/raid1/www/Hosts/bankrupt/TCRAP_Public/240221.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
Wednesday, February 21, 2024, Vol. 27, No. 38
Headlines
A U S T R A L I A
APEX HOMES: On the Brink of Collapse Over a AUD46,000 Debt
JUST METAL: Second Creditors' Meeting Set for Feb. 23
LOKIER GROUP: First Creditors' Meeting Set for Feb. 26
NIQUE PTY: First Creditors' Meeting Set for Feb. 26
NPM GROUP: Worrells to Continue Assisting NSW Police, Group
ROCKY POINT: First Creditors' Meeting Set for Feb. 27
T. & S. D'ARCY: Second Creditors' Meeting Set for Feb. 26
B A N G L A D E S H
[*] BANGLADESH: Insurance Sector May See Liquidations and Mergers
C H I N A
CHINA OCEANWIDE: Faces Involuntary Chapter 11 Bankruptcy Petition
I N D I A
AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
ANSAL HOUSING: ICRA Reaffirms D Rating on INR50cr Short Term Loan
BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category
DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
ERODE DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating
GLOBETECH MEDICARE: CARE Keeps C Debt Rating in Not Cooperating
IRB INFRASTRUCTURE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
JAGANNATH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
KATARE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
KHODAL COT-GIN: ICRA Keeps D Debt Ratings in Not Cooperating
KRISHNA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
KSHITIJA INFRA: ICRA Keeps B Debt Rating in Not Cooperating
LAXMI GUAR: ICRA Keeps B Debt Ratings in Not Cooperating Category
LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
N. P. CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating
PADMA PRIYA: ICRA Moves B+ Rating to Not Cooperating Category
PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating
RAWMATE SOLUTIONS: ICRA Withdraws 'B' Issuer Rating
SAGAR AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating
SHANKAR RICE: ICRA Keeps B Rating in Not Cooperating Category
SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
TRT BUILDERS: ICRA Keeps C+ Debt Rating in Not Cooperating
VARADHARAJA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
WORKSPACE METAL: ICRA Withdraws B+ Rating on INR30cr LT Loan
N E W Z E A L A N D
ANSON CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 23
MONARCH KITCHEN: Creditors' Proofs of Debt Due on March 13
POLAR CAPITAL: Smiths City to Close Richmond Store
RIVERGROVE HOMES: Creditors' Proofs of Debt Due on March 14
TRIANGLE STEEL: Court to Hear Wind-Up Petition on March 8
YELLOW WAGON: Creditors' Proofs of Debt Due on April 5
S I N G A P O R E
COOBIZ IT: Court to Hear Wind-Up Petition on March 1
DASIN RETAIL: Fires Wang Qiu as CEO of Trustee-Manager
DASIN RETAIL: Receives Winding-Up Application
GOLDEN MOUNTAIN: First Creditors' Meeting Set for March 8
HL ENTERPRISE: Court to Hear Wind-Up Petition on March 1
TAYLOR B: Court to Hear Wind-Up Petition on March 1
VE TECHNOLOGY: Court to Hear Wind-Up Petition on March 1
T H A I L A N D
THAILAND: PM Seeks Emergency Central Bank Rate Cut After GDP Miss
- - - - -
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A U S T R A L I A
=================
APEX HOMES: On the Brink of Collapse Over a AUD46,000 Debt
----------------------------------------------------------
News.com.au reports that a Victorian building company appears on
the brink of collapse after construction work has stalled for
months while tradies are owed tens of thousands of dollars in
unpaid debts.
News.com.au can reveal that Melbourne-based Apex Homes Australia
Pty Ltd is facing the possibility of being ordered into liquidation
later this month, on February 28.
According to the report, concreting business Aerolink Property
Group lodged a winding up application against the building company
over a AUD46,200 debt dating back to October last year.
Matthew Blum of insolvency firm BDO has consented to be the
liquidator in the event that the company goes into liquidation.
News.com.au relates that a spokesperson for Apex Building Group
said they had hired solicitors to "oppose" the court case and were
trying to trade out of their financial difficulties.
They said they had restructured the business after Christmas to try
to address customer concerns and acknowledged it had been a "tough
three years".
News.com.au has spoken to half a dozen customers of Apex Homes who
say they are currently in a nightmarish limbo, unsure if their
builder is about to go under.
One customer, Jason, who preferred to remain anonymous, told
news.com.au his builder had "every excuse under the sun" as to why
his build was being delayed, including public holidays like long
weekends, Easter and even Ramadan. "Their communication is
abysmal."
Another customer likened Apex's opposition to the winding up case
to that of an attempt for a "stay of execution".
Another customer, Felix, signed a contract with Apex Homes in late
2021 but said there's been a massive staff turnover in the last two
and-a-half years.
"Almost everyone has left from the people we dealt with back then,"
he told news.com.au.
Their "communication was awful", he added. "It's a horrendous
experience."
In response, an Apex Homes representative said: "All staff are
aware that all clients must be updated on a fortnightly basis,"
news.com.au relays.
Another family who are building with the construction firm said
their house had been stuck up at the lockup stage for months with
no end in sight.
"I talked to all my contractors on site. Literally everybody is
owed money," Alan told news.com.au.
A CreditorWatch report news.com.au has obtained shows that Apex
Homes has had four payment defaults lodged against it since July,
although one has paid.
There are still outstanding debts of AUD19,000, AUD3,000 and
AUD160,000, not to mention the ongoing court case.
The AUD160,000 debt dates back to July last year and is owed to a
roofing and plumbing business.
News.com.au contacted the lawyer for Aerolink Property Group, the
company taking Apex to court, for further comment.
News.com.au also spoke to two tradies who said Apex's debts with
them had all been paid back in full although now they insist that
they are paid upfront for any jobs they do with the builder.
One tradie, who was owed AUD110,000, said "usually builders would
have long gone, see you later. (But Apex) are really trying".
This tradie estimated that at Apex's peak, the construction company
had around 200 homes they were building, news.com.au relates.
Apex did not say how many builds are currently on their books,
news.com.au adds.
JUST METAL: Second Creditors' Meeting Set for Feb. 23
-----------------------------------------------------
A second meeting of creditors in the proceedings of Just Metal
Roofing Pty Ltd has been set for Feb. 23, 2024 at 3:00 p.m. via
teleconference facilities.
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 Feb. 22, 2024 at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Jan. 18, 2024.
LOKIER GROUP: First Creditors' Meeting Set for Feb. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lokier Group
Pty Ltd will be held on Feb. 26, 2024 at 3:00 p.m. via Microsoft
Teams meeting.
Gavin Moss of Chifley Advisory was appointed as administrator of
the company on Feb. 14, 2024.
NIQUE PTY: First Creditors' Meeting Set for Feb. 26
---------------------------------------------------
A first meeting of the creditors in the proceedings of Nique Pty
Ltd will be held on Feb. 26, 2024 at 2:00 p.m. via Zoom online
video conferencing.
Justin Howlett of SMB Advisory was appointed as administrator of
the company on Feb. 14, 2024.
NPM GROUP: Worrells to Continue Assisting NSW Police, Group
-----------------------------------------------------------
Worrells, the administrators of the NPM Group, said that they will
continue to assist NSW Police and the NPM Group.
The administrators said they are aware of recent media conjecture
and interest regarding the potential misappropriation of funds from
the NPM Group.
Graeme Beattie said "The NPM Group reported possible criminal
activity to NSW Police prior to our appointment. My team and I will
assist NSW Police with enquiries. We will not provide any public
comment while investigations are ongoing."
The NPM Group operated as national commercial fit out,
construction, minor works and maintenance company. It completed
over 45,000 projects across six states/territories with its head
office located in Sydney, NSW.
The NPM Group ceased operations on October 23, with over 100
full-time employees terminated prior to the administrators'
appointment.
On Oct. 23, 2023, Graeme Beattie, Christopher Darin, and Aaron
Lucan of Worrells were appointed administrators of the following
companies that comprise the "NPM Group":
- National Projects and Maintenance Pty Ltd;
- NPM Group Holdings Pty Ltd;
- NPM Projects (NSW) Pty Ltd;
- National Projects (HQ) Pty Ltd;
- NPM (VIC) Pty Ltd;
- National Projects QLD Pty Ltd;
- National Projects (ACT) Pty Ltd;
- National Projects (WA) Pty Ltd;
- NPM Home Pty Ltd; and
- CREO Design Group Pty Ltd.
ROCKY POINT: First Creditors' Meeting Set for Feb. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Rocky Point
Aquaculture Company Pty Ltd and Rockaqua Pty Ltd will be held on
Feb. 27, 2024 at 9:00 a.m. and 9:30 a.m., respectively, at the
offices of Bentleys at Level 9, 123 Albert Street in Brisbane and
via virtual meeting technology.
Tracy Lee Knight of Bentleys was appointed as administrator of the
companies on Feb. 15, 2024.
T. & S. D'ARCY: Second Creditors' Meeting Set for Feb. 26
---------------------------------------------------------
A second meeting of creditors in the proceedings of T. & S. D'arcy
Pty. Limited has been set for Feb. 26, 2024 at 11:00 a.m. via
virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 23, 2024 at 4:00 p.m.
Sean Magnus Wengel & Michael Brereton of William Buck were
appointed as administrators of the company on Jan. 22, 2024.
===================
B A N G L A D E S H
===================
[*] BANGLADESH: Insurance Sector May See Liquidations and Mergers
-----------------------------------------------------------------
Asia Insurance Review reports that the insurance regulator, the
Insurance Development and Regulatory Authority (IDRA), has
suggested mergers of life insurance companies instead of
liquidating them due to their weak financial health.
Some of the insurance companies did not even make an effort to
improve their financial position, reported The Financial Express
quoting the IDRA.
Asia Insurance Review relates that sources at the IDRA said that in
a recent report sent to the Financial Institutions Division of the
Finance Ministry, the regulator pointed out that the failure to pay
insurance claims by some companies has caused "a lack of confidence
among people in the insurance sector".
Six life insurance companies alone are reported to have unpaid
claims totalling BDT26.81 billion (US$244.3 million).
"These companies lost the capability of paying insurance claims due
to mismanagement, bad investment, financial irregularities and fund
misappropriation," the report, signed by IDRA director SM Masudul
Haque, reads.
Sheikh Kabir Hossain, president of the Bangladesh Insurance
Association, told The Financial Express that measures could be
taken to help weak insurers by injecting funds into them or
appointing administrators, Asia Insurance Review relays.
Regarding the liquidation of insolvent insurance companies, he
asked which stakeholder would bear the responsibility of paying
claims to the insured.
74 insurance companies are operating in Bangladesh including 41
life and 33 non-life insurers.
=========
C H I N A
=========
CHINA OCEANWIDE: Faces Involuntary Chapter 11 Bankruptcy Petition
-----------------------------------------------------------------
CoStar News reports that the general contractor for the unfinished
Oceanwide Plaza project in Los Angeles is taking legal action to
force the sale of the indebted property that's attracted
international attention in recent months.
Lendlease filed a petition on Feb. 13 for the involuntary Chapter
11 bankruptcy of China Oceanwide, the owner of the three-tower
project, according to court documents. An involuntary bankruptcy
would result in the court appointing a trustee to oversee the sale
of Oceanwide Plaza, according to a statement by Lendlease. The
proceeds from the sale would go to Oceanwide's creditors, including
Lendlease.
"Only then can this unfinished project move forward for the good of
the local community," a Lendlease representative told CoStar News
via email.
According to CoStar News, the move is the latest in a yearslong
legal battle for the contractor and China Oceanwide. Lendlease has
alleged nonpayment for services related to the development since
2021, when the company received a judgment against China
Oceanwide's parent company for roughly $42.7 million in connection
with the Los Angeles project.
In August, California's Court of Appeal issued a temporary stay
order prohibiting China Oceanwide from proceeding with a planned
foreclosure sale of the property in order to ensure Lendlease would
receive payment priority over other creditors, CoStar News
recalls.
Involuntary bankruptcy petitions are usually filed by creditors
when debtors refuse to pay alleged debts. China Oceanwide has said
for years in court filings it doesn't have enough money to complete
the Los Angeles project.
CoStar News says the legal move comes as the unfinished project
continues to attract trespassers, graffiti on dozens of floors and,
most recently, nighttime parachute jumpers in images that have gone
viral online. Meanwhile, officials with the city of Los Angeles
have voted to demand the owner clean up and secure the property by
last weekend, or risk turning over the property.
According to the report, China Oceanwide has been attempting to
sell the property for years, though some prospective investors have
said the project needs a different design as real estate demands
have shifted since construction began in 2015. Oceanwide Plaza was
expected to feature upscale condominiums, a five-star hotel, a mall
and the largest LED sign on the West Coast.
At least one party has declared it isn't interested in buying
Oceanwide Plaza: the city of Los Angeles, CoStar News notes.
Councilmember Kevin de Leon said on Feb. 16 it would cost at least
$500 million to buy the property and another $1 billion to finish
the project. The city also would need to resolve roughly $500
million in liens related to the property, Mr. de Leon said.
"We need someone to stand up with deep pockets," the report quotes
Mr. de Leon as saying.
CoStar News relates that City council members voted earlier this
month to force China Oceanwide to clean up the graffiti by Feb. 17.
If the owner fails to do so, the city plans to clean the property
up itself and bill the developer. A failure to pay the city may
result in Los Angeles placing a lien on the Oceanwide Plaza
property.
It's unclear how an involuntary bankruptcy petition affects the
city's plans to clean up the site. A representative for de Leon's
office didn't respond to an emailed request to comment from CoStar
News.
A China Oceanwide representative didn't respond to an emailed
request to comment from CoStar News. The involuntary bankruptcy
petition was filed in the U.S. District Court for the Central
District of California.
About China Oceanwide
China Oceanwide Holdings Group Co., Ltd, operates as a holding
company. The Company through its subsidiaries operates financial
and insurance business, real estate development, hotel services,
property management, and other businesses. China Oceanwide Holdings
Group provides services worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in late
September 2023, a Chinese property investor that has struggled with
several US projects faces court-ordered liquidation as a Bermuda
court issued a winding-up order against the firm.
China Oceanwide Holdings disclosed the order in a filing on Sept.
25 with Hong Kong's stock exchange. Liquidators have been appointed
and the company's shares listed in the city have been suspended.
According to the South China Morning Post, the winding-up petition
was filed in June 2022 and involved US$175 million of loan
principal that the petitioner said was not paid, Oceanwide said at
the time. The financing involves a pledged New York property and
secured shares.
=========
I N D I A
=========
AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AA Agro
Energy Private Limited (AAE) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AAE for
obtaining information through letter and email dated January 5,
2024 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 AAE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAE continues to be 'CRISIL D Issuer Not Cooperating'.
AAE, incorporated in 1983 by Mr Ashok Kumar Agarwal, was earlier a
manufacturer of sewage pipe and bricks, and subsequently set up its
rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab)
processes basmati rice, with total milling and sorting capacity of
12 tonnes per hour.
ANSAL HOUSING: ICRA Reaffirms D Rating on INR50cr Short Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the rating of Ansal Housing Limited (AHL) and
has removed the rating from the Issuer Not Cooperating (INC)
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term– 23.23 [ICRA] D; reaffirmed and
Fund-based removed from ISSUER NOT
COOPERATING category
Short-term– 50.00 [ICRA] D; reaffirmed and
Non-fund based removed from ISSUER NOT
COOPERATING category
The rating action factors in the continued irregularities in debt
servicing by AHL on account of poor liquidity due to weak project
collections. The cash inflows from projects remained inadequate to
meet the required obligations on time. Although the pending
collections are sufficient to cover the cost, generation of
incremental sales and improvement in collections will remain
critical for AHL to ensure timely debt servicing from its operating
cash flows. At a consolidated level, the company has been incurring
net losses over the last six years on account of low cash flow
generation and high interest cost burden. AHL defaulted on debt of
INR341.47 crore (including interest accrued and due) pertaining to
Industrial Finance Corporation of India Limited (IFCI Ltd.) and
HDFC Bank has been assigned to Suraksha Asset Reconstruction
Company (SARC) for restructuring of debt.
ICRA, however, takes into account that the promoters' long presence
in the industry, which have helped the Group to establish strong
relationships with its customers and key suppliers. This has
resulted in a diversified project portfolio in terms of
micromarket, which helps to cater to a wide clientele.
Key rating drivers and their description
Credit strengths
* Experienced promoters with established track record in real
estate industry: The Ansal Group and its promoters have been
involved in the real estate industry for more than four decades.
The promoters' long presence in the industry resulted in strong
relationships with the key suppliers, which has enabled the company
to diversify its project portfolio in terms of micromarkets, which
helps to cater to a wide clientele. It has presence in metro cities
as well as in tier-1 and tier-2 cities, namely Delhi, Mumbai,
Gurgaon, Ghaziabad, Agra, Meerut, Indore, Alwar, Ajmer, etc.
Credit challenges
* Delays in debt servicing: There have been delays in debt
servicing by the company due to weak collections from its projects.
Its cash flows are inadequate to meet its debt obligations in a
timely manner.
* High reliance on incremental sales and collections to meet debt
obligations: While the pending collections of INR329 crore are
sufficient to cover the pending cost of around INR262 crore as of
September 2023, incremental sales generated from the sales of
unsold inventory valued at INR643 crore and collections thereof
will remain critical for the company to ensure timely debt
servicing from its operating cash flows.
* Net losses during last six years: The company has been incurring
net losses over the last six years (FY2018 – FY2023) on account
of low cash flow generation and high interest cost burden. However,
AHL has reported a profit before tax of INR1.74 crore, indicating a
significant improvement in operational performance, despite net
loss of INR5.1 crore reported in the quarter that ended September
30, 2023.
* Environmental and social risks: The real estate segment is
exposed to risks of increasing environmental norms impacting
operating costs, including higher costs of raw materials such as
building materials and cost of compliance with pollution control
regulations. Environmental clearances are required for commencement
of projects and lack of timely approvals can affect business
operations. Impact of changing environmental regulations on
licenses taken for property development could also create credit
risks. In terms of the social risks, the trend post-pandemic has
been favourable for real estate developers as demand for quality
home with good social infrastructure has increased. Further, rapid
urbanisation and a high proportion of workforce population (aged
25-44 years) will support demand for real estate in India and, in
turn, benefit AHL.
Liquidity position: Poor
The company's liquidity is poor due to a deficit in cash flows
because of slow sales velocity and weak customer collections.
Further, ICRA notes that AHL has repayments of INR310.7 crore in
FY2024. The generation of incremental sales and collections will
remain critical to ensure timely debt servicing from its operating
cash flows.
Rating sensitivities
Positive factors – ICRA could upgrade the rating if the company
is timely in its debt servicing, on a sustained basis, and reports
an improvement in its sales and cash flows on a prolonged basis.
Incorporated in 1983, AHL is a part of the Ansal Housing Group. The
company develops residential as well as commercial real estate
properties. AHL has already completed various projects encompassing
an area of about 76 million square feet (msf) in Delhi, Mumbai,
Meerut, Lucknow and Ghaziabad, among others, and currently has more
than 26.8 msf area under development.
BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Bala Ji
Warehouse (SBW) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBW for
obtaining information through letter and email dated January 5,
2024 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 SBW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBW continues to be 'CRISIL D Issuer Not Cooperating'.
SBW was set up as a partnership firm of Mr. Sandeep Kodan, Mr.
Ramesh Kumar and Mr. Suresh Kumar in 2012. The firm has constructed
a warehouse with capacity of 52,500 MT to provide storage of agro
based products in Barwara (Haryana). It has signed a ten-year
contract with HAFED. The warehouse has been constructed with an
estimated cost of INR18.10 crore, and began commercial operations
in May 2014.
DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Short -Term rating for the Bank facilities of DNP
Foods Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D ; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term– 16.00 [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 DNP Foods 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 September 2006 as a public limited company, DNP
Foods Limited is engaged in processing and exporting seeds and
spices, mainly guar gum splits. The company has set up a 12,000
metric tons per annum (MTPA) processing plant at Umber gam,
Gujarat, which commenced operations in April 2010. The process
involves sifting, de-stoning, removing metal particles, sorting as
per color and size, and packaging the processed guar gum splits.
Prior to the commercialization of the plant in April 2010, DNP was
engaged in the trading of seeds and spices. Mr. Devji N Palani, the
promoter of the company, has more than five decades of experience
in the field of seeds and spice exports, mainly guar gum exports.
The company is closely held by the Palani family and is not listed
on any of the stock exchanges in India.
ERODE DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Erode
District Co Operative Milk Producers Union 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- 30.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Erode District Co Operative Milk Producers Union 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.
Erode District Cooperative Milk Producers Union Ltd, established as
cooperative society in 1975 is involved in processing and
manufacturing of milk and its byproducts. The Union sells products
such as Milks, curds, milk powder, ghee, butter, ice cream, sweets,
among others under the brand name "Aavin" predominantly in Tamil
Nadu. It has a milk processing capacity of 3 lakhs liters per day,
butter production capacity of 18T/day, ghee production capacity of
7.4 TL/day, skimmed milk powder processing capacity of 4 LLPD/day,
SMP consumer pack capacity of 2100 pockets/hour and butter
packaging capacity of 9 ton per day.
GLOBETECH MEDICARE: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Globetech
Medicare Private Limited (GMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.70 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of GMPL under the 'issuer
non-cooperating’ category as GMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 11, 2023, November
21, 2023, December 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kolkata-based (West Bengal) GMPL was incorporated in 2013 and is
currently promoted by Dr. B.K. Singh, Mr Saurabh Bhansali, Mr
Ashish Tulsyan, Mr Praveen Kumar and Ms Poonam Singh. The company
was setup with an objective to construct and operate a
multi-specialty hospital in Varanasi, Uttar Pradesh.
IRB INFRASTRUCTURE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating on
IRB Infrastructure Developers Ltd at 'BB+'. The Outlook is Stable.
Fitch has also affirmed the rating on India Toll Roads' US dollar
senior secured notes at 'BB'. The Outlook is Stable.
RATING RATIONALE
The affirmation reflects Fitch's expectation of robust traffic
performance by IRB's diverse and strategically located portfolio of
assets, helped by its anticipation of strong Indian GDP growth. The
ratings also consider the company's record in operating and
maintaining the group's assets to a high standard, with expertise
provided by the in-house engineering, procurement and construction
(EPC) business.
IRB is a leader in India's road sector, managing more than 15,000
lane km of build-operate-transfer (BOT), toll-operate-transfer
(TOT) and hybrid-annuity-model road assets across 12 states. It has
added close to INR250 billion in road assets in the past three
years. IRB's strategy will be to focus on BOT projects, which would
be developed under its IRB Infrastructure Trust (Private InvIT) in
a 51%-49% collaboration with an affiliate of GIC Private Limited,
Singapore's sovereign wealth fund. This, combined with the EPC
margin to be earned from new projects, would substantially manage
IRB's future equity commitments. IRB has also strengthened its
business profile after an equity infusion by GIC at both Private
InvIT and the holding-company level, and Cintra, one of the largest
private developers of transport infrastructure in the world, at the
holding-company level.
IRB's businesses consist of EPC and operation and maintenance (O&M)
contracts and wholly owned concessions at the holding-company level
as well as its share in concessions through the Private InvIT and
IRB InvIT Fund (collectively the InvITs). Its rating approach fully
consolidates IRB's wholly owned contracting and concession
activities and includes dividend cash flow contributions from its
InvITs.
Fitch expects IRB's contractual EPC and O&M business to contribute
around 20% of the group's consolidated EBITDA for the financial
year ending March 2024 (FY24) to FY32. IRB's financial profile is
robust, with the group's consolidated debt-service coverage ratio
(DSCR) under the Fitch rating case averaging 1.58x between FY24 and
FY32, with a profile DSCR of 1.52x between FY24 and FY27.
India Toll Roads is an orphan financing vehicle with no equity or
guarantee linkage to IRB. Fitch rates the debt issued by India Toll
Roads one notch below the credit profile of IRB to account for
risks related to orphan issuance structures. India Toll Roads is a
subscriber of IRB's non-convertible debentures.
KEY RATING DRIVERS
Diversified Portfolio, Robust Fundamentals - Revenue Risk (Volume):
High Midrange
IRB wholly owns five projects, with a BOT project and TOT project
in operation, while the rest are under construction. It owns 51% of
another under-construction project. The roads under IRB extend
nearly 500km in Maharashtra, Gujarat, Uttar Pradesh, Himachal
Pradesh and Tamil Nadu. They are on or adjacent to key corridors in
India's national highway network.
Local and long-distance traffic fundamentals have been reasonably
robust, with a diversified mix of users. However, commercial
vehicles make up a larger share of traffic on IRB's roads than at
peers, and the roads face some competition. Fitch assesses the toll
rates as low and the wider portfolio has limited price elasticity.
IRB is also exposed to traffic risk on 16 BOT projects through its
ownership of the InvITs. Fitch regards the risk profile of these
projects as consistent with IRB's fully owned assets. Most
concessions under the two InvIT funds consist of corridors that
form part of the "golden quadrilateral", the national highway
network that connects India's major industrial, agricultural and
cultural centres. The projects are geographically diversified and
cater to a mix of car and commercial traffic, but are subject to
competition from free alternative routes.
Formula-Linked Tariff Increases - Revenue Risk (Price): Midrange
IRB's wholly owned concessions permit pre-defined toll-rate
increases that are regulated by the National Highways Authority of
India (NHAI) or Maharashtra State Road Development Corporation. The
concession for the Mumbai-Pune Expressway (MPE) in Maharashtra
provides for a toll increase of 18% every third year until FY24 and
that for National Highway (NH) 48 in the state provides for a 16%
rise every third year until the concession ends in 2031.
Tolls under NHAI concessions comprise base fees and an increase of
3% a year plus 40% of the rise in India's wholesale price index
(WPI). Fitch expects tolls for roads under both authorities to
track its WPI expectations in the long run.
The central government suspended all tolls on national highways for
25 days in 2020 due to the Covid-19 pandemic. The NHAI extended
concession periods by 90 days to compensate toll-road operators.
There have been no other instances of legislative or political
interference in rate adjustments. NHAI's concession agreements with
IRB allow the maturity dates to be extended or shortened based on
thresholds linked to revenue, mitigating the risks of price
escalation and traffic underperformance.
Well-Developed Capital Plan - Infrastructure Development and
Renewal: Stronger
IRB has a well-developed capital and maintenance plan for each road
and undertakes in-house O&M works for each SPV. All EPC and O&M
contracts are executed on a fixed-price, date-certain basis. IRB
has not been responsible for any significant delays or cost
overruns to date.
The concession agreements provide for periodic inspections to
monitor performance against objectives, with all assets evaluated
at least "very good" under NHAI's criteria. Capacity is above the
medium-term traffic forecasts of IRB's technical consultant and
capex requirements are met through internal accruals for all
projects. The agreements do not specifically provide for the
recovery of maintenance costs through higher rates, but incorporate
toll increases that provide some protection against rising costs.
The risk is also contractually mitigated, as many O&M agreements
cover the entire concession life.
Construction Business' Large Contribution - In-House EPC and O&M
Fitch expects IRB's contracting activity to contribute around 20%
of the group's consolidated EBITDA in FY24-FY32. Contractual income
from IRB's SPVs typically reflects income from the more cyclical
highway construction and O&M segments, including routine and
periodic maintenance.
The captive EPC business has a record of executing over 18,500 lane
km of projects in the three decades to date, with the ability to
construct over 500km in a year. IRB's strategy is to use its EPC
capability for in-house projects, and it does not bid for
third-party contracts. All EPC and O&M contracts are executed on a
fixed-price, date-certain basis. There have been no significant
delays or cost overruns attributable to the concessionaire to
date.
IRB intends to continue to expand its order book in the next few
years. Visibility around projected construction revenue is high,
since the EPC contracts relate only to in-house developments.
Largely Amortising Debt - Debt Structure: Midrange
The group's secured borrowings consist of non-convertible
debentures and SPV-level term loans. All the SPV debt and some
holding-company debt are fully amortising, while IRB faces some
residual refinancing risk at the holding-company level, including
from the US dollar notes. The US dollar notes pay a fixed coupon
and the covenant package is adequate, and includes limits on
additional debt and restricted payment conditions on a consolidated
group basis. The notes also benefit from a six-month interest
service reserve account and a dedicated escrow account at the IRB
level.
The holding company has structural subordination as IRB partly
relies on dividends from subsidiaries to service its debt. However,
the domestic financing at the subsidiary level generally has
lenient restrictive covenants for distributions. The subsidiaries'
domestic debt can also be refinanced easily, if required.
Moreover, the holding company's FY24-FY25 standalone EBITDA
coverage ratio, including EPC and O&M revenue and distributions
from the InvITs, is comfortable at about 3.8x in its rating case in
the near term. As a result, the structural subordination does not
affect the current credit assessment. However, Fitch expects this
ratio to dip below 2.0x in some years in the medium term.
Financial Profile
Fitch's base case is aligned with the sponsor's case, which
assumes, among other things, average traffic growth of 7.2% and
4.3% for the MPE and NH4 routes, respectively, on the Mumbai-Pune
project for FY25-FY31, the consultant's "most likely" case for the
Private InvIT and Ahmedabad-Vadodara projects, and the sponsor's
case for future EPC revenue with a 23% EBITDA margin.
Fitch's rating case incorporates further stress, including a lower
EPC order book at a narrower EBITDA margin of 17%, and slower
traffic growth for the Mumbai-Pune, Ahmedabad-Vadodara and Private
InvIT projects. The group's consolidated DSCR under the Fitch
rating case averages 1.58x between FY24 and FY32, with a profile
DSCR of 1.52x between FY24 and FY27. The Fitch rating-case leverage
declines from a peak of 4.0x in FY24 to around 1.0x in FY30.
PEER GROUP
IRB can be compared with Yuexiu Transport Infrastructure Limited
(YXT, BBB/Stable), a China-based concession group with a large
portfolio of expressways, including a diverse network in Guangdong
province and central China, with few roads facing competition. IRB
has a stronger price risk assessment. YXT's price risk is weaker
due to a lack of transparency and predictability in the regulatory
framework compared with IRB. IRB's financial profile is also
slightly better than that of YXT. YXT's net leverage under the
Fitch rating case is projected to remain below 4.5x over the medium
term, while IRB's net leverage is expected to remain below 4.0x
between FY24 and FY31. IRB is rated two notches below YXT as the
Indian company is exposed to the more volatile EPC contracting
business.
IRB can also be compared with Vinci S.A. (A-/Stable), a French
concession and contracting group. Vinci has a global footprint and
a more diversified portfolio of toll roads and airports with high
liquidity. These factors, combined with Vinci's demonstrated
superior access to loan and bond markets, account for the higher
rating than IRB's in spite of Vinci's higher leverage. The Fitch
rating case for Vinci projects net leverage to average 2.6x between
2023 and 2027, while IRB's consolidated average net leverage is
forecast at 2.4x between FY24 and FY31.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Sustained deterioration in consolidated DSCR to below 1.25x due to
an increase in costs, traffic underperformance and/or a material
change in IRB's financials and dividend policy.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Consolidated DSCR profile forecast to be in excess of 1.5x and
standalone EBITDA coverage ratio above 2.0x on a sustainable
basis.
CREDIT UPDATE
- Revenue from operations, which includes tolls, construction and
O&M, increased 3.4% to INR33.79 billion in 1HFY24 from INR32.67
billion a year earlier.
- Total revenue increased by 5.4% to INR36.20 billion in 1HFY24
from INR34.3 billion in 1HFY23.
- Consolidated EBITDA fell to INR18.1 billion in 1HFY24 from
INR18.9 billion in 1HFY23 due to an increase in road work and site
expenses related to the execution of EPC and O&M projects in
1HFY24.
IRB won the following projects in 2023, all of which have been
housed under Private InvIT:
- Nehru Outer Ring Road TOT project
- Samakhiyali Santalpur NH27 BOT project
- Lalitpur Lakhnadon NH44 TOT project
- Kota Bypass and Cable Stay Bridge on NH76 TOT project
There has been a minor increase in the majority shareholder's
ownership in IRB since its last review in February 2023, with no
other major changes.
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
----------- ------ -----
IRB Infrastructure
Developers Ltd LT IDR BB+ Affirmed BB+
India Toll Roads
IRB Infrastructure
Developers Ltd/Toll
Revenues - First
Lien/1 LT LT BB Affirmed BB
JAGANNATH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Jagannath Educational Health and Charitable Trust (SJEHCT) continue
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.29 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of SJEHCT under the 'issuer
non-cooperating' category as SJEHCT had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SJEHCT continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 5, 2023, December 15,
2023, December 25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SJEHCT is a non-minority, charitable trust registered under Section
12A of the Income Tax Act. SJEHCT was established in 2008 by Mr S.
A. Subramanian, along with Mr O. M. Manivelu and Mr S.
SatheeshKrishnaraj. However, Mr. SatheeshKrishnaraj resigned from
the Trusteeship and was replaced by Mr. Durgashankar (a BE
graduate, son-in-law of Mr. Subramanian), in AY 2011-12. Mr Arul
Selvan, (Mr Durga Shankar’s brother) is the Vice Chairman and
Joint Managing Trustee (BE, MBA). The day to day activities of
SJEHCT are managed by the executive committee, headed by Mr S. A.
Subramanian (Managing trustee). The trust operates an engineering
college under the name of JCT College of Engineering & Technology
(JCTET) at Coimbatore, Tamil Nadu, established in AY11-12. JCTET,
in its fifth year of operation, had student strength of 3,800 in
AY15-16 (including ME). In AY14-15, SJEHCT commenced JCT College of
Polytechnic (JCTP) with a sanctioned intake of 300 students
offering Mechanical (120), Petrochemical (60), Civil (60) and
Electrical and Electronic Engineering (60) courses.
KATARE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Katare Cotton
Waste Spinning Mills (KCWSM) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.21 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KCWSM for
obtaining information through letter and email dated January 5,
2024 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 KCWSM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCWSM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCWSM continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1974 as a partnership firm by Mr. Kishore Katare and his
family members, KCWSM manufactures cotton yarn at its unit in
Solapur, Maharashtra, which has capacity of 5520 spindles.
KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaushal Ferro
Metals Private Limited (KFMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of credit 1 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Letter of credit 1 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Proposed Long Term 21.2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KFMPL for
obtaining information through letter and email dated January 5,
2024 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 KFMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KFMPL, established in 2004, started commercial production in 2007;
it manufactures sponge iron. The manufacturing facilities at
Sundargarh (Odisha) has an installed capacity of 60,000 tonne per
annum. Mr Sitaram Agarwal, Mr Ganesh Agarwal, and Mr Rambihari
Upadhayay are the promoters.
KHODAL COT-GIN: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term ratings for the bank facilities of
Shree Khodal Cot-Gin 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– 6.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 1.85 [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 Shree Khodal Cot-Gin 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.
Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL) was incorporated in 2012
and it commenced ginning and pressing operations in January 2015 by
setting up a manufacturing facility at Rajkot, Gujarat. The
company's facility is equipped with 30 ginning machines and a
pressing machine with a total capacity to process 28,000 MT of raw
cotton annually. The operations of the firm are managed by Mr.
Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria.
KRISHNA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Krishna Constructions 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
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Krishna 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.
Mistry Premji Sunderji & Co. is a real estate development group
present in the real estate sector since year 1892. The group has
constructed several residential and commercial properties in Mumbai
and Pune. The group constructs properties under its own name as
well as through its sister concerns such as Krishna Developers,
Krishna Constructions and A. M. Constructions, etc. Each sister
concern has same partners coming from the same family. The group
has collectively developed over 1.2 million square feet of area
till date, which includes construction of residential units,
commercial units as well as schools in Mumbai and Pune.
KSHITIJA INFRA: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of Kshitija Infrastructure
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- 25.00 [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 Kshitija Infrastructure 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 December 2000, Kshitija Infrastructure Private
Limited is a closely held private limited company, based out of
Mumbai, Maharashtra. The company is managed by Mr. Kamlesh G. Mehta
who has an experience of more than a decade in
the real estate industry. KIPL is engaged in the development of a
residential project under the name 'Laxmi Building' in Byculla,
Mumbai.
LAXMI GUAR: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Laxmi Guar Gum Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.44 [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 Shree Laxmi Guar Gum Industries, 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.
Shree Laxmi Guar Gum Industries (SKCGPL) was incorporated in 2012
and it commenced ginning and pressing operations in January 2015 by
setting up a manufacturing facility at Rajkot, Gujarat. The
company's facility is equipped with 30 ginning machines and a
pressing machine with a total capacity to process 28,000 MT of raw
cotton annually. The operations of the firm are managed by Mr.
Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria.
LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of LSR Foods
Limited (LSR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Inland/Import 10 CRISIL D (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with LSR for
obtaining information through letter and email dated January 5,
2024 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 LSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LSR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
LSR, formerly Kush Dairy Ltd, and Kushagra Oils and Fats Ltd, was
incorporated in 1996 and is headquartered in New Delhi. The company
trades in edible oils and cashew nuts and also manufactures milk
and products such as skimmed milk powder and ghee. Mr Lakshmi Chand
Agarwal and family are the promoters.
MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Mangalore Sea Products in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mangalore Sea Products, 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.
Mangalore Sea Products was bought by Mr. Abdul Khader from Mr. H.S.
Nissar on January 28, 2014. It is a partnership firm closely held
by Mr. Abdul Khader and his wife Ms. Hafeeza Khathijamma. The firm
manufactures and sells fish meal and fish oil. The firm has a
manufacturing unit at Ullal, Mangalore with capacity to process 200
ton of fish per day. The firm started its operations in May 2014.
The firm has its corporate office in Mangalore.
N. P. CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of N. P.
Construction (NPC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.81 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 13,
2023, placed the rating(s) of NPC under the 'issuer
non-cooperating’ category as NPC had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. NPC continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 29, 2023, December 9,
2023, December 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1991, N. P. Construction (NPC) was promoted by Mr.
Pramod Singh based out of Bokaro, Jharkhand. Since its inception,
the firm has been engaged in structural fabrication, erection,
installation, plant setup, setting up of coke oven, conveyor
building, gas piping work on turkey project basis. The firm mainly
provides its services to Steel Authority of India
Limited (Bokaro), Mecon Limited, Bengal tools Limited etc.
PADMA PRIYA: ICRA Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Sri Padma
Priya Finance Corporation to the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating moved to
Cash Credit Issuer Not Cooperating category
As part of the process and in accordance with rating agreement with
Sri Padma Priya Finance Corporation, 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 moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.
ICRA has taken a consolidated view of Sri Padma Priya Finance
Corporation (PP) and Sri Vishnu Priya Finance (VP) as these
entities are under the same management and operate in the same
business segment. The combined entity is referred to as PPVP.
PP was set up in 1995 as a partnership firm in Rajahmundry (Andhra
Pradesh). It finances two-wheelers in the east Godavari region of
Andhra Pradesh. As on March 31, 2022, PP's total vehicle loan
portfolio stood at INR37.8 crore (including unmatured hire
charges). PP reported a net profit of INR0.4 crore in FY2022 on an
asset base of INR35.5 crore.
Group Profile
PPVP is a part of the Rajahmundry-based SB Group. The key entities
in the Group include SB Motor Corporation, SB Wheels Zone, PP and
VP. With an established track record of over three decades, the
Group is primarily engaged in two-and-four-wheeler dealerships and
financing. Mr. Rangaprasad, Mr. Ramkumar, Ms. Parimala, and Mr.
Suresh Kumar are the partners in all the entities of the Group with
varying shares in each firm. The Group's financing activities are
undertaken by PP and VP. Both are partnership firms and provide
finance for two-wheelers, mostly used vehicles, with a focus on the
rural market.
As on March 31, 2022, PPVP's total vehicle loan portfolio stood at
INR68.5 crore (including unmatured hire purchase charges; INR49.4
crore excluding unmatured hire purchase charges). For FY2022, the
combined entity reported a net profit of INR0.7 crore on an asset
base of INR67.5 crore. As on March 31, 2022, PPVP's total net worth
in relation to the total assets was 30.4%.
PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Blankets Private Limited (PBPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.75 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.11 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.50 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 2.00 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 3.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PBPL for
obtaining information through letter and email dated January 5,
2024 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 PBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBPL continues to be 'CRISIL D Issuer Not Cooperating'.
PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta.
The company manufactures polyester mink blankets, which it sells in
the domestic market. Its manufacturing unit is at Sonepat
(Haryana).
PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Patanjali
Chikitsalaya - Chennai (PCC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2023, placed the rating(s) of PCC under the 'issuer
non-cooperating' category as PCC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PCC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 2, 2023, December 12, 2023, December
22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Patanjali Chikitsalaya (PCC) was established in January 2009 as a
proprietorship concern by Smt. Suman Devi Lath in Chennai, Tamil
Nadu. The firm is involved in trading of FMCG products and is an
authorized dealer of Patanjali Ayurved Limited, Haridwar and Divya
Pharmacy, a manufacturing unit of Patanjali Yogpeeth. The products
sold by PC are Ghee, Face creams, Medicines, Soaps, Detergents,
Wheat flour, Sunflower oil, Honey, etc. The registered office of
the firm is located at Egmore in Chennai (Tamil Nadu).
RAWMATE SOLUTIONS: ICRA Withdraws 'B' Issuer Rating
---------------------------------------------------
ICRA has withdrawn the rating assigned to the Issuer Rating of
Rawmate Solutions at the request of the company. However, 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
---------- ----------- -------
Issuer Rating - [ICRA]B (Stable); ISSUER NOT
COOPERATING; Withdrawn
Incorporated in 2011, Rawmate Solutions (RS) is a part of Raipur
based Tatva Group and is involved in the solar integration business
for installation of solar pumps, solar rooftops and solar power
generation. RS was earlier into granite trading business, however
presently they have discontinued their granite trading business due
to lack of demand from the export market.
SAGAR AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sagar
Autotech (Jabalpur) Private Limited (SAPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of Sagar Autotech (Jabalpur) Private
Limited (SAPL) under the 'issuer non-cooperating' category as SAPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 11, 2023, November 21, 2023, December 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jabalpur (Madhya Pradesh) based Sagar Autotech (Jabalpur) Private
Limited (SAPL) was incorporated in December, 2016 by Jain family.
SAPL is an authorized dealer of Skoda Auto India Private Limited
(Skoda) and operates two showrooms at Jabalpur. Further, all the
showrooms of the company are equipped with 3-S facilities i.e.
Sales, service and spare parts.
SHANKAR RICE: ICRA Keeps B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Shankar Rice & Gen. Mills in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 74.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Shankar Rice & Gen. Mills , 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 2001, Shankar Rice & Gen. Mills is a partnership
firm engaged in milling, processing, and sorting of basmati and
non-basmati rice. The firm has its plant at Moga (Punjab) with a
milling capacity of 4.5 tons per hour and sorting capacity of 5
tons per hour.
SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Siddarth Intercrafts Private Limited in the 'Issuer
Not Cooperating' category. The rating are denoted as "[ICRA]C;
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.50 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 7.50 [ICRA]C; ISSUER NOT COOPERATING/
Short Term- [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 Siddarth Intercrafts 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.
Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth
Group is engaged in the manufacturing of ladies 'garments, kid's
garments, scarfs, and fashion accessories. Siddarth Group comprises
of three Independent units producing Ladies and Children Garments
namely Siddarth Organisation, Siddarth Organisation Limited and
Siddarth Intercrafts Private Limited. The company is engaged in
manufacturing and trading of garments primarily for women (such as
Kurtis, cardigans, tops, coats, tunics, leggings, dresses, pants,
leggings & salwar kameez). Siddarth Group has four Brands -Paprika,
Surasa, Jaipuri Kurti, Chickpea.
TRT BUILDERS: ICRA Keeps C+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term rating of TRT Builders &
Constructions (India) Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.50 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 4.00 [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 TRT Builders & Constructions (India) 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.
TRT Builders & Constructions (India) Private Limited was
incorporated in the year 2011 as a private limited company promoted
by Mr. Sundareshan, Mr Nizamudeen and Mr Robin P Alex. The
day-to-day activities of the company are managed by Mr. Sundareshan
who has more than 35 years of experience in the construction
industry. All three promoters of the firm are registered class A
contractors in Kerala with more than two decades of experience in
the construction industry each under their personal capacities. Mr.
Sundareshan, Mr. Nizamudeen and Mr Robin P Alex own under their
personal capacities firm's M/s Trio Builders, M/s Thoppil Builders
and M/s Sreyas Builders respectively, with all three firms
operating in the construction segment in different regions of
Kerala.
VARADHARAJA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Varadharaja Foods Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
BLR Long-term– 0.27 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 7.73 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short Term- (3.50) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Varadharaja Foods 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.
Promoted by Mr. N.E. Kumar in May 2009, Varadharaja Foods Private
Limited is a fruit processing company, engaged in sales of pulp and
concentrate of fruits such as guava, papaya and tomato. VFPL has a
processing unit in Ponnappagaunipalli Village, Krishnagiri district
(Tamil Nadu). Since April 2014, the company was also engaged in
sale of fruit juices under 'Laama' brand, wherein the company does
not have any in-house manufacturing capacities but largely relies
on third party companies for processing and packaging the juice
drinks.
WORKSPACE METAL: ICRA Withdraws B+ Rating on INR30cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Workspace Metal Solutions Private Limited at the request of the
company and based on the No Objection Mail/Closure Certificate
received from the 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- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Overdraft to remain under 'Issuer Not
Cooperating' category
Long Term- 9.15 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Workspace Metal Solutions Pvt Ltd (WMSPL) is part of the Udaipur
based Pyrotech group. The company was set up to manufacture metal
based furniture for offices and retail spaces. The company has set
up its facility adjacent to group company Pyrotech Workspace which
is into manufacturing of wooden furniture for offices, retail
spaces and also residential. The company started project execution
in March, 2011 and commissioned the facility in Sep 2012. The
rationale behind setting up WMSPL was to have wider product
portfolio of the group to offer to its customers and significant
cost advantage, higher durability and customization potential of
metal as compared to wood/board making it a superior substitute to
wooden furniture. As per the company metal based furniture
manufacturing has a strong demand potential. The company through
its research and design capabilities has developed innovative
products and plans to introduce its product in the office and mall
segment and retail market. The products includes ceilings, works
stations for factories, kitchen sets in addition to office and
retail furniture.
=====================
N E W Z E A L A N D
=====================
ANSON CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 23
-------------------------------------------------------------
A petition to wind up the operations of Anson Construction NZ
Limited will be heard before the High Court at Auckland on Feb. 23,
2024, at 10:45 a.m.
G W Construction Limited filed the petition against the company on
Nov. 20, 2023.
The Petitioner's solicitor is:
James Nolen
K3 Legal Limited
83 Albert Street
Auckland Central
Auckland
MONARCH KITCHEN: Creditors' Proofs of Debt Due on March 13
----------------------------------------------------------
Creditors of Monarch Kitchen Cafe Limited are required to file
their proofs of debt by March 13, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 13, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
POLAR CAPITAL: Smiths City to Close Richmond Store
--------------------------------------------------
Stuff.co.nz reports that the Smiths City store in Richmond, Tasman,
is set to close, with staff relocating to the Nelson store.
Colin Neal, the investor whose company Polar Capital owns the
furniture and electronics retail chain, confirmed by email that the
Richmond store would close once its lease ended.
It is understood this will be in March.
Stuff relates that Mr. Neal's brief reply said: "All staff to
remain and transfer to Nelson."
He did not confirm how many staff members were affected or how the
Nelson store planned to absorb the extra workers.
Mr. Neal confirmed the closure after Stuff made several attempts to
contact Smiths City for comment.
The 0800 phone number on the website was no longer manned, and
emails to the company's headquarters and communications staff went
unanswered or bounced back, Stuff says.
Polar Capital bought the retail chain in May 2020. News reports at
the time stated that the company had been significantly affected by
the Covid-19 pandemic, Stuff says.
The company has since rebranded, opening several new stores around
New Zealand.
RIVERGROVE HOMES: Creditors' Proofs of Debt Due on March 14
-----------------------------------------------------------
Creditors of Rivergrove Homes Limited are required to file their
proofs of debt by March 14, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 15, 2024.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
TRIANGLE STEEL: Court to Hear Wind-Up Petition on March 8
---------------------------------------------------------
A petition to wind up the operations of Triangle Steel Construction
Limited will be heard before the High Court at Auckland on March 8,
2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 13, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
YELLOW WAGON: Creditors' Proofs of Debt Due on April 5
------------------------------------------------------
Creditors of Yellow Wagon Limited and Specialist Vehicles NZ
Limited are required to file their proofs of debt by April 5, 2024,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 12, 2024.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ)
PO Box 45220
Te Atatu
Auckland 0651
=================
S I N G A P O R E
=================
COOBIZ IT: Court to Hear Wind-Up Petition on March 1
----------------------------------------------------
A petition to wind up the operations of Coobiz IT Solutions Pte Ltd
will be heard before the High Court of Singapore on March 1, 2024,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 8, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
DASIN RETAIL: Fires Wang Qiu as CEO of Trustee-Manager
------------------------------------------------------
The Business Times reports that Dasin Retail Trust has fired Wang
Qiu, the chief executive officer of its trustee-manager.
On Feb. 17, the trustee-manager said it had given notice of
termination to Wang, with effect from Feb 14. It did not give
further reasons for its decision.
This comes after the trustee-manager fired its previous chief
investment officer Lu Zhiqi, who demanded outstanding payments
totalling over SGD780,000 allegedly owed by the trustee-manager, BT
relates.
Two of its directors, Cao Yong and Zhang Zhencheng, have disagreed
with Wang's termination, said Dasin Retail Trust Management
(DRTM).
According to BT, changes in the leadership of the trustee-manager
comes ahead of a proposed extraordinary general meeting (EGM)
convened by minority unit holders of Dasin Retail Trust, who seek
to remove DRTM and appoint an internal trustee-manager. The EGM was
scheduled for Feb 19.
On Feb. 18, DRTM said following the advice of the trustee manager's
lawyers, it declared that the proposed EGM is "invalid".
BT relates that DRTM said the notice of requisition must be signed
by the unit holders and deposited at its office. It noted that it
had only received a copy of the signed notice on Feb. 17 via e-mail
even though the unit holders had already decided it would proceed
with the proposed EGM on or before Feb. 14.
The notice was purportedly "delivered by hand to the trustee
manager on Feb. 17, 2024, being a Saturday, which is a non-working
day for the trustee manager", DRTM, as cited by BT, said.
"As the requisition notices do not comply with the requirements,
the requisition notices and the notice of EGM are invalid," said
DRTM.
However, two of DRT's directors, Cao and Zhang, have disagreed with
this view, arguing that the EGM should be allowed to continue.
BT relates that Cao, who is one of DRT's independent directors,
said that the unit holders have obtained the signatures of the
legal holders of their units. "Since they have received the
signatures, the trustee manager should allow unit holders to attend
the meeting if they wish," he said.
He added: "The EGM involves a resolution which concerns the
termination of the trustee manager. If so, the trustee manager
itself is not independent to provide its advice to the unitholders
on matters concerning the EGM."
Zhang, whose family trust is the largest unit holder in Dasin with
a stake of about 43%, argued that DRTM was using "procedural
loopholes" to determine that the EGM was invalid, even though the
identity of the unit holders had been confirmed.
Zhang said: "Now all minority unit holders who need signature
confirmations from nominees have obtained signature confirmations
48 hours before the EGM," BT relays.
"Any obstruction will only deliberately postpone the EGM that will
definitely be held, and will ultimately only… harm the interests
of minority unit holders," he added.
BT adds that DRTM said the remaining members of its board agreed
with its lawyers' view that the proposed EGM was invalid.
It said: "The majority directors urge all unitholders to ignore the
proposed EGM, and not attend it."
About Dasin Retail
Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, Dasin Retail Trust has received a notice declaring
that an event of default has occurred under its onshore syndicated
term loan facility of up to CNY400 million.
Issued by the Bank of China's Zhongshan branch as the facility and
security agent of the onshore facility, the bank is claiming an
outstanding sum of CNY355.2 million plus interest after the term
loan matured on Dec. 31, 2022, according to BT.
This interest shall go on accruing until full payment is made by
Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial
Property Management, noted the trustee-manager late on Sept. 4, BT
related.
Notices of these facilities were dated Aug. 31, 2023, and issued to
the trust's subsidiaries, including Zhongshan Yuanxin.
DASIN RETAIL: Receives Winding-Up Application
---------------------------------------------
The Business Times reports that the trustee-manager of Dasin Retail
Trust has received a winding-up application filed by Zhang Guiming,
the nephew of a non-executive director on Dasin Retail Trust's
board.
While Zhang informed the trustee-manager on Feb. 18 that it was
filed the previous day, the letter is deemed to have been served on
Feb. 20 as it was received on Feb. 19 past 5:00 p.m., said the
trustee-manager on Feb. 20, BT relates.
It is seeking legal advice regarding the winding-up application and
intends to dispute Zhang's claims, according to BT.
Earlier this month, Dasin Retail Trust received a letter of demand
from Zhang regarding alleged outstandings of SGD272,000 under two
short-term advance agreements, on which the trustee-manager is
seeking legal advice.
According to BT, the China retail property trust was also served
letters of demand from four of its executives for payments
totalling SGD783,376. The payments are said to include accrued
outstanding monthly salaries and loans.
Executives who served the letters of demand included the trustee
manager's chief investment officer (CIO) Lu Zhiqi as well as chief
executive Wang Qiu. Both have since been fired, with a new CIO
appointed in Lu's place.
About Dasin Retail
Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, Dasin Retail Trust has received a notice declaring
that an event of default has occurred under its onshore syndicated
term loan facility of up to CNY400 million.
Issued by the Bank of China's Zhongshan branch as the facility and
security agent of the onshore facility, the bank is claiming an
outstanding sum of CNY355.2 million plus interest after the term
loan matured on Dec. 31, 2022, according to BT.
This interest shall go on accruing until full payment is made by
Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial
Property Management, noted the trustee-manager late on Sept. 4, BT
related.
Notices of these facilities were dated Aug. 31, 2023, and issued to
the trust's subsidiaries, including Zhongshan Yuanxin.
GOLDEN MOUNTAIN: First Creditors' Meeting Set for March 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Golden
Mountain Textile and Trading Pte Ltd will be held on March 8, 2024,
at 2:00 p.m. via video-conferencing using Zoom.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC on Feb. 2, 2023,
was appointed as judicial manager of the company.
The Judicial Manager may be reached at:
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
HL ENTERPRISE: Court to Hear Wind-Up Petition on March 1
--------------------------------------------------------
A petition to wind up the operations of HL Enterprise Pte Ltd will
be heard before the High Court of Singapore on March 1, 2024, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 8, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
TAYLOR B: Court to Hear Wind-Up Petition on March 1
---------------------------------------------------
A petition to wind up the operations of Taylor B. Fine Design Group
Pte Ltd will be heard before the High Court of Singapore on March
1, 2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 8, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
VE TECHNOLOGY: Court to Hear Wind-Up Petition on March 1
--------------------------------------------------------
A petition to wind up the operations of VE Technology Group Pte.
Ltd. (formerly known as VE Capital Asia Pte Ltd) will be heard
before the High Court of Singapore on March 1, 2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 8, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
===============
T H A I L A N D
===============
THAILAND: PM Seeks Emergency Central Bank Rate Cut After GDP Miss
-----------------------------------------------------------------
Bloomberg News reports that Thailand's Prime Minister Srettha
Thavisin asked the central bank to urgently hold an unscheduled
meeting of its Monetary Policy Committee to cut interest rate,
saying the latest data indicated that the nation's economy was in a
crisis.
"I would like to implore the MPC to urgently call a committee
meeting to consider reducing interest without waiting for a
scheduled meeting," Srettha posted on X late on Feb. 19.
According to Bloomberg, the rate-setting panel headed by the Bank
of Thailand Governor Sethaput Suthiwartnarueput isn't scheduled to
hold its regular meeting until April 10. Asked to comment on
Srettha's call for urgent meeting, a representative for the BOT
said the bank won't give a response.
Bloomberg relates that the standoff on policy rate is the latest
instance of a discord between the Thai premier and the central bank
chief after the duo publicly disagreed on the government's plan for
a cash stimulus and the assessment of Southeast Asia's
second-largest economy. The rift lays bare the diverging views of
key policymakers in running the $500-billion economy, spooking
investors.
The baht fell as much as 0.5% on news of Srettha calling for an
out-of-cycle MPC meeting to cut borrowing costs that are at a
decade high, the report says. The currency has gone from being the
best performer in Asia in the final quarter of 2023 to the
second-worst this year as foreign investors continued to shun Thai
assets.
"This call represents rising headwinds for the baht given the
apparent escalation of pressure on the central bank to cut before
the next meeting in April," Bloomberg quotes Moh Siong Sim, a
currency strategist at Bank of Singapore Ltd, as saying. "The baht
is likely to remain under pressure in the near term amid a firm
dollar backdrop."
Catch-22
Bloomberg notes that the simmering tensions puts the central bank
independence in spotlight in a country where friction between the
government and the monetary authority isn't unusual. In 2001, then
Prime Minister Thaksin Shinawatra fired the central bank governor
after the official defied his call for higher interest rates,
Bloomberg recalls.
"This is an important issue which puts the BOT in a bit of a
catch-22 situation," Bloomberg quotes Euben Paracuelles, chief
Asean economist at Nomura Holdings Inc., as saying. "The economy is
clearly weakening as confirmed by the GDP data, and therefore
warrants a monetary response. But the BOT also doesn't want to be
seen as acting on this seemingly strengthening push from the PM to
cut rates."
While the BOT hasn't reacted to the disappointing GDP data on Feb.
19, an assistant governor previously said authorities are willing
to consider lowering borrowing costs if the weakness in the economy
is persistent and not transitory, Bloomberg relays. The
rate-setting panel left interest rate unchanged at 2.5% on Feb. 7,
ignoring Srettha's call the prior day for a 25-basis-point cut.
Gross domestic product expanded 1.7% in the fourth quarter from a
year ago, weaker than the median 2.6% forecast by economists
surveyed by Bloomberg, data released on Feb. 19 showed. Output
shrank 0.6% quarter-on-quarter, against a forecast of 0.1% drop.
For the full year 2023, the economy grew 1.9%, extending a decade
of average sub-2% growth.
Thailand is currently witnessing a spell of deflation, with
negative consumer price readings for four months since October,
Bloomberg states. The BOT argues that the negative inflation is due
to state subsidies and not because of demand deficiency, another
point of contention with Srettha.
Factory output has shrunk for 15 months in a row as exports took a
knock due to sluggish demand for automobiles, electronics and other
products, Bloomberg discloses.
Bloomberg adds that Thailand's tepid economic recovery also
bolsters the case for Srettha's plan to shore up growth with a
$14-billion in cash handouts to citizens to boost consumption - an
idea that's been criticized by economists and the central bank as
inflationary and one that poses a risk to fiscal consolidation.
*********
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 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***