/raid1/www/Hosts/bankrupt/TCRAP_Public/231218.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, December 18, 2023, Vol. 26, No. 252
Headlines
A U S T R A L I A
BRITE ADVISORS: Federal Court Appoints McGrathNicol as Receivers
CONTENTIOUS CHARACTER: Comes Out of Voluntary Administration
CREATIVE INVESTMENT: First Creditors' Meeting Set for Dec. 21
DAICOM AUSTRALIA: Emerges From Administration After DOCA Approved
EPIC NEGOCIANTS: Second Creditors' Meeting Set for Dec. 20
GREEN CHARGE: Second Creditors' Meeting Set for Dec. 20
IMIS PTY: First Creditors' Meeting Set for Dec. 20
MARTZ EARTHWORKS: First Creditors' Meeting Set for Dec. 20
NEWCASTLE COAL: S&P Affirms 'BB' Rating on Junior Debt
TAURUS TRUST 2023-1: Moody's Hikes Rating on Class F Notes to B1
WISR FREEDOM 2023-1: Moody's Assigns B2 Rating to AUD3.6MM F Notes
C H I N A
COUNTRY GARDEN: Fitch Withdraws 'BB+' LongTerm IDR
SHANGHAI TRENDZONE: Furnishing Firms Struggle Amid Sluggish Market
I N D I A
A E INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
AELIS ENTERPRISE: Liquidation Process Case Summary
AGH WIRES: Insolvency Resolution Process Case Summary
AGSONS AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
AISHWARYA CHICKEN: CRISIL Keeps D Debt Ratings in Not Cooperating
AISHWARYA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
ARCION REVITALIZATION: Voluntary Liquidation Process Case Summary
BARASAT KRISHNANAGAR: Insolvency Resolution Process Case Summary
BIL ENERGY: Liquidation Resolution Process Case Summary
BUILDMET PRIVATE: Insolvency Resolution Process Case Summary
CAR BAZAAR: Liquidation Resolution Process Case Summary
CARGOWINGS LOGISTICS: Insolvency Resolution Process Case Summary
CREDOSYNC INFOSOFT: Insolvency Resolution Process Case Summary
CSRA CONSULAR: Voluntary Liquidation Process Case Summary
DHANLAXMI ELECTRICALS: Insolvency Resolution Process Case Summary
DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating
INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating
JAWAN MINING: Insolvency Resolution Process Case Summary
KAIZEN INSTITUTE: Voluntary Liquidation Process Case Summary
KAUSHAL SILK: Insolvency Resolution Process Case Summary
KRISH ISPAT: Insolvency Resolution Process Case Summary
KUVAM KONSTRUCTION: Liquidation Process Case Summary
M G OILS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
MARKS PRYOR: Insolvency Resolution Process Case Summary
MONSOON ACCESSORIZE: Voluntary Liquidation Process Case Summary
MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MOUNTAIN MEADOW: Insolvency Resolution Process Case Summary
MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
NAMMO INDIA: Voluntary Liquidation Process Case Summary
NAV NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
NAVANIDHI ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
NIKITA JEWELLERS: Insolvency Resolution Process Case Summary
NUCLEUS SATELLITE: CRISIL Keeps C Debt Ratings in Not Cooperating
OM SHREE GANESH: Insolvency Resolution Process Case Summary
ORKUS PRIVATE: Insolvency Resolution Process Case Summary
PEARL ENGINEERING: Voluntary Liquidation Process Case Summary
PHANTOM RESOURCES: Liquidation Process Case Summary
PRITDIP IMPEX: Insolvency Resolution Process Case Summary
RELIANCE COMMUNICATIONS: NCLT Approves Sale of Real Estate Assets
REWARD REAL: Insolvency Resolution Process Case Summary
S S M FOUNDATION: CRISIL Keeps D Debt Ratings in Not Cooperating
S. D. GURAV: CRISIL Keeps D Debt Rating in Not Cooperating
S. M. INTERIOR: CRISIL Keeps D Debt Ratings in Not Cooperating
SAHIBZADA AJIT: CRISIL Keeps D Debt Ratings in Not Cooperating
SALUJA CONSTRUCTION: Insolvency Resolution Process Case Summary
SANCHI MEDIAIDS: Insolvency Resolution Process Case Summary
SANKLECHA CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
SAPPHIRE CLOTHING: Insolvency Resolution Process Case Summary
SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SELVARANI DHALL: CRISIL Keeps D Debt Rating in Not Cooperating
SELVARANI IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
SEZZLE PAYMENTS: Voluntary Liquidation Process Case Summary
SHAMROCK CHEMIE: CRISIL Keeps D Debt Ratings in Not Cooperating
SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
SHARAN HOSPITALITY: Liquidation Resolution Process Case Summary
SHIMLA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIPRA LEASING: Insolvency Resolution Process Case Summary
SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVANI FLEXIPACK: Insolvency Resolution Process Case Summary
SPARKLET ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
SPARTA SYSTEMS: Voluntary Liquidation Process Case Summary
SRDN ENTERPRISES: Voluntary Liquidation Process Case Summary
STONE EXPORT: Insolvency Resolution Process Case Summary
SURYODAY COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
ULTRAMINE PIPETECH: Liquidation Resolution Process Case Summary
VAIBHU INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VARADA LEASING: Voluntary Liquidation Process Case Summary
VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
WESTERN UNION: Voluntary Liquidation Process Case Summary
YONYX INFOMEDIA: Voluntary Liquidation Process Case Summary
J A P A N
TOSHIBA CORP: To Keep Shimada as CEO, Get 4 Board Members From JIP
M O N G O L I A
KHAN BANK: Moody's Affirms 'B3' LongTerm Issuer & Deposit Ratings
N E W Z E A L A N D
BIG ROCK: BDO Tauranga Appointed as Liquidators
BUILDHQ LIMITED: Court to Hear Wind-Up Petition on Feb. 8
GROUND ADDICTION: Creditors' Proofs of Debt Due on Feb. 23
NEW ZEALAND: Contraction Stokes Recession Fears
OPTIMUS PRIME: Creditors' Proofs of Debt Due on Jan. 25
YES INSULATION: Court to Hear Wind-Up Petition on Feb. 8
P A K I S T A N
PAKISTAN: Fitch Affirms 'CCC' LongTerm Foreign Currency IDR
PAKISTAN: IMF Denies Plans to Ask Country Raise Taxes on Salaries
S I N G A P O R E
BEE HIANG: Court Enters Wind-Up Order
DS INVESTMENT: Creditors' Proofs of Debt Due on Jan. 15
FINE GRAIN: Commences Wind-Up Proceedings
HAWKEYE ASSOCIATES: Court Enters Wind-Up Order
LIPPO MALLS: Fitch Puts 'CCC-' LongTerm IDR on Watch Negative
TJ HOLDINGS: Placed Into Liquidation
S R I L A N K A
SRI LANKA: Economy Grows by 1.6% in Third Quarter of 2023
V I E T N A M
ANZ BANK: Fitch Hikes Foreign Currency IDR to 'BB+', Outlook Stable
ASIA COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
HSBC BANK: Fitch Hikes Foreign Currency IDR to BB+, Outlook Stable
MILITARY COMMERCIAL: Fitch Hikes LongTerm IDR to BB, Outlook Stable
STANDARD CHARTERED: Fitch Hikes LongTerm IDR to BB+, Outlook Stable
VIETCOMBANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
VIETINBANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
VIETNAM AGRIBANK: Fitch Hikes LongTerm Foreign Curr. IDR to 'BB+'
VIETNAM ELECTRICITY: Fitch Hikes IDR to 'BB+', Outlook Stable
- - - - -
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A U S T R A L I A
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BRITE ADVISORS: Federal Court Appoints McGrathNicol as Receivers
----------------------------------------------------------------
Following a three-day hearing, the Federal Court, on Dec. 13, 2023,
made orders appointing Linda Smith and Robert Kirman of
McGrathNicol as corporate receivers and managers of Australian
Financial Services licensee, Brite Advisors Pty Ltd.
The receivers are tasked with conducting further investigations
into Brite and the approximately AUD1 billion client pension funds
under its management.
The receivers are to provide a report to the Court and to ASIC on
their investigation within 42 days.
The appointment of the receivers follows initial action taken by
ASIC in October 2023 to secure interim asset preservation orders
against Brite. The receivers were subsequently appointed by the
Court as investigative accountants and provided a report to the
Court on Dec. 8, 2023.
In making the orders appointing receivers, the Court noted that the
concerns raised by ASIC, and those raised by the Investigative
Accountants, were both wide-ranging and serious, and required
further detailed investigation.
Amongst the concerns is a significant variance in an amount of
USD69 million in client funds which had not been adequately
explained by Brite. There are also significant concerns over the
management of Brite.
The Court re-made asset preservation orders restraining Brite but
enabling the receivers to carry on the operations of Brite. ASIC
has taken these steps to protect client assets, and the management
of those assets, on an ongoing basis, while the investigations
continue.
The receivers can be contacted by email to:
briteadvisors@mcgrathnicol.com.
The ASIC investigation team can be contacted by email to:
Brite.Investigation@asic.gov.au.
ASIC's investigation is ongoing.
CONTENTIOUS CHARACTER: Comes Out of Voluntary Administration
------------------------------------------------------------
Ian Bushnell at Riotact reports that Canberra region winery
Contentious Character has come though its voluntary administration
with a new financial structure to sustain it into the future.
According to the report, the Wamboin wine and restaurant business
had gone to the market to seek interest in several sale options as
part of the administration but it will now continue trading as a
whole after entering a Deed of Company of Arrangement to the
satisfaction of staff and creditors, including the Australian Tax
Office.
Riotact relates that the restructuring includes a slimmed-down
shareholding with two of the four partners bowing out, although
they retain a share of the land which is separate from the
business.
Tony Mansfield, Jeremy Wilson, Ben Jarrett and Ross Appleton bought
the former Lambert Vineyards for AUD2,385,000 in 2016.
But only Jeremy Wilson and Ben Jarrett will take the business
forward, the report says.
According to Riotact, Mr. Jarrett said internal disputes had
exacerbated a challenging environment for the wine and food
industry in recent years including bushfire smoke, the pandemic and
the wine glut caused by the loss of the Chinese market.
He said the voluntary administration had been the circuit breaker
the business needed to put it on a surer footing.
"Ultimately the deed of company arrangement offered the best
solution for the staff and creditors, and gave the business a clear
picture," the report quotes Mr. Jarrett as saying.
He said the EOI process confirmed that in the current environment,
liquidation would have meant no return for creditors.
"Everybody would have lost," Mr. Jarrett said.
He said the business continued to perform and was cash-flow
positive.
The business, which had enjoyed 55 per cent year-on-year growth,
had continued to trade throughout the administration with strong
support from its trade customers, although the restaurant had
suffered.
But now, with word out that the business had not gone under and had
a more certain future, customers were flocking back.
Riotact adds that Mr. Jarrett said Contentious Character's strategy
of having growing arrangements at six cool climate locations beyond
the 24-hectare Wamboin estate ensured the reliability and
consistency of its product.
CREATIVE INVESTMENT: First Creditors' Meeting Set for Dec. 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Creative
Investment Partners Pty Ltd will be held on Dec. 21, 2023, at 11:00
a.m. at the offices of AL Restructuring at Level 13, 50 Margaret
Street in Sydney and via virtual meet
Andre Lakomy of AL Restructuring was appointed as administrator of
the company on Dec. 12, 2023.
DAICOM AUSTRALIA: Emerges From Administration After DOCA Approved
-----------------------------------------------------------------
Brews News reports that creditors of Daicom Australia Pty Ltd
(trading as Dainton Beer) have voted to accept a Deed of Company
Arrangement, which will see the company emerge from administration.
Under the DOCA proposal creditors, including the ATO, will receive
10 cents in the dollar, the report discloses.
Dainton entered Voluntary Administration last month saying it
needed to financially restructure as a result of "financial losses
the business has accrued from ill-timed expansion in the face of
declining consumer demand."
In a report to creditors, administrator Atle Crowe-Maxwell from DBA
Reconstruction and Advisory advised creditors that Dainton recorded
a loss of AUD79,000 in FY22 and AUD2.15 million in FY23, Brews News
discloses.
In FY23 income from beer sales, contract brewing, online and export
sales all declined. The company saw significant sales declines to
Coles and Woolworths, falling from nearly AUD2 million in FY21 to
AUD1.2 million in 2023.
Entering Administration the company reported debts totaling AUD1.67
million, with AUD1.4 million owed to the ATO and trade creditors
owed a further AUD255,000, according to Brews News.
Brews News says creditors were asked to accept a Deed of Company
arrangement that would see the existing owners contribute
AUD409,226, which - after Administration fees of AUD215,000 - would
see 10 cents in the dollar returned to creditors.
Brews News relates that the Administrator advised creditors that
the proposal "provides a better return to creditors than a
liquidation. Accordingly, I am required to recommend that creditors
vote in favor of this proposal for a DoCA."
Brews News adds that the report noted that even with the best
result in liquidation, the company would have a shortfall of
AUD326,000 leaving creditors foregoing any return. The
administrator did note that "creditors should be aware that the
DOCA as proposed is dependent upon the business providing
sufficient cash flow to meet some of the DOCA payments."
The DOCA was signed after the meeting of creditors on Dec. 16, with
control of the business reverting to Dainton's management, headed
by Dan Dainton as Founder and CEO.
According to Brews News, Dan Dainton said in a statement that he
was grateful that the restructuring proposal was approved.
"We are excited at the opportunities ahead and being able to return
Dainton to a position of strength. Moreover, we are relieved and
proud that our shareholders, employees and customers can continue
the journey with us. Without them, there would be no Dainton," he
said.
EPIC NEGOCIANTS: Second Creditors' Meeting Set for Dec. 20
----------------------------------------------------------
A second meeting of creditors in the proceedings of Epic Negociants
Pty Ltd has been set for Dec. 20, 2023 at 10:00 a.m. via
videoconference 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 5:00 p.m.
Roberto Crispino, Richard Albarran and John Vouris of Hall Chadwick
were appointed as administrators of the company on Nov. 15, 2023.
GREEN CHARGE: Second Creditors' Meeting Set for Dec. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Green Charge
Electrical Pty Ltd has been set for Dec. 20, 2023 at 11:30 a.m. via
teleconference at Suite 1, Level 20, 20 Bond Street in Sydney.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 19, 2023 at 4:00 p.m.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Nov. 15, 2023.
IMIS PTY: First Creditors' Meeting Set for Dec. 20
--------------------------------------------------
A first meeting of the creditors in the proceedings of Imis Pty Ltd
will be held on Dec. 20, 2023, at 11:30 a.m. at the offices of
Worrells Rockhampton at Suite 5A, Level 5, 34 East Street in
Rockhampton.
Michael Beck of Worrells was appointed as administrator of the
company on Dec. 12, 2023.
MARTZ EARTHWORKS: First Creditors' Meeting Set for Dec. 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Martz
Earthworks Pty Ltd and L D Concrete Construction Pty Ltd will be
held on Dec. 20, 2023, at 11:00 a.m. at the offices of Cor Cordis
at Level 29, 360 Collins Street in Melbourne and virtually via
electronic facilities.
Sam Kaso of Cor Cordis was appointed as administrator of the
company on Dec. 8, 2023.
NEWCASTLE COAL: S&P Affirms 'BB' Rating on Junior Debt
------------------------------------------------------
S&P Global Ratings affirmed its rating on the senior debt that
Newcastle Coal Infrastructure Group Pty Ltd. (NCIG) issued at
'BBB+' and on the junior debt at 'BB'.
The stable outlook on the senior and junior debt indicates NCIG's
stable operations with predictable cash flow.
NCIG operates a 66 million metric tons per annum (mtpa) capacity
coal export terminal in the Port of Newcastle on the central coast
of New South Wales. The terminal is fully contracted under 10-year,
evergreen ship-or-pay contracts. NCIG is 100% mutually owned by
most of its shippers.
As of June 30, 2023, NCIG had approximately US$1.68 billion of
drawn senior secured debt. Its parent, NCIG Holdings Pty Ltd.
(NCIGH), had approximately US$460 million of junior debt.
-- Stable cash flow with full operational cost passthrough and
capped financial cost passthrough to shippers.
-- One of two coal export terminals in the Port of Newcastle, with
limited re-contracting risk.
-- Accelerated amortization with coal-linked additional payments
and closure of BHP Group Ltd. mines to benefit debt service
coverage ratio (DSCR).
-- Refinancing risk on senior debt instruments.
-- Long-term exposure to the coal sector.
S&P said, "The rating action factors in our assessment that NCIG's
liquidity remains neutral despite the project lacking a dedicated
DSRA. On Dec. 8, 2023, NCIG indicated that the project no longer
requires a dedicated cash or letter-of-credit (LC) backed DSRA.
"Typically, the absence of a DSRA should lead to less than adequate
liquidity under our criteria. However, in this case, it does not
affect our view on the credit. This is given: (1) the project
benefits from certainty of cash flows; (2) a default and
socialization mechanism is in place; and (3) bank guarantees from
shippers are available to cover revenues for the next 12-months."
NCIG benefits from cash flow certainty because of its 10-year
evergreen take-or-pay contract structure. Revenues are fixed,
predictable, and sized to cover all operating expenditures, capital
expenditures, interest, and scheduled principal amortizations (up
to a finance cap) for both the senior and junior debt.
Furthermore, NCIG continues to benefit from receipts of coal
price-linked accelerated amortization (CPLAA) payments and
additional payments from Hunter Valley Energy Coal Pty Ltd. (HVEC;
a subsidiary of BHP) due to closure of its Mt. Arthur mines by
2030. The NCIG management decided to remove the DSRA given it
expects senior debt to amortize earlier than originally expected.
This is owing to the additional receipts as well as increasing
funding costs for shippers for maintaining the DSRA.
Under the ship-or-pay contracts, the project receives unconditional
and irrevocable guarantees from banks rated 'BBB+' or higher,
covering shipper obligations over the next 12 months. Post the
removal of DSRA, S&P now considers these financial guarantee
providers as direct support counterparties, provided they are rated
'BBB+' or higher by S&P Global Ratings. Therefore, S&P's rating on
these counterparties caps the upside on the rating on NCIG's senior
debt at 'BBB+'.
As per the default mechanism in place, if a shipper fails to make
good on its payment, the bank guarantee is drawn upon. This gives
the project sufficient liquidity for next 12 months, within which
either the defaulting shipper can remedy the default, find a
replacement shipper, or subsequently socialize the cost among the
remaining shippers. The project also maintains a liquidity buffer
equal to the next one month of revenues.
These factors support our view of neutral liquidity.
S&P said, "The stable outlook on both the senior and junior debt
reflects our view that the NCIG terminal will operate with steady
predictable cash flow at a contracted capacity of 66 mtpa for the
foreseeable future. Our view factors in contracted accelerated
payments from closure of HVEC mines and actual additional charges
linked to higher coal prices."
The ratings could come under pressure if:
-- Contracted volumes drop or if the fundamental competitiveness
of the Hunter Valley coal market, including demand and price,
materially declines. Such conditions may lead S&P to reduce its
expected maximum toll charge;
-- S&P considers that shippers can't be easily replaced;
-- The rating on the weakest bank guarantee provider is 'BBB' or
lower; or
-- NCIG fails to appropriately manage its refinance exposure well
ahead of time or if we believe that the future cost of refinancing
has significantly increased for the sector.
For the senior debt, a minimum senior DSCR declining below 1.75x
with no prospect of timely recovery above that level could result
in S&P lowering the rating.
For the junior debt, a minimum DSCR of below 1.30x or a weaker
resiliency assessment in our stress case could result in S&P
lowering its rating.
For the senior debt, the issue rating is capped by the 'BBB+'
minimum rating requirement on the bank guarantee from shippers.
S&P said, "For the junior debt, we could raise the rating if the
deleveraging of senior debt is faster than we expect, such that
there is increased cash flow to service junior debt. This primarily
could stem from an increase in our resiliency assessment due to
additional cash flows. A precursor to an upgrade will be our view
on whether the cash flow further strengthens the junior debt's
ability to withstand any adverse shift in market demand for thermal
coal over the longer term."
TAURUS TRUST 2023-1: Moody's Hikes Rating on Class F Notes to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Taurus 2023-1 Trust.
The affected ratings are as follows:
Issuer: Taurus 2023-1 Trust
Class B Notes, Upgraded to Aa1 (sf); previously on Apr 12, 2023
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to Aa3 (sf); previously on Apr 12, 2023
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to A3 (sf); previously on Apr 12, 2023
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Apr 12, 2023
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to B1 (sf); previously on Apr 12, 2023
Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and good performance of the
collateral pool to date.
Following the November 2023 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 13.7%, 12.0%, 8.6%, 5.5% and 4.3%,
respectively, from 10.6%, 9.3%, 6.7%, 4.3% and 3.3% at closing.
As of end-October 2023, 0.7% of the outstanding pool was 30-plus
day delinquent, and 0.3% was 90-plus day delinquent. The deal has
incurred 0.02% of gross losses to date, which have been covered by
excess spread. Recovery to date has been minimal, compared with 30%
assumption at deal close.
Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 3.5% of
the outstanding pool balance, and the Aaa portfolio credit
enhancement of 18%. Moody's has considered various sensitivity
scenarios with lower recovery rates, higher expected default rates
or different default timing.
The transaction is a cash securitization of consumer and commercial
auto loan receivables extended to prime borrowers in Australia by
Taurus Finance Holdings Pty Limited (unrated).
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.
WISR FREEDOM 2023-1: Moody's Assigns B2 Rating to AUD3.6MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by AMAL Trustees Pty Limited as trustee of Wisr
Freedom Trust 2023-1.
Issuer: Wisr Freedom Trust 2023-1
AUD140.00 million Class A Notes, Assigned Aaa (sf)
AUD21.20 million Class B Notes, Assigned Aa2 (sf)
AUD8.20 million Class C Notes, Assigned A2 (sf)
AUD7.20 million Class D Notes, Assigned Baa2 (sf)
AUD10.00 million Class E Notes, Assigned Ba2 (sf)
AUD3.60 million Class F Notes, Assigned B2 (sf)
The AUD5.00 million Class G1 Notes and AUD4.80 million Class G2
Notes are not rated by Moody's.
The transaction is a cash securitisation of a portfolio of
Australian consumer personal loans originated by Wisr Finance Pty
Ltd (Wisr, unrated). This is Wisr's second term asset-backed
securitisation transaction in 2023.
Wisr is an Australian non-bank lender providing consumer loans,
including personal loans and secured auto loans, to borrowers in
Australia. As of September 2023, Wisr's total loan book, including
consumer loan and auto loan portfolio, amounted to around AUD887
RATINGS RATIONALE
The ratings take into account, among other factors, (1) Moody's
evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 2.0% of all the notes balance; (5) the legal
structure; (6) Wisr's experience as servicer; and (7) presence of
AMAL Asset Management Limited as the back-up servicer.
According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. Wisr is a relatively
new originator, with relevant historical default data only
available from the third quarter of 2017. As such, the pool's
performance could be subject to greater variability than the
currently available default data indicates. Moody's has
incorporated an additional stress into its default assumptions to
account for the limited data.
Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 33%. Moody's mean default for this
transaction is 7% and recovery is 5%.
Key transactional features are as follows:
-- The notes will be repaid on a sequential basis initially. Once
step-down conditions are satisfied, all notes, excluding Class G1
and Class G2 Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, a minimum 44%
subordination to the Class A Notes and no unreimbursed charge-offs.
The notes' principal repayment priority will revert to sequential
on or after the call option date.
-- A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the assets assuming a certain
prepayment rate.
-- AMAL Asset Management Limited is the back-up servicer. If Wisr
is terminated as servicer, AMAL will take over the servicing role
in accordance with the standby servicing deed and its back-up
servicing plan.
Key pool features are as follows:
-- As of the August 31, 2023 cut-off date, the securitised pool
consisted of 8,133 personal loans. The total outstanding balance of
the receivables was AUD199,999,993.87.
-- The weighted average interest rate of the portfolio is 11.88%,
with interest rates ranging from around 6% to 21%.
-- 75.68% of loans are to borrowers who are in full-time
employment.
-- The weighted average Equifax credit score of the portfolio is
774.8.
-- The weighted average remaining term of the portfolio is 65.9
months. The weighted average seasoning of the portfolio is 9.7
months.
Methodology Underlying the Rating Action
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 notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.
=========
C H I N A
=========
COUNTRY GARDEN: Fitch Withdraws 'BB+' LongTerm IDR
--------------------------------------------------
Fitch Ratings has maintained Country Garden Services Holdings
Company Limited's (CGS) Long-Term Issuer Default Rating (IDR) of
'BB+' on Rating Watch Negative (RWN). At the same time, Fitch has
withdrawn the rating.
The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.
Fitch has chosen to withdraw CGS' ratings for commercial reasons.
KEY RATING DRIVERS
Uncertain Operational Impact: Ongoing credit stress at CGH may
affect CGS's growth due to a potential slowdown in CGH's sales and
project delivery. Fitch believes CGS's brand reputation could also
be affected. While existing customers are less likely to switch
away from the company, the acquisition of new third-party contracts
may slow, dampening the company's medium-term profitability. This
is because new contracts typically carry higher profitability than
existing ones due to limited price adjustments for existing
contracts and continuous cost inflation pressure.
Rising Working Capital: CGS's trade receivable days have lengthened
to over 150 in 1H23 (annualised) from about 60 in 2019. Fitch
estimates working-capital outflow of CNY3 billion-3.5 billion in
2023 from an expected increase in receivables from CGH and longer
receivable days from local governments for CGS's city service
business. Fitch assumes most of the revenue from CGH will not be
collected from 2H23. Any delay in payment, including from related
and third parties, that is longer than its expectation may lead to
a weaker working-capital position and FCF.
Common Shareholder and Chairperson: Ms. Yang Huiyan, who
effectively controls 36.12% of the voting rights at CGS, is also a
major shareholder and chairman of CGH. Any aggressive change in
CGS's financial policy, including a sharp increase in dividends or
other cash outflows, would be detrimental to CGS amid the liquidity
distress at CGH.
Net Cash; Weakened Funding Access: CGS maintains a strong net cash
position (CNY10.7 billion as of 1H23) and it should have little
need for new external funding due to high visibility over its
cash-generative business and its reduced appetite for acquisitions.
Fitch believes CGS's funding access could be affected by CGH's
evolving situation, but CGS's relatively stable operating cash flow
will continue to support financial flexibility. CGS said there is
limited impact on its access to bank financing so far, and it has
not provided any financial support, such as pledge guarantees, to
CGH.
Solid Market Position: CGS is likely to maintain its leading market
position despite its projections of slower growth. CGS had the
largest gross floor area under management of 916 million sqm in
China as of end-1H23.
DERIVATION SUMMARY
CGS's weakening brand reputation and pricing power, together with
the likely deterioration in its financial flexibility, lead to the
one-notch difference with the credit profile of Newmark Group, Inc.
(BBB-/Stable), a leading commercial real-estate service provider in
the US. Both companies are leading players within their segments
and concentrated in their country of operations.
CGS's RWN reflects the potential erosion in its liquidity and
working-capital position, and change in financial policies, which
may lead to negative FCF.
KEY ASSUMPTIONS
Not applicable, given the withdrawal of the ratings.
RATING SENSITIVITIES
Not applicable, given the withdrawal of the ratings.
LIQUIDITY AND DEBT STRUCTURE
Robust Liquidity: CGS reported readily available cash and cash
equivalents of CNY12.5 billion at end-1H23, which was enough to
cover CNY0.9 billion of short-term borrowings, or CNY1.8 billion of
total borrowings. CGS has no capital-market debt.
ISSUER PROFILE
CGS is a leading residential property-management service provider
in China. CGS was founded in 1992 as a subsidiary of CGH before it
was spun off and listed separately in June 2018.
ESG CONSIDERATIONS
Country Garden Services Holdings Company Limited has an ESG
Relevance Score of '4' for Governance Structure due to concentrated
ownership, which has a negative impact on the credit profile, and
is relevant to the rating in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Country Garden
Services Holdings
Company Limited LT IDR BB+ Rating Watch Maintained BB+
LT IDR WD Withdrawn BB+
SHANGHAI TRENDZONE: Furnishing Firms Struggle Amid Sluggish Market
------------------------------------------------------------------
Yicai Global reports that many Chinese furnishing companies are
experiencing operating difficulties because of the sluggish real
estate market.
Yang Yi, the head of a small furnishing firm, told Yicai that the
company did well at the beginning of the year and expected to
receive over 20 orders but has been out of business for several
months. Even in September and October, a traditional peak season
for the industry, the company only received one order, Yang noted.
The main reason for this situation is that property developers are
struggling, as fewer people are willing to buy homes, Yang said,
Yicai relays. Moreover, many people are facing consumption
downgrades and are delaying their plans to buy or furnish houses
because of fewer savings after the three-year Covid-19 pandemic.
In the first 11 months of the year, the total sales of China's top
100 property developers fell nearly 15 percent to CNY5.7 trillion
(USD800.7 billion) from the same period of last year, Yicai
discloses citing China Index Holdings. The figure plunged over 29
percent in November from a year earlier, down for the sixth
consecutive month.
Huang Xiaoyang, the owner of a furnishing firm in China's eastern
Shandong province, told Yicai that over 30 furnishing companies in
his city have closedr. In addition, many customers no longer trust
furnishing companies because of the reports of their struggles.
To survive, the company must slash costs, reduce streamline teams,
leave shopping malls with high rents, devote more efforts to
maintain old customers and attract new ones, and avoid excessive
customer acquisition costs, Huang noted.
In recent years, more than 200 furnishing companies have shut down
in Hainan province alone, according to the head of a furnishing
firm in the Chinese southern province with more than 10 years of
experience, Yicai relays.
Shanghai Trendzone Construction Decoration Group, a unit of
Shanghai Trendzone Holdings Group, received a bankruptcy
liquidation ruling from the court after remaining stuck in a
crisis, dragged down by its biggest client China Evergrande Group,
Yicai notes.
=========
I N D I A
=========
A E INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A E Infra
Projects Private Limited (AEIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 3.5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AEIPL 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 AEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
AEIPL was incorporated in 2009, promoted by Mr. Mukesh N Barot and
Mr. Rajesh N Barot. The company is a civil contractor based in
Mumbai and undertakes subcontracting, mostly in Thane, Sangli (both
in Maharashtra) and Gujarat.
AELIS ENTERPRISE: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Aelis Enterprise Learning and
Implementation Solutions Private Limited
4/8, SN Bannerjee Road
Barrackpore Shopping Arcade
Parganas North, Kolkata,
West Bengal, India, 700120
Liquidation Commencement Date: November 20, 2023
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Mr. Pankaj Parakh
135A, S P Mukherjee Road,
Flat 4B Kolkata-7000026, West Bengal
Email: ca.pankajparakh@gmail.com
Last date for
submission of claims: December 20, 2023
AGH WIRES: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: AGH Wires Private Limited
Registered office:
A-19 / B-1 Extension,
Mohan Co Operative Ind Est
P.O. Badarpur,
Mathura Road New Delhi
DL 110044 India
Corporate Address:
Plot No. 1, Sector-16,
HSIIDC, Bahadurgarh, Jhajjar,
Haryana, 124507
Insolvency Commencement Date: October 16, 2023
Estimated date of closure of
insolvency resolution process: April 13, 2024 (180 Days)
Court: National Company Law Tribunal, Delhi Bench
Insolvency
Professional: Manish Kumar Aggarwal
B-22, SFS FLATS, SHEIKH SARAI,
PHASE - 1, Delhi , 110017
Email: manishshikha68@gmail.com
Immaculate Resolution Professionals Private Limited
Unit No. 112, First Floor,
Tower-A, Spazedge Commercial Complex,
Sector-47, Sohna Road,
Gurgaon - 122018
Email: ibc.aghwires@gmail.com
Last date for
submission of claims: December 6, 2023
AGSONS AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agsons
Agencies India Private Limited (Agsons) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 70 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Agsons 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 Agsons, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Agsons is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Agsons continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Agsons imports and trades in various non-ferrous metals such as
nickel, aluminium, copper, lead, tin, and zinc. The company,
promoted by Mr RC Agarwal, has its registered office at Delhi
AISHWARYA CHICKEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aishwarya
Chicken (AC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 10.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.67 CRISIL D (Issuer Not
Cooperating)
Working Capital 2.83 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with AC 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 AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL D Issuer Not Cooperating'.
Aishwarya Chicken was set up in the year 2011. AC is engaged in the
poultry and hatchery business. AC is owned & managed by Mr. G
Nallusamy and Mr. R Gunasekaran.
AISHWARYA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aishwarya
Feeds (AF) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit & 9.5 CRISIL D (Issuer Not
Working Capital Cooperating)
Demand Loan
Long Term Loan 0.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.71 CRISIL D (Issuer Not
Cooperating)
Packing Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.29 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AF 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 AF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AF
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established as a partnership firm in 1996, AF manufactures poultry
feed at its plant at Namakkal in Tamil Nadu. The firm also trades
in eggs in the domestic and overseas markets. Its operations are
managed by managing partner, Mr R Gunasekaran, and his family
members.
ARCION REVITALIZATION: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Arcion Revitalization Private Limited
81, 8th Floor, North Avenue 2,
Maker Maxity, BKC, Bandra (E)
Mumbai 400051
Liquidation Commencement Date: December 1, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Anish Gupta
105 Lotus Business Park,
Ram Baug Lane,
Off S V Road, Malad (West)
Mumbai- 400064
Phone: +91 98210099720
Email: ipanishgupta@gmail.com
Last date for
submission of claims: December 31, 2023
BARASAT KRISHNANAGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Barasat Krishnanagar Expressways Limited
Madhucon House
Plot No. 1129/A Road No. 36
Hitech City Road, Jubilee Hills
Hyderabad TG 500033
IN
Insolvency Commencement Date: November 29, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: May 26, 2024
Insolvency professional: Chinnam Poorna Chandra Rao
Interim Resolution
Professional: Chinnam Poorna Chandra Rao
Flat No. G1, Cloud9 Heights
Road No. 8 Panchavati Colony
Manikonda, Hyderabad 500089
Telangana State
E-mail: chinnam.poorna@gmail.com
cirp.bkel@gmail.com
Last date for
submission of claims: December 15, 2023
BIL ENERGY: Liquidation Resolution Process Case Summary
-------------------------------------------------------
Debtor: Bil Energy Systems Limited
B-11, Viral Shopping Center
Mantriwadi Sainath Road
Malad (West) Mumbai
Mumbai City, Maharashtra 400064
India
Liquidation Commencement Date: December 5, 2023
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: December 3, 2023
Insolvency professional: Madhusudhan Rao Gonugunta
Interim Resolution
Professional: Madhusudhan Rao Gonugunta
7-1-285, Flat no. 103
Sri Sai Swapnasampada Apartments
Balkampet, Sanjeev Reddy Nagar
Hyderabad, Telangana 500038
E-mail: madhucs1@gmail.com
cirpbel@gmail.com
Last date for
submission of claims: January 3, 2024
BUILDMET PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Buildmet Private Limited
Survey No. 58/1, KKR Pearl,
Nagashetti Halli Kasaba HObli,
Hebbal Tumkur Outer Ring Road,
Bangalore-560001, Karnataka
Insolvency Commencement Date: November 22, 2023
Estimated date of closure of
insolvency resolution process: May 20, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Mr. Chidambar Chikkerur
37, 18th Main, M C Layout Vijayanagar,
Near Udaya School
Bangalore-560040, Karnataka
Email: ip.cachicks@yahoo.com
Email: buildmet.ibc@gmail.com
Last date for
submission of claims: December 15, 2023
CAR BAZAAR: Liquidation Resolution Process Case Summary
-------------------------------------------------------
Debtor: Car Bazaar Automobiles Private Limited
Office No. 3 & 4, 1st floor, Building 24
Shastri Nagar, Vaibhav CHS
Goregaon (West), Mumbai 400104
India
Liquidation Commencement Date: December 1, 2023
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: November 8, 2023
Insolvency professional: Sudhir Manikrao Laad
Interim Resolution
Professional: Sudhir Manikrao Laad
Plot No. E-31, N-4 CIDCO, Chh.
Sambhajinagar 431003
E-mail: cslaad@gmail.com
cirp.carbazaar@gmail.com
Last date for
submission of claims: December 31, 2023
CARGOWINGS LOGISTICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Cargowings Logistics Limited
New Door No. 37, (No. 18) Lokesh Towers, 1st floor
Kodambakkam High Road, Nungambakkam
Chennai, Tamil Nadu 600034
Insolvency Commencement Date: November 21, 2023
Court: National Company Law Tribunal, Chennai Bench-II
Estimated date of closure of
insolvency resolution process: May 19, 2024
(180 days from commencement)
Insolvency professional: Dr. S.R. Shriraam Shekher
Interim Resolution
Professional: Dr. S.R. Shriraam Shekher
Flat No. 11, Prayag Apartments, 1st floor
8/15, Gandhi Nagar First Main Road
Adyar, Chennai 600020
E-mail: shekhershriraam@gmail.com
cargowings.cirp@gmail.com
Last date for
submission of claims: December 5, 2023
CREDOSYNC INFOSOFT: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Credosync Infosoft Private Limited
SN 49A/18 Erandvana,
FL-4 Swastik Apt,
Gulmohar Path,
Pune, Maharashtra- 411004
Insolvency Commencement Date: December 5, 2023
Estimated date of closure of
insolvency resolution process: June 2, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Neha Jain Nemani
2404-B, Parthenon Building,
JP Road, 4 Bungalows,
Andheri West, Mumbai City,
Maharashtra - 400053
Email: nehavkjain@gmail.com
Unit # 207, Kshitij, Near Azad Nagar
Metro Station,
Veera Desai Road, Andheri West,
Mumbai – 400053.
Email: cirp.credosync@gmail.com
Last date for
submission of claims: December 21, 2023
CSRA CONSULAR: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: CSRA Consular Services India Private Limited
HD-034, WeWork, DLF Two Horizon Centre
5th floor, DLF Phase 5, Sector-43
Golf Course Road, Gurugram
Haryana 122002
Liquidation Commencement Date: November 30, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency professional: Minni Katariya
Interim Resolution
Professional: Minni Katariya
D-101, Bhawalpur Apartments
Plot-30, Sector-6, Dwarka
New Delhi 110075
E-mail: minnik1943@hotmail.com
Tel: 9811556610
Last date for
submission of claims: December 30, 2023
DHANLAXMI ELECTRICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Dhanlaxmi Electricals Private Limited
Plot No. 66A, Office 905
9th floor Sector-11
CBD Belapur, Thane
Navi Mumbai, Maharashtra
India 400614
Insolvency Commencement Date: December 6, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 3, 2024
(180 days from commencement)
Insolvency professional: Mr. Rajan Garg
Interim Resolution
Professional: Mr. Rajan Garg
Flat No. 202, Wing B
2nd floor, Safal Twins
Block Punjabwadi,
Sion Trombay Road Deonar,
Mumbai Suburban
Maharashtra 400088
E-mail: fcarajangarg@gmail.com
- and -
Stellar Insolvency Professionals LLP
Suite No. 5, 8th floor
207, Embassy Centre
Jamnalal Bajaj Marg,
Nariman Point
Mumbai, Maharashtra 400021
E-mail: dhanlaxmi.sipl@gmail.com
Last date for
submission of claims: December 20, 2023
DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dhanya TMT
Private Limited (DTPL) 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 DTPL 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 DTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DTPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of DTPL and Dhanya Steel
Industries Pvt Ltd (DSIPL). 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 2012, Bengaluru-based DTPL (earlier knows as Amsteel
Industries Private Limited) manufactures thermo-mechanically
treated (TMT) bars.
INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Innovative
Technomics Private Limited (ITPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ITPL 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 ITPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ITPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ITPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1993, manufactures high-voltage soft starters,
high-speed testing equipment, and linear motor systems.
JAWAN MINING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Jawan Mining and Construction Equipments Private Limited
Katewa Sadan Road No. 3
Jhunjhunu, Rajasthan
India 333001
Insolvency Commencement Date: December 8, 2023
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: June 5, 2024
Insolvency professional: Satyendra Prasad Khorania
Interim Resolution
Professional: Satyendra Prasad Khorania
402, 4th floor, O K Plus
D P Metro, Opp. Pillar No. 94
New Sanganer Road, Jaipur
Rajasthan 302019
E-mail: skhorania@live.com
jawancirp@gmail.com
Last date for
submission of claims: December 22, 2023
KAIZEN INSTITUTE: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Kaizen Institute (India) Private Limited
207, 2nd Floor, Abhijeet Complex,
Nr. Mithakhali Six Roads,
Ahmedabad, Gujarat - 380006
Liquidation Commencement Date: December 2, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Ravi Kapoor
402, Shaival Plaza,
Near Gujarat College,
Ellisbridge Ahmedabad - 380 006
Email: ravi@ravics.com
Tel No: 079 26420336/78/9
Last date for
submission of claims: January 2, 2024
KAUSHAL SILK: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kaushal Silk Mills Private Limited
Jai Hind Estate No. 2A,
Dr. A.M. Road Bhuleshwar,
Mumbai 400002
Insolvency Commencement Date: November 22, 2023
Estimated date of closure of
insolvency resolution process: May 27, 2024
Court: National Company Law Mumbai Bench-I
Insolvency
Professional: Mr. Bhavesh Manshukbhai Rathod
12th floor, 12D, A WING,
CTS No. 165 and 163A,
White Spring, Rivali Park,
Western Express Highway,
Near Metro Mall,
Magathane, Borivali (East),
Mumbai, Maharashtra, 400066
Email: bhavesh76@gmail.com
- and -
Office no. 515, 5th floor
Dimple Arcade, Near V Mall
Asha Nagar, Behind Saidham
Thakur Complex, Kandivali East
Mumbai 400101
E-mail: cirp.kaushalsilk@gmail.com
Last date for
submission of claims: December 13, 2023
KRISH ISPAT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Krish Ispat Company Limited
Plot No. C-7, Industrial Area
Fatuha, Patna
Bihar, India 803201
Insolvency Commencement Date: December 7, 2023
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: June 3, 2024
Insolvency professional: Ajay Kumar Agarwal
Interim Resolution
Professional: Ajay Kumar Agarwal
Plot no. IID/31/1, Street No. 1111
PS Qube, Unit Number 1015A, 10th floor
Kolkata 700161 WB
E-mail: cs.aaa.2014@gmail.com
cirp.kicl@gmail.com
Last date for
submission of claims: December 22, 2023
KUVAM KONSTRUCTION: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Kuvam Konstruction Private Limited
H. No. 491, Mamta Enclave,
Village - Dhakoli,
Zirakpur - 160104, Mohali,
Punjab, India
Liquidation Commencement Date: November 29, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Prashant Gupta
House No. 104, Sector-25,
Panchkula - 134116, Haryana
Email:pgupta.rp@gmail.com
Plot No. - D 190, 3rd Floor,
Sector - 74, Phase - 8B,
Mohali - 160071, Punjab
Email: liq.kuvamkonstruction@gmail.com
Last date for
submission of claims: December 29, 2023
M G OILS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M G Oils
(MGO) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.4 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 9.19 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGO 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 MGO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGO
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGO continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
MGO, set up in September 2013, by Mr Sunil Bansal and his family
members, refines and sells soya oil, palm oil and cotton seed oil.
The firm, based in Khandwa, Madhya Pradesh, commenced commercial
operations from February 2015.
MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharaja Agro
Foods Private Limited (MAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 11.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MAPL 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 MAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MAPL continues to be 'CRISIL D Issuer Not Cooperating'.
MAPL, incorporated in 2011, processes milk (pasteurises and chills)
and allied products. It is promoted by Mr. Bijender Nagar and Mr.
Sunder Singh. Its manufacturing facility is in Alwar, Rajasthan,
and has installed capacity of 0.5 million litres per day. The
company commenced operations in December 2013.
MARKS PRYOR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Marks Pryor Marketing Technology Private Limited
Gat. No. 135, Pirangut
Tal: Mulshi, Dist: Pune
412115
Insolvency Commencement Date: December 7, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 3, 2024
Insolvency professional: CS Mandar Wagh
Interim Resolution
Professional: CS Mandar Wagh
Flat No. C-1302,
Grandstand Trinity
Service Road from Vedbhavan to Warje
Pune Bangalore Highway
Near Chandani Chowk, Pune 411038
E-mail: mandar.wagh@anandchaitanya.com
- and -
c/o Anand Chaitanya Corporate Legal
Advisors LLP
505, 4th Floor, "Venture"
Above McDonalds, Paud Road
Pune 411038
Last date for
submission of claims: December 20, 2023
MONSOON ACCESSORIZE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Monsoon Accessorize India Private Limited
M-70, Greater kAILASH-1 New Delhi, India, 110048
Liquidation Commencement Date: November 27, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Mansij Arya
B-182, Surajmal Vihar,
Near Sanatarn Dharm Mandir,
Delhi-110092
Email: pcsmansij@gmail.com
Tel No: 011-46518956
Last date for
submission of claims: December 26, 2023
MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Montage
Promoters Private Limited (MPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 8.55 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.95 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MPPL 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 MPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in September 2009 and promoted by Mr. Rajesh Shukla,
Ms. Anupama Shukla, and Ms. Shweta Shukla, MPPL trades in agro
commodities (cotton bales), fast-moving consumer goods (Mad-Croc
energy drink), and apparel (Bentbrass Golf); it is also engaged in
distribution of pharmaceuticals products.
MOUNTAIN MEADOW: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mountain Meadow Holidays Private Limited
House No. 196, Deepali Enclave
Pitampura, Delhi West Delhi
DL 110034, India
Insolvency Commencement Date: November 30, 2023
Court: National Company Law Tribunal, Bench-II, New Delhi
Estimated date of closure of
insolvency resolution process: May 28, 2024
(180 days from commencement)
Insolvency professional: Umesh Gupta
Interim Resolution
Professional: Umesh Gupta
Ground Floor, 221-A/19,
Onkar Nagar B
Tri Nagar, North West
National Capital Territory of Delhi
110035
E-mail: umesh@vamindia.in
- and -
Immaculate Resolution Professionals
Private Limited
Unit No. 112, First Floor, Tower-A
Spazedge Commercial Complex, Sector-47
Sohna Road, Gurgaon 122018
E-mail: ibc.mountainmeadows@gmail.com
Last date for
submission of claims: December 14, 2023
MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MY Store
Private Limited (MSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MSPL 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 MSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MSPL, incorporated in 2008, by Mr. Saurabh Garg, operates
franchisee stores of brands like Levi's, Nike, Arvind Lifestyle.
The company also operates one multibrand retail store under the
name ' MyWays. The company has 30 retail shops across 10 cities
including Mumbai, Pune, Bhopal, Delhi NCR, etc. The registered
office of the company is in Bhopal.
NAMMO INDIA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Nammo India Private Limited
D-43 Sujah Singh Park,
South Delhi, New Delhi-110003
India
Liquidation Commencement Date: November 8, 2023
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Rajeev Dhingra
C 237, 4th Floor, Mayfield Garden, Sector 50,
Guragram, Haryana-122018
BG-5A/48B; DDA Flats,Paschim Vihar,
New Delhi-110063
Email: dhingra_fca@yahoo.com
Email: vol.liqui.nammo.india@gmail.com
Tel No: +91 9910041421
Last date for
submission of claims: December 8, 2023
NAV NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nav Nirman
Sewa Samiti (NNSS) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 5.35 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 22.00 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NNSS 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 NNSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NNSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NNSS continues to be 'CRISIL D Issuer Not Cooperating'.
NNSS was established in 2008 by Mr Ajay Goyal (chairman) and his
relatives. The society runs the Samalkha Group of Institutions
(SGI), which offers graduate and post-graduate courses in
engineering and management. The campus is at Samalkha (Haryana).
NAVANIDHI ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Navanidhi
Electronics Private Limited (NEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.85 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 7.65 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NEPL 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 NEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
NEPL was set up as a partnership firm named NNE in 1983, and got
its current name in 1984. NNE was engaged in design, development,
manufacture and testing of amplifiers, filters, broadband antennae,
power combiners /dividers and telecom masts. Mr Adithe Ramanadha
Sastry is the promoter. The manufacturing and assembly facility is
based in Hyderabad.
NIKITA JEWELLERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Nikita Jewellers Private Limited
9 Grain Merchant Coop Socltd
Plot No. 26/35 Sector No. 17
Vashi, Navi Mumbai
Mumbai, Maharashtra
India 400703
Insolvency Commencement Date: December 6, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 1, 2024
(180 days from commencement)
Insolvency professional: Pravin R. Navandar
Interim Resolution
Professional: Pravin R. Navandar
D-519-520 Neelkanth Business Park
Opp Vidya Vihar Rly Stn (w)
Nathani Road, Vidya Vihar (W)
Mumbai 400086
E-mail: pravin@prnco.in
ipnikitajewellers.cirp@gmail.com
Last date for
submission of claims: December 19, 2023
NUCLEUS SATELLITE: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nucleus
Satellite Communications (Madras) Private Limited (NSCPL) continue
to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.35 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 12 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with NSCPL 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 NSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSCPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
NSCPL, established in 1995, manufactures dish antennas for DTH
operators. Operations are managed by Mr. V Raman and his brother,
Mr. V Lakshman. The company is planning a capex of Rs.300 million,
equally funded by debt and equity. The management intends to shift
its manufacturing base from Kanchipuram, Tamil Nadu, to Sri City,
Andhra Pradesh; operations in the new location are expected to
start from March 2017.
OM SHREE GANESH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Om Shree Ganesh Containers Private Limited
Office 1202, Plot No. 39/2 Sector 30A
Vashi Navi Mumbai, Mumbai City
MH 400705
Insolvency Commencement Date: December 5, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 2, 2024
Insolvency professional: Neha Jain Nemani
Interim Resolution
Professional: Neha Jain Nemani
2404-B, Parthenon Building
JP Road, 4 Bungalows
Andheri West, Mumbai City
Maharashtra 400053
E-mail: nehavkjain@gmail.com
- and -
Unit# 207, Kshitij
Near Azad Nagar Metro Station
Veera Desai Road, Andheri West
Mumbai 400053
E-mail: cirp.omshreeganesh@gmail.com
Last date for
submission of claims: December 19, 2023
ORKUS PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Orkus Private Limited
C-483 Yojana Vihar, East Delhi
New Delhi, Delhi
India 110092
Insolvency Commencement Date: December 7, 2023
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: June 4, 2024
Insolvency professional: Bimal Kumar Sharma
Interim Resolution
Professional: Bimal Kumar Sharma
152-D, DDA Flats
Satyam Enclave, Vivek Vihar
Delhi 110095
E-mail: sharma_bimal@rediffmail.com
orkus.cirp@gmail.com
Last date for
submission of claims: December 21, 2023
PEARL ENGINEERING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Pearl Engineering Polymers Limited
D-17, MIDC Industrial Aerakurkumbh,
Tal: Daund, Dist Pune,
Maharashtra, India, 413802
Liquidation Commencement Date: November 25, 2023
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Mr. Loveneet Handa
201, 2nd Floor, Park View Complex 48,
Near Reliance Fresh,
Hasanpur, I.P Extension,
Patparganj, Delhi 110092
Email: loveneet.cs@gmail.com
Email: liquidation.pearlengineering@gmail.com
Contact No: 9818664478
Last date for
submission of claims: December 28, 2023
PHANTOM RESOURCES: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Phantom Resources Private Limited
501, Aryston Centre, Juhu Tara Road
Opp. Jw Marriot Hotel
Mumbai City MH 400009 India
Liquidation Commencement Date: November 29, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Ajay Marathe
201 Aadhar Height
Opposite Bhagshala Maidan
Dombivli West Pin 421202
Email: ajaym7@rediffmail.com
Email: rpphantom60@gmail.com
Last date for
submission of claims: December 31, 2023
PRITDIP IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pritdip Impex (India) Private Limited
A/11 Mayu Aptsdadabhai Cross Road
No. 3 Vile Parle
(West) Mumbai Maharashtra,
India, 4000056
Insolvency Commencement Date: November 29, 2023
Estimated date of closure of
insolvency resolution process: May 27, 204
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Rajesh Ramesh Kamath
301 A Wing Green Gagan
Near Lokhandwala,
Akurli RoadKandivali East,
Mumbai Suburban,
Maharashtra, 400101
Email: iprrkamath@gmail.com
905, 09th Floor, Tower C, The Close South
Sector 50, Gurugram,
Haryana 122018
Email: cirp.piipl@gmail.com
Last date for
submission of claims: December 13, 2023
RELIANCE COMMUNICATIONS: NCLT Approves Sale of Real Estate Assets
-----------------------------------------------------------------
Business Standard reports that insolvency tribunal NCLT Mumbai has
approved the sale of some of the real estate assets of Reliance
Communications, a regulatory filing said on Dec. 6.
Business Standard relates that the filing attached an order of the
National Company Law Tribunal's Mumbai bench in the matter of
application filed by the resolution professional of Reliance
Communications (RCom), seeking approval from the NCLT for
undertaking the sale of certain unencumbered assets of the
company.
". . . this Tribunal clarifies that the Applicant/RP can sell
assets of the Corporate Debtor (as described in Para 1 above) under
Regulation 29 of the CIRP Regulations after submission of the
resolution plan for approval by this Tribunal," the NCLT order
dated December 7 said.
Resolution professional can sell assets of the company after
submission of the resolution plan for approval by the tribunal,
according to the order.
"This Tribunal accords its approval to the Applicant to conduct the
sale of the Assets of the Corporate Debtor in terms of Regulation
29 of the CIRP Regulations, which sale proceeds shall be treated as
unencumbered assets of the Corporate Debtor and be distributed
during the implementation of the approved resolution plan or in
liquidation, as the case may be," the order, as cited by Business
Standard, said.
Business Standard says the assets identified for sale include
Chennai Haddow Office of RCom, comprising land and building; land
parcel in Ambattur in Chennai spread over an area of about 3.44
acres; 871.1 square metres of land parcel in Pune;
Bhubaneswar-based office space, investment in shares of Campion
Properties and investment in shares of Reliance Realty.
About Reliance Communications
Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.
The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency. With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.
REWARD REAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Reward Real Estate Company Limited
1st Floor, Kamth Industrial Estate
396, Veer Savarkar Marg
Opp Siddhi Vinayak Temple
Prabhadevi Mumbai 400025
Insolvency Commencement Date: December 7, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 4, 2024
(180 days from commencement)
Insolvency professional: Modilal Dharnraj Pamecha
Interim Resolution
Professional: Modilal Dharnraj Pamecha
C-802 Padmarag,
J.B.Nagar Andheri (E)
Mumbai 400059, Maharashtra
E-mail: cirp.rewardrealestate@gmail.com
camodilalpamecha@gmail.com
Last date for
submission of claims: December 21, 2023
S S M FOUNDATION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S S M
Foundation Trust For Educational and Social Development (SSM)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 4.4 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSM 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 SSM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSM continues to be 'CRISIL D Issuer Not Cooperating'.
SSM Foundation Trust for Educational and Social Development, set up
in 1998, operates SSM College of Engineering, which offers
engineering under-graduation and post-graduation courses, at
Komarapalayam in Tamil Nadu. The trust is recognised by the All
India Council for Technical Education and is affiliated to Anna
University, Tamil Nadu.
S. D. GURAV: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. D. Gurav
(SDG) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 6 CRISIL D (Issuer Not
Overdraft facility Cooperating)
CRISIL Ratings has been consistently following up with SDG 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 SDG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDG continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1995 as a sole proprietor firm, SDG is a Belgaum
(Karnataka) based civil contractor & interior designer. The company
primarily undertakes construction of residential projects.
S. M. INTERIOR: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. M.
Interior Private Limited (SMIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7.0 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 0.3 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with SMIPL 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 SMIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2011, SMIPL provides end-to-end interior design
solutions for corporates and for residential projects, and executes
civil construction projects, mostly for government departments. The
company is promoted by Mr Sahabuddin Molla and Ms Naima Parvin.
SAHIBZADA AJIT: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sahibzada
Ajit Singh Educational Trust (SAS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 22 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAS 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 SAS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SAS was formed in 1994 by Mr S Gurbachan Singh. The trust operates
more than 30 schools and colleges, including engineering,
management and polytechnic institutes. Most of the schools operate
under the name, Dhilwan International Public School (DIPS),
affiliated with Central Board of Secondary Education (CBSE). The
society started its first school in Dhilwan, Punjab, in 1994. The
institutions are in Jalandhar, Amritsar, Kapurthala, Hoshiarpur and
Fazilka districts of Punjab.
SALUJA CONSTRUCTION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Saluja Construction Company Limited
Registered office:
3 Munirka, Marg Vasant Vihar
Delhi 110057
India
Office other than Registered office:
30 Basant Lok, Vasant Vihar
Delhi 110057
India
Insolvency Commencement Date: December 8, 2023
Court: National Company Law Tribunal, New Delhi Bench VI
Estimated date of closure of
insolvency resolution process: June 4, 2024
Insolvency professional: Sanyam Goel
Interim Resolution
Professional: Sanyam Goel
Unit No. 110, First floor
JMD Pacific Square
Sector 15, Part II
Gurugram 122001
Haryana, India
E-mail: goelsanyam@gmail.com
cirp.salujaconstruction@gmail.com
Classes of creditors: Allottees under a Real Estate Project
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Pramod Kumar Gupta
B-1/10, Lower Ground Floor
Hauz Khas, Delhi 110016
E-mail: variety.financial@gmail.com
Mr. Pawan Kumar Agrawal
Ground floor, L-2/37A
Ekta Sqaure, DDA
Kalkaji, New Delhi 110019
E-mail: irp@pplegal.com
Mr. Atituttam Prasad Singh
A-97 & 98, UGF
Street No. 6, Madhu Vihar
I.P. Extn, Delhi 110092
E-mail: atiuttamsingh@gmail.com
Last date for
submission of claims: December 21, 2023
SANCHI MEDIAIDS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sanchi Mediaids Private Limited
Plot No. 3698/5940, Prachi Vihar,
Pandara Rasulgarh,
Bhubaneswar, Khorda (Odisha) 751010
Insolvency Commencement Date: November 29, 2023
Estimated date of closure of
insolvency resolution process: May 27, 2024
Court: National Company Law Tribunal, Cuttack Bench
Insolvency
Professional: Suresh Chandra Pattanayak
GKV-38, Gati Krushna Villa,
Tankapani Road, Bhubaneswar,
Khorda, Odisha, 751018
Email: suresh_pattanayak@yahoo.co.in
341, Ground Floor, BJB Nagar,
Bhubaneswar Khorda, Odisha, Pin: 751014
Email: sanchimediaidscirp@yahoo.com
Last date for
submission of claims: December 13, 2023
SANKLECHA CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sanklecha
Constructions Private Limited (SCPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 20 CRISIL D (Issuer Not
Overdraft Facility Cooperating)
CRISIL Ratings has been consistently following up with SCPL 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D Issuer Not Cooperating'.
SCPL was incorporated in 1991 as Sanklecha Investment & Finance Pvt
Ltd and got its present name in 2000. It is a part of the Sanklecha
group, which develops residential real estate through group
entities. SCPL is executing two projects, The Metrozone and
Waterways, in Nashik.
SAPPHIRE CLOTHING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sapphire Clothing Company India (P) Ltd
5/422, Palladam to Pollachi Main Road
K. Krishnapuram Village
Kamanaickenpalayam, Tirupur
Coimbatore 641658
Insolvency Commencement Date: November 22, 2023
Court: National Company Law Tribunal, Chennai Bench-II
Estimated date of closure of
insolvency resolution process: May 20, 2024
(180 days from commencement)
Insolvency professional: Dr. S.R. Shriraam Shekher
Interim Resolution
Professional: Dr. S.R. Shriraam Shekher
Flat No. 11, Prayag Apartments, 1st floor
8/15, Gandhi Nagar First Main Road
Adyar, Chennai 600020
E-mail: shekhershriraam@gmail.com
sapphire.cirp@gmail.com
Last date for
submission of claims: December 6, 2023
SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam Agro
Trade Private Limited (SATPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SATPL 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 SATPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SATPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SATPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in the year 2015, SATPL is a private limited company
engaged in trading of imported spices and pulses. It was also
engaged in franchisee sales of the juice brand - 'Onjus' (Tunip
Lanka Pvt. Ltd. - 100% subsidiary of Tunip Agro Limited). The
company majorly caters to the domestic market. The day-to-day
operations of the company are managed by Mr. Arvind Varma and Mrs.
Sarla Varma.
SELVARANI DHALL: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Selvarani
Dhall Industries (SDI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SDI 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 SDI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDI continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in June 2015, SDI is engaged in trading and processing of
pulses. The company is promoted by Mr Surulivel and has started
operations from October 2015.
SELVARANI IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Selvarani
Impex (SI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SI 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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2013 as a partnership firm SI derives 85 % of its
revenues from trading of pulses. It also mills and processes paddy
into rice, rice bran, broken rice, and husk. The operations are
managed by Mr. S Siva and Mr. S Surulivel.
SEZZLE PAYMENTS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Sezzle Payments Private Limited
175 and 176 Dollars Colony Phase 4
JP Nagar Bannerghatta Main Road
Bengaluru, Karnataka
India 560076
Liquidation Commencement Date: December 7, 2023
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Mrs. Shivaganga Muralidhar Pramod
Interim Resolution
Professional: Mrs. Shivaganga Muralidhar Pramod
#4272, 2nd floor, Saptagiri
Vivekananda Park Road
Near Seetha Circle, Girinagar
Bangalore 560085
Tel: 91-9845657072
E-mail: pramod@bmpandco.com
Last date for
submission of claims: January 6, 2024
SHAMROCK CHEMIE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shamrock
Chemie Private Limited (Shamrock) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 20 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Shamrock 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 Shamrock, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Shamrock is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Shamrock continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Set up in January 2007 by Mr. Paresh Patel and Mr. Brijesh Patel,
Shamrock manufactures chemicals such as copper sulphate, zinc
sulphate, and copper oxide; and also produces soaps, and
detergents.
SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Shankar
Sahakari Sakhar Karkhana Limited (SSSSKL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Short Term Loan 25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSSSKL 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 SSSSKL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSSSKL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSSSKL continues to be 'CRISIL D Issuer Not
Cooperating'.
SSSSKL was established in 1968 as a co-operative society by the
late Mr. Shankarrao Mohite-Patil. Its manufacturing facility is at
Sadashivnagar in Solapur, Maharashtra. It has installed sugar cane
crushing capacity of 2500 tonne per day, a 30-kilolitre-per-day
distillery, and a 20-megawatt cogeneration plant.
SHARAN HOSPITALITY: Liquidation Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sharan Hospitality Private Limited
Ground floor, GYS Infinity
Paranjpe 'B' Scheme, Subhash Road
Vile Parle (East), Mumbai 400057 (MH)
Liquidation Commencement Date: November 22, 2023
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: November 27, 2023
Insolvency professional: Amit Chandrashekhar Poddar
Interim Resolution
Professional: Amit Chandrashekhar Poddar
'Akshat', 7, Vijay Nagar
Katol Road, Nagpur
Maharashtra 440013
E-mail: amitpoddar.ca@gmail.com
- and -
3rd floor, Meera Apartments
Above Durva Restaurant
Opp. Yeshwant Stadium, Dhantoli
Nagpur, Maharashtra 440012
E-mail: sharan.liquidation@gmail.com
Last date for
submission of claims: December 27, 2023
SHIMLA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shimla Autos
Private Limited (SAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAPL 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 SAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SAPL was incorporated in April 2012 and commenced operations in
January 2014. The company has exclusive dealership of FML in
Shimla, Ponta Sahib, and Rampur Bushahr in Himachal Pradesh. It has
three showroom with 3s (sales, service and spares) facilities for
tractors, utility vehicles, and light commercial vehicles. The
company is managed by Mr Sandeepni Bhardwaj and Ms Bhumika
Bhardwaj.
SHIPRA LEASING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shipra Leasing Private Limited
Registered Office:
Flat No 502,
502-A, 5th Floor 23,
Barakhamba Road, Narain Manzil,
New Delhi, 10001
Corporate Office:
Plot No.9,
Shipra Mall, Vaibhav Khand,
India puram, Ghaziabad,
Uttar Pradesh, India, 201014
Insolvency Commencement Date: December 4, 2023
Estimated date of closure of
insolvency resolution process: January 4, 2024 (180 Days)
Court: National Company Law Tribunal, Delhi Bench-III
Insolvency
Professional: Munish Kumar Sharma
AAF 14, Shipra Krishna Azure, Kaushambi
Ghazaibad, Uttar Pradesh - 201012
Email: munish@mkadvisors.com
Email: cirp.slpltd@gmail.com
Last date for
submission of claims: December 19, 2023
SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva Shree
Builders (SSB) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Project Loan 1.9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 1.93 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.25 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.92 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSB 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 SSB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSB continues to be 'CRISIL D Issuer Not Cooperating'.
SSB was set up in 1990, promoted by Mr V Shivarajan and his family
members. The firm is currently developing residential real estate
projects in Coimbatore, Tamil Nadu.
SHIVANI FLEXIPACK: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shivani Flexipack Limited
26, Piyu Shantiban,
Nemi Nath Nagar,
Sangli Maharashtra - 416416
Insolvency Commencement Date: November 28, 2023
Estimated date of closure of
insolvency resolution process: May 7, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Madan Bajarang Lal Vaishnawa
341/704 Kalpataru, Srishti
Sector 3 Mira Road East Dist.
Thane (Maharashtra) 401107
Shivani Flexipack Limited
c/o Sun Resolution Professionals Private Limited
(IPE) Indian Mercantile Mansion Extn.
4th Floor Madame Cama Road,
Opp RegalCinema, Colaba
Mumbai 400 005
Email: cirpshivani@gmail.com
Last date for
submission of claims: December 13, 2023
SPARKLET ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sparklet
Engineers Private Limited (SEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Export Packing 10 CRISIL D (Issuer Not
Credit Cooperating)
Letter of Credit 3.65 CRISIL D (Issuer Not
Cooperating)
Post Shipment 6.65 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 3.35 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with SEPL 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 SEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined business
and financial risk profiles of SEPL and its wholly owned subsidiary
Sparklet Engineers Middle East FZE (SEME). This is because both the
entities, together referred to as the Sparklet group, are in the
same business and have fungible funds.
SEPL, set up by Mr R B Ghosh in 2000, is a Mumbai-based oil and gas
upstream and downstream equipment design, fabrication, and supply
company. It has market presence across the Middle East and North
Africa. It provides end-to-end solutions to oil & gas players
located in Iraq, UAE, Kuwait, Oman, and Nigeria, among other
regions. SEPL has manufacturing units at Thane in Maharashtra. Mr R
B Ghosh and his son Mr Shukanto Ghosh oversee the operations.
SEME, is a wholly owned subsidiary of SEPL with manufacturing unit
located in Dubai. It is also engaged in same line of activity.
SPARTA SYSTEMS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Sparta Systems India Private Limited
1120-21, 11th Floor, Tower A,
DLF Tower, Jasola,
Jasola District Centre,
New Delhi, India -110025
Liquidation Commencement Date: November 27, 2023
Court: National Company Law Tribunal, Bangalore Bench
Liquidator: Ganesh Panduranga Pai
No. 68, 6B, 6th Floor, Chitrapur Bhawan
8th Main, 15th Cross Malleshwaram
Bangalore 560055
Email: pragnya.cas@gmail.com
Last date for
submission of claims: December 27, 2023
SRDN ENTERPRISES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: SRDN Enterprises Private Limited
8-2-472/B/24 & 8-2-472/B/5, First Floor,
Bhooma Plaza, avenue 7, Street No. 4,
Banjara Hills,
Hyderabad, Telangana 500034
Liquidation Commencement Date: December 4, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Gorantla Madhavaiah
Plot no. 201, Gayatri Nagar
Union Bank of India Lane,
Borabanda Hyderabad-50018
Email: madhav_cwa@yahoo.com.in
Tel No: +91 7893220778
Last date for
submission of claims: January 1, 2024
STONE EXPORT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Stone Export House Private Limited
409/410, 4th Floor, Hubtown Viva
Akruti Trade Point, Shankarwadi
W.E. Highway, Jogeshwari (E)
Mumbai City, Mumbai
Maharashtra, India 400060
Insolvency Commencement Date: December 8, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 2, 2024
(180 days from commencement)
Insolvency professional: Pravin R. Navandar
Interim Resolution
Professional: Pravin R. Navandar
Saksham Insolvency Resolution LLP
D-519-520 Neelkanth Business Park
Opp Vidya Vihar Rly Stn (W)
Nathani Road, Vidya Vihar (W)
Mumbai 400086
E-mail: ipstone.ex@gmail.com
pravin@prnco.in
Last date for
submission of claims: December 22, 2023
SURYODAY COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suryoday
Cotex Private Limited (SCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.12 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.88 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCPL 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D Issuer Not Cooperating'.
SCPL, which was set up in 2013, trades in raw cotton in Rajkot
(Gujarat). The key promoter, Mr Jaideep Gida has been engaged in
the cotton business for close to a decade, through the group
company, Suryoday Enterprise.
ULTRAMINE PIPETECH: Liquidation Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Ultramine Pipetech Private Limited
40, Strand Road, 3rd floor
Room No. 4, Model House
Kolkata, West Bengal
India
Liquidation Commencement Date: December 2, 2023
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: August 22, 2023
Insolvency professional: Rakesh Kumar Agarwal
Interim Resolution
Professional: Rakesh Kumar Agarwal
20 N.S. Road, Block-A
1st floor, Room no. 15
Kolkata 700001
E-mail: rakesh202@hotmail.com
cirp.ultramine@gmail.com
Last date for
submission of claims: January 1, 2024
VAIBHU INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaibhu Infra
Tech India Private Limited (VITIPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VITIPL 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 VITIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
VITIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of VITIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
VITIPL was established in 1998 as a proprietorship firm and was
reconstituted as a private limited company in 2010. It is promoted
and managed by Mr. Babji Kollipara. The company provides IT
services and software solutions. It develops and implements
customized software applications/software (primarily for
e-governance), and provides consulting and advisory services
VARADA LEASING: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Varada Leasing and Investment Limited
KV Shetty Complex Nellikeri
Kumta, Karnataka 581343
Liquidation Commencement Date: November 30, 2023
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Shivadutt Bannanje
Interim Resolution
Professional: Shivadutt Bannanje
N-705, 7th floor, North Block
Manipal Centre, Dickenson Road
Bengaluru 560042
Mobile: 919845285251
E-mail: ip.shivaduttb@gmail.com
Last date for
submission of claims: December 29, 2023
VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viraj
Alchohol and Allied Industries Limited (VAAIL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 11.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VAAIL 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 VAAIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VAAIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAAIL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up at Sangli (Maharashtra) in 2002 as a private limited
company, VAAIL was reconstituted as a closely held public limited
company in 2005. VAAIL is a grain-based alcohol producer, and
manufactures extra neutral alcohol, rectified spirit, distillery
dry grain soluble, distillery wet grain soluble, and country
liquor. Its ENA production facility at Sangli has a capacity of 60
kilo litres per day (klpd).
VISHAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishal Rice
Exports Private Limited (VREPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 0.31 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.19 CRISIL D (Issuer Not
Cooperating)
Warehouse Receipts 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VREPL 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 VREPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VREPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VREPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, VREPL is engaged in milling and sorting of
1121 PUSA basmati rice at its facility in Tulewal, Punjab. The
facility has installed capacity of 4 tonne per hour and is utilised
75%.
WESTERN UNION: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Western Union Payment Services (India) Private Limited
Fortune 2000 Building, Ground floor
Unit G-101, Bandra Kurla Complex
Bandra (East), Mumbai
Maharashtra 400051
Liquidation Commencement Date: November 28, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency professional: Dhanshyam Patel
Interim Resolution
Professional: Dhanshyam Patel
322, Zest Business Spaces
MG Road, Ghatkopar East
Mumbai 400077
Tel: 022-25083300
E-mail: vliq.wu@gmail.com
dpatel@ckpatel.com
Last date for
submission of claims: December 28, 2023
YONYX INFOMEDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Yonyx Infomedia Private Limited
No. 370, Phase II, The Empyrean
Jagadenahalli Village, Lakkur Hobli
Chikkatirupati Po, Malur Taluk
Kolar, Karnataka 563130
Liquidation Commencement Date: November 30, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency professional: Sachin Sapra
Interim Resolution
Professional: Sachin Sapra
2/11B, Basement
Jangpura Block-A
New Delhi 110014
Mobile: 9910219977
E-mail: sachinsapracs@yahoo.com
Last date for
submission of claims: December 30, 2023
=========
J A P A N
=========
TOSHIBA CORP: To Keep Shimada as CEO, Get 4 Board Members From JIP
------------------------------------------------------------------
Reuters reports that Toshiba Corp. on Dec. 14 said chief executive
Taro Shimada will remain in the post after the company goes
private, while a majority of the board will come from private
equity firm Japan Industrial Partners (JIP).
Reuters relates that JIP, which is leading a consortium to buy out
the industrial conglomerate, will send four of its executives to
Toshiba's new seven-member board, including its co-founder and CEO
Hidemi Moue. Moue will chair the board.
Japanese financial services firm Orix and Chubu Electric Power will
each send an executive to the board, Toshiba said, Reuters relays.
Orix invested JPY200 billion and Chubu JPY100 billion in the $14
billion Toshiba buyout.
Reuters says Toshiba's new management team will be joined by a
senior adviser at Toshiba's main lender Sumitomo Mitsui Financial
Group.
The appointments will take effect on Dec. 22. Toshiba shares will
be delisted on Dec. 20, Reuters notes.
About Toshiba Corp
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific in late
September, S&P Global Ratings lowered to 'BB-' from 'BB+' its
long-term issuer credit rating on Toshiba Corp. S&P also kept the
ratings on CreditWatch with negative implications. Meanwhile, S&P
affirmed its 'B' short-term issuer credit and commercial paper
program ratings.
S&P will resolve its CreditWatch placement after carefully
examining the impact of new parent company JIP on engagement with,
and management and governance of Toshiba.
===============
M O N G O L I A
===============
KHAN BANK: Moody's Affirms 'B3' LongTerm Issuer & Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service has affirmed Khan Bank JSC's B3 foreign
currency and local currency long-term issuer ratings and foreign
currency and local currency long-term bank deposit ratings, and
maintained the stable outlook on the ratings.
At the same time, Moody's has affirmed the bank's b3 Baseline
Credit Assessment (BCA) and Adjusted BCA, B3 foreign currency
long-term Counterparty Risk Rating (CRR), B2 local currency
long-term CRR, Not Prime foreign currency and local currency
short-term CRRs, Not Prime foreign currency and local currency
short-term deposit ratings, as well as B2(cr) long-term and Not
Prime(cr) short-term Counterparty Risk (CR) Assessments.
RATINGS RATIONALE
The ratings and b3 BCA affirmation reflect Moody's expectation that
Khan Bank will maintain its credit profile over the next 12-18
months, driven by an improving macro environment in Mongolia (B3
stable) and solid export growth that will support its asset quality
and profitability. The bank will likely also maintain a sufficient
capital buffer and stable liquidity.
The ratings and assessment also reflect the high volatility in the
bank's credit metrics stemming from its operations in Mongolia's
cyclical economy, which has a high reliance on the mining sector.
Nevertheless, the bank has a lower exposure to cyclical sectors
such as construction and mining, which respectively comprised 7%
and 1% of its gross loans as of September 30, 2023. Its loans are
also granular, with a balanced breakdown between corporate and
retail loans.
Khan Bank's profitability will likely remain solid over the next
12-18 months, with its net income to tangible assets at over 3%.
Its credit costs will largely remain at current levels, with its
impairment charges to gross loans at 1.5%-2.0%. Its net interest
income will be supported by its mid-10% loan growth and net
interest margin of over 6%, reflecting the bank's plan to grow its
lower-margin green finance loans.
Moody's expects Khan Bank's capitalization to remain above 13% over
the next 12-18 months, with improved internal capital generation
supporting its target loan growth. Its capitalization improved
after its listing on the Mongolian Stock Exchange in April 2023
when it enlarged its capital base by 106% through a new share
issuance comprising 10% of its total outstanding shares. This was
to meet Mongolia's amended banking law that required all domestic
systemically important banks to publicly list by the end of June
2023. As a result of the new share issuance, the bank's tier 1
capital adequacy ratio improved to 18.2% as of September 30, 2023
from 16.7% as of December 31, 2022.
Khan Bank's funding structure is supported by its good retail
banking franchise as the largest bank in Mongolia with a market
share of around 33% in terms of total asset size as of the end of
2022. The bank will likely increase its use of market funds as it
grows its corporate lending, as well as maintain its good liquidity
ratio over the next 12-18 months, with its liquid banking assets to
tangible banking assets at mid-40%.
Moody's has not incorporated any affiliate support in Khan Bank's
rating. Therefore, the bank's Adjusted BCA is in line with its BCA
of b3.
Khan Bank's B3 ratings are at the same level as the bank's b3 BCA.
Moody's assesses the level of government support for Khan Bank to
be high because of its importance to the domestic economy as
Mongolia's largest bank and its designation as a domestic
systemically important bank (D-SIB). However, this assessment does
not lead to any government support uplift to the bank's long-term
deposit ratings because they are already at the same level as the
Government of Mongolia's issuer ratings.
Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. Khan Bank's long-term CRR of B2/B3 and
long-term CR Assessment of B2(cr) incorporate the bank's b3
Adjusted BCA and Moody's basic LGF analysis, which position the
preliminary CRRs and CR Assessment one notch above the Adjusted
BCA. Moody's then adds the same government support uplift as
applied to the bank's long-term issuer rating, subject to country
ceiling by currency.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Khan Bank's ratings if the bank maintains its
financial metrics at the current levels; and if Mongolia's
sovereign rating is upgraded, because the bank's assigned BCA is
constrained by the B3 sovereign rating.
Moody's could downgrade Khan Bank's ratings if the sovereign rating
is downgraded.
Khan Bank's BCA could be downgraded if the bank's (1) asset quality
deteriorates, such that its new nonperforming loan formation ratio
rises significantly; (2) capitalization weakens substantially, with
its tangible common equity/risk weighted assets falling below 9%;
and (3) funding and liquidity deteriorate significantly, with its
market funds to tangible banking assets rising to well above 30%
and its liquid banking assets to tangible banking assets falling to
below 20% on a sustained basis.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Khan Bank is headquartered in Ulaanbaatar, Mongolia. The bank
reported total assets of MNT15.0 trillion (USD4.3 billion) as of
the end of 2022.
=====================
N E W Z E A L A N D
=====================
BIG ROCK: BDO Tauranga Appointed as Liquidators
-----------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Dec.
11, 2023, were appointed as liquidators of The Big Rock Company
Limited.
The liquidators may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
BUILDHQ LIMITED: Court to Hear Wind-Up Petition on Feb. 8
---------------------------------------------------------
A petition to wind up the operations of BuildHQ Limited will be
heard before the High Court at Auckland on Feb. 8, 2024, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 3, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
GROUND ADDICTION: Creditors' Proofs of Debt Due on Feb. 23
----------------------------------------------------------
Creditors of Ground Addiction Limited are required to file their
proofs of debt by Feb. 23, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 11, 2023.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
NEW ZEALAND: Contraction Stokes Recession Fears
-----------------------------------------------
The Wall Street Journal reports that New Zealand's agriculture-rich
economy contracted unexpectedly in the third quarter, raising
questions about whether interest rates have risen too far with the
economy on track for a return to recession.
The Journal relates that the economy contracted 0.3% in the
quarter, following a revised 0.5% increase in GDP in the second
quarter, according to figures released by Stats NZ on Dec. 14.
Economists had expected the economy to grow by 0.2% over the
quarter. From a year earlier, the economy contracted by 0.6%,
Stats NZ added.
"The data suggest that New Zealand looks to be the only advanced
economy that has entered recession, which points to the RBNZ
cutting interest rates much sooner than it currently expects in
late 2025," the Journal quotes Kieran Davies, chief macro
strategist at Coolabah Capital, as saying.
Household spending was down 0.6% in the quarter, Stats NZ said.
All categories fell, led by declines in spending on durable goods.
The drop in household spending was likely connected to changes in
fees and rebates applied to motor vehicles, which were introduced
on July 1, the statistician said.
OPTIMUS PRIME: Creditors' Proofs of Debt Due on Jan. 25
-------------------------------------------------------
Creditors of Optimus Prime Logistics Limited are required to file
their proofs of debt by Jan. 25, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 17, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
YES INSULATION: Court to Hear Wind-Up Petition on Feb. 8
--------------------------------------------------------
A petition to wind up the operations of Yes Insulation Limited will
be heard before the High Court at Auckland on Feb. 8, 2024, at
10:45 a.m.
Carters Building Supplies Limited filed the petition against the
company on Nov. 3, 2023.
The Petitioner's solicitor is:
Philip John Morris
Stace Hammond Lawyers
KPMG Building
Level 7, 85 Alexandra Street
Hamilton 3240
===============
P A K I S T A N
===============
PAKISTAN: Fitch Affirms 'CCC' LongTerm Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'CCC'. Fitch typically does not
assign Outlooks to sovereigns with a rating of 'CCC+' or below.
KEY RATING DRIVERS
External Risks Easing; Still High: The 'CCC' rating reflects high
external funding risks amid high medium-term financing
requirements, despite some stabilisation and Pakistan's strong
performance on its current Stand-by Arrangement (SBA) with the IMF.
Fitch expects elections to take place as scheduled in February and
a follow-up IMF programme to be negotiated quickly after the SBA
finishes in March 2024, but there is still the risk of delays and
uncertainty around Pakistan's ability to do this. The elections
could endanger the durability of recent reforms and leave room for
renewed political volatility.
Successful IMF Review: In November, Pakistan and the IMF reached
staff-level agreement (SLA) on the first review of the country's
nine-month SBA, which was approved by the IMF Executive Board in
July 2023. Fitch expects board approval of the recent SLA to be
unproblematic. The successful programme review reflects continued
fiscal consolidation, energy price reforms in the face of a public
backlash, and moves towards a more market-determined exchange rate
regime.
Many of Pakistan's policy commitments under the SBA had been
frontloaded, but Pakistan's caretaker government, which took office
in August, has also taken new measures, including sharp hikes to
natural gas and electricity prices and a crackdown on the black
market, helping narrow the gap between the parallel (kerb) and
interbank exchange rates and bringing more FX into the banking
system. In June, the previous government amended its proposed FY24
budget to introduce new revenue measures and cut spending,
following additional tax measures and subsidy reforms in February.
Policy Implementation Risks: Parties across the political spectrum
in Pakistan have an extensive record of failing to implement or
reversing reforms agreed with the IMF. Fitch sees a risk that the
current consensus within Pakistan on the measures necessary to
ensure continued funding could dissipate quickly once economic and
external conditions improve, although Pakistan now has fewer
financing options than in the past. Any follow-up IMF programme
would likely require Pakistan to undertake sweeping structural
reforms in opposition to entrenched vested interests.
Challenging Politics: Fitch expects general elections to take place
as scheduled in February, and to produce a coalition government
along the lines of Shebhaz Sharif's government. Former prime
minister Imran Khan's Pakistan Tehreek-e-Insaf party likely remains
popular, but its electoral prospects may be limited by Mr Khan's
imprisonment and the departure of senior leaders. Space for
political expression has shrunk since widespread protests in May
2023. Nevertheless, further delays to elections or renewed
political volatility cannot be excluded and would jeopardise IMF
negotiations and external funding.
Funding Trickling In: The IMF disbursed USD1.2 billion in July, and
USD700 million will follow after approval of the recent SLA,
leaving USD1.1 billion to be disbursed after a review scheduled in
March 2024. Saudi Arabia provided USD2 billion in new deposits, and
the UAE provided USD1 billion. The government also received over
USD500 million in project and commodity financing in the first
quarter of the fiscal year ending June 2024 (FY24). A further
USD1.1 billion in programme loans and over USD500 million in
project loans appear likely in the remainder of 2023.
Overall Funding Targets Ambitious: The authorities expect total
gross new external financing of USD18 billion in FY24, against
nearly USD9 billion in government debt maturities. The maturing
debt includes a USD1 billion bond due in April and USD3.8 billion
to multilateral creditors, but excludes routine rollovers of
bilateral deposits. At end-September, maturities in the remaining
three quarters of FY24 were just over USD7 billion. The government
funding target includes USD1.5 billion in Eurobond/sukuk issuance
and USD4.5 billion in commercial bank borrowing, which will likely
prove challenging.
Narrower External Deficit: Fitch forecasts a current account
deficit (CAD) of about USD2 billion (below 1% of GDP) in FY24, in
line with FY23. Contractionary fiscal policies, lower commodity
prices and limited FX availability have driven the sharp narrowing
of Pakistan's CAD from over USD17 billion in FY22. Tight financing
conditions, rupee depreciation and weak domestic demand will likely
continue to constrain the CAD. The authorities intend for imports
to be financed through banks, limiting the drain on official
reserves, but banks have resorted to ad hoc, informal measures to
prioritise access to FX by clients.
Reserves Have Recovered; Still Low: Pakistan's FX reserves have
recovered on inflows of new funding and limited CADs, and Fitch
expects further increases. Official gross reserves, including gold,
were USD12.7 billion in October 2023 (about three months of
imports), up from about USD8 billion at the start of 2023, but well
below the peak of USD23 billion at end-2021. The central bank's net
liquid FX reserves have been hovering at just over USD7 billion
since October 2023 (about two months of imports), from a low of
about USD3 billion in January. A contraction in imports helped
reserve coverage ratios.
Fiscal Deficits Remain Wide: Fitch expects the consolidated general
government (GG) fiscal deficit to narrow to 6.8% of GDP in FY24,
from an estimated 7.8% in FY23, driven by an improvement in the
primary balance to a surplus of 0.3% of GDP, from a primary deficit
of 0.8% of GDP in FY23. The fiscal balance is benefitting from
inflation, new revenue measures, as well as discipline on tax
exemptions, subsidies and other spending, including at the
provincial level. However, further fiscal consolidation will be
increasingly challenging.
High, Stable Debt Level: GG debt/GDP was about 75% of GDP in FY23,
broadly in line with the median for 'B', 'C' and 'D' rating
category sovereigns. Pakistan's debt dynamics are stable owing to
high nominal growth over the medium term, with high inflation
offsetting the pressure from high domestic interest costs.
Nevertheless, debt/revenue (over 650%) and interest/revenue (about
60%) are far worse than that of peers, largely due to very low
revenue/GDP.
ESG - Governance: Pakistan has an ESG Relevance Score (RS) of '5'
for both political stability and rights and for the rule of law,
institutional and regulatory quality and control of corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model (SRM). Pakistan has a WBGI
ranking at the 22nd percentile.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Public Finances: Increasing likelihood of default, for example,
renewed deterioration in external liquidity conditions that could
result from delays in IMF disbursements, or indications that the
authorities are considering debt restructuring.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Public Finances: Greater certainty on the continued availability
of funding over the medium term, for example, in the context of a
longer-term IMF programme.
- External Finances: Rebuilding of foreign-currency reserves and
further significant easing of external financing risks.
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale.
However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilised the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.
COUNTRY CEILING
The Country Ceiling for Pakistan is 'B-'. For sovereigns rated
'CCC+' or below, Fitch assumes a starting point of 'CCC+' for
determining the Country Ceiling. Fitch's Country Ceiling Model
produced a starting point uplift of 0 notches. Fitch's rating
committee applied a +1 notch qualitative adjustment to this, under
the Balance of Payments Restrictions pillar, reflecting that the
private sector has not been prevented or significantly impeded from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.
Fitch does not assign Country Ceilings below 'CCC+', and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is impacting the vast
majority of economic sectors and asset classes.
ESG CONSIDERATIONS
Pakistan has an ESG Relevance Score of '5' for political stability
and rights, as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Pakistan has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.
Pakistan has an ESG Relevance Score of '5' for rule of law,
institutional & regulatory quality and control of corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Pakistan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.
Pakistan has an ESG Relevance Score of '4' for human rights and
political freedoms, as the voice and accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Pakistan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.
Pakistan has an ESG Relevance Score of '4' for creditor rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Pakistan, as for all sovereigns. As Pakistan
participated in the Debt Service Suspension Initiative in 2020,
this has a negative impact on the credit profile.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Pakistan LT IDR CCC Affirmed CCC
ST IDR C Affirmed C
LC LT IDR CCC Affirmed CCC
LC ST IDR C Affirmed C
Country Ceiling B- Affirmed B-
senior
unsecured LT CCC Affirmed CCC
The Pakistan
Global Sukuk
Programme
Company Limited
senior
unsecured LT CCC Affirmed CCC
PAKISTAN: IMF Denies Plans to Ask Country Raise Taxes on Salaries
-----------------------------------------------------------------
Reuters reports that the International Monetary Fund (IMF) resident
representative in Pakistan on Dec. 15 denied media reports that the
lending body is planning to ask Pakistan to increase taxes on
salaries and business income, and increase the maximum threshold
for petroleum levy.
According to Reuters, media reports had been circulating stating
that the IMF asked Pakistan to cut the number of tax slabs for the
salaried and business class from the existing seven to four,
increasing tax incidence on the middle and upper-middle income
group. There have also been reports of an increase in the maximum
petroleum development levy.
"There are no plans at this time," Esther Perez Ruiz, IMF's
resident representative in Pakistan, told Reuters in an email.
The South Asian nation is operating under a caretaker government
after an IMF loan programme, approved in July, helped avert a
sovereign debt default, Reuters notes.
Under the $3 billion standby arrangement (SBA), Pakistan received
$1.2 billion from the IMF as the first tranche in July.
Pakistan was facing an acute balance of payment crisis, with its
foreign exchange reserves diminished to barely three weeks of
controlled imports, along with historically high inflation and an
unprecedented currency devaluation, according to Reuters.
Under the bailout deal, the IMF also got Pakistan to raise $1.34
billion in new taxation to meet fiscal adjustments, Reuters says.
The measures fuelled all time high inflation of 38% year-on-year in
May, the highest in Asia, which still is hovering above 30%.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific in July
2023, Fitch Ratings has upgraded Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
In March 2023, Moody's Investors Service downgraded the Government
of Pakistan's local and foreign currency issuer and senior
unsecured debt ratings to Caa3 from Caa1. Moody's has also
downgraded the rating for the senior unsecured MTN programme to
(P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the
outlook to stable from negative. The decision to downgrade the
ratings is driven by Moody's assessment that Pakistan's
increasingly fragile liquidity and external position significantly
raises default risks to a level consistent with a Caa3 rating.
=================
S I N G A P O R E
=================
BEE HIANG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Dec. 8, 2023, to
wind up the operations of Bee Hiang Seafood Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
DS INVESTMENT: Creditors' Proofs of Debt Due on Jan. 15
-------------------------------------------------------
Creditors of DS Investment Yangon Pte. Ltd. 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. 15, 2023.
The company's liquidator is:
Lai Seng Kwoon
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
FINE GRAIN: Commences Wind-Up Proceedings
-----------------------------------------
Members of Fine Grain Property Pte Ltd, on Dec. 13, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Thio Khiaw Ping Kelvin
Terence Ng Chi Hou
c/o RHT Atlas Pte Ltd
1 Paya Lebar Link
#06-09 PLQ2 Paya Lebar Quarter
Singapore 408533
HAWKEYE ASSOCIATES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Dec. 8, 2023, to
wind up the operations of Hawkeye Associates Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
LIPPO MALLS: Fitch Puts 'CCC-' LongTerm IDR on Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed Lippo Malls Indonesia Retail Trust's
(LMIRT) Long-Term Issuer Default Rating (IDR) of 'CCC-' on Rating
Watch Negative (RWN). The 'CCC-' rating with a Recovery Rating of
'RR4' on the senior unsecured notes due 2024 and 2026 issued by
LMIRT's wholly owned subsidiary, LMIRT Capital Pte. Ltd., has
simultaneously been placed on RWN.
The RWN reflects Fitch's view that LMIRT's proposed tender offer
and concurrent consent solicitation constitutes a distressed debt
exchange (DDE). This is because the transaction will lead to a
material reduction in terms for existing unsecured noteholders, and
Fitch believes it will help the company avoid a default on its US
dollar notes, given LMIRT's untenable liquidity profile.
LMIRT's ratings will likely be downgraded to 'C' if the consent
solicitation to amend material covenants is successful and if the
tender offer is accepted by investors. The RWN reflects the
uncertainty that the majority of noteholders by outstanding
principal may not consent to the proposed covenant amendments.
KEY RATING DRIVERS
Material Reduction in Terms: The tender offer represents a material
reduction in terms, as it proposes to repurchase the 2024 notes at
USD765 per USD1,000 and the 2026 notes at USD665 per USD1,000 via a
fixed-price offer. LMIRT plans to use a secured IDR2.5 trillion
(around USD160 million) amortising loan to fund the offer.
The tender offer is being combined with a consent solicitation to
amend material restrictive covenants and is contingent on the
consent of the majority of both the 2024 and 2026 noteholders to
amend the covenants. The existing covenants prevent LMIRT from
pledging its assets as security for debt financing. The removal of
this covenant increases the legal and structural subordination of
unsecured noteholders.
Increased Secured Debt: The security on LMIRT's proposed IDR2.5
trillion loan will be one of its three largest malls, constituting
an increase in the proportion of secured debt and pledged assets.
This follows the amendment and restatement of LMIRT's Singapore
dollar loans, in which some other assets were pledged as security.
Fitch expects the proportion of pledged assets to increase to
around 45% of total investment property if the new loan is fully
drawn to fund the tender offer. This leads to a rise in legal and
structural subordination for unsecured holders of the remaining
stub, who will rank behind these secured creditors.
Refinancing Risk to Remain: Successful completion of the tender
offer will reduce, but not eliminate near-term refinancing risk.
Following the tender offer, Fitch expects a remaining stub on the
2024 and 2026 notes, as the secured loan is not sufficient to buy
back all the outstanding notes. The amount outstanding on the June
2024 notes will depend on the level of participation of these
noteholders in the tender offer. Fitch believes LMIRT will need to
raise additional secured debt in order to refinance this near-term
maturity.
High Foreign-Exchange Risk: LMIRT is exposed to high currency risk
as its debt is denominated in US and Singapore dollars, while
revenue is generated solely in rupiah. The proportion of rupiah
debt will increase if the tender offer is successful, but Fitch
expects the majority of outstanding debt to remain denominated in
foreign currency. Therefore, further rupiah depreciation will
reduce the value of cash flow and assets in Singapore dollars,
increasing pressure on interest coverage and the loan/value ratio.
Weak Operational Performance: Fitch forecasts net property income
of SGD123 million in 2024. This is similar to the 2023 estimate and
less than that of 2022 due to the lower occupancy rate following
early termination of several lease agreements with Carrefour and
downsizing of Hypermart spaces in 2023. Fitch expects occupancy to
only improve gradually, as it will take time for LMIRT to find
alternative tenants to fill the vacancies. Fitch expects its
operations to improve from 2025, when redevelopment activities at
several malls are expected to complete.
Limited Sponsor Influence: Fitch rates LMIRT on a standalone basis
due to robust regulatory ringfencing from PT Lippo Karawaci TBK
(CCC+). Lippo fully owns LMIRT's manager, although Singapore's
Securities and Futures Act prevents Lippo from holding majority
representation on the manager's board. In addition, the sponsor
does not control LMIRT, because it holds only a 47% interest.
LMIRT, as a Singapore real-estate investment trust, is also subject
to restrictions on gearing ratios and development activities, and
requires minority shareholders to approve related-party
transactions.
Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million in perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss-absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure. The trust
did not call the SGD140 million securities callable in September
2021 and SGD120 million securities callable in December 2022 amid
weak market sentiment.
DERIVATION SUMMARY
LMIRT's rating reflects its untenable liquidity profile and the
proposed tender offer and concurrent consent solicitation.
PT Agung Podomoro Land Tbk (APLN, CC), an Indonesia-based
developer, is rated one notch below LMIRT. APLN's rating reflects
Fitch's view that some form of default on its USD132 million
unsecured notes due June 2024 is probable.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Net property income, including from Lippo Mall Puri, of SGD123
million in 2023 and in 2024;
- Capex of SGD11 million in 2023 and SGD35 million in 2024;
- No dividend payout and perpetual coupon distribution in 2023 and
2024.
RECOVERY ANALYSIS
Key Recovery Rating Assumptions:
Fitch assumes LMIRT will be liquidated in a bankruptcy rather than
continue as a going concern, as Fitch believes creditors are likely
to maximise recoveries by selling the investment properties.
- Fitch calculates a liquidation value under a distressed scenario
of SGD1.3 billion at end-September 2023.
- Fitch uses stressed capitalisation values to arrive at the
distressed valuation for LMIRT's investment properties. Fitch uses
a 10% capitalisation rate as a reference, being the average of
capitalisation rates from recent divestments and acquisitions, and
apply this to LMIRT's year-to-date September 2023 net property
income.
- The estimate also reflects its assessment of the value of trade
receivables under a liquidation scenario, with a 75% advance rate.
Fitch believes a 25% discount is sufficient to cover potential bad
debt.
These assumptions result in a recovery corresponding to a Recovery
Rating of 'RR2' for the outstanding senior unsecured bonds.
However, the Recovery Rating is capped at 'RR4', as LMIRT derives
its entire economic value from assets in Indonesia even though it
is incorporated in Singapore. Under its Country-Specific Treatment
of Recovery Ratings Criteria, Indonesia falls into Group D of
creditor friendliness, and the Recovery Rating for instruments of
issuers with assets in this group is subject to a soft cap at
'RR4'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- No positive rating action is anticipated, given the proposed DDE
and heightened refinancing risk.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- The IDR is likely to be downgraded to 'C' if the consent
solicitation to amend material restrictive covenants and the tender
offer are successful.
- Alternatively, if the consent solicitation and tender offer are
not successful, the rating could potentially be downgraded to no
worse than 'CC' to reflect the limited refinancing options
available to LMIRT.
LIQUIDITY AND DEBT STRUCTURE
Insufficient Liquidity: Fitch believes LMIRT will have to rely on
additional bank debt to fund the remaining 2024 stubs, as its cash
balance of SGD99 million at end-September 2023 is insufficient to
cover Fitch's forecasted negative free cash flow and upcoming
maturities. Fitch does not expect non-core asset disposals in the
near term, given the high execution risk.
ISSUER PROFILE
LMIRT is a Singapore-listed real-estate investment trust with a
portfolio of 22 shopping malls and seven retail spaces in
Indonesia. The portfolio was valued at SGD1.7 billion as of
end-September 2023.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Lippo Malls Indonesia
Retail Trust LT IDR CCC- Rating Watch On CCC-
LMIRT Capital
Pte. Ltd.
senior unsecured LT CCC- Rating Watch On RR4 CCC-
TJ HOLDINGS: Placed Into Liquidation
------------------------------------
Farooq Ahmad Mann of M/s Mann & Associates PAC on Dec. 12, 2023,
was appointed as provisional liquidator of TJ Holdings (IV) on Pte.
Ltd.
=================
S R I L A N K A
=================
SRI LANKA: Economy Grows by 1.6% in Third Quarter of 2023
---------------------------------------------------------
Reuters reports that Sri Lanka's economy grew by 1.6% in the
quarter from July to September, official data showed on Dec. 15, as
the country claws its way back from its worst financial crisis in
more than seven decades following a record fall in foreign exchange
reserves.
The expansion was the first since the end of 2021, with the upturn
driven by a lower base, moderating inflation, a strengthening
currency and lower interest rates, Sri Lanka's Census and
Statistics Department said in a statement, Reuters relays.
Sri Lanka's agriculture sector grew 3% from a year earlier, with an
increase of 0.3% in industrial output, while services grew by 1.3%,
the department said.
Helped by a $2.9 billion IMF bailout in March, Sri Lanka's economy
began a painful path towards growth. It locked down a second
tranche of $337 million this week, although the IMF has warned the
island is not yet out of the woods.
Sri Lanka's economy is expected to contract by 3.6% this year, the
IMF said, after shrinking 7.8% in 2022, Reuters relays.
According to Reuters, full-year growth will return next year, with
the Sri Lankan economy projected to grow 1.8%, but challenging
reforms lie ahead, such as higher taxes, reforms to loss-making
state enterprises and a complete restructuring of its foreign
debt.
Reuters adds that the Central Bank of Sri Lanka has slashed
interest rates by 650 bps since June to boost growth, in parallel
with inflation shrinking to 3.4% in November from a high of 70%
last September.
"Economic recovery really took root in the last three months of
2023 with stronger recovery in the services and manufacturing
segments," Reuters quotes Dimantha Mathew, head of research at
First Capital, as saying. "This means growth could be as much as
7%-8% for the fourth quarter," Mr. Mathew added.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'. The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.
=============
V I E T N A M
=============
ANZ BANK: Fitch Hikes Foreign Currency IDR to 'BB+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded ANZ Bank (Vietnam) Limited's (ANZVL)
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB+'
from 'BB', and the Long-Term Local-Currency IDR to 'BBB' from
'BBB-'. The Outlook on the Long-Term IDRs is Stable. At the same
time, Fitch has upgraded the Short-Term Local-Currency IDR to 'F2'
from 'F3', and the Shareholder Support Rating (SSR) to 'bb+' from
'bb'.
The rating actions follow Fitch's upgrade of Vietnam's sovereign
rating to 'BB+' from 'BB' on 8 December 2023.
The Stable Outlook on ANZVL's Long-Term IDRs mirrors that of the
sovereign rating Outlook.
KEY RATING DRIVERS
Shareholder Support Drives Ratings: ANZVL's Long-Term IDRs are
underpinned by its expectation of support from its 100% parent,
Australia and New Zealand Banking Group Limited (ANZ,
A+/Stable/a+), to support the subsidiary if needed. This factors in
the close integration of ANZVL's operations with that of its
parent, the shared branding between the two entities, and the
reputational risks ANZ faces if ANZVL were to default.
The propensity of ANZ to support ANZVL is capped by transfer and
convertibility risks in Vietnam, as indicated by the Country
Ceiling. The recent upgrade of Vietnam's sovereign rating has
resulted in a corresponding revision of the Country Ceiling to
'BB+' from 'BB', which led to the SSR also being revised one notch
higher. Fitch has not assigned a Viability Rating (VR) to ANZV
because of the high operational linkages with its parent, which
render a standalone assessment less meaningful.
Lower Risk of Local-Currency Repayment: ANZVL's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating,
reflecting its view that the sovereign is less likely to impose
restrictions on the parent's support for ANZVL's local-currency
obligations, even if the sovereign comes under distress.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The SSR is sensitive to changes in Vietnam's Country Ceiling,
sovereign rating and rating Outlook. Any downward revision is
likely to lead to similar revisions in the SSR, Long-Term IDRs and
Outlook for ANZVL. The Short-Term Local-Currency IDR will be
downgraded if the Long-Term Local-Currency IDR were downgraded.
ANZ's VR is six notches above Vietnam's Country Ceiling. A very
substantial reduction in its assessment of ANZ's ability or
propensity to support ANZVL would have to occur before the
subsidiary's support-driven rating is affected. Fitch sees this as
unlikely in the near to medium term.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
ANZVL's ratings remain constrained by Vietnam's sovereign rating
and Country Ceiling after the recent sovereign rating upgrade.
Further upward revision in the sovereign rating and Country Ceiling
would be likely to lead to a corresponding revision in the bank's
SSR and Long-Term Foreign Currency IDR, assuming the parent's
ability and propensity to support the bank remain intact. The
Long-Term Local Currency IDR is two notches above the Country
Ceiling and whether a higher Country Ceiling will lead to its
upgrade will be subject to further review.
The Short-Term IDRs will be upgraded if the Long-Term IDRs were
upgraded.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
ANZVL's ratings are linked to Vietnam's sovereign rating and ANZ's
ratings.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
ANZ Bank (Vietnam)
Limited LT IDR BB+ Upgrade BB
ST IDR B Affirmed B
LC LT IDR BBB Upgrade BBB-
LC ST IDR F2 Upgrade F3
Shareholder Support bb+ Upgrade bb
ASIA COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Asia Commercial Joint Stock Bank's (ACB)
Government Support Rating (GSR) to 'bb-' from 'b+'. The rating
action reflects its view of the state's improving ability to
support the bank, in times of need, as indicated by the upgrade in
Vietnam's sovereign rating on 8 December 2023.
At the same time, the agency has affirmed the bank's Long-Term
Issuer Default Rating (IDR) at 'BB-' and Viability Rating (VR) at
'bb-'. The Outlook on the IDR is Stable.
KEY RATING DRIVERS
Moderate Likelihood of State Support: ACB's GSR reflects its
expectation of a moderate likelihood for the state to support the
bank in times of need. Fitch believes the authorities have a strong
propensity to support the banking system, given the sector's
importance to the economy, and improved ability to do so, as
signalled by the sovereign rating upgrade. The likelihood of
support is offset by the large size of Vietnam's banking system and
ACB's lower systemic importance than larger state-owned peers. The
GSR is now at the same level as its VR, which reflects the bank's
standalone credit profile.
Better Operating Environment: Fitch has upgraded the banking system
operating environment (OE) score to 'bb'/stable from 'bb-'/positive
as Fitch expects the economy to continue to recover and grow
robustly over the medium term, buoying the banking sector's
business prospects.
Credit conditions have improved gradually since early-2023, helped
by the authorities' decisive policy actions and accommodative
monetary policy, and Fitch expects the sector's financial
performance to recover in 2024 amid a pick-up in loan growth and
improving net interest margins. Non-performing loan (NPL) formation
should also taper on the recovering economy, with Fitch forecasting
GDP growth of 6.3% in 2024.
Focus on Higher-Income Retail Clients: Fitch has revised the bank's
business profile score to 'bb'/stable from 'bb-'/stable following
the revision in the OE score. The improving economic conditions are
likely to result in a further rise in household income levels,
particularly among the higher-income segment, which is ACB's core
customer base. This should buoy the bank's revenue prospects in the
near to medium term while keeping credit risks in check. ACB is a
retail-centric privately owned commercial bank in Vietnam, with
shares of about 3%-4% of system assets and deposits.
NPL Formation to Taper: ACB's NPL ratio rose to 1.2% in 9M23, from
0.7% at end-2022 but the ratio remained below the industry average.
Fitch believes this reflects ACB's better-than-peer credit
standards and smaller exposure to property developers. Fitch
expects the bank's asset-quality metrics to remain steady over the
next 12-18 months amid a stronger economic recovery.
Sustained Risk-Adjusted Profitability: Fitch expects the net
interest margin to stay steady over the next few quarters on
recovering liquidity conditions, after a decline in early 2023 when
the cost of deposits in the system rose. ACB's risk-adjusted
returns should continue to outperform that of peers, helped by its
larger proportion of higher-yielding retail loans and low credit
costs.
Rising Capital Buffers: ACB has the highest capital buffers among
locally rated peers. Fitch expects its capital position to continue
to improve on sustained internal capital generation that will
likely continue to exceed growth in risk-weighted assets.
Broadly Steady Funding Profile: Fitch has revised the bank's
funding and liquidity score to 'bb'/stable from 'bb-'/stable in
line with the higher OE score. ACB's loan/deposit ratio of 98% as
of end-September 2023 was flat relative to end-2022, indicating a
satisfactory liquidity profile. Loan growth may accelerate in 2024
as the economy recovers, leading to a rise in the ratio.
Nevertheless, Fitch expects ACB's funding profile to remain steady,
with customer deposits remaining its main source of funding at
around 82% at end-September 2023.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Fitch may downgrades the VR should a combination of the following
occur:
- The NPL and "problem loan" ratios, which include
"special-mention" loans and Vietnam Asset Management Company bonds,
rising significantly above 1.5% and 2.5%, respectively, for a
sustained period.
- Excessive credit growth into higher-risk sectors, such as
unsecured personal loans, without a commensurate improvement in
loan absorption buffers.
- Operating profit/risk-weighted assets declining below 2% for a
prolonged period (1H23: 4.2%).
A downgrade in the VR will not lead to an immediate downgrade in
the bank's Long-Term IDR, unless its GSR was also downgraded. The
GSR could be downgraded upon a downgrade of the sovereign rating.
The Short-Term IDR is unlikely to be downgraded unless the
Long-Term IDR is downgraded by four or more notches.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Fitch may upgrades its VR if the bank's Fitch Core Capital Ratio
were to rise to and stays at 14.0% over a prolonged period. Its VR
could also be upgraded if Fitch sees sustained improvement in risk
profile and asset quality, such as if its NPL ratio were to recover
to below 1% on a sustained basis, assuming its other financial
metrics remain broadly intact.
A sovereign rating upgrade may lead to a similar upward revision of
ACB's GSR, assuming the state's propensity to support the bank
remains broadly unchanged. Any upgrade in the GSR or VR will result
in an upgrade of the bank's Long-Term IDR.
The Short-Term IDR is unlikely to be upgraded unless the Long-Term
IDR is upgraded by three or more notches.
VR ADJUSTMENTS
The operating environment score has been assigned above the implied
score for the following adjustment: economic performance
(positive)
The asset quality score has been assigned below the implied score
for the following reason: underwriting standards and growth
(negative).
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
ACB's GSR is linked to Vietnam's sovereign rating.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Asia Commercial
Joint Stock Bank LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
Viability bb- Affirmed bb-
Government Support bb- Upgrade b+
HSBC BANK: Fitch Hikes Foreign Currency IDR to BB+, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded HSBC Bank (Vietnam) Ltd.'s (HSBCV)
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB+',
from 'BB', and its Long-Term Local-Currency IDR to 'BBB', from
'BBB-'. The Outlook is Stable. At the same time, Fitch has upgraded
the Short-Term Local-Currency IDR to 'F2', from 'F3', and the
Shareholder Support Rating (SSR) to 'bb+', from 'bb'.
This follows the upgrade of Vietnam's sovereign rating to 'BB+',
from 'BB', with a Stable Outlook on December 8, 2023.
KEY RATING DRIVERS
Shareholder Support Underpins Ratings: HSBCV's Long-Term IDRs are
driven by its expectation of support from its 100% parent, The
Hongkong and Shanghai Banking Corporation Limited (HKSB,
AA-/Stable/a+), in times of need. The rating considers HSBCV's
rising strategic importance to the group as the bank benefits from
Vietnam's robust economic growth, as well as its highly integrated
operations with that of its parent.
The propensity of HKSB to support HSBCV is capped by transfer and
convertibility risk in Vietnam, as indicated by the Country
Ceiling. The 8 December 2023 upgrade of Vietnam's sovereign rating
(BB+/Stable) saw a corresponding revision of the Country Ceiling to
'BB+', from 'BB', and to HSBCV's SSR being revised up by one notch.
Fitch uses HKSB's Viability Rating instead of its IDR as the anchor
rating for shareholder support. This is because Fitch does not
think HSBCV would benefit from the parent's qualifying junior debt
buffer, as it is not a material entity under the group's resolution
framework.
Lower Local-Currency Risk than Foreign: HSBCV's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating,
reflecting its belief of a lower likelihood of the sovereign
restricting parental support for HSBCV's local-currency obligations
relative to foreign-currency ones, even if the sovereign is in
distress.
Strategically Important Subsidiary: Vietnam is an important growth
market to HSBC and Fitch expects HSBCV to be a key beneficiary of
sustained trade and foreign direct investment inflow, given the
bank's strong international banking franchise. HSBCV's contribution
to its parent's balance sheet and revenue is modest, at around 1%,
but Fitch expects this to rise over time, considering the bank's
strong growth prospects.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The SSR is sensitive to changes in Vietnam's Country Ceiling,
sovereign rating and rating Outlook. Any downward revision is
likely to lead to a similar revision in the SSR, Long-Term IDRs and
Outlook for HSBCV. The Short-Term Local-Currency IDR will be
downgraded if the Long-Term Local-Currency IDR is downgraded.
HKSB's Viability Rating is six notches above Vietnam's Country
Ceiling. Fitch would need to substantially revise down its
assessment of HKSB's ability or propensity to support HSBCV before
the subsidiary's support-driven rating is affected. Fitch sees this
as unlikely in the near to medium term.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The bank's ratings are constrained by Vietnam's sovereign rating
and Country Ceiling. An upward revision in the sovereign rating and
Country Ceiling would be likely to lead to a corresponding revision
in the bank's SSR and Long-Term Foreign-Currency IDR, assuming the
parent's ability and propensity to support the bank remain intact.
The Long-Term Local-Currency IDR is two notches above the Country
Ceiling; whether or not a higher Country Ceiling would lead to an
upgrade is subject to further review at the said time.
The Short-Term IDRs will be upgraded if the Long-Term IDRs are
upgraded.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
HSBCV's ratings are linked to Vietnam's sovereign rating and HKSB's
ratings.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
HSBC Bank
(Vietnam) Ltd. LT IDR BB+ Upgrade BB
ST IDR B Affirmed B
LC LT IDR BBB Upgrade BBB-
LC ST IDR F2 Upgrade F3
Shareholder Support bb+ Upgrade bb
MILITARY COMMERCIAL: Fitch Hikes LongTerm IDR to BB, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Military Commercial Joint Stock Bank's
(MB) Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-' and
its Government Support Rating (GSR) to 'bb' from 'bb-'. The Outlook
on the IDR is Stable.
The upgrade reflects its view of the sovereign's improving ability
to support the bank, as reflected in the recent upgrade of
Vietnam's rating to 'BB+' from 'BB' 8 December 2023.
At the same time, Fitch have also affirmed the bank's Viability
Rating (VR) at 'b+'.
KEY RATING DRIVERS
Sovereign Changes Drive Upgrade: MB's Long-Term IDR is driven by
its expectation of sovereign support to the bank, in times of need.
This is also reflected in its GSR. Fitch believes the state has
strong propensity to support the banking system, given the sector's
high linkages with the economy, but this is balanced against MB's
moderate systemic importance with a 4% share of system assets and
loans. It also considers MB's shareholding structure and
connections with state-linked companies that make extraordinary
support more likely than for other mid-sized banks in Vietnam.
Capitalisation Weighs on VR: The VR is weighed down by the bank's
thin capitalisation relative to its large appetite for risks, as
reflected in its loan book that has been growing more rapidly than
its peers in recent years and Fitch expects this trend to continue
over the next few years. Fitch expects its capital ratio to
continue to improve over the next 18 months on account of sustained
profitability, which is why the outlook on the score is positive.
Better Operating Environment: Fitch has upgraded the banking system
operating environment (OE) score to 'bb'/stable from 'bb-'/positive
as Fitch expects the economy to continue to recover and grow
robustly over the medium term, buoying the banking sector's
business prospects.
Credit conditions have improved gradually since early-2023, helped
by the authorities' decisive policy actions and accommodative
monetary policy, and Fitch expects the sector's financial
performance to recover in 2024 amid a pick-up in loan growth and
improving net interest margins. Non-performing loan (NPL) formation
should also taper on the recovering economy, with Fitch forecasting
GDP growth of 6.3% in 2024.
Business Profile Upgraded: Fitch has revised the bank's business
profile score to 'bb-'/stable from 'b+'/stable following the
revision in the OE score. The upgrade of the business profile score
also reflects the bank's gradually strengthening franchise, as
reflected in its increasing share of system assets and deposits.
Further Asset Impairments Likely Manageable: MB's asset quality
weakened in 9M23 due to slower economic growth and weakness in the
property sector. Still, economic conditions appear to be improving
gradually, suggesting receding asset-quality risks, and Fitch
expects any further weakness in reported loan-quality metrics to be
manageable.
Sustained Risk-Adjusted Profitability: Fitch expects the pressure
on MB's margins in 9M23 to subside and lending spreads to recover
in 2024, on improved liquidity and as credit demand in the
higher-yielding retail segment returns. This, coupled with higher
loan growth, should result in a moderate improvement in its
operating profit/risk-weighted assets (RWAs) of about 3.2% in
9M23.
Improving Capitalisation: MB's Fitch Core Capital ratio of 10.5% at
end-September 2023 reflected the bank's thin capital buffers
relative to risks in the OE and its willingness to take on very
rapid loan growth and credit risks. Fitch forecasts the ratio to
increase gradually towards 11% by end-2024 on sustained internal
capital generation, underpinning the positive outlook on the
capitalisation and leverage score. The assessed score is below the
implied score to account for the bank's aggressive growth.
Adequate Funding Profile: Fitch has revised the bank's funding
profile to 'bb'/stable from 'bb-'/stable following the higher OE
score. MB's loan/deposit ratio rose to 94% by end-September 2023,
from 90% at end-2022, on sustained rapid loan growth. The ratio may
rise further on persistently high credit growth, but Fitch expects
its liquidity position to remain healthy, supported by improved
liquidity conditions in the system. Customer deposits make up about
85% of MB's funding, with low-cost current and savings accounts
comprising 30% of total deposits - the highest among locally rated
peers.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Any negative action on the sovereign rating is likely to be
reflected in the bank's Long-Term IDR. The IDR and GSR could be
downgraded if Fitch sees material deterioration in the sovereign's
propensity to support the bank.
The bank's VR may be downgraded if Fitch sees significant
deterioration in its financial metrics, such as its operating
profit/RWAs falling below 2% for a prolonged period, and if its
asset quality were to worsen significantly as indicated by the NPL
ratio rising materially above 2.5% for a sustained period.
Excessive growth in higher-risk sectors, such as in unsecured
personal loans, without commensurate improvements in its
loss-absorption buffers or risk controls, may also be negative for
its VR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The bank's Long-Term IDR and GSR may be upgraded if the sovereign
rating is upgraded, assuming the sovereign's propensity to support
the bank remains intact.
Sustained improvement in capitalisation, such as its Fitch Core
Capital ratio rising and staying above 11% over a sustained period,
may also lead to an upgrade of the VR, assuming its other financial
metrics remain broadly intact. A slower pace of balance-sheet
growth that is commensurate with prevailing risks and growth
opportunities in the broader system may result in a more positive
assessment of the VR.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Fitch has affirmed the Long-Term IDR (xgs) at 'B+(xgs)' and the
Short-Term IDR (xgs) at 'B(xgs)'. The bank's Long-Term IDR (xgs)
excludes assumption of government support from its underlying
rating and, therefore, is driven by its VR. The Short-Term IDR
(xgs) is assigned in line with its Long-Term IDR (xgs) and the
short-term rating mapping outlined in Fitch's criteria.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors that could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
The bank's Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The bank's Short-Term IDR (xgs) could be downgraded if
the VR is downgraded by two notches or more to below 'b-'.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Downgrade:
The bank's Long-Term IDR (xgs) could be upgraded if the VR is
upgraded. The bank's Short-Term IDR (xgs) could be upgraded if the
VR is upgraded above 'bb+'.
VR ADJUSTMENTS
The VR has been assigned below the implied VR for the following
adjustment reason: weakest link - capitalisation and leverage
(negative)
The operating environment score has been assigned above the implied
score for the following adjustment: economic performance
(positive)
The asset quality score has been assigned below the implied score
for the following reason: underwriting standards and growth
(negative).
The capitalisation and leverage score has been assigned below the
implied score for the following reason: internal capital generation
and growth (negative).
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
MB's ratings are linked to Vietnam's sovereign ratings.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Military Commercial
Joint Stock Bank LT IDR BB Upgrade BB-
ST IDR B Affirmed B
Viability b+ Affirmed b+
Gov't Support bb Upgrade bb-
LT IDR (xgs) B+(xgs) Affirmed B+(xgs)
ST IDR (xgs) B(xgs) Affirmed B(xgs)
STANDARD CHARTERED: Fitch Hikes LongTerm IDR to BB+, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Standard Chartered Bank (Vietnam)
Limited's (SCBVL) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'BB+', from 'BB', and Long-Term Local-Currency IDR to
'BBB', from 'BBB-'. The Outlook is Stable. At the same time, Fitch
has upgraded the Short-Term Local-Currency IDR to 'F2', from 'F3',
and the Shareholder Support Rating (SSR) to 'bb+', from 'bb'.
This follows Fitch's upgrade of Vietnam's sovereign rating to
'BB+', from 'BB', on 8 December 2023. The Stable Outlook on SCBVL
mirrors that of the sovereign.
KEY RATING DRIVERS
Shareholder Support Underpins Ratings: SCBVL's Long-Term IDRs are
driven by its expectation of support from its parent, Standard
Chartered Bank (Singapore) Limited (SCBS, A+/Stable/a), in times of
need. Fitch believes the parent has strong propensity to support
the wholly owned entity, given the shared branding, highly
integrated operations and the bank's growing strategic importance
to the group.
SCBS's propensity to support SCBVL is, however, constrained by
transfer and convertibility risks in Vietnam, as indicated by its
Country Ceiling. The recent upgrade of Vietnam's sovereign rating
has resulted in a corresponding revision of the Country Ceiling to
'BB+', from 'BB', which enables SCBVL's SSR to be revised one notch
higher. Fitch has not assigned a Viability Rating (VR) to SCBVL as
the entity is a small but closely linked part of the group, and
this renders a standalone assessment less meaningful.
Lower Local-Currency Repayment Risks: SCBVL's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating,
reflecting its belief of a lower likelihood of the sovereign
restricting parental support for SCBVL's local-currency obligations
relative to foreign-currency ones, even if the sovereign is in
distress.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The SSR is sensitive to changes in Vietnam's Country Ceiling,
sovereign rating and rating Outlook. Any downward revision on the
sovereign is likely to lead to similar revisions in the SSR and
Long-Term IDRs and Outlook for SCBVL. The Short-Term Local-Currency
IDR will be downgraded if the Long-Term Local-Currency IDR is
downgraded.
Fitch may also downgrades the ratings upon a significant reduction
in SCBS's ability and propensity to support its subsidiary.
However, Fitch sees this scenario as unlikely in the near term,
given SCBVL's growing role in the group as well as the five-notch
gap between the parent's VR and Vietnam's Country Ceiling.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The bank's ratings remain constrained by Vietnam's sovereign rating
and Country Ceiling after the recent sovereign rating upgrade.
Further upward revision in the sovereign rating and Country Ceiling
would be likely to lead to a corresponding revision in the bank's
SSR and Long-Term Foreign-Currency IDR, assuming the parent's
ability and propensity to support the bank remain intact. The
Long-Term Local-Currency IDR is two notches above the Country
Ceiling, and whether a higher Country Ceiling leads to an upgrade
would be subject to further review.
The Short-Term IDRs will be upgraded if the Long-Term IDRs are
upgraded.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
SCBVL's ratings are linked to Vietnam's sovereign rating and SCBS's
ratings.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Standard Chartered
Bank (Vietnam)
Limited LT IDR BB+ Upgrade BB
ST IDR B Affirmed B
LC LT IDR BBB Upgrade BBB-
LC ST IDR F2 Upgrade F3
Shareholder Support bb+ Upgrade bb
VIETCOMBANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Joint Stock Commercial Bank for Foreign
Trade of Vietnam's (Vietcombank) Long-Term Issuer Default Rating
(IDR) to 'BB+' from 'BB' and Government Support Rating to 'bb+'
from 'bb'. The Outlook on the IDR is Stable.
The rating action reflects its view of the state's improving
ability to support banks in the system, as indicated by the recent
upgrade of the Vietnam sovereign rating to 'BB+' from 'BB' on 8
December 2023.
At the same time, Fitch has affirmed Vietcombank's Viability Rating
(VR) at 'bb-'.
KEY RATING DRIVERS
IDR Upgrade Driven by Sovereign: The Long-Term IDR and the GSR of
Vietcombank are equalised with the sovereign rating, reflecting its
view that state support is likely to be forthcoming in times of
need. This takes into consideration its status as one of the
largest state-owned banks in the country and its assessment of the
state's strong propensity to support the banking system in
general.
Better Operating Environment: Fitch has upgraded the banking system
operating environment (OE) score to 'bb'/stable from 'bb-'/positive
as Fitch expects the economy to continue to recover and grow
robustly over the medium term, buoying the banking sector's
business prospects.
Credit conditions have improved gradually since early-2023, helped
by the authorities' decisive policy actions and accommodative
monetary policy, and Fitch expects the sector's financial
performance to recover in 2024 amid a pick-up in loan growth and
improving net interest margins. Non-performing loan (NPL) formation
should also taper on the recovering economy, with Fitch forecasting
GDP growth of 6.3% in 2024.
Established Franchise: Fitch has revised the bank's business
profile score to 'bb'/stable from 'bb-'/stable in tandem with the
revision in the OE score. Vietcombank's leading franchise, with
about 10%-12% share in system loans and deposits, and large balance
sheet give the bank significant competitive advantage over its
mid-sized peers in garnering cheaper deposits and underwriting
large-ticket loans.
Asset Quality Likely to Steady: Vietcombank's NPL ratio inched up
to 1.2% in 3Q23 (end-2022: 0.7%), but remained significantly below
the industry average, reflecting its consistent risk controls and
lower exposure to property developers. Fitch expects further
deterioration in the metrics to be tempered by regulatory
forbearance that allows banks to not downgrade restructured loans
until June 2024, and the limited proportion of such loans
restructured by Vietcombank to date.
Sustained Profitability: The bank's annualised return on assets was
steady at 1.8% in 9M23 (2022: 1.9%), as higher credit costs were
offset by slower growth in operating expenses. Fitch expects its
risk-adjusted profitability to recover in 2024, driven by
recovering margins and business volumes as economic conditions
improve.
Capitalisation to Further Improve: Reduced dividends over the past
few years and slower balance-sheet growth in 9M23 helped the bank
to buttress its capital ratio, as profitability has been robust.
Fitch expects the build-up in internal capital to be sustained,
albeit at a gradual pace. A planned sale of shares, amounting to as
much as 6.5% of chartered capital, will also augment
loss-absorption buffers and is scheduled to be executed around
mid-2024.
State Linkages Support Funding, Liquidity: Fitch has revised the
bank's funding and liquidity score to 'bb'/stable from 'bb-'/stable
in tandem with the revision of the OE score. Vietcombank's
loan/deposit ratio was steady at 88% in 3Q23 (end-2022: 91%),
reflecting its adequate liquidity profile. Fitch views the bank as
having an edge in its funding structure due to its larger base of
US dollar deposits, which bear no interest costs in Vietnam. Fitch
also believes the bank, together with other large state-owned
banks, is likely to be perceived by depositors as a safe haven
during times of market stress.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The IDR and GSR are sensitive to changes in Vietnam's sovereign
rating, and the Outlook on the IDR is likely to mirror that on the
sovereign rating. Fitch may takes negative rating action on the GSR
and IDR if Fitch perceives that the state's propensity to support
Vietcombank has diminished significantly, such as if the bank had a
much lower systemic importance or ceased to be majority
state-owned, neither of which Fitch considers to be likely in the
near term.
Vietcombank's VR may come under pressure if the Fitch Core Capital
ratio declines below 7% for a sustained period. This could occur if
balance-sheet growth is substantially faster than Fitch expects
without a commensurate increase in internal capital generation.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of Vietnam's sovereign rating is likely to lead to a
corresponding upgrade of the GSR and IDR, provided that the state's
propensity to support Vietcombank is unchanged.
Fitch may upgrades the bank's VR if Fitch sees its Fitch Core
Capital ratio rising to 14% on sustained basis. Its VR could also
be upgraded if Fitch sees improvement in its risk profile and asset
quality, such that its NPL ratio improves to below 1% over a
sustained period, assuming that its other financial metrics remain
broadly intact.
The Short-Term IDR will be upgraded to 'F3' if its Long-Term IDR is
upgraded.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Fitch has affirmed the Long-Term IDR (xgs) at 'BB-(xgs)' and the
Short-Term IDR (xgs) at 'B(xgs)'. The bank's Long-Term IDR (xgs)
excludes assumption of government support from its underlying
rating and is, therefore, driven by its VR. The Short-Term IDR
(xgs) is assigned in accordance with its Long-Term IDR (xgs) and
the short-term rating mapping outlined in Fitch's criteria.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
The Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The bank's Short-Term IDR (xgs) could be downgraded if
the VR is downgraded by four notches or more to below 'b-'.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
The Long-Term IDR (xgs) could be upgraded if the VR is upgraded.
The bank's Short-Term IDR (xgs) could be upgraded if the VR is
upgraded above 'bb+'.
VR ADJUSTMENTS
The operating environment score has been assigned above the implied
score for the following adjustment reason: economic performance
(positive).
The asset quality score has been assigned below the implied score
for the following reason: underwriting standards and growth
(negative).
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Vietcombank's ratings are linked to Vietnam's sovereign rating.
ESG CONSIDERATIONS
Fitch has revised Vietcombank's ESG Relevance Score for Governance
Structure to '3' from '4', as Fitch believes the state has not
unduly influenced the bank's corporate governance standards as to
negatively affect its credit profile, notwithstanding its majority
ownership and significant board representation in the bank.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Joint Stock
Commercial Bank
For Foreign
Trade of Vietnam LT IDR BB+ Upgrade BB
ST IDR B Affirmed B
Viability bb- Affirmed bb-
Government Support bb+ Upgrade bb
LT IDR (xgs) BB-(xgs)Affirmed BB-(xgs)
ST IDR (xgs) B(xgs) Affirmed B(xgs)
VIETINBANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded Vietnam Joint Stock Commercial Bank for
Industry and Trade's (Vietinbank) Long-Term Issuer Default Rating
(IDR) to 'BB+', from 'BB', and its Government Support Rating (GSR)
to 'bb+', from 'bb'. The Outlook on the IDR is Stable.
The rating action reflects its view of the state's improving
ability to provide extraordinary support for the bank, if needed,
as indicated by Fitch's recent upgrade of Vietnam's sovereign
rating to 'BB+', from 'BB', on 8 December 2023.
At the same time, Fitch has affirmed the bank's Viability Rating
(VR) at 'b'.
KEY RATING DRIVERS
Sovereign Changes Drive Upgrade: Vietinbank's GSR and Long-Term IDR
are equalised with the sovereign rating, as Fitch believes the
state is likely to support the bank in times of need, taking into
consideration Vietinbank's high systemic importance as one of the
largest state-owned banks in the country and the state's generally
high propensity to support the banking system. The bank is 65%
owned by the state and holds a roughly 10%-11% market share of
system assets and deposits as of September 2023.
Capitalisation Constrains VR: Vietinbank's VR is constrained by the
bank's thin capitalisation, as reflected by its Fitch Core Capital
ratio of 6.5% as of June 2023. As a result, Fitch applies a
one-notch negative adjustment to the VR below the implied score of
'b+'. The bank's improved profitability and an entrenched market
franchise that has helped to buttress its adequate funding profile
over the years also supports the VR.
Improved Operating Environment: Fitch has revised up the banking
system operating environment score to 'bb'/stable, from
'bb-'/positive, as Fitch expects the economy to continue to recover
and grow robustly over the medium term, buoying the banking
sector's business prospects.
Credit conditions have improved gradually since early 2023, helped
by the authorities' decisive policy actions and accommodative
monetary policy. Fitch expects the sector's financial performance
to recover in 2024 amid a pick-up in loan growth and improving net
interest margins. Non-performing loan (NPL) formation should also
taper as the economy recovers, with Fitch forecasting GDP growth of
6.3% in 2024.
Steady Asset Quality: The NPL ratio inched up to 1.4% by
end-September 2023 (end-2022: 1.2%) due to the slower economy, but
credit impairments should decline modestly amid improved operating
conditions and a lower interest-rate environment. Its loan-loss
coverage of 172% should also limit further impairment risks to its
balance sheet.
Profitability to Improve: Vietinbank's return on assets were steady
in 9M23 as sustained loan growth and higher fee incomes offset the
decline in margins. Fitch expects risk-adjusted profitability to
improve over the next 12-18 months on the back of recovering
margins as demand from retail loans and the economy recovers
further. A stronger economy should also result in lower impairment
charges, taking into account the bank's healthy loan-loss buffers.
Adequate Funding Profile: Fitch has revised Vietinbank's funding
and liquidity score to 'bb'/stable, from 'bb-'/stable, following
the revision in the operating environment score. Its loan/deposit
ratio inched up slightly to 106% by end-3Q23 (end-2022: 102%) on
higher loan growth, but Fitch expects its liquidity profile to
remain steady, in line with easing liquidity conditions in the
system. The bank is largely funded by customer deposits, providing
a degree of funding stability. Fitch expects it to benefit from a
flight to quality during times of market stress due to its strong
state linkages.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The IDR and GSR are sensitive to Vietnam's sovereign rating, and
the Outlook on the IDR is likely to mirror that on the sovereign
rating. Fitch may takes negative rating action on the GSR and the
IDR if Fitch perceives the state's propensity to support Vietinbank
to have diminished materially, such as the bank having much lower
systemic importance or ceasing to be majority state-owned, neither
of which Fitch considers likely in the near term.
Vietinbank's VR is constrained by low capitalisation. A decline in
the Fitch Core Capital ratio to 5% (end-2Q23: 6.5%), or in its
regulatory capital ratio to close to the minimum requirement, could
lead to a downgrade of the VR to 'b-', especially if there were no
meaningful improvements in other financial profile scores.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of Vietnam's sovereign rating is likely to lead to a
corresponding upgrade of the GSR and IDR, provided the state's
propensity to support Vietinbank is unchanged.
The VR is likely to be upgraded if the Fitch Core Capital ratio
rises to around 8% on a sustained basis, as capitalisation is
constraining the VR. Further improvement in its asset quality and
risk profile may also be positive for its VR.
Its Short-Term IDR will also be upgraded to 'F3' if its Long-Term
IDR is upgraded.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Fitch has affirmed the Long-Term IDR (xgs) at 'B(xgs)' and the
Short-Term IDR (xgs) at 'B(xgs)'. The bank's Long-Term IDR (xgs)
excludes the assumption of government support from its underlying
rating and is, therefore, driven by its VR. The Short-Term IDR
(xgs) is assigned in accordance with its Long-Term IDR (xgs) and
the short-term rating mapping outlined in Fitch's criteria.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The Short-Term IDR (xgs) could be downgraded if the VR
is downgraded by two notches or more, below 'b-'.
The Long-Term IDR (xgs) could be upgraded if the VR is upgraded.
The Short-Term IDR (xgs) could be upgraded if the VR is upgraded
above 'bb+'.
VR ADJUSTMENTS
The VR has been assigned below the implied VR for the following
adjustment reason: weakest link - capitalisation and leverage
(negative).
The operating environment score has been assigned above the implied
score for the following adjustment reason: economic performance
(positive).
The asset-quality score has been assigned below the implied score
for the following adjustment reason: underwriting standards and
growth (negative).
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Vietinbank's ratings are linked to Vietnam's sovereign rating.
ESG CONSIDERATIONS
Fitch has revised Vietinbank's ESG Relevance Score for Governance
Structure to '3' from '4', as Fitch believes the state has not
unduly influenced the bank's corporate governance standards as to
negatively affect its credit profile, notwithstanding its majority
ownership and significant board representation in the bank.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Vietnam Joint Stock
Commercial Bank for
Industry and Trade LT IDR BB+ Upgrade BB
ST IDR B Affirmed B
Viability b Affirmed b
Government Support bb+ Upgrade bb
LT IDR (xgs) B(xgs)Affirmed B(xgs)
ST IDR (xgs) B(xgs)Affirmed B(xgs)
VIETNAM AGRIBANK: Fitch Hikes LongTerm Foreign Curr. IDR to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Vietnam Bank for Agriculture and Rural
Development's (Agribank) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'BB+' from 'BB', and the Government Support Rating
to 'bb+' from 'bb'. The rating actions were driven by the recent
upgrade of Vietnam's sovereign rating. The Outlook on AgriBank's
IDR is Stable, mirroring that on the sovereign.
At the same time, Fitch has affirmed the bank's Viability Rating
(VR) at 'b'.
KEY RATING DRIVERS
Sovereign Changes Drive Upgrade: The upgrade in the sovereign
rating reflects an improving ability of the state to support the
banks in the system, underpinning the upgrade of Agribank's GSR.
The GSR and Long-Term IDR are equalised with the sovereign, as
Fitch believes that the state is likely to support the bank, in
times of need, considering Agribank's 100% state ownership, high
systemic importance as the largest bank in Vietnam, and strategic
role in supporting the agriculture and rural sectors, which remain
key economic drivers of the country.
VR Constrained By Thin Capitalisation: Agribank's VR is constrained
by thin capitalisation, which led us to assign the VR one notch
below the implied VR. Agribank's Fitch Core Capital Ratio of 5.9%
as of June 2023 was the lowest among rated peers, but Fitch expects
the ratio to improve on better internal capital generation and a
planned VND17 trillion capital infusion from the state. The bank's
VR also takes into consideration its entrenched franchise as well
as its gradually improving profitability in recent years, helped by
ongoing restructuring efforts to improve productivity and resolve
legacy asset-quality issues.
Better Operating Environment: Fitch has revised up the banking
system operating environment score to 'bb'/stable from
'bb-'/positive, as Fitch expects the economy to continue to recover
and grow robustly over the medium term, buoying banking sector
business prospects. Credit conditions have gradually improved since
early 2023, helped by the authorities' decisive policy actions and
accommodative monetary policy, and Fitch expects the sector's
financial performance to recover in 2024 amid a pick-up in loan
growth and improving net interest margins.
Non-performing loan (NPL) formation should also taper on the back
of the recovering economy, with Fitch expecting GDP to grow by 6.3%
in 2024.
Asset Quality Reflects Policy Focus: Agribank's NPL and write off
ratios have historically been higher than those of its local rated
peers' average over the course of credit cycles. Fitch believes
this reflects Agribank's enlarged exposure towards riskier
borrowers and the rural sector. The NPL ratio rose to 2.1% by
end-June 2023 (end-2022: 1.8%) amid the economic slowdown in 1H23,
but Fitch expects asset-quality performance to stabilise in the
near term as the economy recovers.
Improving Profitability: Fitch expects the bank's risk-adjusted
profitability to continue to improve on account of improving
operational efficiency and recovering margins as funding costs
decline and loans under temporary interest rates relief get
repriced to market rates. Gains from the sale of written-off debt
have been substantial in recent years, amid the bank's asset
recovery efforts. Fitch expects earnings to continue to be propped
up by such gains in the near term, given the large stock of largely
secured, written-off debt equivalent to around 18% of outstanding
loans at end-2022
State Linkages Support Funding: Fitch has revised up the bank's
funding and liquidity score to 'bb'/stable from 'bb-'/stable, on
the revision in the operating environment score and sovereign
rating. Agribank's highly entrenched deposit franchise and strong
state linkages underpin its stable funding profile, and it has
generally been a net lender in the interbank market. Its
loan/deposit ratio of about 86% at end-June 2023 reflects a liquid
balance sheet.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
IDR and GSR
The Long-Term IDR and GSR are highly likely to mirror any negative
action on Vietnam's sovereign rating. Fitch may also takes negative
rating action on the GSR and the IDR if Fitch perceives the state's
propensity to support Agribank as diminishing materially, such as
if the bank were to have much lower systemic importance or ceases
to be majority state-owned, neither of which Fitch considers likely
in the near term.
Its Short-Term IDR will be upgraded to 'F3' if its Long-Term IDR is
upgraded to 'BBB-'.
VR
A decline in Agribank's Fitch Core Capital ratio to 5% (end-2Q23:
5.9%) or its local capital ratios to close to the regulatory
minimum is likely to lead to a downgrade of the VR to 'b-',
especially if there were no meaningful improvements in other
financial profile scores. A material deterioration in its risk
profile, which could be reflected in excessively rapid growth or a
major shift to higher-risk borrowers, in tandem with significantly
worse asset-quality metrics, may also pressure the VR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
IDR and GSR
An upgrade of Vietnam's sovereign rating is likely to lead to a
corresponding upgrade of the GSR and Long-Term IDR, provided the
state's propensity to support Agribank is unchanged.
The Short-Term IDR will be upgraded to 'F3' in the event its
Long-Term IDR is upgraded.
VR
The VR is constrained by low capitalisation and it may be upgraded
if Agribank's Fitch Core Capital ratio rises to and stays around
8%. Fitch may also upgrades the VR if profitability and
asset-quality performance continue to improve on a sustained
basis.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Fitch has affirmed the Long-Term IDR (xgs) at 'B(xgs)' and the
Short-Term IDR (xgs) at 'B(xgs)'. The bank's Long-Term IDR (xgs)
excludes assumption of government support from its underlying
rating and is, therefore, driven by its VR. The Short-Term IDR
(xgs) is assigned in accordance with its Long-Term IDR (xgs) and
the short-term rating mapping outlined in Fitch's criteria.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The bank's Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The bank's Short-Term IDR (xgs) could be downgraded if
the VR is downgraded by two notches or more, below 'b-'.
Factors that could, individually or collectively, lead to positive
rating action/downgrade:
The bank's Long-Term IDR (xgs) could be upgraded if the VR is
upgraded. The bank's Short-Term IDR (xgs) could be upgraded if the
VR is upgraded above 'bb+'.
VR ADJUSTMENTS
The VR has been assigned below the implied VR for the following
adjustment reason: weakest link - capitalisation and leverage
(negative)
The operating environment score has been assigned above the implied
score for the following adjustment reason: economic performance
(positive)
The asset quality score has been assigned below the implied score
for the following adjustment reason: underwriting standards and
growth (negative)
The earnings and profitability score has been assigned below the
implied score for the following adjustment reason: risk-weight
calculation (negative)
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Agribank's IDRs are linked to Vietnam's sovereign rating.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Vietnam Bank for
Agriculture and
Rural Development LT IDR BB+ Upgrade BB
ST IDR B Affirmed B
Viability b Affirmed b
Government Support bb+ Upgrade bb
LT IDR (xgs) B(xgs)Affirmed B(xgs)
ST IDR (xgs) B(xgs)Affirmed B(xgs)
VIETNAM ELECTRICITY: Fitch Hikes IDR to 'BB+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of Vietnam Electricity (EVN) and six rated EVN subsidiaries,
as well as Vietnam Oil and Gas Group (PVN) and three rated PVN
subsidiaries to 'BB+' from 'BB'. The Outlooks are Stable. The
rating action follows the upgrade of Vietnam's Long-Term
Foreign-Currency IDR to 'BB+' from 'BB' on December 8, 2023.
The six EVN subsidiaries are National Power Transmission
Corporation (EVNNPT), Southern Power Corporation (EVNSPC), Hanoi
Power Corporation (EVNHANOI), Ho Chi Minh City Power Corporation
(EVNHCMC), Northern Power Corporation (EVNNPC) and Central Power
Corporation (EVNCPC).
The three PVN subsidiaries are PetroVietnam Power Corporation -
Joint Stock Company (PV Power), PetroVietnam Gas Joint Stock
Corporation (PV Gas) and Binh Son Refining and Petrochemical Joint
Stock Company (BSR).
Fitch has also upgraded the senior unsecured ratings of PVN, EVN
and EVNNPT to 'BB+' from 'BB', and revised PV Power's Standalone
Credit Profile (SCP) to 'bb+' from 'bb' driven by upgrade of EVN,
PV Power's key counterparty.
KEY RATING DRIVERS
EVN's rating is equalised with the Vietnam sovereign rating under
Fitch's Government-Related Entities (GRE) Rating Criteria,
reflecting strong likelihood of support by the state. EVN's
Standalone Credit Profile (SCP) is assessed at 'bb'.
PVN's rating reflects its SCP of 'bb+', the same level as the IDR
of its parent, the Vietnam sovereign.
EVNNPT's ratings reflect its SCP of 'bb+', which is at the same
level as the IDR of its parent, EVN.
The ratings of five power corporations (PCs) - EVNHANOI, EVNHCMC,
EVNSPC, EVNNPC and EVNCPC - are equalised with that of their
parent, EVN, which wholly owns these PCs, in line with Fitch's
Parent Subsidiary Linkage (PSL) Rating Criteria. Fitch assesses
EVN's overall incentive to support the five PCs as 'High', based on
'Low' legal and 'High' operation and strategic incentives. Fitch
assesses all the PCs' SCPs as 'bb', the same as that of EVN.
PV Power's ratings reflect its SCP assessment of 'bb+', which is on
par with the IDR of its 80% parent, PVN. Fitch has revised PV
Power's SCP to 'bb+' from 'bb' in line with its key counterparty,
EVN. PV Power's SCP was previously constrained by EVN's IDR, even
though PV Power's financial profile is stronger than what its SCP
assessment indicates.
PV Gas' ratings reflect its SCP of 'bb+', which is at the same
level as that of the parent, PVN. BSR's rating is equalised with
that of its parent, PVN, based on Fitch's PSL Rating Criteria. This
reflects its assessment of 'High' strategic and operational
incentives for PVN to support BSR, while legal incentives are
'Weak'. BSR's SCP is assessed at 'bb-'.
Please see the following rating action commentaries for the full
rating rationales and disclosures for these issuers:
Fitch Affirms Vietnam Oil and Gas Group at 'BB'; Outlook Positive,
dated 27 October 2023;
Fitch Affirms Vietnam Electricity at 'BB'; Outlook Positive, dated
5 September 2023;
Fitch Affirms Vietnam's EVNNPT at 'BB'; Outlook Positive, dated 17
March 2023;
Fitch Affirms Vietnam Central Power Corporation at 'BB'; Outlook
Positive, dated 28 March 2023;
Fitch Affirms Southern Power Corporation at 'BB'; Outlook Positive,
dated 28 March 2023
Fitch Affirms Vietnam's Northern Power Corporation at 'BB'; Outlook
Positive, dated 28 March 2023;
Fitch Affirms Vietnam's Ho Chi Minh Power at 'BB'; Outlook
Positive, dated 19 September 2023;
Fitch Affirms Vietnam's EVNHANOI at 'BB'; Outlook Positive, dated
19 September 2023;
Fitch Affirms PetroVietnam Power at 'BB'; Outlook Positive, dated
25 May 2023;
Fitch Assigns PetroVietnam Gas First-Time 'BB' Rating; Outlook
Positive, dated 2 March 2023;
Fitch Assigns Binh Son Refining and Petrochemical First-Time 'BB'
Rating; Outlook Positive, dated 4 September 2023.
RATING SENSITIVITIES
PVN
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on the sovereign, provided the likelihood
of state support does not deteriorate significantly.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on the sovereign.
EVN
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on the sovereign, provided the likelihood
of state support does not deteriorate significantly.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on the sovereign.
- Deterioration in EVN's SCP, along with significant weakening in
linkages with the state. Fitch sees this as a remote prospect in
the medium term.
EVNNPT
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on EVN;
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on EVN;
EVNHANOI
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on EVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on EVN.
EVNHCMC
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on EVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on EVN.
EVNNPC
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on EVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on EVN.
EVNSPC
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on EVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on EVN.
EVNCPC
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on EVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on EVN.
PV Power
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on PV Power's parent, PVN and
strengthening of linkages between PV Power and PVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A downgrade of EVN
PV Gas
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on PV Gas's parent, PVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on PV Gas's parent, PVN.
BSR
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- An upgrade in PVN's IDR, provided PVN's incentives to support BSR
remain intact.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A downgrade in PVN's IDR;
- Any weakening of PVN's incentives to support BSR
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The ratings of EVN, PVN, EVNNPT, the five PCs, PV Gas and BSR are
directly linked to the credit quality of their parents, the
sovereign in the case of EVN and PVN; EVN in the case of EVNNPT and
the five PCs; and PVN in the case of PV Gas and BSR. A change in
Fitch's assessment of the credit quality of the respective parent
would automatically result in a change in the ratings of these
entities.
The ratings on PV Power are directly linked to the credit quality
of its key counterparty, EVN. A change in Fitch's assessment of
EVN's IDR would automatically result in a change in the ratings on
PV Power.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Vietnam Oil and
Gas Group LT IDR BB+ Upgrade BB
senior unsecured LT BB+ Upgrade BB
Hanoi Power
Corporation LT IDR BB+ Upgrade BB
PetroVietnam Power
Corporation - Joint
Stock Company LT IDR BB+ Upgrade BB
Vietnam Electricity LT IDR BB+ Upgrade BB
senior unsecured LT BB+ Upgrade BB
Ho Chi Minh City
Power Corporation LT IDR BB+ Upgrade BB
Northern Power
Corporation LT IDR BB+ Upgrade BB
PetroVietnam Gas
Joint Stock
Corporation LT IDR BB+ Upgrade BB
Southern Power
Corporation LT IDR BB+ Upgrade BB
National Power
Transmission
Corporation LT IDR BB+ Upgrade BB
senior unsecured LT BB+ Upgrade BB
Central Power
Corporation LT IDR BB+ Upgrade BB
Binh Son Refining
and Petrochemical
Joint Stock Company LT IDR BB+ Upgrade BB
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***