/raid1/www/Hosts/bankrupt/TCRAP_Public/231215.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 15, 2023, Vol. 26, No. 251
Headlines
A U S T R A L I A
CENTRAL CITY: Second Creditors' Meeting Set for Dec. 19
GIG PROPERTY: Second Creditors' Meeting Set for Dec. 20
PERTH PREGNANCY: Shuts Doors as Liquidators Appointed
PLENTI AUTO 2021-1: Moody's Hikes Rating on Class F Notes to Ba2
TICKETS HOLDINGS: Second Creditors' Meeting Set for Dec. 19
TLD LOGISTICS: First Creditors' Meeting Set for Dec. 20
VTM EMPLOYMENT: First Creditors' Meeting Set for Dec. 19
WISR FREEDOM 2022-1: Moody's Hikes Rating on Class F Notes to Ba2
C H I N A
CAR INC: Moody's Withdraws 'B3' Corporate Family Rating
CHINA: Local Gov't. Tap $29BB Special Bonds to Fund Smaller Banks
COUNTRY GARDEN: Remit Funds to Repay Yuan Bond in Full
COUNTRY GARDEN: Sells Stake in Dalian Wanda Unit for $428 Million
I N D I A
AARADHYA DISPOSAL: CRISIL Keeps B+ Ratings in Not Cooperating
AKR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
ALUBEE DIE: CRISIL Lowers Rating on INR14cr LT Loan to B
AMBIT CONCRETE: CRISIL Keeps B Debt Rating in Not Cooperating
ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating
DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
ESHWARNATH CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Coop.
HANS RAJ: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
INDEPENDENT RESOURCES: CRISIL Cuts Rating on INR14.6cr Loan to B
JAGMOHAN MOTORS: CRISIL Withdraws B Rating on INR25cr Loan
MAHAMAYA FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MAKHARIA MACHINERIES: CRISIL Lowers Rating on INR13cr Loan to B
MAKKAR TEXTILE MILLS: CRISIL Keeps B+ Ratings in Not Cooperating
MAKKAR TEXTILE: CRISIL Keeps B Debt Ratings in Not Cooperating
MANJUNATHA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
MULPURI FISHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
MULPURI FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
R.K. STEEL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAJKAMAL AGRO: CRISIL Lowers Rating on INR10cr Packing Loan to B
RMKV SILKS: CRISIL Lowers Rating on INR23cr Cash Loan to B
SAYONA COLORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUCHI TEXTILES: CRISIL Moves B+ Debt Ratings to Not Cooperating
V MART: CRISIL Moves B Debt Ratings in Not Cooperating Category
VEGA AVIATION: CRISIL Lowers Rating on INR10cr Cash Loan to B
VITTHAL CORPORATION: CRISIL Assigns B- Ratings to INR75cr LT Loan
N E W Z E A L A N D
AROHA MANAGEMENT: Creditors' Proofs of Debt Due on Jan. 11
BAY 22: Creditors' Proofs of Debt Due on Jan. 15
GREEN INNOVATIONS: Pritesh Patel Appointed as Liquidator
MASON ONLINE: Court to Hear Wind-Up Petition on Feb. 8
SUPIE LTD: Veges, Chilled and Frozen Food Left to Rot
VAMOSA LIMITED: Court to Hear Wind-Up Petition on Feb. 2
P H I L I P P I N E S
PINOY INTERACTIVE: Shuts Pie Channel After Piling PHP180MM Losses
S I N G A P O R E
BD ALPHA: Court to Hear Wind-Up Petition on Dec. 22
CAKE GROUP: Co-Founder Files for Liquidation of the Group
JIN LOGISTICS: Creditors' Meetings Set for Jan. 4
MANGOSTEEN BCC: Creditors' Meetings Set for Dec. 29
MAO HENG: Creditors' Meetings Set for Jan. 4
SINGAPORE EDUTAINMENT: Court Enters Wind-Up Order
THREE ARROWS: Su Zhu Probed as Liquidators Step Up Hunt for Assets
T H A I L A N D
FNS HOLDINGS: Fitch Cuts Longterm Rating to B-(tha), On Watch Neg.
- - - - -
=================
A U S T R A L I A
=================
CENTRAL CITY: Second Creditors' Meeting Set for Dec. 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Central City
Pty Limited has been set for Dec. 19, 2023 at 2:00 p.m. virtually
via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 18, 2023 at 2:00 p.m.
John Bumbak of KordaMentha was appointed as administrator of the
company on June 30, 2023.
GIG PROPERTY: Second Creditors' Meeting Set for Dec. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of GIG Property
Group Pty Ltd has been set for Dec. 20, 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. 19, 2023 at 4:30 p.m.
Daniel Obrien and Danny Vrkic of DV Recovery Management were
appointed as administrators of the company on Nov. 15, 2023.
PERTH PREGNANCY: Shuts Doors as Liquidators Appointed
-----------------------------------------------------
The West Australian reports that the Perth Pregnancy Centre has
closed its doors and all future appointments have been cancelled as
liquidators move to urgently find a new owner for the business.
According to The West Australian, Jimmy Trpcevski and Cliff Rocke
of WA Insolvency Solutions were appointed joint and several
liquidators on Dec. 13, announcing an expression of interest
campaign for prospective buyers will start soon.
PLENTI AUTO 2021-1: Moody's Hikes Rating on Class F Notes to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven classes
of notes issued by two Plenti Auto ABS Trusts.
The affected ratings are as follows:
Issuer: Plenti Auto ABS Trust 2021-1
Class D Notes, Upgraded to A1 (sf); previously on Apr 4, 2023
Upgraded to A2 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on Apr 4, 2023
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on Apr 4, 2023
Upgraded to Ba3 (sf)
Issuer: Plenti Auto ABS Trust 2022-1
Class C Notes, Upgraded to Aa2 (sf); previously on Apr 4, 2023
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to A1(sf); previously on Apr 4, 2023
Upgraded to A2 (sf)
Class E Notes, Upgraded to A3 (sf); previously on Apr 4, 2023
Upgraded to Baa1 (sf)
Class F Notes, Upgraded to Ba1 (sf); previously on Apr 4, 2023
Upgraded to Ba3 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.
Plenti Auto ABS Trust 2021-1
Following the November 2023 payment date, the credit enhancement
available for the Class D, Class E, and Class F Notes has increased
to 6.6%, 3.0%, and 1.5% respectively, from 6.2%, 2.6%, and 1.0% at
the time of the last rating action for these notes in April 2023.
As of end-October, 1.9% of the outstanding pool was 30-plus day
delinquent, and 0.1% was 90-plus day delinquent. The portfolio has
incurred net losses of 0.5% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 2.7% from
2.8% of the current pool balance (equivalent to 1.7% of the
original balance). Moody's has also maintained the Aaa portfolio
credit enhancement at 13.5%.
Plenti Auto ABS Trust 2022-1
Following the November 2023 payment date, credit enhancement
available for the Class C, Class D, Class E and Class F Notes has
increased to 10.9%, 8.8%, 6.9% and 3.2% respectively, from 9.1%,
7.3%, 5.7%, and 2.4% at the time of the last rating action for
these notes in April 2023.
As of end-October, 1.3% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The portfolio has
incurred net losses of 0.5% of loss (as a percentage of the
original pool balance) to date, all of which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 2.7% from
2.8% of the current pool balance (equivalent to 2.2% of the
original balance). Moody's has also maintained the Aaa portfolio
credit enhancement at 13.5%.
The transactions are cash securitisation of consumer auto loan
receivables extended to prime borrowers in Australia originated by
Plenti Finance Pty Limited.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
TICKETS HOLDINGS: Second Creditors' Meeting Set for Dec. 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Tickets
Holdings Pty Ltd has been set for Dec. 19, 2023 at 10:30 a.m. via
virtual meeting at the officers of Nicols + Brien at Level 2, 70
Market Street in Wollongong.
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. 19, 2023 at 10:30 a.m.
Ryan Bradbury of Nicols + Brien was appointed as administrator of
the company on Nov. 14, 2023.
TLD LOGISTICS: First Creditors' Meeting Set for Dec. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of TLD
Logistics Pty Limited will be held on Dec. 20, 2023, at 11:00 a.m.
via virtual meeting.
Daniel Robert Soire of Jones Partners was appointed as
administrator of the company on Dec. 8, 2023.
VTM EMPLOYMENT: First Creditors' Meeting Set for Dec. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of VTM
Employment Pty Ltd will be held on Dec. 19, 2023, at 10:30 a.m. via
virtual meeting only.
Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Dec. 7, 2023.
WISR FREEDOM 2022-1: Moody's Hikes Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded ratings on four classes of
notes issued by Wisr Freedom Trust 2022-1.
Issuer: Wisr Freedom Trust 2022-1
Class C Notes, Upgraded to Aa3 (sf); previously on Mar 13, 2023
Upgraded to A1 (sf)
Class D Notes, Upgraded to A3 (sf); previously on Mar 13, 2023
Upgraded to Baa1 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Mar 13, 2023
Upgraded to Ba1 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on Mar 13, 2023
Upgraded to B1 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the performance of the
collateral pool to date.
Following the November 2023 payment, note subordination available
for Class C, Class D, Class E and Class F Notes has increased to
25.2%, 19.6%, 12.7% and 9% respectively from 23.0%, 17.2%, 10.1%
and 6.3% at the time of the last rating action for these notes in
March 2023.
As of November 2023, 3.2% of the outstanding pool was 30-plus day
delinquent and 1.5% was 90-plus day delinquent. The deal has
incurred 2% of gross losses to date, which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 7% of the
outstanding pool balance (equivalent to 5.5% of the closing pool
balance) from 7.2% at the time of the last rating action in March
2023. Moody's also lowered the Aaa portfolio credit enhancement to
33% from 34%.
The transaction is a cash securitization of unsecured personal
loans extended to obligors located in Australia. All receivables
were originated by Wisr Finance Pty Ltd.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
=========
C H I N A
=========
CAR INC: Moody's Withdraws 'B3' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating of CAR Inc.
Prior to the withdrawal, the rating outlook was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Founded in 2007 and headquartered in Beijing, CAR Inc. provides car
rental services, including car rentals and fleet rentals, in China.
CHINA: Local Gov't. Tap $29BB Special Bonds to Fund Smaller Banks
-----------------------------------------------------------------
Caixin Global reports that Chinese local authorities have stepped
up bond sales to assist small and midsize banks in supplementing
capital to mitigate risks to the financial system, as narrowing
margins squeeze lenders.
Local governments of 16 provinces and regions have issued 19
special purpose bonds designed to inject liquidity into banks as of
Dec.11, worth a total of CNY208.3 billion ($29 billion), according
to data from bond market database ChinaBond.
COUNTRY GARDEN: Remit Funds to Repay Yuan Bond in Full
------------------------------------------------------
Reuters reports that Country Garden Holdings has remitted more than
CNY800 million (US$111.42 million) to repay onshore bondholders, a
company filing to the Shenzhen Stock Exchange late on Dec. 12
showed.
Bondholders of a total of 8 million notes, each with a principal of
CNY100 chose to exercise the put option by Nov. 28, while Country
Garden has wired funds that fully repaid the principal and
interest, the filing showed.
According to Reuters, the repayment comes as Country Garden has
defaulted on its $11 billion offshore bonds and is working on a
plan to restructure the debt.
The company in September won approval from creditors to extend the
maturities of eight onshore bonds worth CNY10.8 billion by three
years, Reuters notes.
About Country Garden
Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, Moody's Investors Service has downgraded Country
Garden Holdings Company Limited's corporate family rating to Ca
from Caa1 and its senior unsecured rating to C from Caa2. The
outlook remains negative. "The rating downgrades with negative
outlook reflect Country Garden's tight liquidity and heightened
default risk, as well as the likely weak recovery prospects for the
company's bondholders," said Kaven Tsang, a Moody's Senior Vice
President.
COUNTRY GARDEN: Sells Stake in Dalian Wanda Unit for $428 Million
-----------------------------------------------------------------
Reuters reports that Country Garden said it will sell a small stake
in a Dalian Wanda unit back to the Dalian Wanda Group, with the
proceeds of about $428 million going towards the restructuring of
the property developer's offshore debt.
Reuters relates that the sale of its 1.79% holding in shopping mall
operator Zhuhai Wanda Commercial Management to Dalian Wanda
Commercial Management Group helped shares in Country Garden climb
3% in Dec. 14 trade.
The stock was also lifted after Country Garden, which has defaulted
on $11 billion worth of offshore bonds, made a recent payment of
CNY800 million to onshore bondholders, according to a filing late
on Dec. 13.
Country Garden, China's biggest private property developer, is
among a long list of companies in the sector that are either
working on debt restructuring proposals or have presented them to
creditors after having defaulted on offshore debt, Reuters notes.
Reuters says Dalian Wanda Group - the largest Chinese developer of
commercial real estate - has also been under severe stress amid the
liquidity crunch in the sector though it has not defaulted on any
bond payments.
In particular, investors were focused on whether it could
successfully negotiate with investors in Zhuhai Wanda, including
Country Garden, who were promised that CNY40 billion in shares
would be bought back if the unit failed to complete an IPO in Hong
Kong this year.
About Country Garden
Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, Moody's Investors Service has downgraded Country
Garden Holdings Company Limited's corporate family rating to Ca
from Caa1 and its senior unsecured rating to C from Caa2. The
outlook remains negative. "The rating downgrades with negative
outlook reflect Country Garden's tight liquidity and heightened
default risk, as well as the likely weak recovery prospects for the
company's bondholders," said Kaven Tsang, a Moody's Senior Vice
President.
=========
I N D I A
=========
AARADHYA DISPOSAL: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aaradhya
Disposal Industries Private Limited (ADIIL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 7.75 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ADIIL for
obtaining information through letter and email dated November 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 ADIIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADIIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADIIL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
ADIIL was previously set up as a partnership firm in 2013 (refers
to calendar year, January 1 to December 31) and was reconstituted
with its current name in 2015. It manufactures paper cups, paper
cup blank and paper cup bottom roll. The manufacturing facility is
located in Dewas, Madhya Pradesh. The company is promoted by Mr
Sunil Maheshwari and Mr Anil Maheshwari.
AKR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of AKR Impex
Private Limited (AKR) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AKR for
obtaining information through letter and email dated November 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 AKR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AKR continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2006 by Mr S Kathiravan, AKR processes and trades
in a variety of pulses. The company has two processing units at
Tondiarpet in Chennai.
ALUBEE DIE: CRISIL Lowers Rating on INR14cr LT Loan to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Alubee
Die Casters (ADC) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Long Term 14 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Term Loan 12 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Working 6.05 CRISIL B/Stable (ISSUER NOT
Capital Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Working Capital 0.95 CRISIL B/Stable (ISSUER NOT
Demand Loan COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with ADC for
obtaining information through letter and email dated November 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 ADC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADC Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
Established in the year 2004 by the brothers Mr. G. Prabhuram,
Mr.G. Sairam and G. Veerarragavan, ADC is engaged in the business
of designing and manufacturing die and high pressure die castings
of aluminium alloys and zinc which finds its application in
electrical, industrial, and automobile industry. The firm has its
manufacturing facility located in Hosur, Tamil Nadu.
AMBIT CONCRETE: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ambit Concrete
Private Limited (ACPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letter and email dated November 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 ACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2012, ACPL is engaged in civil construction work.
It provides and lays ready-mix concrete after installing dedicated
machinery at work sites in Delhi National Capital Region, Haryana,
and Uttar Pradesh.
ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ankur Iron
India Private Limited (AIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.12 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.38 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated November 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
AIPL was set up as a proprietorship concern named Ankur Steel
Corporation in 1982 by Mr. Kiran Mehta; it was reconstituted as a
private limited company with its current name in 2011. AIPL trades
in steel and steel products such as cold-rolled sheets, galvanized
sheets, hot-rolled sheets and plates.
DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanvridhi
Commercial Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.26 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.88 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.08 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.28 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DCPL for
obtaining information through letter and email dated November 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 DCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
DCPL was incorporated by the Tantia family in Kolkata in 2005. Till
2012, the company traded in materials used in manufacture of
railway wagons/components. It now manufactures railway wagons
through Besco Ltd (foundry division).
DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dhanya Steel
Industries Private Limited (DSIPL; part of the Dhanya group)
continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DSIPL for
obtaining information through letter and email dated November 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 DSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DSIPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of DSIPL and Dhanya TMT
Private Limited (DTPL). This is because the two companies, together
referred to as the Dhanya group, are in similar lines of business
and under a common promoter group, and have significant business
and financial linkages with each other.
Established in December 2007, DSIPL manufactures ingots and
billets. The company has its manufacturing facility in Chittoor
district (Andhra Pradesh).
ESHWARNATH CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eshwarnath
Constructions (ECS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ECS for
obtaining information through letter and email dated November 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 ECS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 1997 as a partnership firm ECS executes civil
construction work for the Southern Railways and private players in
Tamil Nadu. Operations are managed by Mr M Athmanathan.
HANS RAJ: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hans Raj Agros
Private Limited (HRA) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HRA for
obtaining information through letter and email dated November 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 HRA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
HRA was established in 1996, by Mr Hans Raj in Fazilka, Punjab. The
company mills and markets high-grade rice like basmati. Mr Ranjam
Kamra oversees the daily operations.
INDEPENDENT RESOURCES: CRISIL Cuts Rating on INR14.6cr Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Independent Resources India Private Limited (IRIPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Export Packing 14.6 CRISIL B/Stable (ISSUER NOT
Credit COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Packing 3.15 CRISIL B/Stable (ISSUER NOT
Credit COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Term Loan 0.4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Working Capital 1.6 CRISIL B/Stable (ISSUER NOT
Term Loan COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Working Capital 1.25 CRISIL B/Stable (ISSUER NOT
Term Loan COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with IRIPL for
obtaining information through letter and email dated November 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 IRIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IRIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IRIPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
IRIPL (formerly known as Independent Minerals Resources Private
Limited) was incorporated in 2011. It is engaged in processing and
trading of chillies, trading of mill scale and iron ore. It is
based in Hyderabad, Telangana and is promoted by Mr. M Charan.
JAGMOHAN MOTORS: CRISIL Withdraws B Rating on INR25cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Jagmohan Motors Private Limited (JML) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B/Stable/Issuer Not
Cooperating (Withdrawn)
Inventory Funding 10 CRISIL B/Stable/Issuer Not
Facility Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with JML for
obtaining information through letter and email dated August 25,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JML. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JML continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
JML, set up by Mr Jagmohan Mittal in 1996, is an authorised dealer
of MSIL in Haryana, with one showroom each in Rohtak and Bhiwani
along with a NEXA showroom. The showrooms also have authorised
service stations.
MAHAMAYA FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahamaya
Foods and Grains Private Limited (MFGPL; part of the Mahamaya
group) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 4.35 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 4.25 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.2 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 5.7 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MFGPL for
obtaining information through letter and email dated November 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 MFGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFGPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of B.M. Foods (BMF) and
Mahamaya Foods and Grains Pvt Ltd (MFGPL). This is because the two
entities, together referred to as the Mahamaya group, have a common
management team and operational linkages through a common
distribution channel.
About the Group
FGPL was incorporated in 2007, promoted by Mr Anil Agrawal and Mr
Madan Goyal. The company processes wheat into various products such
as refined flour (maida), semolina (suji), whole wheat flour
(atta), and bran. These products are sold under the brand Chetak.
The company has a flour mill at Ambikapur, Chhattisgarh.
BMF was set up in 2005 as a rice milling unit. Its operations are
currently managed by Mr Anil Agarwal and his nephew Mr Ankur
Agarwal. The firm has its manufacturing facility in Ambikapur.
MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahesh
Industries Private Limited (MIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 60 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letter and email dated November 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 MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Mahesh Timber Pvt Ltd
(MTPL), its 100% subsidiary Mahesh Timber Singapore Pte Ltd (MTSL),
and MIPL. This is because the companies, collectively referred to
as the Mahesh group, have a common management and are in related
lines of business.
About the Group
MTPL, incorporated in 1998, trades in hardwood timber imported from
Malaysia. The company has sawmill operations in Gandhidham, where
timber logs imported at Kandla Port (both in Gujarat) are sawn and
then sold to timber traders in Haryana, Delhi, Punjab, Uttar
Pradesh, and other states. MIPL trades in softwood imported from
Europe and sells the sawn timber to traders and retailers in the
domestic market. MIPL operates around 22 sawmills whereas MTPL
operates around 10 sawmills.
MAKHARIA MACHINERIES: CRISIL Lowers Rating on INR13cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Makharia Machineries Private Limited (MMPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
Inventory Funding 2 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with MMPL for
obtaining information through letter and email dated November 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 MMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
MMPL was incorporated in 1995 by the Makharia family in Mumbai. It
is an authorised distributor for electrical instruments such as
motors, gears, pumps and drives manufactured by ABB India Ltd,
Siemens Ltd, Kirloskar Brothers Ltd and few others. It is also a
distributor of lubricants for Shell Global. Operations are managed
by Mr. Ashish Makharia, Mr. Rishi Makharia and Mrs. Rajrani
Makharia.
MAKKAR TEXTILE MILLS: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Makkar
Textile Mills Private Limited (MTM) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 3.2 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 4.5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MTM for
obtaining information through letter and email dated November 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 MTM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
MTM, incorporated in 1994 and promoted by Mr Makkar, manufactures
shawls from acrylic, viscose, and polyester yarn. The company also
has a retail presence in the domestic market.
MAKKAR TEXTILE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Makkar
Textile Mills Private Limited (MTM) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.0 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Term Loan 5.6 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 8.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MTM for
obtaining information through letter and email dated November 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 MTM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
MTM, incorporated in 1994 and promoted by Mr Makkar, manufactures
shawls from acrylic, viscose, and polyester yarn. The company also
has a retail presence in the domestic market.
MANJUNATHA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manjunatha
Industries (MI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 3.34 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MI for
obtaining information through letter and email dated November 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 MI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2016, MI gins and presses cotton. The company is
promoted by Mr Aitha Yugander and Mr Aitha Mohan.
MULPURI FISHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mulpuri
Fisheries Private Limited (MFPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 89.5 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 12.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MFPL for
obtaining information through letter and email dated November 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 MFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of MFPL, Mulpuri Foods and
Feeds Pvt Ltd (MFFPL), Mulpuri Poultries (MP), and Sri Venkateswara
Poultry Farm (SVPF). This is because all these entities, together
referred as the Mulpuri group, have a common management, and
significant intra-group operational and financial linkages.
Furthermore, there are cross corporate guarantees extended to each
other.
The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The group
is based in Vijayawada, Andhra Pradesh.
MULPURI FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mulpuri Foods
and Feeds Private Limited (MFFPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 49.5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 15.08 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MFFPL for
obtaining information through letter and email dated November 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 MFFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of MFFPL, Mulpuri Fisheries
Pvt Ltd (MFPL), Mulpuri Poultries (MP), and Sri Venkateswara
Poultry Farm (SVPF). This is because all these entities, together
referred as the Mulpuri group, have a common management, and
significant intra-group operational and financial linkages.
Furthermore, there are cross corporate guarantees extended to each
other.
About the Group
The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The group
is based in Vijayawada, Andhra Pradesh.
SVPF, established in1992, and MP, established in 2003, sell
hatching eggs. MFFPL, incorporated in 2009, manufactures floating
fish feed and poultry feed. MFPL, was incorporated in 2009, breeds
Pangasius and Indian carp fish.
R.K. STEEL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R.K. Steel
Industries (RKSI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RKSI for
obtaining information through letter and email dated November 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 RKSI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKSI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKSI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
RKSI, set up in 1990, is promoted by Mr. Rakesh Kumar. It trades in
iron and steel bars, flats, plates, and sheets, and is based in
Ludhiana, Punjab.
RAJKAMAL AGRO: CRISIL Lowers Rating on INR10cr Packing Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Rajkamal Agro Industries (RAI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable' Issuer
Not Cooperating)
Credit Limit 2 CRISIL B/Stable (ISSUER NOT
Under Gold Card COOPERATING; Revised from
'CRISIL BB+/Stable' Issuer
Not Cooperating)
Packing Credit 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable' Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with RAI for
obtaining information through letter and email dated November 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 RAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RAI Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
Setup in 2005 by Mr. Hansrajbhai Agarwal and Mr. Ratanlal Agarwal,
in Deesa, Gujarat, RAI is engaged in the processing and exporting
of natural, black, and hulled sesame seeds as well as trading of
watermelon seeds.
RMKV SILKS: CRISIL Lowers Rating on INR23cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Rmkv
Silks Private Limited (RSPL; part of the RMKV group) Revised to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable' Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with RSPL for
obtaining information through letter and email dated November 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 RSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of RSPL, RMKV Fashion Garment
Private Limited (RFGPL) and RMKV Fabrics Private Limited (RFPL).
This is because all these entities, together referred as the group,
operate in the same industry and have operational and financial
linkages. CRISIL Ratings has also treated unsecured loans from
friends and related parties as neither debt nor equity as they are
expected to remain in the business over the medium term and are
subordinated to bank debt.
Rmkv Silks Private Limited (RSPL) flagship company of RmKV group,
was incorporated in 2011. Mr. K. Sivakumar manages RSPL, Mr. K.
Mahesh manages RFGPL and Mr. N. Viswanath manages RFPL. RSPL is
engaged in retailing in handloom silk sarees and allied products.
RMKV Fashion Garments is engaged in the retailing of readymade
garments while RMKV Fabrics is engaged in the retailing of dress
materials. The group has 7 showrooms 3 in Chennai, 2 in Tirunelveli
and 1 each in Coimbatore and Bengaluru.
SAYONA COLORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sayona Colors
Private Limited (Sayona) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 40 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 32.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Sayona for
obtaining information through letter and email dated November 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 Sayona, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Sayona is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Sayona continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Established in 2004 in Ahmedabad as a proprietorship concern
(Sencient India) by Mr. Paresh Patel (key promoter and managing
director) and reconstituted as a private limited company (Sencient
India Export Pvt Ltd) in 2007, Sayona manufactures synthetic food
colours. Name was changed to the current one in 2009.
SUCHI TEXTILES: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Suchi
Textiles Private Limited (STPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 23 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with STPL for
obtaining NDS through letters/emails dated September 29, 2023,
October 31, 2023 and November 30, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated November 24,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of STPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from STPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on STPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of STPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
STPL was incorporated in 2022. STPL is currently setting up a plant
to manufacture knitted and woven fabric in Surat, Gujarat. The
plant is expected to be commissioned in June 2023. STPL is owned &
managed by Mr. Ashok Kumar Mehta and Mr. Shetal Mehta (son of Ashok
Mehta).
V MART: CRISIL Moves B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of V Mart
Stores - Gajwel (VMSG) to 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 3.92 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 0.08 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with VMSG for
obtaining NDS through letters/emails dated September 29, 2023,
October 31, 2023 and November 30, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated November 24,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VMSG to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VMSG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on VMSG is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of VMSG
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.
The VMSG, established in 2017, is owned and managed by Mrs Thota
Padma, Mr Thota Spandan, Mr Kacham Shashikanth, Mr Kura Arun Kumar
and Mr Kacham Akhilesh. The group's two stores are engaged in
retail of groceries, general goods, electrical home appliances and
plastic items. The stores are in Siddipet and Gajwel, both in
Telengana.
VEGA AVIATION: CRISIL Lowers Rating on INR10cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Vega
Aviation Products Private Limited (VAPPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
Proposed Working 7 CRISIL B/Stable (ISSUER NOT
Capital Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with VAPPL for
obtaining information through letter and email dated November 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 VAPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAPPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
Incorporated in 2005, Vega Aviation Products Pvt Ltd (VAPPL) is a
Belgaum based company engaged in the manufacturing of helmets
(commercial and aviation helmets), delivery boxes, waste bins,
packaging cases, travel bags etc. The company is promoted by Mr.
Dilip Chindak, Mr. Girdhari Chindak, Mr. Suhas Chindak and Mr.
Uttam Chindak.
VITTHAL CORPORATION: CRISIL Assigns B- Ratings to INR75cr LT Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
bank facilities of Vitthal Corporation Limited (VCL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 75 CRISIL B-/Stable (Assigned)
Long Term Loan 50 CRISIL B-/Stable (Assigned)
The rating reflects VCL's cyclicality associated with sugar
business and risks get amplified by dependence on monsoon,
susceptibility to volatility in raw material (sugarcane and cotton)
prices, highly leveraged capital structure. The ratings also factor
in the working capital intensive operation and exposure to
cyclicality and regulatory changes associated with the sugar
business. These weaknesses are partially offset by the promoters'
experience in the sugar industry and the established relationships
with cane farmers
Key Rating Drivers & Detailed Description
Weakness:
* Weak financial risk profile: Financial profile is marked by high
gearing and total outside liabilities to adjusted tangible net
worth (TOL/ANW) on account of large term debt availed for
installation and expansion of distillery. With high debt and
moderate profit, debt protection metrics remain moderate, as
reflected in estimated interest coverage of around 3 times for
fiscal 2023.
* Moderately working capital intensive operation: Working capital
requirement is marked by Gross current assets (GCAs) of 301 days as
on March 31, 2023, driven by high inventory of 142 days, overall
working capital requirement would remain elevated over the medium
term.
* Susceptibility to regulatory changes and cyclicality in the sugar
industry and singular dependence on sugar sales: Regulatory
mechanisms and dependence on monsoon lead to cyclicality in the
sugar industry, which may impact VCL performance. The government
regulates the domestic demand-supply scenario by restricting
imports and exports, as well as prices of sugar cane. Shortage of
sugar cane in the region can also have an adverse impact on the
operating performance.
Strengths:
* Promoters' experience in the industry and relationships with
member farmers: The promoters have over two decade's experience in
the industry. Further the company has association with several
member farmers from nearby villages which ensures regular
procurement of sugarcane.
* Modest Scale of operation along with integrated nature of
operations: Scale of operations have been modest with revenue of
more than INR300 crore in fiscal-23 and fiscal-22, led by higher
sales from sugar and distillery. Integrated nature of operations
and remunerative sale of ethanol will also improve resilience to
sugar cycles.
Liquidity: Stretched
Cash accrual of Rs 19-30 crore expected per fiscal is closely
matched with debt obligation of Rs 20-30 crore over the medium
term. Current ratio was remained weak at less than 1 time.
Outlook: Stable
CRISIL Ratings believe VCL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity factors
Upward factors
* Growth in revenue and steady operating margin, leading to higher
cash accrual of INR22 crore or above on consistent basis.
* Improvement in liquidity with sufficient cash accrual against
repayment obligation.
* Better working capital management and improvement in gearing.
Downward factors
* Decline in scale of operations leading to fall in net cash
accrual of lower than Rs 15 crore.
* Increase in working capital requirement or any large debt-funded
capital expenditure weakening liquidity and financial risk
profile.
Based in Solapur and incorporated in 1998, Vitthal Corporation
Limited (VCL) was established as Vitthal Sugars Manufacturing
Limited (VSML) by Mr Babandada Vittthalrao Shinde to undertake
manufacturing of sugar. The company changed the name to Vitthal
Corporation Limited on July 22, 2010. VCL facility was commissioned
in 2008 with an installed capacity of 2500 TCD (tons of cane
crushed per day). Currently, the installed capacity has reached to
3500 TCD (tons of cane crushed per day). VCL has a fully integrated
sugar manufacturing unit consisting of distillery unit of 90 KLPD
(kilo litre per day) and 12 MW (megawatt) bagasse based power
generation plant.
=====================
N E W Z E A L A N D
=====================
AROHA MANAGEMENT: Creditors' Proofs of Debt Due on Jan. 11
----------------------------------------------------------
Creditors of Aroha Management Limited are required to file their
proofs of debt by Jan. 11, 2024, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on Dec. 8, 2023.
BAY 22: Creditors' Proofs of Debt Due on Jan. 15
------------------------------------------------
Creditors of Bay 22 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 Dec. 8, 2023.
The company's liquidators are:
Gareth Russel Hoole
Raymond Paul Cox
Ecovis KGA Limited, Chartered Accountants
PO Box 37223
Parnell
Auckland 1151
GREEN INNOVATIONS: Pritesh Patel Appointed as Liquidator
--------------------------------------------------------
Pritesh Patel of Patel & Co. Dec. 7, 2023, were appointed as
liquidators of Green Innovations NZ Limited.
The liquidator may be reached at:
PO Box 23296
Manukau City
Auckland 2241
MASON ONLINE: Court to Hear Wind-Up Petition on Feb. 8
------------------------------------------------------
A petition to wind up the operations of Mason Online Limited will
be heard before the High Court at Auckland on Feb. 8, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 2, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
SUPIE LTD: Veges, Chilled and Frozen Food Left to Rot
-----------------------------------------------------
1News reports that food was left "on the ground" to perish at a
warehouse after Supie went into liquidation earlier this year,
according to an email leaked to 1News.
1News says the email was sent to a supplier, describing "debris and
waste" left at a Supie warehouse after the company was forced to
cease operations on October 30.
"We are sorry to inform any suppliers who have not already
collected chilled or frozen goods, that these items are no longer
recoverable and have not been for some time.
"We have discovered, and had to dispose of, various vegetables,
perishables, meat products, eggs, milk and other dairy products
that had obviously expired and could not have been consumed due to
their deteriorated states.
"Once the refrigeration devices were removed, through the
liquidation process, many of these items were left on the ground to
expire and perish," the email reads, 1News relays.
"We do not have a reconciliation of what items are in the warehouse
and at what quantities," the email adds.
The online supermarket was put into voluntary administration in
October, citing "cash flow difficulties" after a key investor
pulled funding.
The Auckland-based start-up was founded in 2021 by Sarah Balle in a
bid to introduce competition to the country's supermarket
industry.
The first liquidator's report showed the company and its related
companies Workerly and Bevie owed $2.1 million to over 4,000
creditors, 1News discloses.
According to 1News, employees shed "plenty of tears" when it closed
– and were also reportedly told they wouldn't be getting paid for
their last two weeks of work, or have any annual leave paid out.
An anonymous and "substantial" donation later meant the
administrators "expect to be able to pay a substantial portion of
all outstanding gross wages and salaries for all staff", though
other entitlements like holiday pay weren't included, 1News
relates.
Former Supie chilled/frozen assistant manager Anthony Bunce has
called the handling of the situation both "heartless and gutless,"
1News adds.
About Supie Ltd
Supie Ltd was an Auckland-based independent virtual supermarket.
Richard Nacey and Stephen White of PwC were appointed joint and
several Voluntary Administrators of Supie Ltd, Bevie Ltd, and
Workerly Ltd on Oct. 30, 2023.
The company was placed into liquidation on Nov. 9, 2023.
VAMOSA LIMITED: Court to Hear Wind-Up Petition on Feb. 2
--------------------------------------------------------
A petition to wind up the operations of Vamosa Limited will be
heard before the High Court at Auckland on Feb. 2, 2024, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 31, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=====================
P H I L I P P I N E S
=====================
PINOY INTERACTIVE: Shuts Pie Channel After Piling PHP180MM Losses
-----------------------------------------------------------------
Bilyonaryo.com reports that Globe Telecom of billionaire Jaime
Augusto Zobel de Ayala and ABS-CBN Broadcasting of the Lopez have
decided to part ways with a television channel that accrued
substantial losses and lacked viewer traction.
Bilyonaryo.com, citing a Babbler, relates that Pinoy Interactive
Entertainment (PIE) management, led by ABS-CBN Chairman Mark Lopez
and human resources executives, held a general assembly last month
to announce the termination of the channel's airing on television
and cable, effective December 31.
As a parting note, during its final month on the airwaves, PIE,
currently occupying BEAM's free-to-air TV Channel 31 from 11:00
a.m. to 11:00 p.m., will exclusively showcase reruns of its past
glory, according to Bilyonaryo.com.
Rather than pouring more funds into a sinking ship, as reported by
Babbler, the management opted for a strategic termination of the
channel, Bilyonaryo.com relays.
According to Bilyonaryo.com, PIE had reportedly hemorrhaged a
staggering PHP180 million in losses since its launch in May 2022.
Its programs not only fared poorly in the ratings but also failed
to attract advertising interest.
Globe collaborated with ABS-CBN to establish PIE just a month after
the telco joint launched its media arm, Kroma Entertainment, the
report notes. ABS-CBN was responsible for providing content for
PIE, featuring shows hosted by Luis Manzano, Melai Cantiveros, and
Robi Domingo.
Meanwhile, Kroma managed the channel's broadcast, reaching 11
million households under BEAM (Broadcast Enterprises and Affiliated
Media) and connecting with 85 million digitally-connected users,
including GCAsh's GLife, Bilyonaryo.com adds.
=================
S I N G A P O R E
=================
BD ALPHA: Court to Hear Wind-Up Petition on Dec. 22
---------------------------------------------------
A petition to wind up the operations of BD Alpha Pte Ltd will be
heard before the High Court of Singapore on Dec. 22, 2023, at 10:00
a.m.
SH Cogent Logistics Pte Ltd filed the petition against the company
on Nov. 28, 2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
CAKE GROUP: Co-Founder Files for Liquidation of the Group
---------------------------------------------------------
Cryptonews.com reports that Singapore-based Cake Group, the parent
company of crypto platform Bake, is winding up its company and has
filed for liquidation.
Cryptonews.com, citing a Tech in Asia report, relates that the
co-founder of the crypto investment platform U-Zyn Chua has applied
to wind up the Cake Group at a Singapore High Court.
The reasons for the company's wind up aren't clear. However, in
September, Bake crypto platform, which changed its name from Cake
DeFi, announced layoffs, affecting 30% of its workforce, the report
says.
According to Cryptonews.com, Bake said at the time that the cuts
came as a "result of reorganization brought on by the current bear
market and individual performance issues."
Per the liquidation application, Mr. Chua listed himself as the
plaintiff and the Cake Group as the defendant.
Winding up of a company in Singapore is a legal process where the
court orders to sell company assets to pay debts, the report notes.
The remaining money from the assets collected after settling all
debts, is then distributed among the company's shareholders.
Cryptonews.com notes that Cake Group saw massive growth in 2021
like many decentralized finance (DeFi) platforms. The company
released an unaudited financial statement at the time that showed
revenue reaching $631 million, year-on-year increase of 1,800%.
Additionally, the Group's operating income hit $203 million for the
year. However, following the massive crash in crypto prices in May
2022, and the prolonged crypto winter, the growth gradually
slumped.
Cryptonews.com adds that Cake Group co-founder Julian Hosp said
that the firm's revenue fell to US$266 million in 2022, and profits
dropped to US$23.5 million from US$134 million in 2021.
JIN LOGISTICS: Creditors' Meetings Set for Jan. 4
-------------------------------------------------
Jin Logistics Pte Ltd will hold a meeting for its creditors on Jan.
4, 2024, at 10:00 a.m. via Zoom.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the company on Dec. 11, 2023.
MANGOSTEEN BCC: Creditors' Meetings Set for Dec. 29
---------------------------------------------------
Mangosteen BCC Pte Ltd will hold a meeting for its creditors on
Dec. 29, 2023, at 5:00 p.m. via audio visual conference tool.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidator;
c. to appoint a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
MAO HENG: Creditors' Meetings Set for Jan. 4
--------------------------------------------
Mao Heng International Logistics (Pte. Ltd.) will hold a meeting
for its creditors on Jan. 4, 2024, at 11:30 a.m. via Zoom.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the company on Dec. 11, 2023.
SINGAPORE EDUTAINMENT: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Dec. 8, 2023, to
wind up the operations of Singapore Edutainment Associates Global
Pte. Ltd.
The Comptroller of Income Tax and The Comptroller of Goods and
Services Tax filed the petition against the company on Nov. 1,
2023.
The company's liquidators are:
Ng Kian Kiat
Goh Wee Teck
M/s RSM Corporate Advisory
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
THREE ARROWS: Su Zhu Probed as Liquidators Step Up Hunt for Assets
------------------------------------------------------------------
Bloomberg News reports that Three Arrows Capital co-founder Su Zhu
for the first time faced questioning in a Singapore court about the
crypto fund's collapse, giving liquidators their best chance yet to
gather information as they seek to recoup billions of dollars for
creditors.
Bloomberg relates that the two-day court hearing this week required
Zhu to respond to lawyers for the liquidator, Teneo, people
familiar with the matter said. The lawyers sought details including
how the fund failed and the whereabouts of assets, the people said,
asking not to be named as the proceedings were private.
According to Bloomberg, the questioning was approved at court in
the city-state earlier, the people said, after Zhu was arrested at
the airport in Singapore on Sept. 29 and jailed for four months for
failing to cooperate with the task of winding up Three Arrows. Zhu
is set to be released this month based on standard provisions for
good behavior, the people said.
Zhu, who appeared in the High Court on Dec. 13 dressed in a slim
suit and closely-cut hair, acknowledged the questioning ahead of
its morning commencement when asked by a Bloomberg News reporter.
Three Arrows imploded in 2022 as leveraged bets blew up, stoking a
$2 trillion crypto rout as well as a spate of other collapses in
the sector. Bloomberg says liquidators have accused Zhu and the
fund's other founder, Kyle Davies, of failing to cooperate
meaningfully with their probe and are seeking to recover $1.3
billion from the two men. Teneo estimates creditors are owed
roughly $3.3 billion overall.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
===============
T H A I L A N D
===============
FNS HOLDINGS: Fitch Cuts Longterm Rating to B-(tha), On Watch Neg.
------------------------------------------------------------------
Fitch Ratings (Thailand) Limited has downgraded FNS Holdings Public
Company Limited's National Long-Term Rating to 'B-(tha)', from
'B(tha)'. All of FNS's ratings have been placed on Rating Watch
Negative (RWN).
The downgrade and RWN reflect high liquidity and refinancing risk,
as FNS is relying on asset sales to repay debt due in 2H24.
Refinancing risk is exacerbated by its forecast of weak EBITDA
interest cover of below 1.0x over the next two years. This may
limit the company's ability to access arms-length financing at
market-rates should the asset sales be delayed.
Fitch expects to resolve the RWN once the asset sales are
concluded, which could take longer than six months. FNS's inability
to execute the asset sales in a timely manner could result in the
rating being downgraded by more than one notch.
KEY RATING DRIVERS
Asset Sales to Repay Debt: FNS expects to sell the investment
properties held at its subsidiary, M.K. Real Estate Development
Public Company Limited (MK), to its affiliate, Prospect Logistics
and Industrial REIT (Prospect REIT), for about THB3.0 billion in
mid-2024. FNS plans to use the proceeds to meet MK's maturing debt
in 2H24, including debentures of THB500 million due 18 September
2024 and THB600 million due in 19 October 2024. The asset sale is
subject to approval by Prospect REIT's unit holders as well as a
capital increase, which is subject to market conditions.
An inability to execute the asset sale in a timely manner could
lead to rising default risk. MK successfully sold its
warehouses-for-rent for about THB1.8 billion to Prospect REIT in
March 2023.
Partly Funded Liquidity: FNS has weak liquidity, due to the debt
maturities at MK, which accounts for about 80% of FNS's
consolidated assets and debt. FNS's cash on hand of THB143 million
as of end-September 2023 and committed undrawn lines of around
THB1.1 billion are sufficient to fund projected free cash flow burn
of around THB1.0 billion, but falls significantly short of repaying
the THB3.5 billion of debt due in the next 12 months.
FNS aims to recover THB550 million in receivables in 2024 from its
pre-sold condominium units and may be able to securitise these
receivables to support timely debt repayment, as it has done in the
past. However, this still leaves it almost entirely reliant on the
asset sale for debt repayment, with a failed deal possibly leading
to debt restructuring.
Unsustainable Capital Structure: FNS's capital structure is
unsustainable and exceeds the company's cash generation ability.
Meaningful deleveraging is contingent on the asset sale, which is
subject to high execution risk and conducive capital markets. Net
debt could fall in 2024, should the asset sale to Prospect REIT
succeed. However, consolidated EBITDA net leverage would remain
elevated over the next two years.
Consolidated Profile Drives Rating: Fitch assesses FNS's credit
profile based on its consolidated profile including MK, adjusted
for any dividend leakages to MK's minority shareholders. This
follows FNS's increased stake in MK to 49.5% in August 2023, from
31.5%. Fitch believes FNS has effective control of MK via its board
of directors and management, including a common CEO, and that FNS
is likely to determine the business direction of the group.
Subsidiary's Contagion Risk: Fitch believes MK is important to
FNS's strategy to expand its industrial property development and
wellness businesses in the medium term. The two companies have
separate financial arrangements, but Fitch believes the risk of
financial contagion is high following FNS's increased ownership of
the subsidiary, as lenders may consider the group as a single
entity. FNS is also somewhat reliant on MK's dividends and asset
sales to sustain its cash flow at the holding company level.
Execution Risk of Neo Stake Sale: FNS also plans to sell its stake
in Neo Corporate Public Company Limited, subject to its IPO on the
Stock Exchange of Thailand. Plans have, nonetheless, been delayed
for the past few years due to market sentiment and the company now
expects the sale to be completed in 1H24. Fitch has not
incorporated the IPO and FNS's exit plan or the potential liquidity
support it may provide in its forecasts, as the transaction is
subject to high execution risk.
DERIVATION SUMMARY
FNS's rating is significantly lower than that of rated peers in
Thailand and is driven by weak liquidity and high refinancing
risk.
KEY ASSUMPTIONS
- FNS, via MK, to move away from residential property development
and to sell its remaining housing units by 2026
- Consolidated free cash flow to remain at negative THB1 billion in
2024 and negative THB650 million in 2025
- FNS, via MK, to sell warehouses to Prospect REIT for THB2.9
billion in 2024, following THB1.8 billion in sales in 2023, but
execution risk is high
- Total capex of THB1.9 billion during 2024, mainly to develop new
warehouses for rent, funded by a committed credit facility of THB1
billion
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Execution of asset sales in a timely manner that leads to a
meaningful improvement in liquidity.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Weakening liquidity, including due to the inability to execute
planned asset sales in a timely manner, could lead to a downgrade
of more than one notch.
LIQUIDITY AND DEBT STRUCTURE
Weak Liquidity: FNS lacks sufficient cash on hand and committed
credit lines to meet debt of more than THB3.5 billion due in the
next 12 months. All current maturities are at MK. Repayment is
reliant on an asset sale to Prospect REIT, which is subject to high
execution risk.
ISSUER PROFILE
FNS is a holding company with investments in several businesses.
Its largest investment is its 49.5% stake in MK. Its other
investments involve household and personal care products, a bakery
chain and small start-up businesses. MK is a leading developer of
industrial warehouses and factories for rent in Thailand's free
trade zone area and is likely to be FNS's key growth focus over the
medium term.
Entity/Debt Rating Prior
----------- ------ -----
FNS Holdings
Public Company
Limited Natl LT B-(tha) Downgrade B(tha)
Natl ST B(tha) Rating Watch On B(tha)
*********
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,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***