down its pig iron plant due to iron
ore scarcity owing to iron ore mining related issues leading to
rising raw material cost and weak demand. Since, February 2012, the
company had started manufacturing Mild Steel (MS) Ingots with
installed capacity of 15, 000 MTPA at its existing plant.
RAJARAMBAPU PATIL: Ind-Ra Keeps BB- Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Rajarambapu Patil Sahakari Sakhar Karkhana Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 3 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB- (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR 4500 mil. Fund Based Working Capital Limit migrated to
non-cooperating category with IND BB-/Stable/IND A4+ (Issuer
Not Cooperating) rating; and
-- INR 500 mil. Term loan on March 31, 2027 migrated to non-
cooperating category with IND BB-/Stable (Issuer Not
Cooperating) rating.
Company Profile
RPSSKL was incorporated by the late Rajarambapu Patil in 1968 under
'The Maharashtra Co-operative Societies Act 1960' as Walwa Taluka
Sahakari Sakhar Karkhana Limited to produce sugar in Sangli,
Maharashtra. The name was subsequently changed to Rajarambapu Patil
Sahakari Sakhar Karkhana Limited. RPSSKL is a part of Sangli-based
'Rajarambapu Group' whose diversified business profile comprises
operations in sugar production, distillery, power generation,
co-operative bank (Rajarambapu Sahakari Bank Limited), co-operative
spinning mills, milk federation, soya bean extraction plant,
educational institutes, and petrol pumps.
RAKESH KUMAR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rakesh
Kumar Gupta Rice Mills Private Limited (RKGRMPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of RKGRMPL under the 'issuer
non-cooperating' category as RKGRMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RKGRMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 27, 2023, September 6,
2023, September 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rakesh Kumar Gupta Rice Mill Pvt. Ltd. (RKGRMPL) was incorporated
in November, 2005 by Gupta family of Patna, Bihar. The company is
engaged in the processing and milling of rice. The milling unit of
the company is located at Patna, Bihar with processing capacity of
57,600 Metric Tonne Per Annum (MTPA). RKGRMPL procures paddy from
farmers & local agents and sells its products through the
wholesalers and distributors across 9 states in India and Nepal.
SAMRAT PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samrat
Plastic Industries (SPI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.11 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 3,
2022, placed the rating(s) of SPI under the 'issuer
non-cooperating' category as SPI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SPI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 19, 2023, September 29, 2023, October
9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rajkot-based SPI was established in 2006 as a partnership firm.
Earlier the firm was engaged in the manufacturing of rigid PVC
pipes. During Q1FY16, the firm undertook a diversification project
to set up machinery for manufacturing of uPVC and cPVC pipes and
fittings which got completed in October, 2015. The plant is
situated at GIDC, Paddhari and is spread across an area of 3000
square meters. The partners have an experience of over two decades
in the manufacturing of plastic and plastic products. The firm
markets its products under the brand name of 'KING' pipes and
fittings. The pipes and fittings manufactured by the firm find
applications in irrigation systems and construction industry.
SHIKHARJEE RICE: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Shikharjee Rice Oil LLP (SSROL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of SSROL under the 'issuer
non-cooperating' category as SSROL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSROL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, November 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Seoni (Madhya Pradesh) based Shri Shikharjii Rice Oil LLP (SSROL)
was formed as a limited liability partnership concern in October,
2015 by Mr Gyan Singh Chordia and Mr Kirti Chordia with an
objective to set up greenfield project for Rice Bran Oil plant
(Solvent & Refinery). The plant of the firm will have installed
capacity of 74400 M.T. per annum for Rice Bran and 14800 M.T. per
annum for edible Rice Bran Oil. SSROL has envisaged total project
cost of INR22.15 crore to be funded through debt equity ratio of
1.2:1.
SHRUTI SNACKS: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shruti
Snacks Private Limited (SSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.15 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 10,
2022, placed the rating(s) of SSPL under the 'issuer
non-cooperating' category as SSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 26, 2023, September 05, 2023, September
15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Indore (Madhya Pradesh) based, SSPL was incorporated in November,
2012 by Mr. Mohan Kumar Ludhyani and Mr. Ghanshyamdas Ludhyani.
Subsequently in December 2012, SSPL purchased snacks manufacturing
facilities and cold storage of M/s. Natraj Cold Storage & Foods
Pvt. Ltd. (NCFPL) for a consideration of INR10.11 crore. SSPL
undertook expansion and modernization of the purchased facilities
and the enhanced facilities became operational in July 2013. SSPL
at present has an installed capacity of 3,000 metric tonne per
annum (MTPA) for potato chips and 1,080 MTPA of various types of
Kurkure.
SIMPLEX INFRA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Simplex
Infrastructures Limited (SIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2,675.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7,900.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Non Convertible 170.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
Category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
Category
Non Convertible 75.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
Category
Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 2,
2021, placed the rating(s) of SIL under the 'issuer
non-cooperating' category as SIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 14, 2023, October 24, 2023 & November 3,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account delays in servicing of debt
obligations by the company as mentioned in the audit report (FY23)
and confirmed by its lenders.
Analytical approach: Standalone
Detailed description of the key rating drivers
At the time of last rating on November 28, 2022 the following were
the rating weaknesses (updated for the information available from
stock exchange.
Key weaknesses
* Delay in servicing of debt obligations: There are on-going delays
in debt servicing obligation of the company. The slowdown in
recoveries from clients, delays in approvals of bills from
government clients resulted in stretched liquidity position of the
company, thus resulting in delays.
SIL, incorporated in 1924, is one of the leading construction
companies of the country, belonging to Mundhra family of Kolkata.
The company is primarily engaged in EPC contracts, turnkey projects
related to civil construction across various sectors. Over the
decades, Simplex has completed large number of prestigious
contracts and has received commendation certificates from many of
its clients. The company also has overseas presence in countries
like Saudi Arabia, Bangladesh, Bahrain, UAE, Qatar, Ethiopia and
Sri Lanka.
SIWAL INFRACON: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Siwal
Infracon Private Limited (SIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.28 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.30 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 4.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 10,
2022, placed the rating(s) of SIPL under the 'issuer
non-cooperating' category as SIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 26, 2023, September 5, 2023, September
15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur-based (Rajasthan) Siwal Infracon Private Limited (SIPL) was
initially formed in 2004 as a partnership concern in the name of
M/s Siwal Builders & Developers by its key promoter, Mr. Rajesh
Siwal. Subsequently, there was amendment in partnership deed which
was later reconstituted as a private limited company in 2012 with
assuming its present name. Initially, SIPL was primarily engaged in
execution of civil construction contract works pertaining to real
estate projects for private sector companies; however, form FY14
on-wards SIPL had also ventured into executing project related to
commercial and institution with major contracts secured from
private sector clientele located in Rajasthan.
SVR CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SVR
Corporation Private Limited (SCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 7,
2022, placed the rating(s) of SCPL under the 'issuer
non-cooperating' category as SCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2023, September 2, 2023, September
12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SCPL was incorporated in the year 2013 by Mr. R. Uday Kumar Reddy
and Mr.S.V. Gowtham Reddy. The company has proposed to set up a
unit for the generation, accumulation, distribution and supply of
electricity and all forms of energy at Chittoor, Andhra Pradesh.
The total installed capacity of the unit is 2MW SPV (Solar
Photovoltaic) new grid-tied projects per annum. The raw material
required for the production, to the extent of 56% will be imported
from Hongkong and remaining to be purchased from other states in
India. SCPL has commenced its operations from December 2017
onwards. The total cost proposed for setting up the unit is
INR13.44 crore funded by equity share capital of INR3.36 crore and
remaining through term loan of INR10.08 crore in which INR4.50
crore is FLC to be converted to term loan after 3 years usance
period.
VEDASRI GREEN: CARE Lowers Rating on INR10cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vedasri Green Energy Private Limited (VGEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of VGEPL under the 'issuer
non-cooperating' category as VGEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VGEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, November 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of VGEPL have been
revised on account of non-availability of requisite information.
The ratings further consider decline in operating income and
overall profitability during FY22 over FY21.
VGEPL is a Special Purpose Vehicle (SPV) incorporated for setting
up a 2.2 MW solar project at Bidar district, Karnataka and became
operational in January 2017. Ms. Sridevi G Tonne and Mr. Prakash
Tonne are the managing directors of the company and Mr. Avinash M
Yeolikar & Mr. Kavindra Avinash Yeolikar are other directors of the
company. Ms. Sridevi was allotted 2.2 MW solar project under the
1-3MW Farmer Solar Scheme by the Karnataka Renewable Energy
Development Energy Limited (KREDEL) and a Power Purchase Agreement
(PPA) was signed with Mangalore Electricity Supply Company Limited
(MESCOM). The PPA was signed with a tariff rate of INR8.4 per kWh
for a period of 25 years. M/s Aditya Green Energy Pvt Ltd was
appointed as the EPC contractor for installation of the power
plant.
=========
J A P A N
=========
UNIVERSAL ENTERTAINMENT: S&P Puts 'CCC+' LT ICR on Watch Positive
-----------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' long-term issuer credit and
senior guaranteed unsecured debt ratings on Japan-based gaming
machine and casino company Universal Entertainment Corp. (UE) on
CreditWatch with positive implications.
The CreditWatch placement follows a Supreme Court of the
Philippines ruling that has lifted a status quo ante order against
the company's casino resort operating subsidiary. It also reflects
our view that it is more likely than before that the company will
be able to refinance $760 million (approximately JPY120 billion) in
U.S. dollar bonds due in December 2024. On Nov. 27, 2023, the
company said it would resume loan negotiations with Philippine
financial institutions, which had been suspended due to the
issuance of the order and proceed with refinancing the bonds.
S&P said, "We believe that if the company refinances the bonds,
which account for more than 90% of its total reported debt, with
long-term stable funding, it will significantly ease the liquidity
pressures that have undermined our credit rating on the company. In
addition, we expect its financial standing to continue steadily
improving in the next two years thanks to stable EBITDA . We expect
UE's EBITDA to exceed JPY40 billion annually for the same period,
well above levels of recent years (JPY30 billion in fiscal 2022,
which ended Dec. 31, 2022). We believe the company's domestic
pachinko and pachislot (gaming) machine business and its casino
resort business in the Philippines will remain robust, supported by
the recovery of the entertainment industry from the pandemic.
"We aim to resolve the CreditWatch placement in 90 days, after
examining factors such as progress in negotiations between the
company and financial institutions in the Philippines to refinance
U.S. dollar bonds; its ability to generate cash flow; its liquidity
outlook; and its governance structure, including the risk of
disputes with its founder."
===============
M A L A Y S I A
===============
PHARMANIAGA BHD: Net Loss Widens to MYR49.3MM in Q3 Ended Sept. 30
------------------------------------------------------------------
The Star reports that Pharmaniaga Bhd's net loss widened to MYR49.3
million in the third quarter ended Sept 30 compared with MYR13.9
million achieved in the same period last year.
Revenue for the quarter was lower at MYR885.5 million against
MYR894.9 million while loss per share stood at 3.67 sen from 1.07
sen previously, The Star discloses.
The pharmaceutical group said the lower revenue was driven by a
noteworthy 33.4% decrease in sales within the non-concession
business, stemming from the loss of a tender exercise for a blood
cancer product.
Nevertheless, it said the impact was moderated by improved
performances in the private market and Indonesia operations
segments.
In the first nine months to Sept. 30, Pharmaniaga posted a net loss
of MYR44.7 million compared with a net profit of MYR14.5 million
posted last year while revenue was flat at MYR2.61 billion from
MYR2.62 billion a year ago.
According to The Star, the group said it is actively engaged in
re-evaluating its business operations with a strong focus on fiscal
discipline, restructuring of non-performing businesses, strategic
optimisation of business activities, resources and assets, and
implementing prudent cost management strategies.
"While undoubtedly challenging, it is an imperative process aimed
at fortifying our position and swiftly resolving our Practice Note
17 (PN17) classification.
"In line with this commitment, the group will be submitting its
requisite announcement (RA) to Bursa Malaysia on Nov 29. The RA
highlights the group's plan to raise sufficient funding to bolster
its financial position and revitalise financial health, marking a
crucial step toward exiting its PN17 status," Phamaniaga said.
Looking ahead, Phamaniaga said the outlook is encouraging for the
global healthcare sector, propelled by growing healthcare
awareness, rising prevalence of non-communicable diseases and an
increasing aging population, amongst other factors, The Star
relays.
"In Malaysia, the compounded annual growth rate of the
pharmaceutical industry is projected to outpace global growth, with
the private market as a key driver. Along with robust prospects for
the biopharmaceutical market as well as significant potential in
the Indonesian market, Pharmaniaga will be in a position to tap
into long term opportunities in the industries," it said.
About Pharmaniaga
Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.
It was reported on Feb. 28, 2023, that Pharmaniaga had been
classified as an affected listed issuer under PN17 of the Main
Market Listing Requirements of Bursa Malaysia. The pharmaceutical
company said it had triggered the PN17 criteria pursuant to its
audited consolidated financial statements for the period ended Dec.
31, 2022.
PHARMANIAGA BHD: Submits New Regularisation Plan to Raise Fund
--------------------------------------------------------------
The Malaysian Reserve reports that in a move to fortify its
financial position and make a decisive exit from Practice Note 17
(PN17) classification, Pharmaniaga Bhd, has outlined a
comprehensive plan involving a capital reduction, a rights issue
with warrants, and a private placement with the potential to raise
up to MYR654.6 million in proceeds.
According to the report, the linchpin of Pharmaniaga's strategy is
the proposed capital reduction, a measure aimed at addressing
accumulated losses within the group.
The Malaysian Reserve relates that the company plans to cancel
approximately MYR180 million of issued share capital, lost and/or
unrepresented by available assets.
In conjunction with the capital reduction, Pharmaniaga is set to
initiate a rights Issue with warrants.
The Malaysian Reserve says the proposed entitlement basis is 4
rights shares for every five Pharmaniaga shares held, along with
one warrant for every one rights share.
The indicative issue price of 30 sen per rights share and exercise
price of 40 sen per warrant suggest a minimum scenario involving
the issuance of 1,152,983,621 rights shares and 1,152,983,621
warrants, raising gross proceeds of MYR345.9 million.
The maximum scenario considers the conversion of outstanding
options into Pharmaniaga shares, resulting in the issuance of up to
1,182,038,540 rights shares and 1,182,038,540 warrants, raising
gross proceeds of up to MYR354.6 million, The Malaysian Reserve
relays.
Running parallel to the rights issue, Pharmaniaga is proposing a
private placement, aiming to issue up to 714,285,715 placement
shares at an indicative issue price of 42 sen per placement share.
This move is expected to raise gross proceeds of up to MYR300
million.
The Malaysian Reserve adds that the placement shares will be placed
with third-party investors meeting specific regulatory criteria,
excluding directors, major shareholders, chief executives, and
nominees unless the ultimate beneficiaries are disclosed.
Pharmaniaga has provided a detailed breakdown of the utilisation of
the expected proceeds, amounting to up to MYR654.6 million.
This includes part repayment of existing borrowing commitments,
working capital, business expansion, and defraying estimated
expenses related to the proposed regularisation plan, The Malaysian
Reserve discloses.
Notably, part repayment of existing borrowings is expected to
result in interest savings of approximately MYR12.4 million per
annum.
The rationale behind Pharmaniaga's comprehensive plan is to
overcome financial challenges, improve its cash flow position, and
achieve a return to profitability.
"The successful implementation of the Proposed Regularisation Plan
will significantly enhance the company's financial condition,
contributing to the regularisation of Pharmaniaga's PN17 status,"
While the proposed regularisation plan is not expected to have an
immediate material effect on the group's earnings for the current
financial year, it sets the stage for future growth and improved
financial performance.
According to The Malaysian Reserve, Pharmaniaga acknowledges the
short-term dilution in earnings per share (EPS) for the financial
year ending December 31, 2024 but underscores that the plan's
benefits are expected to contribute positively to consolidated
earnings in the ensuing financial years.
The success of the proposed regularisation plan hinges on obtaining
various approvals, including those from Bursa Securities,
shareholders of Pharmaniaga, and the High Court of Malaya for the
capital reduction.
The Malaysian Reserve says Pharmaniaga has provided a tentative
implementation timeline, foreseeing submission to Bursa Securities
in the first quarter of 2024, with subsequent milestones leading to
full implementation by the third quarter of the same year.
MIDF Investment is the principal adviser of the plans.
About Pharmaniaga
Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.
It was reported on Feb. 28, 2023, that Pharmaniaga had been
classified as an affected listed issuer under PN17 of the Main
Market Listing Requirements of Bursa Malaysia. The pharmaceutical
company said it had triggered the PN17 criteria pursuant to its
audited consolidated financial statements for the period ended Dec.
31, 2022.
=====================
N E W Z E A L A N D
=====================
CENTRAL AUCKLAND: Creditors' Proofs of Debt Due on Jan. 5
---------------------------------------------------------
Creditors of Central Auckland Investments Limited are required to
file their proofs of debt by Jan. 5, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 22, 2023.
The company's liquidator is:
Craig Young
PO Box 87340
Auckland
SKY BUILDINGS: Creditors' Proofs of Debt Due on Dec. 21
-------------------------------------------------------
Creditors of Sky Buildings Limited are required to file their
proofs of debt by Dec. 21, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators of the company on Nov. 23,
2023.
TCC CENTRE: Creditors' Proofs of Debt Due on Jan. 5
---------------------------------------------------
Creditors of TCC Centre Place Limited are required to file their
proofs of debt by Jan. 5, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 22, 2023.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany
Auckland 0752
TONNE ENGINEERING: Court to Hear Wind-Up Petition on Dec. 4
-----------------------------------------------------------
A petition to wind Up The Operations Of Tonne Engineering Services
Limited will be heard before the High Court at Tauranga on Dec. 4,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 28, 2023.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
WAY INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 8
-----------------------------------------------------------
A petition to wind up the operations of The Way International
Trading Limited will be heard before the High Court at Auckland on
Feb. 8, 2024, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 6, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=====================
P H I L I P P I N E S
=====================
BINANCE HOLDINGS: Philippines SEC Blocks Crypto Exchange
--------------------------------------------------------
The Philippine Star reports that the Securities and Exchange
Commission (SEC) has imposed a ban on cryptocurrency exchange
Binance and its operations in the Philippines.
With the ban, the public will not be able to access Binance's
website and its applications while inside the country, the SEC said
in an advisory dated Nov. 28.
According to The Philippine Star, the removal of access in the
Philippines is expected to take effect within three months after
the issuance of the advisory in order to give Filipino investors
who have holdings in Binance to close their positions and take out
their investments.
The Philippine Star relates that the SEC said Binance is not
authorized to sell or offer securities in the Philippines. Thus, it
warned the public against using the online cryptocurrency
platform.
This is pursuant to Republic Act 8799 or the Securities Regulation
Code (SRC), which provides that entities seeking to engage in the
business of trading securities must first secure a secondary
license with the SEC.
Binance is a platform for trading financial instruments. It offers
investment products, including spot trading using leverage, futures
contracts, option contracts, cryptocurrency savings accounts,
cryptocurrency staking services, and a platform for initial coin
offerings.
"Based on the commission's database, the operator of the platform
Binance is not registered as a corporation in the Philippines and
operates without the necessary license and/or authority to sell or
offer any form of securities as defined under Section 3.1 of the
(SRC) to engage in the business of buying or selling securities or
as a broker or dealer as provided under Section 28 of the SRC, or
to create or operate an exchange for the buying and selling of
securities as provided under Section 32 of the SRC," the SEC, as
cited by The Philippine Star, said in its advisory.
According to the SEC's investigation, Binance has been actively
employing promotional campaigns on social media to attract
Filipinos to engage in investment and trading activities using its
platforms.
An app version is also currently downloadable on Google Playstore
and the Apple App Store.
Following the issuance of the advisory, the SEC will request
assistance from the National Telecommunication Commission and the
Department of Information and Communications Technology to block
access to Binance in the Philippines, according to The Philippine
Star.
Additionally, the SEC has requested Google and Meta, the operator
of Facebook, to prohibit online advertisements from Binance
appearing to users in the Philippines.
The Philippine Star adds that the SEC recently issued advisories
against similar entities, such as Octa Trading and MiTrade, as it
cracks down on online entities soliciting investments from the
public without the necessary licenses.
On Nov. 21, 2023, Binance pleaded guilty to federal charges,
admitting that it engaged in money laundering, unlicensed money
transmitting, and sanctions violations; and has agreed to pay over
US$4 billion in fines, the U.S. Justice Department said in a
statement.
About Binance Holdings
Binance Holdings Ltd. operates the largest crypto asset trading
platform in the world, Binance.com.
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S I N G A P O R E
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FASTECH AUTO: Court to Hear Wind-Up Petition on Dec. 15
-------------------------------------------------------
A petition to wind up the operations of Fastech Auto Pte Ltd will
be heard before the High Court of Singapore on Dec. 15, 2023, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Nov. 24, 2023.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
PUMA ENERGY: Moody's Upgrades CFR to Ba3, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded Puma Energy Holdings Pte.
Ltd's (Puma Energy, the company) corporate family rating to Ba3
from B1 and its probability of default rating to Ba3-PD from B1-PD.
Concurrently, Moody's also upgraded the rating of the backed senior
unsecured notes due 2024 and 2026 issued by Puma International
Financing S.A. and guaranteed by Puma to Ba3 from B1. The outlook
for both entities remains stable.
"The upgrade reflects Puma Energy's progress on improving credit
metrics through debt reduction and solid operating performance in
recent quarters. Moody's expects the company to continue to build
on this track record and maintain metrics in line with a Ba3
rating." Says Tobias Wagner, a Moody's Vice President – Senior
Credit Officer and lead analyst for Puma Energy.
RATINGS RATIONALE
The upgrade reflects Puma Energy's improved credit metrics with its
Moody's-adjusted debt/EBITDA ratio expected by the rating agency to
fall to around 3.5x for 2023, down from 5.0x in 2022. This reflects
both solid operating performance and significant debt reduction
with Moody's-adjusted debt falling to around $1.8 billion by
year-end 2023 from $2.6 billion at year-end 2022 and $3.2 billion
at year-end 2021.
In 2023, Puma Energy made significant progress on improving its
capital structure for example through the repayment of $378 million
of senior notes due 2024, the conversion of a $358 million loan by
its shareholder to equity and the expected further repayment of the
remaining $153.5 million of senior notes due 2024 in December 2023.
This has also improved the company's maturity profile, and while
Puma Energy continues to rely on a significant portion of 1-year
revolving credit facilities currently, Moody's expects the company
to continue to further improve its maturity profile and reduce debt
further in 2024. While there is some risk of re-leveraging given
the company's 2.5x net leverage target (at 1.5x as of September
2023), Moody's expects at this stage for Puma to retain current
leverage levels at least broadly.
Profit generation in 2023 has also been solid with company-reported
EBITDA of $405 million year-to-date September 2023, well above its
2021 EBITDA trough, based on an optimised footprint, growth
initiatives such as convenience and strengthened profitability in
areas such as its Aviation and Commercial segments. Moody's
expects the company to extend this track record and achieve broadly
similar levels of profitability. However, Puma Energy's
profitability also remains exposed to range of elevated country and
business risks around regulation, commodity prices, currency
volatility and currency controls given its emerging market focus.
Puma Energy's credit strengths continue to include its significant
geographical diversification, often leading market positions in
countries it operates in, margin protection in regulated markets,
ability to pass on commodity price volatility in most instances in
non-regulated markets and its supportive shareholder.
Sufficient liquidity remains important given the exposure to
volatile commodity prices, currency risk and markets where it can
be difficult at times to timely repatriate funds. In this context,
Moody's continues to view the company's liquidity as adequate given
solid cash balances and access to revolving credit facilities.
However, the short-dated nature of a large part of the revolving
credit facility continues to create some uncertainty at this stage.
Moody's understands that the company considers to further lengthen
its bank facilities maturity profile. The next larger maturities
remain the 2026 senior notes.
The Ba3 senior unsecured notes remain in line with the CFR. Over
the last years the company has increasingly shifted towards debt at
holding company level with only a small portion of debt at
operating company level. The bulk of the company's trade payables
are also contracted at the holding company level. Accordingly, the
notes rank in line with most of the debt capital structure,
including the unsecured revolving credit facility.
ESG CONSIDERATIONS
Puma Energy's Credit Impact Score of CIS-3 indicates that ESG
considerations have a limited impact on the current credit rating
with potential for greater negative impact over time. This reflects
some exposures to environmental and social risks, but also
governance considerations. While the company's capital structure,
performance and hence governance has improved in 2022 and 2023, the
company had a more mixed governance track record prior to that.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that Puma Energy
will be able to build on its recent track record and maintain
metrics commensurate with a Ba3 rating going forward.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure on the rating would rise from continued
improvement in operating profitability, a strengthening of the
company's business profile through scale or diversification, a
tightened financial policy and track record that would result in
Moody's-adjusted debt/EBITDA remaining below 3.0x on a sustained
basis, while maintaining positive free cash flow (FCF) generation
and a strengthened liquidity profile through longer-dated external
facilities.
Conversely, negative pressure on the rating would occur if
operating profitability of the company's core downstream business
returns to significant volatility or weakens sustainably, its
Moody's-adjusted total debt to EBITDA rises above 4.0x, for example
from debt-funded acquisitions, EBITDA-CAPEX/Interest reduces below
2.0x or its liquidity profile weakens.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Retail and
Apparel published in November 2023.
COMPANY PROFILE
Headquartered in Singapore, Puma Energy is a downstream oil group
that stores, supplies and distributes refined oil products, largely
in emerging markets. Trafigura Group, a global commodity trader,
established Puma Energy in 1997 and remains its dominant
shareholder with 96.6%.
=================
S R I L A N K A
=================
SRI LANKA: Debt Deal Could Help Clear IMF Bailout Review
--------------------------------------------------------
Reuters reports that Sri Lanka's pact with creditor nations to
restructure its debt prepares the way for the International
Monetary Fund (IMF) to consider clearing the first review of a
bailout next month, the global lender said on Nov. 30.
Battling its worst financial crisis in decades, the Indian Ocean
nation had been trying since last year to strike restructuring
deals with creditors after record low foreign exchange reserves led
to a default on foreign debt in May 2022, Reuters says.
Reuters relates that Nov. 29's in-principle deal comes about a
month after Sri Lanka's pact with the Export-Import Bank of China
covering about $4.2 billion of outstanding debt, while clearing the
IMF review could trigger a second tranche of about $334 million in
funds.
Sri Lanka and the IMF clinched the staff-level agreement on the
first review of the four-year extended fund facility arrangement in
October, after a month's delay.
The second tranche will be disbursed once the IMF's executive board
clears the review, Reuters says.
"These understandings pave the way for the IMF executive board to
consider completion of the first review," Reuters quotes Peter
Breuer, the IMF's mission chief for Sri Lanka, as saying in a
statement.
"We look forward to the executive board taking up this review by
mid-December and the continuation of our productive collaboration
with Sri Lanka."
According to Reuters, the finance ministry said the deal with the
creditor panel covered about $5.9 billion of outstanding public
debt, consisting of a mix of long-term maturity extension and
reduction in interest rates.
Japan, together with France and India, co-chairs the committee of
15 nations. But Sri Lanka's largest bilateral creditor, China, has
not joined as a formal member.
Since locking down the IMF bailout of $2.9 billion in March, Sri
Lanka has managed to partly stabilise its economy, bring down
runaway inflation and rebuild currency reserves, Reuters notes.
Finance ministry data shows external debt of $36.6 billion at the
end of June, Reuters discloses. Once the debt restructuring is
completed, Sri Lanka hopes to cut its overall debt by $16.9
billion.
After receiving the IMF money, Sri Lanka could get further funding
from the Asian Development Bank and the World Bank, taking the
total to about $900 million, the central bank governor, P. Nandalal
Weerasinghe, said last week, Reuters relays.
Reuters adds that the finance ministry said it would next focus on
striking similar deals with other bilateral creditors for debt
amounting to $274 million and seek pacts with bondholders who have
the bulk of its $12.5 billion of international sovereign bonds.
A debt restructuring proposal by private creditors in October did
not get a favourable response from the finance ministry, which said
it had "serious reservations" about the proposed macro-linked
bonds.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'. The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***