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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, December 22, 2023, Vol. 26, No. 256
Headlines
A U S T R A L I A
A TAVOLA: Collapses Into Liquidation; All Jobs Axed
ART IN PARADISE: Second Creditors' Meeting Set for Dec. 29
EPICUREAN DISTRIBUTION: Second Creditors' Meeting Set for Jan. 8
EPSILON HEALTHCARE: First Creditors' Meeting Set for Dec. 29
HAMILTON CORP: First Creditors' Meeting Set for Jan. 3
TELECOM SHOP: First Creditors' Meeting Set for Dec. 29
C H I N A
BAONENG INVESTMENT: Ping An Bank Lists $166M Group's Debt for Sale
CHINA AOYUAN: Files Chapter 15 Bankruptcy
I N D I A
ANEESH AHMAD: ICRA Keeps D Debt Ratings in Not Cooperating
AUSTIN PLYWOOD: ICRA Lowers Rating on INR12.50cr Cash Loan to B+
BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
BEWAKOOF BRANDS: ICRA Withdraws B+ Rating on INR17cr LT Loan
BHOOMI GINNING: ICRA Keeps D Debt Rating in Not Cooperating
BLG CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating
CLAYSTONE GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
FIBREMARX PAPERS: ICRA Withdraws D Rating on INR32cr LT Loan
GREENEARTH INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
GURUKRUPA COTTON: CRISIL Moves B+ Rating from Not Cooperating
HIGH END: CRISIL Reaffirms B Rating on INR15.8cr LT Loan
J.M.A. STORES: CRISIL Withdraws B Rating on INR23.5cr Cash Loan
KALRA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
KGS SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
MABEREST HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
MAG INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MAHI FORMALINE: ICRA Keeps B Debt Rating in Not Cooperating
MITCON CONSULTANCY: ICRA Withdraws B+/A4 Rating on INR5CR Loans
MOTIA TOWNSHIP: ICRA Keeps B Debt Ratings in Not Cooperating
PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
RAM PROTEINS: ICRA Moves D Debt Ratings to Not Cooperating
SIDHI VINAYAK: ICRA Withdraws D Rating on INR10cr Term Loan
SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
U.C. JAIN: CRISIL Keeps B Debt Rating in Not Cooperating Category
VAIGHAI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
VARDHINI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
VSRK CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
ALCHEMIST GROUP: Court to Hear Wind-Up Petition on Feb. 16
DAYS LANDING: Court to Hear Wind-Up Petition on Feb. 2
KAIZON BUILDING: Creditors' Proofs of Debt Due on Jan. 26
KAPTURA LIMITED: Creditors' Proofs of Debt Due on March 1
OLYMPIA PARKING: Creditors' Proofs of Debt Due on Jan. 16
S I N G A P O R E
MANNA ENGINEERING: Court Enters Wind-Up Order
NICKORASU PTE: Court Enters Wind-Up Order
PYFS MALL: Commences Wind-Up Proceedings
RESOURCECO ASIA: Creditors' Proofs of Debt Due on Jan. 22
TECHNICORUM HOLDINGS: Court to Hear Wind-Up Petition on Dec. 29
- - - - -
=================
A U S T R A L I A
=================
A TAVOLA: Collapses Into Liquidation; All Jobs Axed
---------------------------------------------------
News.com.au reports that beloved Sydney pasta restaurant, A tavola,
which traded for 15 years, has collapsed into liquidation along
with five sister companies, sacking all staff and owing creditors
hundreds of thousands of dollars.
News.com.au relates that the other affected businesses are Flour
Eggs Water Surry Hills and meatball restaurant Palle, which both
traded out of Sydney's Tramsheds development, along with home
delivery business, A tavola at Home.
The liquidation also includes A tavola Bondi, which closed earlier
this year.
Well-known Adelaide-Sydney chef Eugenio Maiale and his wife
Michelle were behind the businesses.
Liquidator Shumit Banerjee, of Westburn Advisory, who was appointed
to the four parent companies of the businesses on December 20, told
news.com.au: "All employment contracts were regrettably terminated
as of yesterday and the precise number of staff and entitlements
owed will be known later today."
News.com.au relates that Mr. Banerjee said while he was still
investigating the financial situation, it appeared the businesses
creditors included "suppliers, landlords and the Australian
Taxation Office and the amount owing was still being quantified".
It is understood the figure is likely to be in the hundreds of
thousands of dollars.
According to news.com.au, Mr. Banerjee said the reason for the
failure of the businesses appeared to be a combination of factors,
including impacts from Covid-19, a decrease in revenue potentially
linked to the increase in the cost of living and the businesses
being "unable to secure terms with landlords and suppliers to
enable them to continue to trade profitably".
According to its website, A tavola first opened in 2007 on Victoria
Street, Darlinghurst.
A tavola - which translates from Italian to ‘at the table' was
known for its long marble central table, where groups of diners
were seated together, long before communal dining became
fashionable.
In 2013, the company expanded to Bondi, opening a second A tavola,
which closed earlier this year after a 10-year run, the report
says.
ART IN PARADISE: Second Creditors' Meeting Set for Dec. 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of Art in Paradise
Pty Ltd has been set for Dec. 29, 2023 at 11:00 a.m. via
teleconference 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. 28, 2023 at 4:00 p.m.
David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on Nov. 29, 2023.
EPICUREAN DISTRIBUTION: Second Creditors' Meeting Set for Jan. 8
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Epicurean
Distribution Pty Ltd has been set for Jan. 8, 2024 at 2:30 p.m. at
the offices of SV Partners SA Pty Ltd at Level 4,12 Pirie Street in
Adelaide.
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 Jan. 5, 2024 at 5:00 p.m.
Thomas Stuart Otway and David Michael Stimpson of SV Partners were
appointed as administrators of the company on Nov. 2, 2023.
EPSILON HEALTHCARE: First Creditors' Meeting Set for Dec. 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Epsilon
Healthcare Limited will be held on Dec. 29, 2023, at 4:00 p.m. at
the offices of SV PARTNERS at Level 7, 151 Castlereagh Street in
Sydney.
Ian Purchas and Hugh Armenis of SV Partners were appointed as
administrators of the company on Dec. 17, 2023.
HAMILTON CORP: First Creditors' Meeting Set for Jan. 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Hamilton
Corporation Pty Ltd will be held on Jan. 3, 2024, at 11:00 a.m. via
virtual meeting only.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrators of the company on Dec. 19, 2023.
TELECOM SHOP: First Creditors' Meeting Set for Dec. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of The Telecom
Shop Pty Ltd will be held on Dec. 29, 2023, at 10:30 a.m. at the
offices of Jirsch Sutherland at Suite 2, Level 14, 383 Kent Street
in Sydney.
Andrew John Spring and Peter John Moore of Jirsch Sutherland were
appointed as administrators of the company on Dec. 15, 2023.
=========
C H I N A
=========
BAONENG INVESTMENT: Ping An Bank Lists $166M Group's Debt for Sale
------------------------------------------------------------------
Caixin Global reports that Ping An Bank Co. Ltd. is selling CNY1.2
billion (US$166 million) of debt lent to three affiliates to
Baoneng Investment Group, a Shenzhen-based conglomerate mired in
debt crisis since 2021.
Caixin says the debts were collateralized by assets including 32
residential units and 112 units of logistics property owned by the
borrowers. The debts are listed for sale at the public auction
platform operated by Alibaba Group. The listing period lasts from
Dec. 15 to June 12, 2024.
Baoneng Investment Group Co. Ltd. operates as an investment
company. The Company provides industrial investments, tourism
investments, and other investment services. Shenzhen Baoneng
Investment Group also operates construction equipment loans, supply
chain management, and other businesses.
CHINA AOYUAN: Files Chapter 15 Bankruptcy
-----------------------------------------
Bloomberg News reports that China Aoyuan Group Ltd. filed for
Chapter 15 bankruptcy in New York on Dec. 20, a move by the
defaulted property developer to seek U.S. court recognition for its
offshore debt restructuring and ward off litigation.
According to Bloomberg, the Guangzhou-based developer, which had
about $6 billion of total offshore interest-bearing liabilities as
of the end of 2022, is undergoing restructuring in Hong Kong,
Cayman Islands and the British Virgin Islands after deciding last
year to forgo paying debt.
Its board has been advised by its advisers to "seek recognition of
the Hong Kong proceedings and related relief from the US Bankruptcy
Court for the Southern District of New York," according to a
company filing with the court, Bloomberg relays. Without US court
recognition, "there is litigation risk that dissenting holders of
the existing public notes may file actions to enforce their claims
in the US courts even after the Hong Kong schemes are sanctioned by
the Hong Kong court," it said.
Aoyuan joins a small but growing list Chinese developers - as well
as other non-US debtors - to tap Chapter 15 bankruptcy system to
more efficiently deal with offshore creditors or handle
cross-border assets. China Evergrande Group, whose 2021 default
accelerated the country's property debt crisis, called the move a
"normal procedure" since its dollar bonds are governed by New York
law.
A Chapter 15 recognition proceeding is a legal step for the US
court to formally recognize the effectiveness of the restructuring
in foreign jurisdictions, according to an insight note by law firm
Sidley Austin LLP in October.
Companies don't necessarily need material US assets in order to
seek such recognition, and often the only liabilities of Chapter 15
debtors are US-law governed bonds, the note said, in explaining the
differences with the better-known Chapter 11 filings.
Aoyuan's dollar bonds - trading at below 2 cents to indicate
investors' low expectations for recovery - are governed by New York
law, Bloomberg-compiled data show.
In July, the company detailed a restructuring plan with a number of
new debt instruments and other measures to address creditors'
demands, including notes with payment-in-kind interests, new equity
shares, zero-coupon mandatory convertible bonds and perpetual
securities.
Aoyuan last month said it obtained sufficient support from
creditors to approve its restructuring plans, and would seek Hong
Kong, Cayman and BVI courts' approval for the plan in December and
January, Bloomberg recalls.
Aoyuan, ranked 110th by sales among Chinese developers in the first
half this year, said its decision not to pay the debts was due to
the need "to preserve its limited cash resources and maintain
fairness among all of its creditors pending a holistic debt
restructuring," Bloomberg relays.
The case is China Aoyuan Group Ltd, 23-12030, US Bankruptcy Court
for the Southern District of New York (Manhattan).
About China Aoyuan
China Aoyuan Group Limited, formerly China Aoyuan Property Group
Limited, is an investment holding company principally engaged in
the sales of properties. The Company operates its business through
three segments. The Property Development segment is engaged in the
development and sale of properties. The Property Investment segment
is engaged in the leasing of investment properties. The Others
segment is engaged in hotel operation, the provision of consulting
and management services. Through its subsidiaries, the Company is
also engaged in construction business.
Aoyuan defaulted on debts in January 2022. As of the end of 2022,
Aoyuan had offshore interest-bearing liabilities of about CNY42.8
billion (USD5.9 billion) and onshore interest-bearing liabilities
of around CNY66.2 billion.
=========
I N D I A
=========
ANEESH AHMAD: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term rating of Aneesh Ahmad
Khan in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 1.08 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Aneesh Ahmad Khan, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Aneesh Ahmad Khan was established in 1994 and is engaged in the
business of overburden removal, coal excavation and coal
transportation works. The firm was established by eight partners
belonging to the same family. The firm's operations are majorly
concentrated in coal mining areas of Madhya Pradesh, primarily in
the district of Chhindwara.
AUSTIN PLYWOOD: ICRA Lowers Rating on INR12.50cr Cash Loan to B+
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Austin Plywood Pvt. Ltd (APPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.25 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Term loan from [ICRA]BB+ (Stable)and
continues to remain in the
'Issuer Not Cooperating'
Category
Long Term- 12.50 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB+ (Stable)and
continues to remain in the
'Issuer Not Cooperating'
Category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating downgraded
Others from [ICRA]A4+ and continues
to remain in the 'Issuer Not
Cooperating' category
Long Term/ 20.25 [ICRA]B+ (Stable)/[ICRA]A4+;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating downgraded from
[ICRA]BB+(Stable) ISSUER NOT
COOPERATING/[ICRA]A4+; ISSUER
NOT COOPERATING and continues
to remain under Issuer Not
Cooperating category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding APPL performance and in turn, the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the same may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.
As part of its process and in accordance with its rating agreement
with Austin Plywood Pvt. Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
APPL was incorporated in 1982 by the Kolkata-based Agarwal family
in the name of B. S. Progressive Pvt. Ltd. In January 2020, the
name of the company was changed to Austin Plywood Pvt. Ltd. The
company manufactures plywood, block board and flush door. Besides,
it trades in plywood, veneer, PVC foam board etc. The manufacturing
facility of the company is located in Kolkata, West Bengal. The
installed capacity of the plywood manufacturing facility is
75,00,000 notional area (NA), equivalent to 30,000 cubic metres
(CBM) per annum. [1 Notional Area = 250 cubic metres].
BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Barasat Krishnagar
Expressways Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 705.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Barasat Krishnagar Expressways Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
BKEL has been incorporated as a special purpose vehicle promoted by
Madhucon Infra Limited (MIL) and Madhucon Projects Limited (MPL) to
undertake the implementation of four-laning of Barasat to
Krishnanagar section of NH-34 from km 31.00 to km 115.00 in the
state of West Bengal under NHDP Phase III on Design, Build,
Finance, Operate, Transfer (DBFOT) Annuity basis. The project has
been terminated in December 2015 due to land acquisition issues and
is currently under arbitration.
BEWAKOOF BRANDS: ICRA Withdraws B+ Rating on INR17cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Bewakoof Brands Private Limited at the request of the company and
based on the No Due Certificate (NDC) received from its banker. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 4.98 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Incorporated in August 2011, Bewakoof Brands Private Limited (BBPL)
is a millennial fashion wear brand involved in online retailing of
merchandise including theme-based apparels, shoes, mobile covers,
bags accessories, etc, through its website (bewakoof.com) and
mobile application across India. W.e.f. February 15,2023 Bewakoof
Brands Private Limited is the subsidiary of Aditya Birla Digital
Fashion Ventures Limited which makes it a step-down subsidiary of
Aditya Birla Fashion and Retail Limited. The company has set up its
manufacturing facility in Bhiwandi, Maharashtra, where it
undertakes cutting, stitching and printing of apparels. Its head
office is in Bhiwandi, Mumbai.
BHOOMI GINNING: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of Bhoomi Ginning Pressing Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Bhoomi Ginning Pressing Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2006, Bhoomi Ginning Pressing Pvt Ltd (BGPPL) is a
private limited company managed by three directors Mr. Sanjaybhai
Ramanai Mr. Ashishbhai Ramani and Mr. Maganbhai Ramani. It is
involved in the ginning and pressing of raw cotton and the crushing
of cottonseeds. BGPPL produces mainly cotton bales, cottonseeds,
cottonseed oil, cottonseed oil cakes and baghru. The manufacturing
facility of BGPPL was equipped with 24 ginning machines, one
pressing machine and two expellers having an installed capacity of
220 cotton bales, 0.50 MT of cottonseed oil and 12.50 MT of
cottonseed oil cake per day (24 hours operation).
BLG CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of BLG
Construction Service Pvt Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.80 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.20 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 9.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with BLG Construction Service Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1997, BLG Construction Services Private Limited
(BLG) is a Jodhpur (Rajasthan) based consulting entity in the
domain of civil engineering including Design, Investigation, third
party inspection construction supervision, this apart BLG also
undertakes construction work for hospitals, railways andother
varied government entities. The foundation of the company was laid
back in 1997 by Mr Varshney in the name of BLG Construction
Services which was later converted in a private limited company in
2005.
CLAYSTONE GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Claystone
Granito Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 33.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 4.40 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Liners India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in January 2015, Claystone Granito Private Limited
(CGPL) manufactures vitrified tiles i.e. twin charged vitrified
tiles and nano-polished vitrified tiles. The manufacturing unit of
the company is in Morbi, Gujarat, with an installed capacity of
93,000 metric tonne per annum. CGPL manufactures vitrified tiles of
single size i.e. 600mmX600mm. The company is promoted
by Mr. Vijay Patel, along with eight other directors. The promoters
have vast experience in the ceramic industry via their association
with other Morbi-based Group companies dealing in manufacturing of
various segments of ceramic tiles. The Group concerns have
established pan-India dealers/ distributors which will benefit the
company in marketing and selling terms.
FIBREMARX PAPERS: ICRA Withdraws D Rating on INR32cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Fibremarx Papers Private Limited at the request of the company and
based on the No Objection Certificates received from the bankers,
and in accordance with ICRA's policy on withdrawal. ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 32.00 [ICRA]D; withdrawn
Fund based
Cash Credit
Long-term– 17.50 [ICRA]D; withdrawn
Fund based
Term Loan
Short term– 2.50 [ICRA]D; withdrawn
Non fund based
FPPL started operations in 2006 to manufacture paper for writing,
printing and newsprint. The company's initial production capacity
was 33,000metric tonnes (MT) per annum, which was subsequently
increased over the years and is currently 60,000 MT per annum. The
company manufactures 60-80 grams per square metre (GSM) of writing
paper, 45-50 GSM of newsprint, while its customer mix consists of
publishers, retailers and wholesalers. FPPL also has a duplex board
paper manufacturing line with an annual production capacity of
48,000 MT, which currently remains unutilised.
GREENEARTH INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Greenearth Infraventures Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.40 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Greenearth Infraventures Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Greenearth Infraventures Pvt Ltd (GIPL) is part of the
Chattisgarh-based K. N. Group, which has interests across several
fields (mainly agriculture-related industries) including soya bean
processing, flour milling, international agro-trade and wind power
generation. The Group was established by industrialist and social
worker, Late Nemichand Shishrimal, in 1930. One of the
interests of the Group is in real estate development. Greenearth
City, which is the first project of the Group, is a township spread
over 42 acres of land in association with the IBD Group of Madhya
Pradesh, which has executed several projects in the state.
Greenearth City is located in Amleshwar near Mahadeo Ghat on the
Raipur Patan Road. This township offers, 2 BHK/3BHK flats in four
storied buildings (Phase-1), independent row houses (Phase-2),
commercial centre shops and offices (Phase3) and residential plots
(Phase-4).
GURUKRUPA COTTON: CRISIL Moves B+ Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its ratings on bank facilities of
Gurukrupa Cotton and Oil Industries (GCOI) to 'CRISIL B+/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing the information necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating its rating to 'CRISIL B+/Stable' from 'CRISIL B+/Stable
Issuer Not Cooperating '.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
The rating continues to reflect the large working capital
requirement of the firm and its modest financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the textile industry.
Analytical Approach
Unsecured loan of INR1.81 crore as on March 31, 2023, from the
promoters has been treated as 75% equity and 25% debt as the loan
is subordinate to bank debt and expected to remain in the business
over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets (GCAs) of 120-150
days over the three fiscals through 2023 driven by large inventory
of 100 days around. The GCAs are estimated at 121 days as on March
31, 2023.
* Modest financial risk profile: Gearing and total outside
liabilities to adjusted networth ratio were 1.67 times and 1.90
times, respectively, as on March 31, 2023. The capital structure
will remain leveraged over the medium term. Debt protection metrics
were subdued, indicated by interest coverage and net cash accrual
to total debt ratios of 1.09 times and 0.01 time, respectively, in
fiscal 2023, and are expected at similar levels over the medium
term.
Strengths:
* Extensive experience of the promoters: The promoters have
experience of over 12 years in the textile (cotton ginning)
industry. Their expertise, understanding of market dynamics and
healthy relationships with suppliers and customers will continue to
support the business.
Liquidity: Stretched
Bank limit utilization is high at around 95.01 percent for the past
twelve months ended October 2023 Cash accrual are expected to be
over INR0.35 crore against no term debt obligation over the medium
term. In addition, it will act as cushion to the liquidity of the
company. Current ratio is healthy at 1.55 times on March 31, 2023.
The promoters are likely to extend support in the form of equity
and unsecured loans to meet its working capital requirements and
repayment obligations.
Outlook: Stable
CRISIL Ratings believes GCOI will continue to benefit from the
extensive experience of the promoters and established relationships
with clients.
Rating Sensitivity factors
Upward factors
* Increase in profitability leading to higher cash accrual above
INR1 crores.
* Improvement in the interest coverage ratio to over 1.5 times.
Downward factors
* Decline in operating margin below 2%.
* Further stretch in the working capital cycle weakening
liquidity.
Set up in 2008, GCOI gins and presses raw cotton and crushes cotton
seeds at its facility in Rajkot, Gujarat. The firm has installed
capacity of 20,250 kg per day. It manufactures cotton bales, cotton
oil and cotton oil cakes. Mr Rajeshbhai Bhagvanjibhai, Mr
Shamjibhai Harkhabhai and Mr Pankajbhai Pitambarbhai are main
promoters.
HIGH END: CRISIL Reaffirms B Rating on INR15.8cr LT Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of High End Quality Constructions
Pvt Ltd (HEQCPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (Reaffirmed)
Overdraft Facility 4.2 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 15.8 CRISIL B/Stable (Reaffirmed)
The rating reflects the company's modest scale and its
susceptibility to tender-based operations, large working capital
requirement, and leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoters and
comfortable debt protection metrics.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations and susceptibility to tender-based
operations: Exposure to intense competition in the civil
construction business will continue to limit scalability and
operating flexibility over the medium term. Revenue was modest at
INR14.75 crore in fiscal 2023 (against Rs.11.85 crore of FY22) and
will entirely depend, along with profitability, on ability to win
tenders. Intense competition also necessitates aggressive bidding
for contracts, thereby restricting operating margin. Moreover, the
ability to maintain profitability becomes critical amid cyclicality
inherent in the construction industry. Ramp-up in operations and
bagging tenders successfully will remain monitorable.
* Large working capital requirement: Despite Gross current asset
(GCA) improving from 464 days as on March 31, 2022, due to
correction in receivables from 210 days to 75 days as on 31st March
2022 to 31st March 2023. GCA remained high at 274 days as on March
31, 2023. Due to moderate receivables and moderate inventory of 74
days. Operations will require large working capital over the medium
term.
* Leveraged capital structure: Gearing and total outside
liabilities to adjusted net worth ratio were weak at 3.79 times and
3.44 times, respectively, as on March 31, 2023. Capital structure
is likely to remain leveraged over the medium term.
Strengths:
* Extensive experience of the promoters: The two-decade long
experience of the promoters in the civil construction segment,
their strong understanding of market dynamics and established
relationships with suppliers and customers will continue to support
business risk profile. Clientele includes the Public Works
Department (PWD) of Pondicherry, department of atomic energy
(Kalpakkam), Southern Railways and Oil and Natural Gas Corporation
(across Tamil Nadu).
* Comfortable debt protection metrics: Interest coverage and net
cash accrual to total debt ratios were 2.37 times and 0.18 times,
respectively, in fiscal 2023. The ratios are likely to remain
steady over the medium term.
Liquidity: Stretched
Bank limit was fully utilized in the 12 months through October
2023. Net cash accrual is expected to be INR1-1.37 crore per annum
against debt obligation of INR0.48 crore per annum, over the medium
term. An unencumbered fixed deposit of INR1 crore will support
liquidity. The current ratio was comfortable at 1.40 times as on
March 31, 2023.
Outlook: Stable
The company will continue to benefit from the extensive experience
of its promoters and established relationships with clients.
Rating Sensitivity factors
Upward factors:
* Growth in revenue and sustained operating margin of over 14-15%
due to steady orders leading to higher cash accrual.
* Better capital structure and liquidity with lower bank limit
utilization.
Downward factors:
* Stagnation in revenue performance at 20% and gradual fall in
operating margin below 9% resulting in lower cash accrual.
Decline in order flow and stretch in working capital cycle further
constraining financial risk profile, including liquidity.
HEQCPL was incorporated in 2008 and is promoted by Mr K Sivakumar
and Ms T Sudha. The Chennai-based company undertakes civil
construction works and is a registered Class I contractor with the
PWD, governments of Tamil Nadu and Pondicherry.
J.M.A. STORES: CRISIL Withdraws B Rating on INR23.5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
J.M.A. Stores Private Limited (JMA) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL Ratings has been consistently following up with JMA for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 JMA. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on JMA is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of JMA to 'CRISIL
B/Stable Issuer not cooperating'.
Established as a partnership firm in 1932, JMA was reconstituted as
a deemed limited company in July 1992. The company has been an
authorized dealer for commercial vehicles of TML since 1968. The
company has five showrooms (two in Dhanbad, two in Hazaribagh and
one in Bokaro) and 09 sales offices in Jharkhand.
KALRA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Kalra Overseas
& Precision Engineering Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.22 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term– 3.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.30 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Kalra Overseas & Precision Engineering Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
After commencing operations as a merchant exporter of forged/ cast
machined components in 1998, Kalra Overseas & Precision Engineering
Limited (KOPL) established its own machining unit in 2004 and later
forayed into forging by acquiring 'Mallikarjun Forging Private
Limited (MFPL)'- in 2005. KOPL is a supplier of machined components
primarily to the auto industry and supplies to OEMs and Tier I
suppliers in the domestic as well as export market. The company is
promoted and managed by Mr. Hurssh Kalra ably assisted by his wife
Mrs. Tripti Kalra. KOPL has shifted its operations along with that
of MFPL under single unit at Shirwal (Maharashtra), which has
become operational since November 2014.
KGS SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of KGS Sugar &
Infra Corporation Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING
/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 117.33 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 210.81 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 69.86 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short-term– 52.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KGS Sugar & Infra Corporation Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
KGS is involved in the manufacturing of sugar and its allied
products. The company had set up a sugar plant with capacity of
4500 tonnes crush per day (TCD) which is forward integrated with a
co-generation unit of 14 MW. The company is also installing a sugar
refining unit of 400 tonnes per day (TPD). The manufacturing
facility of the company is located at Niphad in Nashik district of
Maharashtra.
KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Sree
Kiran Enterprises in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 37.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sree Kiran Enterprises, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sree Kiran Enterprises, established as a proprietorship firm in
2000, is owned by Mrs. Padmavathi. The firm is involved in
providing catering services in Bangalore (Karnataka). The firm has
two banquet halls –(i) Samskruthi Banquet Hall and (ii) Sree
Soundarya Mahal in the city. The operations of the firm are managed
by the family members of the proprietor. The promoter family is
associated with other group concerns which are engaged in similar
line of businesses.
MABEREST HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Maberest
Hotels Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Maberest Hotels Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
MHPL, incorporated on May 29, 1972, owns and operates the 103-room
business hotel "Hotel Fidalgo‟ at Panjim in Goa. The company is
promoted by Mr. Jayant Shetty and is closely held. The property was
running under the name "Hotel Fidalgo" under a different management
till 1998-99 when it was closed down and put up for sale. Mr.
Jayant Shetty then purchased it as an asset buyout in 2002-03. Post
his purchase, Mr. Shetty refurbished the hotel, added new
restaurants and started the hotel again in phases (October 2005 and
October 2006) under the same name "Hotel Fidalgo". During FY 2016,
MHPL also started operations of new discotheque "Nyex beach club"
at Anjuna, Goa. The hotel is situated at a prime location on 18th
June Road which is the CBD of Panjim.
MAG INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of MAG India
Industrial Automation Systems Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MAG India Industrial Automation Systems Private Limited, ICRA
has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
MAG India was incorporated as a Private Limited company on 29th
December 2006, and belongs to the MAG Group of Companies currently
owned by Fair Friend Group. Its immediate holding company is M/s
FADAL Engineering (Mauritius) Limited, a company incorporated under
the Laws of Mauritius, and is a wholly owned subsidiary of MAG IAS
GmbH, Germany. and produces a range of fabrics including fashion
fabrics, garments, furnishings and made-ups. Another Group company,
Bharat Tissus Private Limited (BTPL), is also engaged in
manufacturing silk fabric and readymade garments (cotton, silks,
silk blends and other fabrics).
MAHI FORMALINE: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Mahi Formaline in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mahi Formaline, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Mahi Formaline (MF) was established on November 15, 2014 with the
objective to set up a Greenfield project to manufacture methanol
based organic chemical such as Formaldehyde and its derivatives
such as Urea Formaldehyde, Melamine Formaldehyde, Phenolic resin
and Hexamine. Most of the resins find application in the furniture
industry for manufacture of Plywood, Particle Boards, and Laminates
whereas few find application in pharmaceuticals and paints
industry. The promoters have a long-standing experience in the
particle board manufacturing industry by the virtue of their
association with other particle board-oriented firms.
MITCON CONSULTANCY: ICRA Withdraws B+/A4 Rating on INR5CR Loans
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
MITCON Consultancy and Engineering Services Limited at the request
of the company and based on the No Objection Certificate (NOC)
received from its bankers. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 5.00 [ICRA]B+(Stable); ISSUER NOT
Short Term- COOPERATING/[ICRA]A4; ISSUER NOT
Fund Based/ COOPERATING; Withdrawn
Non Fund
Based-Others
MITCON Consultancy and Engineering Services Private Limited
(MITCON) was formed jointly by the Industrial Development Bank of
India (IDBI), Industrial Finance Corporation of India (IFCI), State
Industrial and Investment Corporation of Maharashtra (SICOM),
Maharashtra Industrial Development Corporation (MIDC), Maharashtra
Small Scale Industries Development Corporation of India (MSSIDC)
and various banks as a technical consultancy organization in 1982.
The company provides corporate solutions in power generation,
renewable energy, banking, infrastructure, and biotechnology
sectors. It provides skill-based vocational and entrepreneurship
development training, corporate training as well as counselling
services. It has recently ventured into the EPC segment.
Headquartered in Pune, Maharashtra, it has a sister concern, MITCON
Foundation, which is managed by a common director and trustee. In
H1 FY2018, MITCON formed two subsidiaries, MITCON Multiskills Ltd.
in which it holds a 51% stake and MITCON Megaskill Canters Private
Limited, in which it holds a 26% stake. It was listed on Emerge,
the SME platform of National Stock Exchange in 2013.
MOTIA TOWNSHIP: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Motia Township Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Motia Township Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Motia Township Private Limited (MTPL), promoted by 'Motia Group',
is developing an integrated township named 'Motia Oasis' at
Zirakpur (Punjab). The project is spread across 24 acres and
encompassing a saleable area of about 2.4 million square feet
(msf). The aforesaid project is being developed in phased manner
wherein about 627 residential units and 69 retail units have been
launched till date.Kolkatta (West Bengal), Dehradun (Uttrakhand),
Bhubaneshwar (Orissa), Jaipur, Imphal and Dhar in (Madhya
Pradesh).
PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Pragati Glass
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 17.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Pragati Glass Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Pragati Glass Private Limited (Pragati Glass) was incorporated in
1982 by Mr Dinesh Gupta to engage in the manufacturing of glass
tableware and bottles. The company caters primarily to the
cosmetics and perfumes industry with small presence in foods &
beverages industry. Almost 60% of the company's sales are to the
exports market while balance being towards the domestic market.
Around 15-20% of its exports sales are deemed exports to SEZs. The
company has its manufacturing facility located at Kosamba,
Gujarat.
RAM PROTEINS: ICRA Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Shree Ram
Proteins Limited to the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 31.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Cash Credit Cooperating' Category
Long-term– 6.15 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Term Loan Cooperating' Category
Short term– 0.10 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based- Rating moved to the 'Issuer Not
Bank guarantee Cooperating' category
As part of its process and in accordance with its rating agreement
with Shree Ram Proteins Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information on the issuers'
performance. Accordingly, the lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity. The entity's credit profile may
have changed since the time it was last reviewed by ICRA; however,
in the absence of requisite information, ICRA is unable to take a
definitive rating action. The rating action has been taken in
accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.
Initially incorporated as Shree Ram Proteins Private Limited in
August 2008 by Rajkot-based Mr. Lalit Vasoya, Mr. Lavji Savaliya
and their family members for processing cotton seeds and carrying
out related trading activities, it was converted into a public
limited company in 2017, and its name was changed to Shree Ram
Proteins Limited. The company was listed on the NSE in 2020, prior
to which it was listed on the NSE Emerge Platform (SME) since 2018.
At present, the company's processing plant operations include
cotton seed de-linting, de-hulling, cotton seed oil extraction and
cotton seeds DOC. The company also deals in rapeseed oil, oil cake,
soya oil, groundnut oil, mustard seeds/oil, rice bran and soya
cake.
SIDHI VINAYAK: ICRA Withdraws D Rating on INR10cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sidhi Vinayak Foundation at the request of the company and based on
the No Dues Certificate (NDC) received from its bankers. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key
Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Withdrawn
Term Loan
SVF entered into an agreement with Millennium Education Management
Private Limited for establishing a school campus named The
Millennium School in Palwal. The school commenced operations from
April 2017 onwards with classes from KG to VII and a student
strength of around 63. In FY2020, it is expected to operate with
classes from KG to IX with strength of around 410 students against
a total capacity of 480.
SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Sonapur Herbal Centre Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.18 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.82 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sonapur Herbal Centre Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2000, SHCPL currently owns and operates a 20-room
resort, "Spring Valley Resort" at Sonapur, Assam. The company is in
the process of converting the existing resort into a four-star
hotel cum-resortwith 60 rooms/cottages (including the existing 20
cottages). Currently, the resort also operates a multi-cuisin
edining-cum-restobar, coffee shop, spa-cum-saloon, conference room,
banquet hall and swimming pool, all within the same premises.
U.C. JAIN: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of U.C. Jain
Foundation Trust (UCJFT) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with UCJFT for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UCJFT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UCJFT
is consistent with 'Assessing Information Adequacy Risk'. However,
CRISIL Ratings has received timely debt reservicing confirmation
from the lenders of the firm. Based on the last available
information, the ratings on bank facilities of UCJFT continues to
be 'CRISIL B/Stable Issuer Not Cooperating'.
Registered in 2012, UCJFT operates a school in Haridwar,
Uttarakhand, called The Wisdom Global School. An English medium
school that runs from Class Nursery to Class XII, it is affiliated
under the Central Board of Secondary Education. Operations started
in 2014. Mr UC Jain, Mr Rishabh Jain, and Mr Nikhil Jain are the
trustees.
Status of noncooperation with previous CRA
UCJFT has not cooperated with Brickwork Ratings India Private
Limited and Credit Analysis & Research Ltd., which have classified
the firm as non-cooperative through rationale dated May 15, 2020
and 09th November 2017, on account of non-furnishing of information
for monitoring of ratings.
VAIGHAI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Vaighai Agro Products Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 21.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 8.32 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.27 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 16.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- 2.50 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term (5.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with Vaighai Agro Products Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in February 2010 and headquartered in Madurai (Tamil
Nadu), VAPL is involved in the processing of crude rice bran oil
(RBO) and de-oiled rice bran (DRB) through the solvent-extraction
process. The company procures rice bran (which is its primary raw
material) from ~600 rice mills in Tamil Nadu in addition to its
subsidiary, Vaighai Lanka Private Limited, SriLanka. It has three
manufacturing facilities in Namakkal, Madurai and Tirunelveli, with
an aggregate installed capacity of 3,20,000 MTPA to process rice
bran to produce RBO and a by-product, DRB. The company does not
refine rice bran. The produced RBO is either sold to refineries for
further processing or to poultry farms, while DRB is sold entirely
to poultry farms. A major portion of VAPL's sales is derived from
Tamil Nadu, while the remaining is from Andhra Pradesh, Kerala,
Karnataka, Maharashtra, Madhya Pradesh and Pondicherry. Recently,
the company started extracting oil from sunflower and copra to
utilise the excess capacity. VAPL also trades in starch and coco,
mainly in the overseas markets.
VARDHINI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Vardhini
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Liners India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Vardhini Industries was established in 1992 as a proprietorship
concern by Ms. D.S. Mala. The company is engaged in manufacture of
steel furniture namely – steel cots, steel racks, tables,
benches, etc mainly for supply to government departments (medical
and education department requirements). The company has its
manufacturing facility in Moulali, Hyderabad.
VSRK CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of VSRK Constructions in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with VSRK Constructions, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
VSRK Constructions (VSRKC) is a partnership firm established in
2002 by Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao. The
firm is recognized as a special class contractor by Roads and
Buildings department of Andhra Pradesh and Telangana. It is engaged
in the business of constructing roads, bridges, etc. primarily in
Telangana and Andhra Pradesh.
=====================
N E W Z E A L A N D
=====================
ALCHEMIST GROUP: Court to Hear Wind-Up Petition on Feb. 16
----------------------------------------------------------
A petition to wind up the operations of The Alchemist Group Limited
will be heard before the High Court at Auckland on Feb. 16, 2024,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 17, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
DAYS LANDING: Court to Hear Wind-Up Petition on Feb. 2
------------------------------------------------------
A petition to wind up the operations of Days Landing Limited will
be heard before the High Court at Auckland on Feb. 2, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 27, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
KAIZON BUILDING: Creditors' Proofs of Debt Due on Jan. 26
---------------------------------------------------------
Creditors of Kaizon Building Consultants Limited are required to
file their proofs of debt by Jan. 26, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 14, 2023.
The company's liquidators are:
Tony Leonard Maginness
Jared Waiata Booth
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899,
Auckland 1140
KAPTURA LIMITED: Creditors' Proofs of Debt Due on March 1
---------------------------------------------------------
Creditors of Kaptura Limited are required to file their proofs of
debt by March 1, 2024, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Iain Bruce Shephard and
Jessica Jane Kellow of BDO Wellington as liquidators on Dec. 15,
2023.
OLYMPIA PARKING: Creditors' Proofs of Debt Due on Jan. 16
---------------------------------------------------------
Creditors of Olympia Parking Systems Limited are required to file
their proofs of debt by Jan. 16, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 13, 2023.
The company's liquidator is:
Gregory Victor Millar
Level 2, 142 Broadway
Newmarket
Auckland
=================
S I N G A P O R E
=================
MANNA ENGINEERING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Dec. 8, 2023, to
wind up the operations of Manna Engineering & Construction Pte.
Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
NICKORASU PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Dec. 15, 2023, to
wind up the operations of Nickorasu Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
PYFS MALL: Commences Wind-Up Proceedings
----------------------------------------
Members of PYFS Mall Pte Ltd, on Dec. 13, 2023, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidators are:
Lim Soh Yen
Tan Suah Pin
c/o 133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
RESOURCECO ASIA: Creditors' Proofs of Debt Due on Jan. 22
---------------------------------------------------------
Creditors of Resourceco Asia (S) Pte. Ltd. are required to file
their proofs of debt by Jan. 22, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 12, 2023.
The company's liquidators are:
Mr. Don M Ho
Mr. David Ho Chjuen Meng
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
TECHNICORUM HOLDINGS: Court to Hear Wind-Up Petition on Dec. 29
---------------------------------------------------------------
A petition to wind up the operations of Technicorum Holdings Pte
Ltd will be heard before the High Court of Singapore on Dec. 29,
2023, at 10:00 a.m.
Lee Yeungjun filed the petition against the company on Dec. 5,
2023.
The Petitioner's solicitors are:
Cairnhill Law LLC
30 Cecil Street
#10-05, Prudential Tower
Singapore 049712
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
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