/raid1/www/Hosts/bankrupt/TCRAP_Public/231208.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 8, 2023, Vol. 26, No. 246
Headlines
A U S T R A L I A
AUSTRALIAN POTASH: FTI Consulting Appointed as Administrators
COMMUNITY CONNECTIONS: First Creditors' Meeting Set for Dec. 14
FIRSTMAC ASSET 1: Fitch Corrects Nov. 19 Ratings Release
MOMENTA RESOURCING: First Creditors' Meeting Set for Dec. 13
SCOTTEVY (3): Second Creditors' Meeting Set for Dec. 13
TAN & TAN: First Creditors' Meeting Set for Dec. 13
TRENT BOWDEN: Second Creditors' Meeting Set for Dec. 12
C H I N A
CHINA EVERGRANDE: Gets Court Notice on Unit's $280M Recovery Claim
NIO INC: Net Loss Widens to CNY4.63BB in Q3 Ended Sept. 30
NIO INC: Plans to Spinoff Battery Manufacturing Unit Amid Losses
[*] CHINA: Junk Bonds Remain a Landmine as Defaults to Persist
I N D I A
BAJORIA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
BHARAT CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
EKTA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
ESES BIO-WEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
ETHNIC TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
EXCEL VINYL: CRISIL Keeps D Debt Ratings in Not Cooperating
GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
GOUNIDHI DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
GREEN FIELD: CRISIL Keeps D Debt Ratings in Not Cooperating
HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
HITECH PRINT: CRISIL Keeps D Debt Rating in Not Cooperating
HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
INDO LAMINATES: CRISIL Keeps D Debt Ratings in Not Cooperating
JAHANGIR BIRI: CRISIL Keeps D Debt Ratings in Not Cooperating
JENIOUS CLOTHING: CRISIL Moves D Debt Ratings to Not Cooperating
KANS WEDDING: CRISIL Keeps D Debt Ratings in Not Cooperating
KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
KLAUS WAREN: CRISIL Keeps D Debt Ratings in Not Cooperating
PMR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
S GOKUL: CRISIL Keeps C Debt Ratings in Not Cooperating Category
SENTHIYAPPA MODERN: CRISIL Keeps D Ratings in Not Cooperating
SHAMLAL COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating
SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
SREI INFRASTRUCTURE: NARCL to Sign Final Documents This Week
VAGHASIYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIRENDRA SATIJA: CRISIL Keeps D Debt Ratings in Not Cooperating
ZEE ENT: NCLAT Adjourns Hearing on Axis, IDBI Bank Plea to Dec. 15
N E W Z E A L A N D
BLVCK VINTAGE: Court to Hear Wind-Up Petition on Dec. 15
MAID2CLEAN WAIRARAPA: Creditors' Proofs of Debt Due on Jan. 26
PRESTIGE PACIFIC: Creditors' Proofs of Debt Due on Jan. 15
RED HILLS: Buyers Waiting for Return of NZD175,000 Deposit
TRENCHED UP: Creditors' Proofs of Debt Due on Feb. 2
VICTORY GROUP: Court to Hear Wind-Up Petition on Feb. 8
S I N G A P O R E
GS METAL: Court to Hear Wind-Up Petition on Dec. 15
HAVELOCK INTERNATIONAL: Creditors' Meetings Set for Dec. 22
PRECEPT INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 5
UNIPRO SOFTWARE: Court Enters Wind-Up Order
UOL RESIDENTIAL: Creditors' Proofs of Debt Due on Jan. 6
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A U S T R A L I A
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AUSTRALIAN POTASH: FTI Consulting Appointed as Administrators
-------------------------------------------------------------
Australian Mining reports that FTI Consulting directors have been
appointed as voluntary administrators for Australian Potash,
marking the third time in over two years a Western Australian
potash player has collapsed.
According to the report, Australian Potash directors resolved on
December 6 to appoint Hayden White and Daniel Woodhouse, following
the company's unsuccessful 12-month effort to raise capital to
advance the Lake Wells sulphate of potash project (LSOP).
Australian Mining relates that the company surrendered the LSOP
mining leases with the Department of Energy, Mines, Industry
Regulation and Safety in August, while holding onto the exploration
licenses it holds at Lake Wells and the West Arunta region of WA.
It follows Kalium Lakes' August announcement that it would be
entering into administration.
"The administrators intend to pursue a realisation strategy
involving a sale of Australian Potash's business and assets and/or
a recapitalisation of the company via a deed of company
arrangement," FTI Consulting said.
"The administrators will collaborate closely with the company's
employees and suppliers to preserve value for stakeholders."
According to Australian Mining, Australian Potash non-executive
chair Natalia Streltsova said the last two years have been
challenging for the company.
"I can assure you that no stone remained unturned in our pursuit of
funding for the LSOP development because we believe the project has
considerable value for all stakeholders, both economic and social,"
she said.
"We still maintain the project information and knowhow and will be
ready to deploy them should a new opportunity emerge for this
project."
Australian Mining relates that Ms. Streltsova said due to strong
negativity in the market towards solar evaporation potash projects
in WA, the company has turned its efforts to focusing on existing
project opportunities.
"Notwithstanding this appointment, we continue to work diligently
to retain and restore as much value for shareholders as we can in
the circumstances. We aim to update our stakeholders with progress
in this area in the very near future," she said.
The appointment of voluntary administrators will not affect
Australian Potash's subsidiaries which will continue to operate as
normal.
Australian Potash's shares will remain suspended from trading on
the Australian Securities Exchange while in administration,
Australian Mining notes.
About Australian Potash
Australian Potash Limited engages in the exploration of mineral
properties in Australia. The company explores for potash, gold, and
nickel sulphide minerals. Its flagship property is 100% owned Lake
Wells Sulphate of Potash project covering an area of approximately
1,200 square kilometers located in the northeast of Kalgoorlie,
Western Australia. The company was formerly known as Goldphyre
Resources Limited and changed its name to Australian Potash Limited
in November 2016.
COMMUNITY CONNECTIONS: First Creditors' Meeting Set for Dec. 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Community
Connections Solutions Australia Limited will be held on Dec. 14,
2023, at 10:00 a.m. via teleconference and video conference only.
Aaron Kevin Lucan of Worrells was appointed as administrators of
the company on Dec. 5, 2023.
FIRSTMAC ASSET 1: Fitch Corrects Nov. 19 Ratings Release
--------------------------------------------------------
Fitch Ratings issued a corrected version of a press release on
Firstmac Asset Funding Trust No. 1 Series Auto No. 2 published on
November 19, 2023 to correct the rating upgrade sensitivity
description to "Reduce defaults by 10% and increase recoveries by
10%" from "Reduce defaults by 15% and increase recoveries by 15%".
The sensitivity remains unchanged.
The amended release is as follows:
Fitch Ratings has assigned expected ratings to Firstmac Asset
Funding Trust No. 1 Series Auto No. 2's pass-through floating-rate
notes. The notes are backed by a pool of first-ranking Australian
consumer automotive loan receivables originated by Firstmac
Limited. The notes will be issued by Firstmac Fiduciary Services
Pty Limited as trustee of Firstmac Asset Funding Trust No. 1 Series
Auto No. 2. This is a separate and distinct series created under a
master trust deed.
Entity/Debt Rating
----------- ------
Firstmac Asset
Funding Trust
No. 1 Series
Auto No. 2
A1 LT AAA(EXP)sf Expected Rating
A2 LT AAA(EXP)sf Expected Rating
B LT AA(EXP)sf Expected Rating
C LT A(EXP)sf Expected Rating
D LT BBB(EXP)sf Expected Rating
E LT BB+(EXP)sf Expected Rating
F LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
The total collateral pool at the 30 October 2023 cut-off date was
AUD300 million and consisted of 8,173 receivables with
weighted-average (WA) seasoning of eight months, WA remaining
maturity of 55 months and an average contract balance of
AUD41,866.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples for loans
originated through the direct online and broker channels. Its
gross-loss expectations are 1.0% and 2.0% for each channel,
respectively, while the 'AAAsf' default multiples are 7.50x and
6.25x. The recovery base case is 50.0%, with a 'AAAsf' recovery
haircut of 50.0% across both categories. The weighted-average (WA)
base-case default assumption was 1.7% and the 'AAAsf' default
multiple was 6.5x.
Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite multiple interest
rate hikes since May 2022. GDP growth in the year to June 2023 was
2.1% and unemployment was 3.7% in October 2023. Fitch expects GDP
growth to moderate to 1.7% for the full year, before falling to
1.5% in 2024, with unemployment at 3.8%, increasing to 4.2% next
year. This reflects the expected impact on Australia's economy from
China's property downturn and lagged effects of tighter monetary
policy on consumption.
Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. All notes will receive
principal repayments pro rata upon satisfaction of pro rata
conditions, with the class F portion allocated to the class E notes
and then pro rata between the class A1 to D notes. The percentage
of credit enhancement provided by the F note will increase as the
A1 to E notes amortise.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.
Low Operational and Servicing Risk: All receivables were originated
by Firstmac, which demonstrates adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up arrangements. The nominated back-up servicer is Perpetual
Trustee Company Limited. Fitch undertook an operational and file
review and found that the operations of the originator and servicer
were comparable with those of other auto lenders.
No Residual Value Risk: There is no residual value exposure in this
transaction. However, there is a small exposure to balloon-payment
loans.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.
Notes: Class A1 / A2 / B / C / D / E
Original rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf
Increase defaults by 10%: AAAsf / AAsf / A+sf / A-sf / BBB-sf /
BBsf
Increase defaults by 25%: AAAsf / AA-sf / Asf / BBB+sf / BB+sf /
BBsf
Increase defaults by 50%: AAAsf / A+sf / BBB+sf / BBBsf / BBsf /
B+sf
Reduce recoveries by 10%: AAAsf / AA+sf / A+sf / A-sf / BBBsf /
BBsf
Reduce recoveries by 25%: AAAsf / AA+sf / A+sf / A-sf / BBB-sf /
BBsf
Reduce recoveries by 50%: AAAsf / AAsf / Asf / BBB+sf / BB+sf /
BB-sf
Increased defaults by 10% and decrease recoveries by 10%:
AAAsf/AAsf/A+sf/ A-sf/ BBB-sf/ BBsf
Increased defaults by 25% and decrease recoveries by 25%: AAAsf/
A+sf/ A-sf/ BBBsf/ BB+sf/ B+sf
Increased defaults by 50% and decrease recoveries by 50%: AA+sf/
A-sf/ BBBsf/ BB+sf/ B+sf /Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch 's
baseline scenario or sufficient build-up of credit enhancement that
would fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.
Upgrade Sensitivity
Notes: Class A1 / A2 / B / C / D / E
Original rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf
Reduce defaults by 10% and increase recoveries by 10%: AAAsf /
AAAsf / AAsf / A+sf / BBB+sf / BBB-sf
DATA ADEQUACY
Prior to the transaction closing, a third-party assessment of the
asset portfolio information was performed. Fitch sought to receive
it, but it was not made available to Fitch.
Fitch reviewed a small targeted sample of the originator's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
MOMENTA RESOURCING: First Creditors' Meeting Set for Dec. 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Momenta
Resourcing Pty Ltd and Momenta Associates Pty Ltd will be held on
Dec. 13, 2023, at 12:00 p.m. via virtual meeting technology only.
Melissa Humann, Michael Fung and Rebecca Gill of PwC Australia were
appointed as administrators of the company on Dec. 1, 2023.
SCOTTEVY (3): Second Creditors' Meeting Set for Dec. 13
-------------------------------------------------------
A second meeting of creditors in the proceedings of Scottevy (3)
Pty Ltd and Scottevy Pty Ltd has been set for Dec. 13, 2023 at
11:00 a.m. via virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 12, 2023 at 5:00 p.m.
Mervyn Jonathan Kitay of Worrells WA was appointed as administrator
of the company on Nov. 22, 2023.
TAN & TAN: First Creditors' Meeting Set for Dec. 13
---------------------------------------------------
A first meeting of the creditors in the proceedings of Tan & Tan
Australia Pty. Ltd. (trading as Aus Hygiene; Auto Society;
Cartrade; Finance Australia) will be held on Dec. 13, 2023, at
11:00 a.m. via video facilities from Suite 1, Level 20, 20 Bond
Street in Sydney.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Dec. 1, 2023.
TRENT BOWDEN: Second Creditors' Meeting Set for Dec. 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Trent Bowden
Trading Pty Ltd has been set for Dec. 12, 2023 at 11:00 a.m. at the
offices of Sheridans Chartered Accountants at Level 9, 40 St
Georges Terrace in Perth and via online video conference.
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. 11, 2023 at 5:00 p.m.
Jennifer Elizabeth Low of Sheridans, Chartered Accountants was
appointed as administrator of the company on Nov. 8, 2023.
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C H I N A
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CHINA EVERGRANDE: Gets Court Notice on Unit's $280M Recovery Claim
------------------------------------------------------------------
Reuters reports that China Evergrande Group said on Dec. 5 it
received notices from court of Guangdong Province over a claim by a
unit of Evergrande Property Services for the recovery of about CNY2
billion (US$280 million) in deposit certificate pledge guarantees.
According to Reuters, the proceedings brought by unit Jinbi
Property Management Company are related to the enforcement of
Evergrande Property Services' deposit pledge of about CNY13.4
billion.
Reuters relates that the embattled property developer said the
notices regarding the claim also includes an estimated interest of
CNY152.1 million.
Last week, Evergrande Property Services received a notice from the
Guangzhou Intermediate People's Court of Guangdong Province
formally accepting the filing of the case.
Parent Evergrande had said in February it was in talks with
Evergrande Property Services to repay the funds.
In July 2022, Evergrande's chief executive and its finance head
resigned after a preliminary probe found their involvement in
diverting loans secured by Evergrande Property Services, recalls
Reuters.
Evergrande was investigating how deposits worth CNY13.4 billion
belonging to Evergrande Property Services were used as collateral
for pledge guarantees and seized by banks.
Evergrande said it would seek legal advice regarding the notices,
Reuters adds.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
NIO INC: Net Loss Widens to CNY4.63BB in Q3 Ended Sept. 30
----------------------------------------------------------
The Standard reports that Nio Inc. reported a widened net loss of
CNY4.63 billion for the quarter ending in September this year,
compared to a loss of CNY4.14 billion in the same period last year
Excluding share-based compensation expenses, during the third
quarter of 2023, the adjusted net loss was CNY3.95 billion,
compared to CNY3.46 billion in the same period last year, the
Standard discloses. While the total revenue amounted to CNY19.07
billion, marking a year-on-year increase of 46.6 percent.
Looking ahead, the company anticipates a fourth-quarter delivery
volume ranging from 47,000 to 49,000 vehicles, representing a
year-on-year growth of approximately 17.3 percent to 22.3 percent.
Meanwhile, revenue is expected to range from CNY16.08 billion to
CNY16.7 billion, with a year-on-year growth of about 0.1 percent to
4 percent, according to The Standard.
About NIO Inc.
NIO Inc. designs, develops, manufactures, and sells smart electric
vehicles in China. It offers five and six-seater electric SUVs, as
well as smart electric sedans. The company also offers power
solutions, including Power Home, a home charging solution; Power
Swap, a battery swapping service; Power Charger and Destination
Charger; Power Mobile, a mobile charging service through charging
vans; Power Map, an application that provides access to a network
of public chargers and their real-time information; and One Click
for Power valet service. In addition, it provides repair,
maintenance, and bodywork services through its NIO service centers
and authorized third-party service centers; statutory and
third-party liability insurance, and vehicle damage insurance
through third-party insurers; repair and routine maintenance;
courtesy vehicle services; roadside assistance; data packages; and
auto financing and financial leasing services. Further, the company
involved in the provision of energy and service packages to its
users; design and technology development activities; manufacture of
e-powertrains, battery packs, and components; and sales and after
sales management activities. Additionally, it offers NIO Certified,
a used vehicle inspection, evaluation, acquisition, and sales
service.
Nio Inc. reported three consecutive annual net losses of CNY5.61
billion, CNY10.57 billion, and CNY14.56 billion for the years ended
Dec. 30, 2020, 2021 and 2022, respectively.
NIO INC: Plans to Spinoff Battery Manufacturing Unit Amid Losses
----------------------------------------------------------------
The Standard reports that Nio Inc. plans to spin off its battery
manufacturing unit, according to two people with knowledge of the
matter, as part of the efforts by the company to turn profitable,
reduce costs and improve efficiency.
The Standard relates that the nascent battery unit, led by senior
manufacturing engineers whose previous employers include Apple and
Panasonic will seek external investors after the spin-off that
could happen as early as the end of this year, with a valuation to
be decided later, the people said.
The news came a day after Nio reported a wider-than-expected
quarterly loss.
Nio declined to comment beyond founder and chief executive William
Li Bin's comments on an earnings call on Dec. 5 that the automaker
would continue to do in-house research and development on batteries
but now plans to outsource all of the manufacturing, according to
the report.
The spin-off underscores Nio's efforts to turn profitable sooner,
as its previous plan was to develop and manufacture some batteries
on its own and outsource production for the remainder to other
suppliers like Tesla does, one of the people said.
Under the plan, Nio battery unit's top engineers, some of whose
past experiences that include working on quality and supplier
management at Tesla's Nevada battery factory, will join the new
firm while some staff will be merged into other departments, both
of the people said, The Standard relays.
About NIO Inc.
NIO Inc. designs, develops, manufactures, and sells smart electric
vehicles in China. It offers five and six-seater electric SUVs, as
well as smart electric sedans. The company also offers power
solutions, including Power Home, a home charging solution; Power
Swap, a battery swapping service; Power Charger and Destination
Charger; Power Mobile, a mobile charging service through charging
vans; Power Map, an application that provides access to a network
of public chargers and their real-time information; and One Click
for Power valet service. In addition, it provides repair,
maintenance, and bodywork services through its NIO service centers
and authorized third-party service centers; statutory and
third-party liability insurance, and vehicle damage insurance
through third-party insurers; repair and routine maintenance;
courtesy vehicle services; roadside assistance; data packages; and
auto financing and financial leasing services. Further, the company
involved in the provision of energy and service packages to its
users; design and technology development activities; manufacture of
e-powertrains, battery packs, and components; and sales and after
sales management activities. Additionally, it offers NIO Certified,
a used vehicle inspection, evaluation, acquisition, and sales
service.
Nio Inc. reported three consecutive annual net losses of CNY5.61
billion, CNY10.57 billion, and CNY14.56 billion for the years ended
Dec. 30, 2020, 2021 and 2022, respectively.
[*] CHINA: Junk Bonds Remain a Landmine as Defaults to Persist
--------------------------------------------------------------
South China Morning Post reports that dollar-denominated bonds sold
by junk-rated Chinese developers remain a minefield for investors,
as another depressing year of losses and defaults in the real
estate sector draws to a close, according to money managers.
"China's property sector is not out of the woods," the Post quotes
Andy Suen, co-head of Asia ex-Japan fixed income at PineBridge
Investments, which managed US$155.2 billion across global asset
classes as of September, as saying. "We don't have high
[confidence] in this sector. We're still very cautious."
China's US dollar-denominated high-yield bonds, dominated by
property debt, have lost 22 per cent so far this year, after a 33
per cent slump in each of the past two years, according to the ICE
Bank of America Index, the Post relays. PineBridge's Asian High
Yield Total Return Bond Fund, co-managed by Mr. Suen, has returned
3.7 per cent so far this year.
Country Garden, once considered a financially healthy private
developer, found itself mired in crisis this summer and went on to
miss a coupon payment of US$60 million in October. China Evergrande
Group, meanwhile, awaits another hearing next month as its
insolvency process continues, the report says.
"We have seen the biggest wave of defaults already," Mr. Suen said.
Even so, distress continued to spread through the property industry
this year as China's post-pandemic economic recovery slowed. "For
survivors, we expect further defaults" as sales momentum weakens
and prices soften, he added.
The default rate for the high-yield property bonds will remain
elevated next year as home sales continue their slide, putting more
strain on already stretched liquidity conditions, Goldman Sachs
said in a report last month, the Post recalls.
Mr. Suen trimmed his fund allocation on Chinese debt to around 20
per cent from 30 to 35 per cent, including cutting all his holding
in bonds issued by Dalian Wanda and Country Garden units. He also
slashed investments in local government financing vehicles and some
small lenders amid concerns about their credit health.
"The China property sector [is a] very distressed space. We are
still quite pessimistic, and we don't think the policy support is
enough to revive these names," Mr. Suen said, referring to the
major developers that have found themselves in trouble. "We have
been investing in other markets in Asia."
He sees better opportunities in areas such as Asian banks and Macau
gaming companies, as well as India's renewable energy sector, the
Post relays.
His view resonates with market concerns about the state of China's
property market, which has deteriorated despite state-driven
measures to spur home purchases in many mainland cities.
"We've had the ongoing efforts to deleverage the property sector,"
Leonard Kwan, portfolio manager at T Rowe Price said in a media
briefing on Dec. 5. "It's going to take a number of years to repair
this sector. It's not going to be an instant fix."
The Post adds that Steven Oh, global head of credit and fixed
income for PineBridge said: "Sentiment is still quite negative with
respect to China. I think there needs to be some comfort that the
worst is behind us" for investor confidence to return, he added.
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BAJORIA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bajoria Agro
Processing Private Limited (BAPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.75 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 0.35 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BAPPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BAPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2013, BAPPL manufactures wheat based products
including maida, sooji, rava and atta. Its manufacturing facility
at Abohar, Punjab had a production capacity of about 10 tonne/hour.
It commenced commercial operations in August 2015.
BHARAT CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bharat
Constructions - Jammu (BCJ) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BCJ for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BCJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BCJ continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in early 1970's as a partnership firm, Bharat
Constructions (BC) undertakes construction of roads and Buildings
(barracks, Quarters etc) for military accommodation. Government
authorities in Northern part of the country. The firm is promoted
by Mr. Bharat B Sharma and family members.
EKTA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ekta Rice
Land (ERL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 4 CRISIL D (Issuer Not
Credit Limit Cooperating)
Proposed Fund- 2.8 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Rupee Term Loan 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ERL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ERL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ERL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ERL continues to be 'CRISIL D Issuer Not Cooperating'.
ERL was set up in 2014 by Mr Hari Krishan Gupta, Mr Naresh Rana and
Mr Pradeep Kumar. The Karnal (Haryana)-based firm mills and
processes paddy into basmati rice for the global market. The
manufacturing unit has total capacity of 12 tonne per hour, of
which, around 80% is utilised.
ESES BIO-WEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ESES
BIO-Wealth Private Limited (EBPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 8 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EBPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EBPL continues to be 'CRISIL D Issuer Not Cooperating'.
EBPL has set up its manufacturing facility in Morigaon district,
Assam with a capacity of 3600 tonne per annum and started its
commercial operations from April 2017 onwards.
ETHNIC TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ethnic Tobacco
India Limited (ETIL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 50 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with ETIL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ETIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ETIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ETIL continues to be 'CRISIL D Issuer Not Cooperating'.
Ethnic Tobacco India Limited was set up in 2006 by Mr. T Venkata
Rao and Mr. T Murali Mohan. The company processes tobacco leaves,
and sells the same in the domestic and international markets. The
company is based out of Guntur, Andhra Pradesh.
EXCEL VINYL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel Vinyl
Coatings Private Limited (EVCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Packing Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 2.85 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EVCPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EVCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EVCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EVCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, EVCPL, based in Chennai, manufactures
synthetic leather. It is promoted and managed by Mr. K Natarajan.
GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gokul Steels
Private Limited (GSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.26 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.24 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.05 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.45 CRISIL D (Issuer Not
Cooperating)
Ratings has been consistently following up with GSPL for obtaining
information through letters and emails dated October 10, 2023 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSPL continues to be 'CRISIL D Issuer Not Cooperating'.
GSPL, promoted by the Bihar-based Mr. Vivek Kasera, recently set up
a steel structural rolling mill in Fatwa, Patna District. The mill
commenced operations in May 2014. The Kasera family does not have
any prior experience of operating a rolling mill. However, the
family has extensive experience of over two decades in trading in
iron and steel product.
GOUNIDHI DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gounidhi
Dairy (GND) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 0.25 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Proposed Term Loan 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GND for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GND, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GND
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GND continues to be 'CRISIL D Issuer Not Cooperating'.
GND was established as a partnership firm in December 2016 and
started its operations in May 2019. The firm is promoted by Mr
Munnalal Soni, Ms Rachna Soni, Ms Rajni Soni, Ms Shobha Soni, Mr
Vinay Kumar Soni, and Mr Virendra Soni. The firm is setting up a
mechanised modern dairy farm in Shahdol, Madhya Pradesh.
GREEN FIELD: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green Field
Hi-Tech Rice Mill (GFL; part of the Senthiyappa group) continue to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GFL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GFL continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has combined the business and financial risk
profiles of GFL and its associate concern Senthiyappa Modern Rice
Mill (SMRM), together referred to as the Senthiyappa group. The two
firms are in the same business, have a common management team, and
have significant operational synergy.
Established in 1987 by Mr V S Madasamy as a partnership concern,
SMRM processes rice at its manufacturing facilities in Tamil Nadu.
The day to day operations are managed by Mr.Kannan. Established in
2010 by Mr Kannan as a proprietary concern, GFL processes rice at
its facilities in Tamil Nadu.
HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hari Om Rice
Mill Private Limited (HRMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HRMPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Chhattisgarh-based HRMPL, incorporated in 2006, mills and
manufactures non-basmati rice. Mr Subhash Aggarwal is the
promoter.
HITECH PRINT: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hitech Print
Systems Limited (HPSL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 1.21 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HPSL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HPSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HPSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HPSL continues to be 'CRISIL D Issuer Not Cooperating'.
HPSL was set up in 1986 as a wholly-owned subsidiary of Anjani
Projects and Construction Ltd (APL), promoted by Mr KV Vishnu Raju
and his family members. The Hyderabad-based company offers printing
solutions to a wide range of companies across industries. It is
approved by the Indian Banks' Association, and is also a member of
Print Services and Distribution Association.
HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel Dee Emm
Residency (HDER) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 0.1 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 9.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HDER for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HDER, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HDER
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HDER continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 2014 by Mr Tek Chand Sood, Ms Madhu
Sood, and Mr Sumit Sood, HDER operates Hotel Dee Emm Residency in
Shimla. The hotel, which had 5 rooms, is being expanded to 47
rooms, and will also have a restaurant, coffee shop, lounges, and a
conference hall. Post-renovation and expansion, the hotel is
expected to commence operations in the fourth quarter of fiscal
2018.
INDO LAMINATES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indo
Laminates Private Limited (ILPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ILPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ILPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ILPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ILPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1985, ILPL manufactures laminates. It is based in
Delhi and its plant is in Bahadurgarh, Haryana. Its daily
operations are managed by Mr Rahul Goyal and Mr Subhash Goyal.
JAHANGIR BIRI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jahangir Biri
Factory Private Limited (JBFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with JBFPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JBFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JBFPL continues to be 'CRISIL D Issuer Not Cooperating'.
JBFPL was set up as a proprietorship firm in 1995, by Mr Altab
Hossain. In 1997, Mr Hossain's sons joined the business and the
proprietorship concern was reconstituted as a partnership firm. In
1999, the firm was reconstituted as a private limited company to
facilitate smooth execution of operations. The company manufactures
beedis at its unit in West Bengal. Products are sold under brands
such as Sunday, Deluxe, Ruby, and Howrah Biri, primarily in New
Delhi, Punjab, Haryana, Rajasthan, Uttar Pradesh, and Odisha.
JENIOUS CLOTHING: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Jenious Clothing Private Limited (JCPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 3 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 20 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Overdraft Facility 36 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 21.5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Working Capital 12.5 CRISIL D (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JCPL for
obtaining information through letter and email dated October 13,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JCPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of JCPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Established in 1995, Bangalore based JCPL is in the textile
industry. The company is involved in manufacture and export of
readymade garment and is promoted by Mr. Sunil Raheja.
KANS WEDDING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kans Wedding
Centre (KWC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.78 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.82 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.22 CRISIL D (Issuer Not
Cooperating)
Proposed Working
Capital Facility 0.18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KWC for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KWC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KWC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KWC continues to be 'CRISIL D Issuer Not Cooperating'.
KWC, incorporated in 2009, is promoted Mr K A Niyas and his family,
who have been in this line of business for over two decades. It is
Kerala's largest wedding apparel retail firm, offering over 10,000
branded products. The firm has three operational retail stores in
Kerala.
KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khyati Foods
Private Limited (KFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13.85 CRISIL D (Issuer Not
Cooperating)
Cash Credit 16.15 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KFPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1997, KFPL is a Bhopal-based manufactures and processes
organic agricultural products such as soya oil and seeds, soya bean
flour, organic soy lecithin liquid, and organic spices and juices.
All the operations are managed by Mr. Pawan Agarwal and Mrs. Gunjan
Agarwal.
KLAUS WAREN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Klaus Waren
Fixtures Private Limited (KWFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 9.02 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KWFPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KWFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KWFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KWFPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2004, Mumbai-based KWFPL manufactures brass
bathroom fitting, which are marketed under the brand, 'Aquel'. Dr N
M Shah and family are the promoters.
PMR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PMR
Infrastructures Private Limited (PMR) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Overdraft
Facility 4 CRISIL D (Issuer Not
Cooperating)
Secured Overdraft
Facility 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMR for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMR continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2004, PMR undertakes civil construction works, mainly
related to irrigation projects. Daily operations of the
Hyderabad-based company are managed by Mr P Mohan Reddy and his
family members.
S GOKUL: CRISIL Keeps C Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S Gokul Das
(SGD) continue to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL C (Issuer Not
Cooperating)
Proposed Working 4.25 CRISIL C (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with SGD for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGD continues to be 'CRISIL C Issuer Not Cooperating'.
SGD, established in 2014 and based in Thiruvananthapuram, is a
proprietorship firm of Mr S Gokul Das. It is a contractor for the
Kerala state Public Works Department.
SENTHIYAPPA MODERN: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Senthiyappa
Modern Rice Mill (SMRM; part of the Senthiyappa group) continue to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMRM for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMRM continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has combined the business and financial risk
profiles of SMRM and its associate concern Green Field Hi-Tech Rice
Mill (GFH), together referred to as the Senthiyappa group. The two
firms are in the same business, have a common management team, and
have significant operational synergy.
Established in 1987 by Mr V S Madasamy as a partnership concern,
SMRM processes rice at its manufacturing facilities in Tamil Nadu.
The day to day operations are managed by Mr.Kannan Established in
2010 by Mr Kannan as a proprietary concern, GFH processes rice at
its facilities in Tamil Nadu.
SHAMLAL COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shamlal
Company India Private Limited (SCIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 3.5 CRISIL D (Issuer Not
Cooperating)
Loan Against 2 CRISIL D (Issuer Not
Property Cooperating)
Proposed Long Term 4.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SCIPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCIPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as partnership firm (Shamlal and Company) in Salem, Tamil
Nadu, in 1957 by Mr. Shamlal Bajaj and Mr. Desraj Bajaj, and
reconstituted as a private limited company. SCIPL is engaged in
dying, processing and printing of fabric, and also trades in grey
fabric. The company used to trade in iron ore but discontinued that
business after ban on iron ore mining.
SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shreenidhi
Metals Private limited (SMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Inland/Import 1 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Term Loan 2.34 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SMPL is engaged in the manufacturing and trading of aluminum
Circles, Squares, and Hexagon plates. The company was formed by
promoters Mr. Prahlad Maloo and Family. SMPL was formed in the year
2013 and started operations in August 2014. SMPL had an installed
capacity of 1,800 metric ton per annum (MTPA) at its manufacturing
plant located at Vadodara, Gujarat.
SREI INFRASTRUCTURE: NARCL to Sign Final Documents This Week
------------------------------------------------------------
The Hindu Businessline reports that state-backed National Asset
Reconstruction Company (NARCL) and the consolidated committee of
creditors for two insolvent Srei companies are likely to sign final
documents this week before the bad bank finally takes over the two
NBFCs under the corporate insolvency resolution process (CIRP).
According to the report, the Implementation and Monitoring
Committee (IMC), formed to supervise the implementation of NARCL's
resolution plans and oversee the management of affairs of Srei
Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), is
likely to approve the final execution version of the plans within a
few days.
"The execution version of the documents is expected to be signed
between the CoC and NARCL this week. After that, NARCL will finally
take over the two companies," sources with direct knowledge of the
matter told Businessline.
Notably, the Kolkata bench of the National Company Law Tribunal
(NCLT) in August this year approved the resolution plan of NARCL
for the two Srei companies after the consolidated CoC in February
had approved the resolution plan of the bad bank with the highest
voting among bidders, Businessline recalls.
About SREI Infrastructure
SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.
On Oct. 4, 2021, the Reserve Bank of India superseded the Board of
Directors of Srei Infrastructure Finance Limited (SIFL) & Srei
Equipment Finance Limited (SEFL) and appointed former Chief General
Manager, Bank of Baroda, Mr. Rajneesh Sharma as the Administrator.
RBI also appointed a three-member advisory committee to assist Mr.
Sharma.
Further, SIFL and SEFL were admitted to Corporate Insolvency
Resolution Process (CIRP) under Insolvency and Bankruptcy Code,
2016, vide Hon'ble National Company Law Tribunal (NCLT), Kolkata
Bench Order dated October 8, 2021.
Pursuant to which Committee of Creditors (CoC) was formed for
approving a Resolution Plan submitted by Resolution Applicants. CoC
after due consideration, approved the Resolution Plan submitted by
National Asset Reconstruction Company Limited (NARCL). Company
submitted the approved Resolution Plan to Hon'ble National Company
Law Tribunal Kolkata Bench for its approval. NCLT vide its Order
dated Aug. 11, 2023 approved the Resolution Plan submitted by
NARCL.
Currently, in terms of the Approved Resolution Plan, an
Implementation and Monitoring Committee has been constituted
("IMC") which is inter alia empowered to supervise the
implementation of the Approved Resolution Plan and oversee the
management of the affairs of the Companies as per the terms of the
Approved Resolution Plan.
VAGHASIYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaghasiya
Exports (Vaghasiya) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 2.75 CRISIL D (Issuer Not
Discounting Cooperating)
Packing Credit in 1.25 CRISIL D (Issuer Not
Foreign Currency Cooperating)
Proposed Short Term 6.00 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Vaghasiya
for obtaining information through letters and emails dated October
10, 2023 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Vaghasiya, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Vaghasiya is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Vaghasiya continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 1994 in Mumbai as a partnership firm by Mr Mansukh Patel
and Mr Pankaj Mistry (equal partners), Vaghasiya cuts and polishes
imported rough diamonds (mainly white, in 0.1 cents-1 carat range),
which it export to Belgium, Hong Kong, and Israel. The firm
outsources its unit to associate concern in Dahisar, Maharashtra.
VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibhav Farms
(VF) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 4.57 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.82 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 1.11 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with VF for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VF
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2013 and based in Hyderabad (Telangana), VF is
engaged in the poultry business and produces hatching eggs. The
firm's poultry farms are located in Medak district, Telangana and
promoted and managed by Mr.Y Pavan Kumar Reddy.
VIRENDRA SATIJA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Virendra
Satija Foundation Society (VSFS) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 0.98 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Term Loan 6.4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSFS for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSFS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSFS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSFS continues to be 'CRISIL D Issuer Not Cooperating'.
VSFS was founded in March 2012 to set up a school in Chhindwara,
Madhya Pradesh, under the DPS franchise. The school commenced
operations in June 2014. Mr Virendra Satija is the chairman of the
society.
ZEE ENT: NCLAT Adjourns Hearing on Axis, IDBI Bank Plea to Dec. 15
------------------------------------------------------------------
Moneycontrol reports that the National Company Law Appellate
Tribunal (NCLAT) on December 6 deferred the hearing of appeals
filed by Axis Finance and IDBI Bank challenging the National
Company Law Tribunal (NCLT) approval of the merger between Zee
Entertainment Enterprises Limited (ZEEL) and Culver Max
Entertainment (formerly Sony Pictures Networks India). The hearing
is rescheduled for December 15.
Moneycontrol relates that the hearing was deferred owing to paucity
of time. Additional Solicitor General (ASG) Venkatraman,
representing IDBI Bank, requested for a shorter date, while senior
advocates Abhishek Manu Singhvi and Mukul Rohatgi, appearing for
ZEEL, sought a deferral to January.
The court, however, decided to hear the case on December 15, the
report says.
On the last date of hearing on October 31, the NCLAT transferred
the cases to a bench led by chairperson Justice (retd) Ashok
Bhushan, Moneycontrol relays.
On October 12, ZEEL's lawyers Mukul Rohatgi and Arun Kathpalia
urged the tribunal not to pass any orders in the case, saying Axis
Finance didn't have the locus to file such a plea, according to
Moneycontrol. They also objected to the adjournment as IDBI's case
arose out of a different set of facts.
Moneycontrol notes that the NCLT had on August 10 approved the
merger of Zee Entertainment and Sony Pictures Networks India,
paving the way for the creation of a $10-billion media giant in the
country.
An NCLT bench of HV Subba Rao and Madhu Sinha had initially
reserved the judgment after creditors such as Axis Finance, JC
Flower Asset Reconstruction Co, IDBI Bank, Imax Corp, and IDBI
Trusteeship raised concerns about the scheme, Moneycontrol notes.
About Zee Entertainment
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.
According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.
=====================
N E W Z E A L A N D
=====================
BLVCK VINTAGE: Court to Hear Wind-Up Petition on Dec. 15
--------------------------------------------------------
A petition to wind up the operations of Blvck Vintage Limited will
be heard before the High Court at Auckland on Dec. 15, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 24, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
MAID2CLEAN WAIRARAPA: Creditors' Proofs of Debt Due on Jan. 26
--------------------------------------------------------------
Creditors of Maid2Clean Wairarapa Limited and Garton Holdings
Limited are required to file their proofs of debt by Jan. 26, 2024,
to be included in the company's dividend distribution.
Maid2Clean Wairarapa Limited commenced wind-up proceedings on Nov.
24, 2023.
Garton Holdings Limited commenced wind-up proceedings on Nov. 29,
2023.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
PRESTIGE PACIFIC: Creditors' Proofs of Debt Due on Jan. 15
----------------------------------------------------------
Creditors of Prestige Pacific Properties Limited are required to
file their proofs of debt by Jan. 15, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 27, 2023.
The company's liquidators are:
Daran Nair
Heiko Draht
Nair Draht Limited
97 Great South Road
Greenlane
Auckland 1051
RED HILLS: Buyers Waiting for Return of NZD175,000 Deposit
----------------------------------------------------------
Stuff.co.nz reports that buyers waiting for the return of their
deposit from a stalled housing development have had the company put
into liquidation.
According to Stuff, Marc and Christy Tan-Pipe put down a deposit of
NZD175,000 in 2021 for a home in the Red Hills area of Massey,
which was meant to be one of more than 100 affordable homes
developed on the site by Reed Myers.
But Marc Tan-Pipe said as the years went by and there was no
progress, they changed their minds. When the sunset clause date
passed on December 30 last year, they informed the developer they
wanted to pull out. The contract allowed for them to receive their
deposit back immediately but this did not happen, Stuff says.
"They ended up giving us the silent treatment with our lawyer so we
ended up engaging a barrister."
They eventually went to court for a statutory demand for the return
of the money, plus interest. That was initially unanswered and the
pair went back to the High Court, Stuff relays.
The company eventually agreed to staggered payments of the deposit
but Tan-Pipe said it only made two payments of NZD20,000 before it
stopped.
"It got to the point where enough is enough. They proposed other
timelines to pay us back again and didn't meet those."
They went back to court in June seeking to put the company into
liquidation. On November 23, High Court Justice Preston made orders
that Red Hills Road and Reedmyers Securities would be put into
liquidation, Stuff discloses.
In an email, a lawyer who acted for Reed Myers said he was unable
to make any comment.
"However, we understand that a formal statement will be available
in the next few days."
In an affidavit supplied to the High Court in June, director Alex
Constable said 95 developments in the 121-home site had been sold
and the company had invested NZD5.5 million, according to Stuff.
It was planning to sell 12% of the project to Guardian Homes, he
said, which would make funds available to pay the Tan-Pipe's claim.
The development has since sold to First Kiwi Homes.
Reed Myers has come under fire in recent years for delays with
developments, Stuff notes. Last year, Stuff reported on buyers'
frustrations around the Red Hills site.
"As far as I'm aware it's still a truck yard," Stuff quotes Mr.
Tan-Pipe as saying. "All the other buyers in our Facebook chat say
there's been no development. As far as I'm aware nothing is
happening, it's a mess right now."
Stuff relates that Mr. Tan-Pipe said he was waiting for the first
liquidator's report on the two companies. "We've got a baby on the
way so that money would be really handy right now."
The Official Assignee, which is handling the liquidations, was also
approached for comment, Stuff notes.
TRENCHED UP: Creditors' Proofs of Debt Due on Feb. 2
----------------------------------------------------
Creditors of Trenched Up Limited are required to file their proofs
of debt by Feb. 2, 2024, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Tony Leonard Maginness and
Jared Waiata Booth of Baker Tilly Staples Rodway Auckland as
liquidators on Dec. 1, 2023.
VICTORY GROUP: Court to Hear Wind-Up Petition on Feb. 8
-------------------------------------------------------
A petition to wind up the operations of Victory Group Holdings
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. 7, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
GS METAL: Court to Hear Wind-Up Petition on Dec. 15
---------------------------------------------------
A petition to wind up the operations of GS Metal Engineering Pte
Ltd will be heard before the High Court of Singapore on Dec. 15,
2023, at 10:00 a.m.
Tech Onshore Mep-Prefabricators PTE. Ltd. filed the petition
against the company on Nov. 22, 2023.
The Petitioner's solicitors are:
Cairnhill Law LLC
30 Cecil Street
#10-05, Prudential Tower
Singapore 049712
HAVELOCK INTERNATIONAL: Creditors' Meetings Set for Dec. 22
-----------------------------------------------------------
Havelock International (Pte.) Ltd will hold a meeting for its
creditors on Dec. 22, 2023, at 11:00 a.m., via electronic means.
Agenda of the meeting includes:
a. to present a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to consider the nomination of the Liquidators for the
Company and on the appointment of Mr. Ong Shyue Wen and
Mr. Saw Meng Tee as the Liquidators of the Company;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. to consider any other matter which may properly be brought
before the meeting.
Saw Meng Tee and Ong Shyue Wen of EA Consulting Pte Ltd (a
subsidiary of EisnerAmper PAC) were appointed as provisional
liquidators of the company on Nov. 27, 2023.
PRECEPT INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 5
------------------------------------------------------------
Creditors of Precept Investments Pte. Ltd. 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. 27, 2023.
The company's liquidators are:
Lo Wei Min @Mrs Pearlyn Chong
Chan Tuck Chee
101A Upper Cross Street
#11-22 People’s Park Centre
Singapore 058358
UNIPRO SOFTWARE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Dec. 1, 2023, to
wind up the operations of Unipro Software Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
UOL RESIDENTIAL: Creditors' Proofs of Debt Due on Jan. 6
--------------------------------------------------------
Creditors of UOL Residential Development Pte. Ltd. are required to
file their proofs of debt by Jan. 6, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 30, 2023.
The company's liquidator is Tan Chin Ren of Chan & Partners.
*********
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.
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*** End of Transmission ***