/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240226.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, February 26, 2024, Vol. 27, No. 41 Headlines A U S T R A L I A CAINE ENTERPRISES: First Creditors' Meeting Set for Feb. 29 GLOWPEAR PTY: First Creditors' Meeting Set for Feb. 29 HASHTAG GIFTED: Second Creditors' Meeting Set for Feb. 28 ILLAWARRA SERIES 2024-1: S&P Assigns BB (sf) Rating to E Notes MOSSMAN SUGAR: Administrators Recommend Mill Goes Into Liquidation NOVAK MOTORS: First Creditors' Meeting Set for Feb. 29 PACQUOLA CORP: First Creditors' Meeting Set for March 1 SCOTPAC GEARS 2024-1: Moody's Gives B2 Rating to AUD4.26MM F Notes SKYFIELD HOMES: Goes Into Administration Leaving Unfinished Homes C H I N A HUMAN HORIZONS: HiPhi's Founder Tries to Save Company in 3 Months SUNSHINE 100: Assessing Impact of Liquidation Order vs. Joywise YINCHUAN TONGLIAN: Moody's Withdraws 'Ba3' Corporate Family Rating [*] US, China Seek New Debt Relief Options to Avoid Defaults Wave I N D I A AAROHI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ADLERS BIO-ENERGY: Ind-Ra Assigns D Bank Loan Rating AI INSTRUMENT: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable AMIYA STEEL: Ind-Ra Withdraws B Bank Loan Rating, Outlook Stable AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating APPROCOOL AIRCON: Ind-Ra Moves BB+ Rating to Non-Cooperating ASSOCIATED ENGINEERING: Ind-Ra Keeps B+ Rating in Non-Cooperating AVANTIKA CONTRACTORS: Ind-Ra Affirms BB Bank Loan Rating AYKA PHARMA: Ind-Ra Affirms BB- Loan Rating, Outlook Positive AZAM RUBBER: CARE Keeps D Debt Ratings in Not Cooperating Category BALAJI ALUMNICAST: Ind-Ra Keeps BB+ Rating in NonCooperating BANKEY BIHARI: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable BCC INFRASTRUCTURES: Insolvency Resolution Process Case Summary BRAND ALLOYS: Ind-Ra Keeps D Rating in Non-Cooperating CBS HOLDINGS: Insolvency Resolution Process Case Summary CREST ENGINEERING: Ind-Ra Keeps B- Rating in Non-Cooperating DOABA KHALSA: Ind-Ra Keeps D Rating in NonCooperating DUGGAL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating DURGA INFRA: Ind-Ra Moves BB+ Bank Loan Rating to NonCooperating EBIX TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating ELYSIUM PHARMACEUTICALS: Ind-Ra Affirms BB+ Bank Loan Rating ELYSIUM PHARMACEUTICALS: Ind-Ra Corrects 08/02/23 Rating Release EMCO TECH: Insolvency Resolution Process Case Summary EVERGREEN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating EVERSHINE SOLVEX: CARE Keeps D Debt Rating in Not Cooperating GANESH TIMBER: CARE Keeps C Debt Rating in Not Cooperating GLANCE INVESTMENT: Liquidation Process Case Summary GO FIRST: Gets Two Financial Bids, Bankers Say GOA SPONGE: Ind-Ra Moves BB+ Rating to Non-Cooperating GOLDEN SEAMS: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive GOLDSTAR POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating GRIH LAXMI: CARE Keeps B- Debt Rating in Not Cooperating Category GROMA INFRASTRUCTURE: Ind-Ra Keeps BB Rating in NonCooperating GUJARAT CONSTRUCTION: Ind-Ra Keeps D Rating in NonCooperating HALDIA STEELS: Ind-Ra Keeps D Rating in NonCooperating HELIOS PHOTO: CARE Keeps D Debt Ratings in Not Cooperating HI-TECH HYDRAULIC: Ind-Ra Moves BB- Rating to Non-Cooperating HIGH GROUND: Ind-Ra Keeps D Rating in NonCooperating HINDUSTAN HARDWARES: Ind-Ra Assigns BB Rating, Outlook Stable INTELLIGENT TEXTILE: Liquidation Process Case Summary KASARGOD POWER: Insolvency Resolution Process Case Summary KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category LAKSHMI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating LARE FIBC: Insolvency Resolution Process Case Summary MAHALAXMI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating MALAPRABHA SAHAKARI: Ind-Ra Keeps D Rating in NonCooperating MURUGAR SPINNING: Ind-Ra Moves BB+ Rating to Non-Cooperating PHONIC ONLINE: Insolvency Resolution Process Case Summary R. PIYARELALL IRON: Insolvency Resolution Process Case Summary RAIPUR DEVELOPMENT: Ind-Ra Keeps D Rating in NonCooperating RAJARAMBAPU PATIL: Ind-Ra Affirms BB- Rating, Outlook Negative RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category RANI MOTORS: Ind-Ra Moves BB+ Rating to Non-Cooperating RS DEVELPOMENT: Ind-Ra Moves BB+ Rating to Non-Cooperating RUDRA LAMNKRAFT: Ind-Ra Moves B+ Rating to Non-Cooperating S M INTERIOR: CARE Lowers Rating on INR32.04cr LT Loan to D S. NARENDA: Ind-Ra Keeps BB Rating in NonCooperating S.S. KHARDEKAR: CARE Keeps B- Debt Rating in Not Cooperating SAMAR ESTATES: Insolvency Resolution Process Case Summary SARANYA SPINNING: Ind-Ra Keeps BB+ Rating in NonCooperating SAVERA DIGITAL: Insolvency Resolution Process Case Summary SHREEMATI FASHIONS: Pre-packaged Insolvency Process Case Summary SRI LAKSHMI: Liquidation Process Case Summary SUNITA: CARE Lowers Rating on INR15cr LT Loan to B+ T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating TARANG JEWELS: CARE Keeps D Debt Rating in Not Cooperating TEKNO PRINT: CARE Keeps D Debt Ratings in Not Cooperating Category THENPANDIAN SPINNING: Ind-Ra Affirms BB+ Rating, Outlook Stable THOPPIL CONTRACTORS: CARE Lowers Rating on INR30.57cr LT Loan to C TIRUPATI STRUCTURES: Ind-Ra Cuts Bank Loan Rating to B+ TOMAR BUILDERS: Ind-Ra Keeps D Rating in NonCooperating TREND SETTERS: CRISIL Keeps D Debt Ratings in Not Cooperating V. A. PRODUCTS: CARE Keeps C Debt Rating in Not Cooperating VADERA TRADELINK: Insolvency Resolution Process Case Summary VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating VATIKA SEVEN: CARE Keeps D Debt Rating in Not Cooperating Category VIKRAMSHILA EDUCATIONAL: CARE Keeps C Rating in Not Cooperating VIKRANT FORGE: Ind-Ra Places B+ Bank Loan Rating on Negative VINTAGE COMTRADE: Liquidation Process Case Summary N E W Z E A L A N D FUSSY DOG: Creditors' Proofs of Debt Due on March 19 GD INNOVATE: Court to Hear Wind-Up Petition on April 16 M A WAGENER: Creditors' Proofs of Debt Due on April 20 PROSPER CONSTRUCTION: Creditors' Proofs of Debt Due on March 22 S I N G A P O R E ASIA FOOD: Court Enters Wind-Up Order GADIUS PTE: Creditors' Proofs of Debt Due on March 25 LINK SH: Creditors' Proofs of Debt Due on March 25 NO SIGNBOARD: Acra and SGX Nix Request for Extension to Hold AGM SOON CHEONG: Creditors' Proofs of Debt Due on March 25 SRI LANKA MARINE: Court Enters Wind-Up Order S O U T H K O R E A TERRAFORM: Kwon Should Be Extradited to US, Montenegro Court Rules - - - - - ================= A U S T R A L I A ================= CAINE ENTERPRISES: First Creditors' Meeting Set for Feb. 29 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Caine Enterprises Austra Pty Ltd will be held on Feb. 29, 2024 at 9:00 a.m. via Microsoft Teams. Anthony Phillip Wright and Michael James Billingsley of Olvera Advisors were appointed as administrators of the company on Feb. 19, 2024. GLOWPEAR PTY: First Creditors' Meeting Set for Feb. 29 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Glowpear Pty Ltd will be held on Feb. 29, 2024 at 2:00 p.m. at the offices of Worrells at Level 14, 570 Bourke Street in Melbourne and via virtual meeting technology. Con Kokkinos and Nathan Deppeler of Worrells were appointed as administrators of the company on Feb. 19, 2024. HASHTAG GIFTED: Second Creditors' Meeting Set for Feb. 28 --------------------------------------------------------- A second meeting of creditors in the proceedings of Hashtag Gifted Pty Ltd has been set for Feb. 28, 2024 at 10:00 a.m. at the offices of Jirsch Sutherland, Level 14, 383 Kent St, SYDNEY. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 27, 2024 at 5:00 p.m. Peter John Moore and Andrew John Spring of Jirsch Sutherland were appointed as administrators of the company on Nov. 15, 2023. ILLAWARRA SERIES 2024-1: S&P Assigns BB (sf) Rating to E Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to six classes of prime residential mortgage-backed securities (RMBS) issued by BNY Trust Co. of Australia Ltd. as trustee of Illawarra Series 2024-1 RMBS Trust. Illawarra Series 2024-1 RMBS Trust is a securitization of prime residential mortgages originated by IMB Ltd., trading as IMB Bank. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, means no further loans will be assigned to the trust after the closing date. S&P believes the credit support is sufficient to withstand the stresses it applies. This credit support for the rated notes comprises note subordination and lenders' mortgage insurance on 23.6% of the portfolio. S&P said, "We expect that the various mechanisms to support liquidity within the transaction, including an excess revenue reserve funded by available excess spread (subject to conditions), principal draws, and a liquidity facility equal to 1.00% of the outstanding note balance are sufficient under our stress assumptions to ensure timely payment of interest." In addition, an amount equal to the lower of 0.10% of the aggregate invested amount of the notes on the closing date, the aggregate principal outstanding on all performing common payment date loans, and the scheduled principal and interest payments for the common payment date loans--assuming all loans convert to principal and interest loans--will be provided for by the liquidity facility provider as part of the liquidity facility to mitigate the risk of commingling due to payments that are contracted to be made on a common payment date each month by a proportion of borrowers. A standby fixed- to floating-rate interest-rate swap is to be provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. The legal structure of the trust, which is established as a special-purpose entity, meets S&P's criteria for insolvency remoteness. Ratings Assigned Illawarra Series 2024-1 RMBS Trust Class A, A$460.0 million: AAA (sf) Class AB, A$22.75 million: AAA (sf) Class B, A$7.40 million: AA (sf) Class C, A$5.15 million: A (sf) Class D, A$2.10 million: BBB (sf) Class E, A$1.35 million: BB (sf) Class F, A$1.25 million: Not rated MOSSMAN SUGAR: Administrators Recommend Mill Goes Into Liquidation ------------------------------------------------------------------ Newsport Daily reports that a crisis community meeting will be held at Mossman Shire Hall Feb. 26 in an attempt to save the Mossman Mill and its associated business ventures from being wound up by creditors. On Feb. 22, the administrator, John Goggin of Worrells, sent his report to creditors, shareholders and other stakeholders with the devastating recommendation that the Mill be wound up, Newsport relates. According to Newsport, creditors will meet next Thursday Feb. 29 to consider the report and its recommendation, and unless there is a last-minute rescue package from the state and/or federal governments, they're likely to vote for winding up and the subsequent liquidation of company assets. "My discussions with interested parties for the future of the mill have not resulted in any proposals for a Deed of Company Arrangement ("DOCA")," Newsport quotes Mr. Goggin as saying in the report. "For this reason, my current recommendation is that creditors vote to wind up the Companies." According to Newsport, the Douglas Chamber of Commerce is organising a crisis community meeting in Mossman at 6:00 p.m. on Feb. 26 evening to discuss the administrator's report, with the headline: 'Your Voice, Our Future: How will the Mill's closure impact us all?' Newsport relates that organisers said they want to make it clear to the government that without the Mill, the town and its surrounds will be virtually killed off economically, with many other businesses, particularly smaller ventures, forced to close. Despite attempts by the Mill to secure money from the state government to guarantee the 2024 and 2025 crushing seasons, no funding has been forthcoming so far, Newsport notes. "At this point, it is not viable for the Mill to continue operations past the end of February unless a funding facility is agreed in principle," Mr. Goggin, as cited by Newsport, wrote. "As at the date of this report, the Government have not committed to provide the further financial support needed to continue with the operation of the Mill for the 2024 season," Mr. Goggin wrote. "I have been advised that Government are still considering their position in this regard." "In addition to the funding requirement for operations the Mill and the associated cane rail infrastructure was damaged as a result of the floods associated with Cyclone Jasper. Current estimates are in the vicinity of AUD2 Million to repair the damage. I am working with Government to determine if any disaster relief grants area available for the mill." Newsport relates that the administrator said he had engaged with "various interest parties who have expressed interest in supporting the group with a view to advancing the Daintree Bio Precinct concept." The Mill had aimed to "transition away from the production of raw sugar and diversify toward a high value bio hub supported by advance clean energy, waste management and re-cycling infrastructure." Proposed biofuel products would include sustainable aviation fuel (SAF) and renewable diesel for remote communities. But although there had been a good level of interest in helping take the Mill forward, no companies - including Helmont Energy and Licella Holdings - had committed to providing a funding solution to maintain the operations of the Mill. Newsport adds Mr. Goggin said he had also engaged with a number of other parties who operated in the bio energy space including a firm based in Warners Bay, NSW, called Clever Power, as well as discussions with other companies who had shown interest in partnering with the Mill in future: Super Char, Jet Zero, Solace Private Equity, Renewable Developments Australia Pty Ltd ("RDA"), and CSIRO. About Mossman Sugar John Goggin of Worrells (Cairns office) on Nov. 20, 2023, was appointed administrator of the following companies that comprise the "Daintree Bio Precinct Group": - Daintree Bio Precinct Ltd - Far Northern Milling Pty Ltd t/as Mossman Mill - Far Northern Infrastructure Pty Ltd - Daintree Bio Enterprises Pty Ltd Daintree Bio Precinct Ltd (DBP) is a cane grower owned company located in Mossman, Far North Queensland. DBP's subsidiary - Far Northern Milling Pty Ltd - acquired the Mossman Mill from Mackay Sugar Limited in July 2019. DBP's other subsidiaries own land adjacent Mossman Mill and operate environmentally sustainable bio-projects and products. The companies are continuing to trade during the voluntary administration period in order to complete the 2023 cane crush season. At the date of administration appointment, the group had approximately 130 full time and casual employees. The Mossman Sugar Mill was built in 1894. NOVAK MOTORS: First Creditors' Meeting Set for Feb. 29 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Novak Motors Pty Ltd will be held on Feb. 29, 2024 at 11:00 a.m. at the offices of Cor Cordis at Level 29, 360 Collins Street in Melbourne and via virtual meeting technology. Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were appointed as administrators of the company on Feb. 20, 2024. PACQUOLA CORP: First Creditors' Meeting Set for March 1 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Pacquola Corp Pty Ltd will be held on March 1, 2024 at 10:00 a.m. at the offices of Kennedy Ryan Advisory at Level 4, 15 Queen Street in Melbourne and via electronic facilities. Richard Rohrt of Kennedy Ryan Advisory was appointed as administrator of the company on Feb. 21, 2024. SCOTPAC GEARS 2024-1: Moody's Gives B2 Rating to AUD4.26MM F Notes ------------------------------------------------------------------ Moody's Investors Service has assigned definitive ratings to notes issued by Equity Trustees Limited, as trustee of ScotPac Gears ABS Trust 2024-1. Issuer: ScotPac Gears ABS Trust 2024-1 AUD232.94 million Class A Notes, Assigned Aaa (sf) AUD23.44 million Class B Notes, Assigned Aa2 (sf) AUD15.53 million Class C Notes, Assigned A2 (sf) AUD9.44 million Class D Notes, Assigned Baa2 (sf) AUD13.10 million Class E Notes, Assigned Ba2 (sf) AUD4.26 million Class F Notes, Assigned B2 (sf) The AUD5.79 million of Class G Notes are not rated by Moody's. The transaction is a securitisation of a portfolio of commercial auto and equipment loans originated by Scottish Pacific Business Finance Pty. Limited ("ScotPac"). ScotPac will act as servicer of the transaction. This is ScotPac's inaugural ABS transaction. ScotPac is a non-bank lender for SMEs providing working capital and other financial services to transport, manufacturing, wholesale, import and printing industries in Australia. Its core product is debtor finance, with ScotPac holding the largest non-bank debtor finance portfolio in Australia and New Zealand. RATINGS RATIONALE The definitive ratings take into account, among other factors, Moody's evaluation of the underlying receivables and their expected performance, an evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity reserve in the amount of 1.5% of outstanding balance of all receivables, the legal structure, the experience of ScotPac as servicer; and the presence of Equity Trustees Limited as back-up servicer. According to Moody's, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The key challenge in the transaction is the limited historical data available for the portfolio. ScotPac is a relatively new originator in asset finance, with historical default data for its auto and equipment loan book only available from 2019. As such, the pool's performance could be subject to greater variability than the observed data indicates. The transaction's key features are as follows: -- Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 23.50%, 15.80%, 10.70%, 7.60%, 3.30% and 1.90% of note subordination, respectively. -- Once stepdown conditions are satisfied, all notes, excluding the Class G notes, will receive their pro-rata share of principal. Step-down conditions include, among others, the payment date is at least 12 months after the settlement date and no unreimbursed charge-offs. -- A swap provided by Citigroup Global Markets Limited (A1/P-1/Aa3(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow the schedule amortization of the portfolio. -- Equity Trustees Limited (EQT) is the back-up servicer. If ScotPac is terminated as servicer, EQT will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key portfolio features are as follows: -- The portfolio is diversified both at an obligor level and a geographical level. -- The portfolio has a high yield of 11.9% which provides excess spread to cure portfolio losses. -- Heavy commercial vehicle loans, including trucks and trailers, are the largest component making up 51.1% of the portfolio. Cars make up 12.2% of the portfolio. Key model assumptions: Moody's base case assumptions are a portfolio loss rate of 4.80%, and a portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recessionary scenario — of 27.00%. The assumed recovery rate is 25%. Expected defaults, recoveries and PCE are parameters used by Moody's to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. To address the limited historical loss data on ScotPac's portfolio, Moody's have benchmarked the performance to data from comparable Australian commercial auto and equipment ABS originators. Moody's have also overlaid additional stresses into Moody's default and PCE assumptions. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations Methodology" published in September 2023. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. SKYFIELD HOMES: Goes Into Administration Leaving Unfinished Homes ----------------------------------------------------------------- Daily Mail Australia reports that another construction company has gone bust leaving behind close to 40 unfinished homes and debts of around AUD1.5 million. Skyfield Homes located on the Gold Coast became the latest building firm to enter administration several weeks ago. The company has construction sites in Brisbane, Nerang, Helensvale, and Hope Island. It's understood 38 homes are yet to be completed while the firm has accrued debts of more than AUD1.5 million. Michael Caspaney of Menzies Advisory was appointed the administrator to take over the firm's finances on Feb. 19, Daily Mail Australia discloses. Tradies working on the firm's construction sites across the Gold Coast didn't turn up to work and the company's website and social media have been taken down, according to the report. Subcontractors working for the company were left confused over why they were asked to complete subcontractor forms related to an associated company Focus Living, according to reports from the Gold Coast Bulletin Skyfield Homes hold shares in Focus Living and both companies are directed by Dazhi Wang. Daily Mail Australia notes that Skyfield's building licence was suspended last year for a period of two months after the company failed to meet several payments. The licence was worth between AUD12 million to AUD30 million and showed Skyfield had registered 25 jobs which were set to provide more than AUD17 million in revenue during 2021-22. However, the number of jobs the company was booked to complete fell dramatically to just four during 2022-23 worth AUD4.1 million. The company's licence did not have a nominee as of Feb. 21. ========= C H I N A ========= HUMAN HORIZONS: HiPhi's Founder Tries to Save Company in 3 Months ----------------------------------------------------------------- Caixin Global reports that the founder of troubled Chinese luxury electric vehicle startup HiPhi said companies had made approaches to the carmaker for potential acquisition, investment or restructuring, and it may now have a three-month window to try to stay afloat. The brand under Shanghai-based manufacturer Human Horizons Group Inc. announced internally on Feb. 18 that it would halt production for six months due to financial difficulties. Its founder Ding Lei updated employees on developments on Feb. 22. Its founder's slow response to financial woes and public relations blunders contributed to the apparent downfall of Chinese luxury electric vehicle (EV) brand HiPhi, people familiar with the company told Caixin, with the carmaker temporarily shuttering production and cutting its workforce. The premium brand under Shanghai-based manufacturer Human Horizons Group Inc. has dismissed contract workers at its manufacturing facility located in Yancheng, Jiangsu province, one HiPhi employee told Caixin on Feb. 20. Headquartered in Shanghai, China, Human Horizons Technology -- https://www.human-horizons.com/ -- makes electric cars under the HiPhi brand and develops autonomous driving technology. It operates its production and assembly smart plant in Yancheng, Jiangsu Province, and its parts boutique prototype factory in Jinqiao, Shanghai. SUNSHINE 100: Assessing Impact of Liquidation Order vs. Joywise --------------------------------------------------------------- South China Morning Post reports that embattled mainland Chinese property developer Sunshine 100 is evaluating the impact of a winding-up order for its controlling shareholder, whose beneficiaries include its chairman and executive director, according to a filing with the Hong Kong exchange. The Post relates that Sunshine 100 said it had recently been informed of the winding-up order, issued by a Hong Kong court dated January 17, against Joywise Holdings, which holds 64.77 per cent of the developer's shares. The Beijing-based developer said it "is assessing the impact that the winding-up order against Joywise may have on the business operation and financial position of the company". "Shareholders of the company are reminded that the order is made against Joywise and not the company," Sunshine 100 said. Joywise is held by family trusts whose beneficiaries include Sunshine 100's chairman and executive director, Yi Xiaodi, executive director Fan Xiaochong and non-executive director, Fan Xiaohua. According to the Post, the winding-up petition was filed by Haitong International Securities with a Hong Kong court in August last year, after Joywise was unable to repay Haitong HK$386.8 million (US$49.45 million) by June. The loan was extended in 2019, with Joywise pledging 964.8 million shares of Sunshine 100 to Haitong, according to the developer's filing in August. About 80 per cent of Sunshine 100's projects are residential developments in second-tier Chinese cities such as Chengdu, Nanning and Wuhan. The developer first defaulted in 2021 when it was unable to meet the payment of Singapore-listed US$170 million notes as well as interest amounting to US$8.9 million, the report notes. The default was expected to trigger cross-defaults of other notes too, it said. In October last year, Sunshine 100 said it was unable to pay US$120 million plus accrued interest of US$38.4 million on a note it issued in February 2021, the Post recalls. As of June last year, its total loans amounted to 27.39 billion yuan, dominated both in the yuan and US dollars, Sunshine 100 said in its latest financial report. The developer's losses widened by more than a quarter to CNY1.1 billion from CNY837.8 million, with revenue falling by 5 per cent to CNY1.13 billion, in the six-month period ending in June last year, the Post discloses. Sunshine 100 made its initial public offering in 2014, with US private-equity firm Warburg Pincus as one of its largest backers. About Sunshine 100 Sunshine 100 China Holdings Ltd. is principally engaged in the sale of properties. The Company operates its business through four segments. The Mixed-use Business Complexes segment is engaged in the development and sales of business complex products. The Multi-functional Residential Communities segment is engaged in the development and sales of residential properties and land development. The Investment Properties segment is engaged in the leasing of offices and commercial premises. The Property Management and Hotel Operation segment is engaged in the provision of property management service and hotel accommodation services. YINCHUAN TONGLIAN: Moody's Withdraws 'Ba3' Corporate Family Rating ------------------------------------------------------------------ Moody's Investors Service has withdrawn Yinchuan Tonglian Cap. Inv. Opn. Co., Ltd.'s Ba3 corporate family rating. The outlook prior to the withdrawal was negative. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. COMPANY PROFILE Founded in 2008, Yinchuan Tonglian Capital Investment Operation Co., Ltd. (Yinchuan Tonglian) is 100% owned by the Yinchuan city government. The company is the largest state-owned enterprise (SOE) under the Yinchuan city government and engages in various businesses, including municipal infrastructure project construction, public transportation, gas supply and book retail in Yinchuan, the capital of Ningxia. Its reported total assets amounted to RMB46 billion and reported total revenue was RMB1.2 billion in 2022. [*] US, China Seek New Debt Relief Options to Avoid Defaults Wave ----------------------------------------------------------------- Bloomberg News reports that the U.S. and China are discussing new measures to prevent a wave of emerging market sovereign defaults, one of the most significant attempts in years at economic cooperation between the rival superpowers. According to Bloomberg, the talks - including ways to preemptively extend loan periods before countries miss payments - are broadly aimed at both easing the $400 billion-plus annual debt service burden for poor countries and finding an alternative to the high borrowing rates those nations now face in the market. In addition to extending repayment times, other ideas being discussed include increasing financing from the World Bank and other multilateral banks. A key point is to roll out those measures before countries default and enter formal restructuring talks with creditors. Any resulting joint proposal on global sovereign debt issues between Washington and Beijing would likely need the support of the full Group of 20, as well as the International Monetary Fund and the World Bank - the trifecta that's struggled to resolve global debt distress issues since the pandemic. It would also eventually require broad buy-in from private creditors, who have captured a bigger share of emerging market sovereign lending and expect a bigger say at the negotiating table. One goal of the talks, two of the people said, is to bring a proposal to G-20 leaders when they meet in Rio de Janeiro in November, Bloomberg relays. Another person cautioned the talks are still in an early stage and it's unclear if they'll result in anything concrete. The people spoke on condition of anonymity to discuss private talks. The Treasury Department declined to confirm the specifics of the discussions, saying in a statement that "we talk frequently with China about sovereign debt concerns. And we talk to many countries about how to make sure the international financial architecture is meeting low-income country financing needs." According to Bloomberg, Chinese Foreign Ministry spokeswoman Mao Ning said her nation "attaches great importance to the debt issues of developing countries." The US and China discuss the topic "via multilateral and bilateral channels," she added Friday at a regular press briefing in Beijing. The Ministry of Finance in Beijing didn't respond to requests for comment. A joint US-China approach would be a breakthrough as the two sides are the most powerful forces acting on many nations' debt workouts: Washington dominates the global financial architecture through the Treasury Department's influence at the IMF and World Bank, while Beijing essentially has veto power over many deals as the biggest creditor to developing countries. Bloomberg says the discussions come amid growing concerns over the slow progress of restructuring talks for countries like Zambia and Ghana, which are now engaged in a process known as the Common Framework, a program to restructure debts launched in 2020 by the G-20, World Bank and IMF. The framework's ambitions included bringing traditional lenders from the so-called Paris Club - mostly rich, Western creditor nations - around the table with emerging creditors, notably China and the private sector. But that process has drawn criticism for moving forward at a dangerously sluggish pace, leaving defaulted countries suspended for years while dissuading others near bankruptcy from seeking help given the grinding process, Bloomberg relays. ========= I N D I A ========= AAROHI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aarohi Constructions Private Limited (ACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 16, 2023, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL 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. ACPL 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). The ratings have been revised on account of non-availability of requisite information. Further it also considers small scale of operations with ongoing losses and high overall debt in FY23 over FY22. Aarohi Constructions Pvt. Ltd. (ACPL), incorporated in 1986, was promoted by Late. Mr Subhash Jain. After him, his son Mr. Manish Jain (Managing Director) took over the management of the company in 1997. ACPL is engaged in development of residential and commercial real estate projects. ADLERS BIO-ENERGY: Ind-Ra Assigns D Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Adlers Bio-Energy Limited's (ABEL) bank facilities as follows: -- INR104.12 mil. Term loan (Long-term) due on August 2027 assigned with IND D rating; and -- INR205.25 mil. Fund-based working capital limits (Long-term/ Short-term) assigned with IND D rating. ANALYTICAL APPROACH : Ind-Ra has taken a standalone view of ABEPL to arrive at the rating. Key Rating Drivers The rating reflects ABEL's ongoing delays in debt servicing on account of its poor liquidity position, which has led to the account being classified under the special mention account category. Liquidity Indicator-Poor: ABEL could not service the interest on its term loan during the past six months due to its tight liquidity. Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions and related parties to meet its funding requirements. Rating Sensitivities Positive: Timely debt servicing for at least three consecutive months will be positive for the ratings. Company Profile ABEL was incorporated in 2005. It operates a 60 kiloliter per day grain-based distillery plant in Osmanabad, Maharashtra. AI INSTRUMENT: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated AI Instrument Private Limited's (AIIPL) bank facilities as follows: -- INR30 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; -- INR409 mil. Term loan due on April 2031 assigned with IND BB/ Stable rating; -- INR100 mil. Non-fund-based working capital limits assigned with IND A4+ rating; -- INR80 mil. Proposed fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; and -- INR25 mil. Proposed non-fund-based working capital limits assigned with IND A4+ rating. ANALYTICAL APPROACH Ind-Ra has assessed the company on a standalone basis while assigning the ratings. Key Rating Drivers The ratings reflect the nascent stage of operations of AIIPL's cotton yarn spinning unit in Nagpur, Maharashtra, which began operations on February 1, 2024. The unit has an annual installed capacity of 14,592 spindles, translating into 3,600 metric tons of cotton yarn. Liquidity Indicator - Stretched: The total project cost of INR633.76 million was funded by a term loan of INR409 million, promoter equity infusion of INR50 million, unsecured loans from promoters of INR74.76 million and internal accruals of INR100 million from its existing trading business. AIIPL has proposed sanction of working capital limits of INR80 million and bank guarantee of INR25 million, which is likely to be sanctioned by end-February 2024. Furthermore, AIIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The company does not have debt repayments in FY24; although, has scheduled repayments of INR24 million and INR12 million in FY25 and FY26, respectively. The ratings are also constrained by AIIPL's profitability being vulnerable to the volatility in cotton and yarn prices, and competition from established market players. However, the ratings are supported by the promoters' experience in the textile business. The company's first promoter, Rajendra Mulak is one of the founder members of a co-operative spinning mill Barrister Sheshrao Wankhede Shetkari Sahakari Soot Girni Ltd. and a spinning mill in Nagpur - Barrister Sheshrao Wankhede Sutgirni - having a capacity of 55,000 spindles. Rating Sensitivities Negative: Any delay in achieving stability in the operating performance post the commencement of commercial operations, affecting the company's debt servicing ability, and the gross interest coverage below 1.5x could be negative for the ratings. Positive: Achievement of a stable operating profitability and scale of operations with the interest coverage above 2.0x will be positive for the ratings. Company Profile Incorporated on January 14, 2013, Nagpur-based AIIPL is setting up a cotton yarn spinning unit with an installed capacity of 14,592 Spindles. The company was incorporated with the purpose of trading hardware and software, and other consultancy services. Subsequently, it began executing electrical turnkey projects, which were completed by March 2022. Yashraj Mulak and Manish Vaidya are the promoters. AMIYA STEEL: Ind-Ra Withdraws B Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Amiya Steel Private Limited's (ASPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn them. The detailed rating actions are: -- INR177 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn; and -- INR40 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn. *Maintained to 'IND B/Stable (ISSUER NOT COOPERATING) before being withdrawn **Maintained to 'IND A4 (ISSUER NOT COOPERATING)' before being withdrawn Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information The ratings were last reviewed on March 27, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Key Rating Drivers The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated follow-ups by the agency through emails and phone calls, and has not provided information about the audited financials, interim financials, sanctioned bank facilities and utilization, business plan, information on corporate governance, and management certificate. This is in accordance with Ind-Ra's policy of Guidelines on What Constitutes Non-cooperation. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile Incorporated in 2002, ASPL is engaged in the manufacturing of sponge iron and trading of other related materials such as coal, iron ore, and thermo-mechanically treated bars, among others. The company's manufacturing facility, located in Bankura, West Bengal, has an annual installed capacity of 60,000 metric tons. AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Amsat Industries Private Limited (AIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.20 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 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 AIPL under the 'issuer non-cooperating' category as AIPL 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. AIPL continues to be noncooperative 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). Amsat Industries Private Limited (AIPL) was incorporated in 2009 by Mr. Kuldip Singh Dalal and Ms. Cornolia Dalal and started its commercial operations in 2012. The company is being managed by Mr. Kuldip Singh Dalal. The company is engaged in manufacturing of heat sink and metal cabin. A heat sink is a component used in electrical machine to lower the temperature of an electronic device by dissipating heat into the surrounding air. The manufacturing facility of AIPL is located at Jhajhar, Haryana. APPROCOOL AIRCON: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated all the ratings of Approcool Aircon Private Limited to the non-cooperating category as per IndRa's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR200 mil. Fund Based Working Capital Limit migrated to non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR125 mil. Non-Fund Based Working Capital Limit migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR301.5 mil. Term loan migrated to non-cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile AAPL was incorporated in 2019 and manufactures heat exchanger. Its plant is in Jalna, Maharashtra. Jitendrea Rathi is the director of the company. ASSOCIATED ENGINEERING: Ind-Ra Keeps B+ Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Associated Engineering Enterprises' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR95 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR45 mil. Fund based limits maintained in non-cooperating category with IND B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Established in 1985 and located in Hyderabad, Associated Engineering Enterprises is an engineering, procurement and construction firm. The firm is registered with the roads and buildings department as a special class civil contractor in Andhra Pradesh and Telangana. AVANTIKA CONTRACTORS: Ind-Ra Affirms BB Bank Loan Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Sri Avantika Contractors (I) Limited's (SACIL) bank facilities: -- INR250 mil. Fund-based working capital limit* affirmed and withdrawn; and -- INR1.820 bil. Non-fund-based working capital limits** affirmed and withdrawn. *Affirmed at 'IND BB'/Stable/'IND A4+' before being withdrawn **Affirmed at 'IND A4+' before being withdrawn Analyst Approach: The agency continues to take a standalone view of SACIL to arrive at the ratings. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the bankers of the rated facilities. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Key Rating Drivers Corporate Governance; Unsecured Loans and Liquor Licenses Limit Rating Potential: The company procured liquor licenses in FY22 as a part of Delhi Excise Policy 2021-22 through the unsecured loans worth INR1,428.1 million in FY22 from Axis Clinicals Limited (debt rated at 'IND BBB+'/Stable) and Auro Realty Private Limited (debt rated at 'IND BBB+'/Stable). As per the news reports, the enforcement directorate has alleged that SACIL and other entities were used as a vehicle by the promoters of Axis Clinicals and Auro Realty to hold the liquor licenses. However, the liquor licenses were surrendered by the company in FY23 on account of poor operational performance and the cancellation of the Delhi Excise Policy 2021-22. SACIL has also filed a writ petition in Delhi High Court against the excise department of New Delhi demanding INR1,769.1 million towards the settlement of the license fees, including the margin losses incurred on account of a delay in the allotment of licenses. As per the audited financials, 70% of the award amount, i.e. INR1,238.4 million, has been recognized as claims receivable by the entity. Ind-Ra estimates corporate governance being a key issue in the entity, which plays a rating constraint. Liquidity Indicator- Stretched: The company's average utilization of the fund-based limits was more than 83.84% for the 12 months ended October 2023, and likely to have remained at similar levels in November 2023. SACIL has a consortium arrangement for the fund-based limits totaling INR216 million. The cash and cash equivalents stood at INR79.2 million at FYE23 (FYE22: INR157.80 million). The cash flows from operations turned positive to INR503.2 million in FY23 (FY22: negative INR1,195.60 million), due to favorable changes in the working capital. The working capital cycle reduced to 72 days in FY23 (FY22: 101), owing to significant reductions in the inventory holding period to 28 days (53) and debtor days to 56 (99). However, the payable period reduced to 12 days in FY23 (FY22: 51). Moreover, the company has planned equity outflows for Jangareddygudem projects worth INR262.5 million and Rajamahendravaram Greenfield Highway Pvt Ltd worth INR197.6 million which is to be made by December 2024. It has debt obligations of INR282.4 million in FY24 and INR218.4 million in FY25. Ind-Ra expects liquidity to remain stretched in the near to medium term, on account of higher working capital requirements for the orderbook execution. Modest EBITDA Margins; Likely to Improve: SACIL's EBITDA margin deteriorated and remained modest at 4.67% in FY23 (FY22: 8.67%), on account of an increase in subcontracting expenses and the expenses incurred in relation to the closure of the liquor business. The return on capital employed was 5.8% in FY23 (FY22: 12.3%). Ind-Ra expects the EBITDA margin and the return on capital employed to improve in the near- to medium term, on account of growth in the orderbook and increased profitability as the entity will solely focus on the construction segment. Moderate Credit Metrics: The gross interest coverage (operating EBITDA/gross interest expenses) deteriorated to 2.82x in FY23 (FY22: 5.08x), due to a decrease in the absolute EBITDA to INR374.70 million (INR454.70 million), coupled with a marginal increase in its gross interest expense. The net financial leverage (total adjusted net debt/operating EBITDAR) increased to 4.71x in FY23 (FY22: 4.18x), due to a reduction in its absolute EBITDA. Ind-Ra expects credit metrics to remain moderate on account of increased operational performance and backed by higher utilization of short-term debt for execution of the projects in the near to medium term. Project Execution from Highly Rated Player: SACIL is executing a project of Jangareddygudem Projects Private Limited, an SPV promoted by Bekem Infra Projects Private Limited (Bekem) and SACL in the ratio of 51:49, which had unexecuted orders worth was INR2,744.9 million in hand as of October 2023. Jangareddygudem project is a hybrid annuity model project, backed by National Highway Authority of India ('IND AAA'/Stable) which is a strong counterparty, thereby mitigating the risk of a delay in recoverability of the annuity dues in the project. Strong Revenue Visibility; Diversified Orderbook: As of October 2023, SACIL had an unexecuted order book of INR18,810 million (2.26x of its FY23 revenue), scheduled to be executed and provides a revenue visibility up to by FYE26. Furthermore, the company's order book was diversified across geographies, with Rajasthan accounting for 36.66% of the overall order book as of October 2023, followed by Andhra Pradesh (20.69%), Manipur (12.86%), Kerala (12.58%), and Maharashtra (4.23%). Additionally, SACIL only executes projects for central and state government authorities. The company has adequate bank guarantee limits to execute the orders. However, although Ind-Ra expects the revenue to decrease in FY24, on account of the closure of the liquor segment, which contributed around 16.26% of the overall revenue in FY23, its construction segment, which accounted for about 83% of its total revenue, would grow in the near- to medium term, on account of an increase in its orderbook. Company Profile Established in 2005, Hyderabad-based SACIL is a civil contracting company promoted by K Narendar Reddy. It executes irrigation projects such as canals and dams, as well as airports, roads, hydro-electric power projects, and group housing schemes across India. AYKA PHARMA: Ind-Ra Affirms BB- Loan Rating, Outlook Positive ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Ayka Pharma's (AP) bank facilities: -- INR62.50 mil. Fund-based working capital limits affirmed with IND BB-/Positive/IND A4+ rating; -- INR112.50 mil. Term loan due on September 30, 2030 affirmed with IND BB-/Positive rating; -- INR62.50 mil. Fund-based working capital limits assigned with IND BB-/Positive/IND A4+ rating; and -- INR83.70 mil. Term loan due on September 30, 2030 assigned with IND BB-/Positive rating. ANALYTICAL APPROACH - Ind-Ra continues to take a standalone view of AP to arrive at the ratings. The Positive Outlook reflects AP's planned capacity expansion to 108 million pouches per annum from 60 million pouches per annum from March 2024, providing near-to-medium-term revenue visibility. Rating Sensitivities Positive: Successful completion of the ongoing capex, leading to a substantial increase in the scale of operations, along with an improvement in the credit metrics and liquidity position, all on a sustained basis, could lead to a positive rating action. Negative: Any time and cost overrun in the ongoing capex, and inability to increase the scale of operations leading to deterioration in the overall credit metrics and/or pressure on the liquidity position, all on a sustained basis, could lead to an Outlook revision to Stable. Company Profile Established in 2020, AP produces flavored oral rehydration solution in tetra pack pouches at its factory located at Indore, Madhya Pradesh, with a capacity of 108 million pouches per annum. AZAM RUBBER: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Azam Rubber Products Limited (ARPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 51.98 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 30.80 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 ARPL under the 'issuer non-cooperating' category as ARPL 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. ARPL continues to be noncooperative 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). Incorporated in 1994, ARPL is promoted by Mr Mohd Azam Khan. The company is engaged in manufacturing of footwear including hawai slippers, sandals and sports shoes among others and has two manufacturing units located at GIDA (Gorakhpur Industrial Development Authority), Gorakhpur, Uttar Pradesh. BALAJI ALUMNICAST: Ind-Ra Keeps BB+ Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Shree Balaji Alumnicast Private Limited's (SBAPL) Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- INR150 mil. Fund-based working capital limit# maintained in non-cooperating category and withdrawn; -- INR1.050 bil. Non-Fund based working capital limit* maintained in non-cooperating category and withdrawn; and -- INR120 mil. Term loan# Maintained in non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on the best available information. #Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being withdrawn * Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency, and has not provided information about interim financials, sanctioned bank facilities and utilization, business plans and projections for next three years, information on corporate governance, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile Incorporated in 2007 by Mr. Sunil Aggarwal, SBAPL supplies aluminum alloy ingots to major die cast component producers. It has a head office in Gurgaon and its manufacturing facilities are located in Dharuhera, Gurgaon, Ludhiana and Binola. BANKEY BIHARI: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Shri Bankey Bihari Polymers' (SBBP) bank facilities as follows: -- INR154 mil. Fund-based working capital limit assigned with IND BB-/Stable/INDA4+ rating; and -- INR26 mil. Term loan due on March 2027 assigned with IND BB-/ Stable rating. Analytical Approach: Ind-Ra has taken standalone view of SBBP to arrive at the ratings. Key Rating Drivers Liquidity Indicator - Stretched: The average maximum utilization of the fund-based working capital limits was 98.95% during the 12 months ended December 2023. The cash flow from operations was negative at INR63.14 million in FY23 (FY22: negative INR70.29 million; FY21: negative INR99.9 million) due to unfavorable changes in working capital. Furthermore, the free cash flow was negative at INR64.84 million (FY22: negative INR76.82 million; FY21: negative INR100.82 million) with a minimal capex amounting to INR1.7 million. SBBP had cash and cash equivalent of INR0.34 million at FYE23 (FYE22: INR0.06 million; FYE21: INR0.12 million). SBBP's working capital cycle lengthened to 13 days in FY23 (FY22: 2 days; FY21: 12 days) mainly due to a decline in the creditor days to 29 (50; 62). SBBP has term loan repayment obligations of INR4.71 million and INR9.55 million in FY24 and FY25, respectively. The ratings reflect SBBP's medium scale of operations. The revenue improved slightly to INR4,523.52 million in FY23 (FY22: INR4,271.82 million; FY21: INR3,523.19 million), led by an increase in the demand for polymers. SBBP supplies the goods to the manufacturers and traders engaged in diversified industries but mainly caters to packaging industry. As per the management, the company recorded a revenue of INR3,007.50 million in 8MFY24. Over the medium term, Ind-Ra expects the revenue to remain in similar lines due to the trading nature of the business. The ratings further reflect SBBP's healthy EBITDA margins which stood at 1.15% in FY23 (FY22: 1.3%; FY21: 0.74%). The company's return on capital employed was 21% in FY23 (FY22: 33.9%; FY21: 41.7%). Over the medium term, Ind-Ra expects the margins to remain stable due to the similar nature of operations. The ratings also reflect SBBP's modest credit metrics as the gross interest service coverage (EBITDA/interest expenses) declined slightly to 1.22x in FY23 (FY22: 1.32x; FY21: 1.58x) due to a fall in the absolute EBITDA to INR52.19 million (INR55.61 million; INR26.12 million) and the net leverage (debt/EBITDA) deteriorated to 4.64x (3.11x; 3.46x) due to an increase in the short-term debt to INR161.07 million (INR92.28 million; INR83.48 million). Ind-Ra expects the metrics to improve over the near term based on the scheduled debt repayment and no major debt-funded capex. The ratings are supported by the partners' experience of a decade in the trading business. This has led to SBBP's longstanding relationship with suppliers and customers, resulting in smooth supplies of raw material and repeat orders, respectively. Rating Sensitivities Negative: A significant decline in the profitability, leading to deterioration in the liquidity and credit metrics with the interest coverage falling below 1.1x will be negative for the ratings. Positive: A substantial increase in the profitability, leading to the improvement in the credit metrics with the interest coverage increasing above 1.5x and an improvement in the liquidity will be positive for the ratings. Company Profile Established in 2019, SBBP is a partnership firm engaged in the trading of polymers having its registered office in Delhi. Ayush Gupta and Nikhil Jain are the partners of the firm. BCC INFRASTRUCTURES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s BCC Infrastructures Private Limited B-14, Vivek Vihar, Phase-1, East Delhi, Delhi, India, 110095 Insolvency Commencement Date: January 17, 2024 Estimated date of closure of insolvency resolution process: July 15, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Harish Taneja 236-L, Model Town, Near Mukhija Hospital, Sonipat, Haryana-131001 Email id: harishtaneja78@gmail.com Basement, A-1/228, Safdarjung Enclave, 110029 Email id: cirp.bcc@gmail.com Representative of creditors in a class: 1. Amit Talwar 2. Gagan Gulati 3. Alok Kaushik Last date for submission of claims: January 31, 2024 BRAND ALLOYS: Ind-Ra Keeps D Rating in Non-Cooperating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Brand Alloys Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR115 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR156.7 mil. Term loan due on February 28, 2021 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Non-fund-based working capital limit maintained in non-cooperating category with IND D(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile BAPL was incorporated as a limited company in June 1994 and changed into a private limited company in January 2017. It manufactures steel billets, CASNUB bogies and related components, coupler components, thermomechanical treatment bars and stainless steel castings for Indian Railways. CBS HOLDINGS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: CBS Holdings Private Limited House No. 73 Floor Ground Block-F Parshant Vihar Rohini, North West, Delhi, Delhi, India, 110085 Insolvency Commencement Date: January 16, 2024 Estimated date of closure of insolvency resolution process: July 14, 2024 Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Nikhil Sachdeva H. No. 2822, First Floor, Sector 32- A, Chandigarh Road, Near BCM School, Ludhiana, Punjab ,141010 Email: nikhilsachdeva.ca@gmail.com Email: cirp.cbsholdings@gmail.com Last date for submission of claims: January 30, 2024 CREST ENGINEERING: Ind-Ra Keeps B- Rating in Non-Cooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Crest Engineering Solutions' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR90 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND B-/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR210 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Crest Engineering Solutions is a partnership firm incorporated and registered in Andhra Pradesh in June 2014. The firm has four partners - Madhusudhana Rao, Srinivas Chirukuri, Radha Krishna Murthy Pentyala and Manasa Gowri Vasireddy. The firm is engaged in the business of civil, electrical and pre-engineered building contracts. DOABA KHALSA: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Doaba Khalsa Trust's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR336 mil. Term loan due on February 28, 2023 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Doaba Khalsa Trust is a charitable educational trust registered under the Indian Trust Act. It was established in 1997-1998 by S. Khushia Singh Bath. DUGGAL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Duggal Automobiles (DA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; 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 DA under the 'issuer non-cooperating' category as DA 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. DA 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). Duggal Automobiles (DA), based in Gurdaspur, Punjab, was established as a proprietorship concern by Mr. Navneet Kumar Duggal in 1980. DA is the authorized dealer of Hero MotoCorp Limited (Two-wheeler division) with its office located in Gurdaspur, Punjab. DURGA INFRA: Ind-Ra Moves BB+ Bank Loan Rating to NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Durga Infra Mining Private Limited's (DIMPL) bank facilities' ratings to the non-cooperating category and has simultaneously withdrawn it. The detailed rating actions are: -- INR441.8 mil. Fund-based working capital limit# migrated to non-cooperating category and withdrawn; -- INR100 mil. Proposed fund-based working capital limit# migrated to non-cooperating category and withdrawn; -- INR483.3 mil. Non-fund-based working capital limit* migrated to non-cooperating category and withdrawn; -- INR88.6 mil. Proposed non-fund-based working capital limit* migrated to non-cooperating category and withdrawn; and -- INR456.3 mil. Term loans# migrated to non-cooperating category and withdrawn Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on the best available information. The ratings were last reviewed on February 16, 2023. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. #Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)' before being withdrawn *Migrated to 'IND A4 ISSUER NOT COOPERATING)' before being withdrawn Ind-Ra has migrated the ratings to the non-cooperating category because the issuer did not participate in the rating exercise despite repeated requests by the agency through emails and phone calls, and has not provided information about interim financials, sanctioned bank facilities and utilization, business plans and projections for next three years, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile DIMPL (formerly Durga Construction Company) was established in 1994 as a partnership firm. The company is engaged in the business of earthwork excavation, mining excavation and removal of overburden. DIMPL has grown to the principal contractor for overburden removal works to government mining operators. Its registered office is at Bhuj, Gujarat. EBIX TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ebix Travel & Holidays Limited (ETHL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.25 CARE B-; 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 December 29, 2022, placed the rating(s) of ETHL under the 'issuer non-cooperating' category as ETHL 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. ETHL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 14, 2023, November 24, 2023, December 4, 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). Incorporated in 1948, Mercury Travels Limited later name was changed to Ebix Travel & Holidays Limited on June 16, 2020, as a subsidiary of East India Hotels (EIH) (which owns the Oberoi Hotels & Resorts and Trident Hotels) is engaged in providing travel related services. The company has a comprehensive portfolio of travel related services that include outbound & inbound holidays, corporate travel management, foreign exchange and travel insurance. The company is an International Air Transport Association (IATA) registered ticketing agency. ELYSIUM PHARMACEUTICALS: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has taken the following rating actions on Elysium Pharmaceuticals Limited's (EPL) bank facilities: -- INR700 mil. (reduced from INR710 mil.) Fund-based working capital limits affirmed; Outlook revised to Negative from Stable with IND BB+/Negative rating; -- INR23.21 mil. (reduced from INR40.1 mil.) Non-fund-based working capital limits affirmed with IND A4+ rating; and -- INR103.33 mil. (reduced from INR293 mil.) Term loans due on October 1, 2027 affirmed; Outlook revised to Negative from Stable with IND BB+/Negative rating. ANALYTICAL APPROACH: Ind-Ra continues to take a standalone view of EPL to arrive at the ratings. The Negative Outlook reflects EPL's stretched liquidity position due to delayed realizations from export customers causing instances of delays in repayment of export packing credit (EPC) facilities during the 12 months ended December 2023. This was exacerbated by collections been routed through current account instead of EPC account, leading to a deficit in the latter even in cases where funds were available in the current account. Key Rating Drivers Liquidity Indicator - Stretched: The cash flow from operations plunged to INR149.53 million in FY23 (FY22: INR627.29 million; FY21: INR71.35 million) due to unfavorable changes in working capital. This, coupled with capex of INR53 million in FY23 (FY22: INR96 million) caused the free cash flow to turn negative to INR96.17 million (INR531.22 million). The net working capital cycle remained elongated and increased significantly to 261 days in FY23 (FY22: 214 days; FY21: 147 days) due to an increase in the receivable period to 309 days (230 days; 129 days) and inventory holding period to 38 days (26 days; 72 days), marginally offset by an increase in the payable period to 87 days (42 days; 54 days). In FY23, EPL had outstanding receivables of around INR1,700 million as company allows its customer to extend the credit period, which is 85% of FY23 revenue. The cash and cash equivalents stood at INR29.17 million at FYE23 (FYE22: INR13.34 million; FYE21: INR56.37 million). EPL has debt repayment obligations of around INR128.3 million in FY24 and INR54 million in FY25. EPL's average maximum utilization of the fund-based limits remained at 69.76%% during the 12 months ended November 2023 and is likely to have remained at similar levels during January 2024. Furthermore, EPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. There were multiple delays in repayment of EPC facilities by EPL mainly since debtor collections were routed through current account instead of EPC account, indicating a deficit in the EPC account even when balances were available in the current account . As per management, the delays in EPC repayments were due to the above oversight as EPC amount was wrongly credited into the current account. The company received extension in the EPC payment period from one of the lenders while discussions are on with the other. The management has informed Ind-Ra that it has put in place adequate mechanism to prevent recurrence of the issue. The ratings continue to reflect EPL's medium scale of operations remains medium, despite the revenue rising to INR2,031 million in FY23 (FY22: INR1,901.65 million; FY21: INR1,605.45 million). The revenue growth was attributable to an increase in exports due to a growing demand for its products in the international market. It achieved revenue of around INR1,300 million in 9M FY24. As of December 2023, it has an unexecuted order book of INR764.18 million, likely to be executed by end-March 2024. Thus, Ind-Ra expects the revenue to remain at similar levels in FY24. Management expects the revenue to grow from FY25 backed by its new products through prescription drug segment. The ratings remain constrained by the company's high customer concentration risk, as the top three customers accounted for around 90% of the FY23 total revenue with Spirit Pharmaceuticals LLC, the single-largest customer contributing 85%. Further, since exports account for 92% of the sales, any regulatory changes in the exporting countries can impact EFL's revenue. However, the ratings remain supported by the company's healthy EBITDA margins, despite declining to 23.93% in FY23 (FY22: 25.62%; FY21: 28.89%) on the back of increased market competition post covid. The return on capital was 19.5% in FY23 (FY22: 24%; FY21: 30.4%). Ind-Ra expects the EBITDA margin to remain at a similar level in the near term on account of intense competition, along with the medium scale of operations. Moreover, the credit metrics continued to be comfortable, despite deteriorating in FY23. The interest coverage (operating EBITDA/gross interest expense) declined to 6.76x in FY23 (FY22: 10.21x; FY21: 10.61x) and the net leverage (net debt/operating EBITDA) increased marginally to 1.63x (1.61x; 1.21x) owing to an increase in the total debt to INR820.25 million (INR795.45 million; INR618.83 million) and the consequent rise in interest expense. However, Ind-Ra expects the credit metrics to improve slightly in the near-to-medium term with the schedule repayment of term debt. The ratings also remain supported by the promoter's experience of over two decades in the manufacturing of generic drugs. Rating Sensitivities Negative: An inability to improve the liquidity position or the interest coverage reducing below 2.0x, on a sustained basis, could result in a negative rating action. Positive: An improvement in the liquidity position, along with the interest coverage remaining above 2.0x, while the maintaining scale of operations could lead to a revision in the Outlook back to Stable. Company Profile Incorporated in 1995 by Yashwant Patel, EPL manufactures sterile formulations such as liquid and dry parenteral and non-sterile formulations such as tablets, capsules, liquid orals, ointment and dry syrups under third-party and contract manufacturing agreements for established pharmaceutical firms. The company is based in Vadodara, Gujarat and commenced commercial operations in 1997. ELYSIUM PHARMACEUTICALS: Ind-Ra Corrects 08/02/23 Rating Release ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) rectifies Elysium Pharmaceuticals Limited's rating published on August 2, 2023 to correctly state the rating of the fund-based working capital limits. The amended version is: India Ratings and Research (Ind-Ra) has migrated Elysium Pharmaceuticals Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR293 mil. Term loan due on June 2024 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; -- INR710 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR40.1 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. The ratings were last reviewed on June 29, 2022. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 1995 by Yashwant Patel, Elysium Pharmaceuticals manufactures sterile formulations such as liquid and dry parenteral and non-sterile formulations such as tablets, capsules, liquid orals, ointment and dry syrups under third-party and contract manufacturing agreements for established pharmaceutical firms. The company is based out of Dabhasa, 19km from Vadodara, Gujarat. It commenced commercial operations in 1997. EMCO TECH: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Emco Tech Equipments Private Limited F-1B, First Floor, Cross River Mall CBD, Shahdara East Delhi-110032 Insolvency Commencement Date: January 5, 2024 Estimated date of closure of insolvency resolution process: March 3, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Sunita Umesh M/s. UCC & Associates LLP, Chartered Accountants 1315, Ansal Tower, 38 Nehru Place, New Delhi Email: sunita.umesh@uccglobal.in Email: cirp.emcotech@gmail.com Last date for submission of claims: February 3, 2024 EVERGREEN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Evergreen International Limited (EIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; 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 13, 2023, placed the rating(s) of EIL under the 'issuer non-cooperating' category as EIL 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. EIL 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). Evergreen International Limited was incorporated in 2004 and is currently managed by Mr. Shamsher Ahmed Siddiqui and Ms. Shampa Siddiqui. The company is engaged in the manufacturing of wooden furniture viz tables, chairs, sideboards etc. The manufacturing facility of the company is located in Gurgaon-Haryana, Jodhpur- Rajasthan and Hyderabad. EVERSHINE SOLVEX: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Evershine Solvex Private Limited (ESPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 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 6, 2022, placed the rating(s) of ESPL under the 'issuer non-cooperating' category as ESPL 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. ESPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 22, 2023, November 1, 2023, November 11, 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). Evershine Solvex Private Limited (ESPL) is a private limited company incorporated in September, 1983 and commenced operations in April, 1984. The company is currently being managed by Mr Ravinder Kumar Kalra and Mr Pankaj Kalra. ESPL is engaged in the extraction of rice bran oil at its processing facility located in Muktsar (Punjab). GANESH TIMBER: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Ganesh Timber traders (SGTT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 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 20, 2023, placed the rating(s) of SGTT under the 'issuer non-cooperating' category as SGTT 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. SGTT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 6, 2023, December 26, 2023, February 12, 2024. 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). Sri Ganesh Timber Traders (SGTT) was established in 1982 as a partnership firm by Mr Manilal Harilal Patel, Mr Dinesh Harilal Patel along with family members. The firm is engaged in trading (wholesale and retail) of wood and teak products from past 30 years. The firm imports majority of the timber wood from the suppliers located in the international markets like Indonesia, Malaysia, Europe, America and Africa. The firm sells the products to customers located in Kerala, Tamil Nadu, Delhi, Mumbai, Andhra Pradesh and Telangana. GLANCE INVESTMENT: Liquidation Process Case Summary --------------------------------------------------- Debtor: Glance Investment (India) Pvt Ltd Crescent Chamber, 3rd Floor, Office No. 2 56 Tamarind Lane, Fort, Mumbai - 400023 Liquidation Commencement Date: January 8, 2024 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Manoj Kumar Jain 11, Friends Union Premises Housing Society Limited 2nd Floor, 227, P.D'Mello Road, Next to Hotel Manama, Fort, Mumbai 400 001 Email: manojj2102@gmail.com mj.glanceinvestment@gmail.com Last date for submission of claims: February 11, 2024 GO FIRST: Gets Two Financial Bids, Bankers Say ---------------------------------------------- Business Standard reports that Go First has received two financial bids as part of its bankruptcy process, said two bankers who attended a meeting of the airline's creditors held on Feb. 23. Budget carrier SpiceJet's managing director, Ajay Singh, and Busy Bee Airways have jointly submitted a bid of INR16 billion ($193.10 million) for the airline, the bankers said, Business Standard relays. "The plan includes additional fund infusion to restart the airline's operations," said a banker with a state-run bank that has exposure to Go First. The bankers did not wish to be identified as they are not authorised to speak to the media. Go First's resolution professional, who conducts the bankruptcy process, Singh and Spicejet did not respond to emails seeking comment. "Our bid for launching the airline remains confidential, guarded by the Committee of Creditors (CoC) until a successful bidder is announced," Business Standard quotes Nishant Pitti, majority shareholder of Busy Bee Airways, as saying. The airline has also received a financial bid from Sharjah-based Sky One Airways which is lower than the competing bid, one of the bankers said, without disclosing the amount. Due diligence on the bids is expected to be completed next month, the second banker, also with a state-run bank, said, the report relays. About Go First Go First, formerly known as GoAir, was an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go First was incorporated in April 2004 as GoAir and commenced flight operations in November the following year. Its inaugural flight was from Mumbai to Ahmedabad. The airline is owned by the Wadia Group. Go First filed an application for voluntary insolvency resolution proceedings before National Company Law Tribunal (NCLT) on May 2, 2023. The company said the filing with the NCLT comes after Pratt & Whitney, the exclusive engine supplier for the airline's Airbus A320neo aircraft fleet, refused to comply with an order to release engines to the airline that would have allowed it return to full operations. Go First owes INR6,521 crore to its financial creditors, Bank of Baroda, IDBI Bank, and Deutsche Bank. The airline has a total liability of about INR11,463 crore to banks, other creditors, vendors, and others. On May 10, 2023, the NCLT accepted Go First's voluntary insolvency petition. The NCLT bench appointed Abhilash Lal as the interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. GOA SPONGE: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Goa Sponge and Power Limited's bank facilities' ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR610 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR25 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR165 mil. Term loan due on November 2027 migrated to non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate, based on the best available information. The ratings were last reviewed on December 23, 2022. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 1995, GSPL manufactures sponge iron and MS billets. It has an integrated steel plant, which includes a sponge iron unit, a captive power plant unit and a furnace plant. The current capacity of the sponge iron plant is 90,000MT per annum and that of MS billet plant is 300MT per day. GOLDEN SEAMS: Ind-Ra Assigns BB+ Loan Rating, Outlook Positive -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Golden Seams Industries Private Limited's (GSIPL) bank facilities as follows: -- INR400 mil. Fund-based working capital limits assigned with IND BB+/Positive/IND A4+ rating. Analytical approach: Ind-Ra has taken a standalone view of the company for assigning the rating. The Positive Outlook reflects the improvement in GSIPL's scale of operation in FY23 and 9MFY24, supported by continued order flow with an order book of INR1,013 million at end-November 2023, to be executed by March 2024, along with Ind-Ra's expectation of an improvement in the liquidity position for FY25. Key Rating Drivers The rating reflects GSIPL's modest credit metrics with a gross interest coverage (operating EBITDA/gross interest expense) of 1.76x in FY23 (FY22: 1.90x) and a net leverage (adjusted net debt/operating EBITDAR) of 5.29x (5.47x). In FY23, the interest coverage deteriorated on account of an increase in the interest expenses to INR88.76 million due to higher working capital utilization (FY22: INR79.52 million) and the net leverage improved due to an increase in the EBITDAR to INR188.95 million (INR179.87 million). In FY24 and over the near term, Ind-Ra expects the credit metrics to remain largely unchanged year-on-year, on account of the absence of any debt-led capex plan. The rating is constrained by GSIPL's modest EBITDA margins of 6.69% in FY23 (FY22: 7.01%) with a return on capital employed of 11.60% (11.30%). In FY23, the EBITDA margins deteriorated due to an increase in the personnel expenses. During 8MFY24, GSIPL had booked margins of 7.36% and an EBITDA of INR89 million. In FY24 and over the near term, Ind-Ra expects the operating margin to remain at similar levels as FY23's, due to no major change in the cost structure of the company. Liquidity Indicator - Stretched: The company's average peak utilization of its fund-based working capital limits was 98.36% and that of its non-fund-based limits was 87.72% during the 12 months ended December 2023. The company's net working capital cycle remained elongated at 208 days in FY23 (FY22: 196 days). The working capital cycle deteriorated in FY23 due to a longer inventory holding period of 164 days (FY22: 156 days), on account of the higher work-in-progress stock at end-March 2023. The cash and cash equivalents stood at INR13.41 million at FYE23 (FYE22: INR38.74 million). The cash flow from operations turned positive at INR13.02 million in FY23 (FY22: negative INR30.21 million) due the increased EBITDAR. However, the free cash flow remained negative at INR0.10 million in FY23 (FY22: negative INR45.63 million). The company has repayment obligations of INR34.44 million in FY24 and INR43.15 million in FY25, which will be met through internal accruals, according to Ind-Ra. GSIPL does not have any capital market exposure and relies on banks to meet its funding requirements. At end-December 2023, the company had unutilized balance Rebate of State and Central Taxes and Levies scripts worth INR57.10 million, which can be utilized towards import duty payment and is transferable to other importers; also, the company enhanced its fund-based limits by INR30 million and availed adhoc limits of INR50 million in January 2024. The rating also factors in GSIPL's medium scale of operations with its revenue increasing to INR2,342.29 million in FY23 (FY22: INR2,159.31 million) due to improved order execution and a higher realization for its products. During 9MFY24, GSIPL earned a revenue of INR1,605 million. The company had an order book of INR1,013 million in hand at end-November 2023, a majority of which is to be executed by March 2024. GSIPL derives 70% of its revenue from exports, with its customers being spread across the US and Europe. Ind-Ra expects the revenue to increase yoy in FY24, on the back of incremental orders from existing as well as new customers. The promoters of the company have an experience of more than two decades in the manufacturing and exporting ready-made garments. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics with the interest coverage staying below 2x and/or pressure on the liquidity position, all on a sustained basis, could lead to the Outlook being revised to Stable. Positive: An increase in the operating profitability, along with an improvement in the working capital cycle while improving the overall credit metrics with the interest coverage increasing above 2x and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. Company Profile GSIPL was incorporated on 2004. The company, promoted by Sanjiv S Mukhija, manufactures and exports knitted ready-made garments. GSIPL manufactures a wide range of products such as knitted garments for men, women and children. Its factory, with an installed capacity to manufacture 5 million pieces per annum, is located at Dasanapura Hobli, Bangalore. GOLDSTAR POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Goldstar Polymers Limited (GPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 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 9, 2023, placed the rating(s) of GPL under the 'issuer non-cooperating' category as GPL 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. GPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 25, 2023, December 5, 2023, December 15, 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 1990 as a proprietorship concern by Mr. Prem Prakash Saraogi, Goldstar Containers (GC) was later converted into a public limited company as Goldstar Polymers Limited (GPL) in 2006. The company is engaged in manufacturing of plastic drums which find application in carriage of various materials across different industries viz. oil & petroleum, lubricants, inks, chemicals, etc. The manufacturing facility of the company is located in Daman. GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Greeneries Agro Private Limited (GAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 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 9, 2023, placed the rating(s) of GAPL under the 'issuer non-cooperating' category as GAPL 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. GAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 25, 2023, December 5, 2023, December 15, 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). Incorporated in April 2015, Greeneries Agro Private Limited (GAPL); started its operations in agriculture retailing business under the leadership of Mr. Sachin Chavan and its engaged into bulk purchasing of farm produce of fruits and vegetables (namely Onion, Potato, Garlic) directly from farmers and does the value addition to its like quality control checks, packing, grading, labelling etc. and selling it to retail business and thereby acting as channel between farmers and retailers. GAPL has its registered office located at Vashi, Navi Mumbai and seven more branches at New Delhi, Pune, Hubali, Bengaluru, Kochi, Hyderabad and Chennai out of which at four places has its own cold storage and rest three are on rental basis. GRIH LAXMI: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Grih Laxmi Sales And Marketing (GLSM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.29 CARE B-; 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 19, 2023, placed the rating(s) of GLSM under the 'issuer non-cooperating' category as GLSM 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. GLSM continues to be noncooperative 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). Grih Laxmi Sales & Marketing (GLSM) is a partnership firm established in January 2014, was promoted by Mr. Pankaj Kumar Chirania and Mr. Nitin Prakash. However, during FY19 the firm has set up Agro products manufacturing unit at Jamshedpur in Jharkhand with a view to produce agro products like Besan and Dal. The unit has started commercial operation from June 2019 with an install capacity of 15,000 MTPA of Besan and 9,000 MTPA of Dal. Mr. Pankaj Kumar Chirania (aged 44 years) and Mr. Nitin Prakash (aged 40 years) has a decade of experience in the business of C&F agent of Bangar Cement for three districts namely East Singhbhum, West Singhbhum and Saraikela Kharsawan and in the business of manufacturing of raw tobacco in the brand name of "Jharkhand Chap Khaini". Both of them look after the overall management of the firm with adequate support from a team of experienced personnel along with a team of experienced professionals. GROMA INFRASTRUCTURE: Ind-Ra Keeps BB Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Groma Infrastructure Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR760 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; -- INR220 mil. Fund-based working capital facility maintained in non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Proposed fund-based working capital limits maintained in non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2003, GIL (erstwhile MVPR Infrastructure Limited) is a civil works contractor engaged in executing water supply works (lift irrigation) contracts and electrical works contracts in Karnataka, Telangana and Andhra Pradesh. GUJARAT CONSTRUCTION: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Gujarat Construction Co.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR40 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR76 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile GCC was established in 1992 as a partnership firm by Janak Kumar Bholabhai Patel, Navinkumar Bholabhai Patel and Jay Janakkumar Patel in Mehasana. It is registered as 'AA' class approved contractor by government of Gujarat and the firm is primarily engaged in the water supply and sewage network, and environmental projects. HALDIA STEELS: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Haldia Steels Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR350 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR400 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Term loan due on March 31, 2021 maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Haldia Steels manufactures ferroalloys, sponge iron and billets at its facility in Durgapur, West Bengal. HELIOS PHOTO: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Helios Photo Voltaic Limited (HPVL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 978.38 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.15 CARE D; 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 28, 2022, placed the rating(s) of HPVL under the 'issuer non-cooperating' category as HPVL 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. HPVL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 13, 2023, November 23, 2023, December 3, 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). HPVL, previously known as Moser Baer Photo Voltaic Limited is a wholly-owned subsidiary of Moser Bear Solar Limited and a step-down subsidiary of Moser Baer India Limited. HPVL is primarily engaged into design, manufacture and export of photo voltaic cells, modules and systems. HPVL commenced its commercial shipment of PV (Photo Voltaic) cells and modules in June 2007 and November 2007 respectively. HPVL also provides turnkey solutions and EPC services for the large grid-connect solar farms. HI-TECH HYDRAULIC: Ind-Ra Moves BB- Rating to Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Hi-Tech Hydraulic Engineers to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time., Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR60 mil. Fund-based Limit migrated to non-cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating; -- INR30 mil. Non-Fund based Limit migrated to non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating; and -- INR14.23 mil. Term loan due on March 31, 2024 migrated to non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Founded in 2005, HTHE manufactures conveyer belt components such as idler roller, pulleys and heavy material handling systems. The company's plant is located at Hyderabad and has a total annual manufacturing capacity of rollers of 250,000 and pulleys of 2,400. Roshi Reddy is the promoter. HIGH GROUND: Ind-Ra Keeps D Rating in NonCooperating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained High Ground Enterprise Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR202.5 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR5 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR37.5 mil. Term loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile HGEL provides engineering, procurement, construction and management, and media and allied services. The Mumbai-headquartered company has branches in Delhi NCR and London. HINDUSTAN HARDWARES: Ind-Ra Assigns BB Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Hindustan Hardwares' bank facilities as follows: -- INR405 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating; and -- INR95 mil. Term loan due on March 2028 assigned with IND BB/ Stable rating. Analytical Approach: The agency has taken a standalone view of HH while assigning the rating. Key Rating Drivers Medium Scale of Operations; likely to Sustain in Medium Term: HH's revenue declined 20.95% yoy to INR4,607.15 million in FY23 (FY22: INR5,828.02 million), due to a 24% yoy reduction in its sales volume to 73,865 tons (96,919 tons), although the average realization per unit increased to INR62.36 per kg (INR 60.12 per kg). The reduction in sales volume was due to a 59% yoy decline in the supply from Steel Authority of India Limited (SAIL; 'IND AA'/Stable), which was offset to some extent by an increase of in the supply from Rashtriya Ispat Nigam Limited (RINL; 'IND BB+'/Positive) and other vendors by 13% and 12%, respectively, in FY23. Ind-Ra expects the volume to remain stable in the near term. HH is the authorized distributor of SAIL and RINL and procures 50%-60% of its inputs from these companies. Modest EBITDA Margins, Susceptible to Price Risk: HH's EBITDA margins remained modest given the trading nature of its operations. The EBITDA margins were rangebound at 2.5%-3% over FY20-FY23, with its margins improving slightly to 2.77% in FY23 (FY22: 2.64%), due to an increase in its revenue from solar and wind energy supply. The company's margins remain exposed to price risks, on account of a decline in steel prices as the company does not hedge its inventory risk. The return on capital employed declined to 10.5% in FY23 (FY22: 15.8%), due to a decline in absolute EBITDA to INR127.5 million (INR153.7 million), following the decline in the top line. As per the historical trend, the agency expects HH's EBITDA margins to remain at the similar levels in the near- to medium-term. Liquidity Indicator - Stretched: Although HH's free cashflow from operations turned positive at INR2 million in FY23 (FY22: negative INR100.97 million), the agency expects the free cash flow to turn negative in FY24, on account of the company incurring a capex of INR100 million for the installation of a new solar plant and a reduction in the working capital requirement. The average maximum utilization of the fund-based working capital limits stood at 86.38% for the 12 months ended December 2023. Ind-Ra expects the utilization to remain at the similar level in the near term. The average current ratio was at 1.9x for FY20-FY23. The firm had unencumbered cash and cash equivalents of INR0.92 million at FYE23 (FYE22: INR0.23 million). The cash flow from operations turned positive to INR4.09 million in FY23 (FY22: negative INR39.26 million). The working capital days increased slightly to 50 days in FY23 (FY22: 36), on account of an increase in the debtor days to six days (two) and the inventory days to 47 (43). The firm has repayment obligations of INR39 million and INR40.3 million in FY24 and FY25, respectively, which would be met through its internal accruals. Weak Credit Metrics; likely to Improve in Medium Term: HH's gross interest coverage (operating EBITDAR/gross interest expense) declined to 2.5x in FY23 (FY22: 2.8x) and the adjusted net leverage (Ind-Ra-adjusted net debt/operating EBITDAR) increased to 5.5x (4.7x), due to the decline in its absolute EBITDA. The firm's overall debt declined slightly to INR700.95 million in FY23 (FY22: INR717.52 million), on account of its scheduled repayments of the term debt. Ind-Ra expects the credit metrics to deteriorate further in FY24 as the firm will incur debt-funded capex; however, the metrics would improve in the medium term, on account of the scheduled repayments of its term debt and the likely improvement in its EBITDA. Partnership Nature of Business: As HH operates as a partnership firm, it is exposed to the risks including the possibility of a withdrawal of capital by the partners, as seen in the past. Furthermore, limited funding avenues, along with limited financial flexibility, restrict further prospects of the firm. Long Track Record of Operations: The management has more than six decades of experience in the steel trading business, leading to established relationship with suppliers and customers. The firm sells directly to corporates, and benefits from a diversified customer base. HH also benefits from the brand value of SAIL and RINL. Rating Sensitivities Negative: Substantial deterioration in the scale of operations or the profitability, further deterioration in liquidity, or weakening of the credit metrics with the gross interest coverage declining below 1.8x, all on a sustained basis, will lead to a negative rating action. Positive: A substantial increase in the scale of operations with an increase in the profitability, and a substantial improvement in the liquidity profile and in the credit metrics, with the gross interest coverage remaining above 2.5x; all on a sustained basis, will be positive for the rating. Company Profile Tamil Nadu-based HH, a partnership firm, was established in 1979, and has been into business of trading of thermo-mechanically treated bars and structural steel products. The firm has established operational ties with leading steel manufacturers such as SAIL and RINL. The firm also has four windmills and two solar plants with a combined installed capacity of 4.2MW and 3MW, respectively. HH is a part of the Hindustan group, a family concern, and includes other entities such as HH Iron and Steel Private Ltd., Hindustan Steel Corporation and Hindustan Textiles. INTELLIGENT TEXTILE: Liquidation Process Case Summary ----------------------------------------------------- Debtor: Intelligent Textile Engineers Private Limited Plot No. 4, Vijay Textile Compound, Narol, Narol-Vatva Road, Ahmedabad - 382 405 Gujarat India Liquidation Commencement Date: January 19, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Omkarchand Rikhabdas Maloo 403, 4th Floor, Shaival Plaza, Near Gujarat College Ellisbridge, Ahmedabad - 380006 Telephone No.: 079 2642 0336 Email: omkar@ormaloo.com cirp.intelligenttextile@gmail.com Last date for submission of claims: February 18, 2024 KASARGOD POWER: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Kasargod Power Corporation Limited 332, Bare Village, Mylatti Post, Kasargod Kerala, India-671123 Insolvency Commencement Date: January 19, 2024 Estimated date of closure of insolvency resolution process: July 17, 2024 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Nethi Mallikarjuna Setty Flat No. 101, Laurel Residency, Road No. 18, Panchavati Colony, Manikonda Hyderabad, Telangana-500089 Email: malliknethi@gmail.com Email: kasargod2024@ gmail.com Last date for submission of claims: February 5, 2024 KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of KGN Motors Private Limited (KMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.89 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 12, 2022, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL 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. KMPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 28, 2023, November 7, 2023, November 17, 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). Incorporated in 2007 in Pune, Maharashtra, KGN Motors Private Limited (KMPL) is a private limited company promoted by Ms. Hasina Riyaz Inamdar and Mr. Mubin Riyaz Inamdar and is a flagship company of KGN Group. The company is an authorized dealer for trucks and buses of Ashok Leyland Limited (ALL). The company was initially into spares and services business for ALL and subsequently ventured into sales business [3S (sales, spares and services)] for ALL in 2014. LAKSHMI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sree Lakshmi Engineering Works (SLEW) 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 Short Term Bank 1.00 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 20, 2023, placed the rating(s) of SLEW under the 'issuer non-cooperating' category as SLEW 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. SLEW continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 6, 2023, December 26, 2023, January 23, 2024. 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). Tirupati-based SLEW was established by Mr. K. Amarnath Reddy and his family members in the year 2001 as a partnership concern. The firm is engaged in civil works such as water supply works, laying roads and construction of buildings for government bodies such as Panchayat Raj and Municipal Corporations which are procured through tenders. The firm has executed several contracts since its inception and currently has an order book worth around INR50.36 crore as on December 15, 2017 to be executed by September 2018. LARE FIBC: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Lare FIBC and Energies Pvt Ltd. 111 N/2G State Bank Colony South 2nd Street, Tuticorin-628002 Insolvency Commencement Date: January 17, 2024 Estimated date of closure of insolvency resolution process: July 17, 2024 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Ramachandran Subramanian Old No. 29 Raju Naicken Street, West Mambalam, Chennai-33 Email: subraman267@yahoo.com Last date for submission of claims: March 30, 2024 MAHALAXMI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahalaxmi Builders and Developers (MBD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE B-; 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 December 2, 2022, placed the rating(s) of MBD under the 'issuer non-cooperating' category as MBD 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. MBD continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 28, 2023, November 7, 2023, February 13, 2024. 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). Gulbarga based, Mahalaxmi Builders and Developers (MBD) was established in the year 2015 and promoted by 10 partners who are close family members with a mix of first and second generation. The firm constructs and develops residential projects. MALAPRABHA SAHAKARI: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Shri Malaprabha Sahakari Sakkare Karkhane Niyamit's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D/(ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR250 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR12 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR15.3 mil. Term loan due on March 31, 2023 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile SMSSKN was registered on March 13, 1961, under the Mysore Cooperative Societies Act, 1959. The cooperative operates a 3,500 tons crushed per day capacity sugar plant and 30,000 liters per day ethanol production plant in Hubli, Karnataka. MURUGAR SPINNING: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated all the ratings of Sri Murugar Spinning Mill to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR35.35 mil. Term loan due on April 28, 2031 migrated to non- cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; -- INR294.7 mil. Fund Based Limit migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating; -- INR24.7 mil. Non-fund Based Limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; -- INR102.25 mil. Term Loans due on April 28, 2031 migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and -- INR32.2 mil. Fund Based Working Capital Limit migrated to non- cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/ IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Established in 1997, SMSM is a partnership firm involved in the manufacturing of cotton, polyester and blended yarn with a capacity of 45,000 spindles. Their registered office is in Coimbatore, Tamil Nadu. The promoters are Naresh Kumar and Parathayani Varadharajan. PHONIC ONLINE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Phonic Online Private Limited (Formerly Known as Spice Online Private Limited REGISTERED OFFICE ADDRESS: G-3, GROUND FLOOR, GEDOR HOUSE, 51, NEHRU PLACE, SOUTH DELHI, NEW DELHI, DELHI, INDIA -110019 ADDRESS WHERE BOOKS OF ACCOUNTS ARE MAINTAINED: S GLOBAL KNOWLEDGE PARK, 19A & 19B, SECTOR-125, GAUTAM BUDH NAGAR, NOIDA, UTTAR PRADESH, INDIA-201301 Insolvency Commencement Date: January 11, 2024 Estimated date of closure of insolvency resolution process: July 8, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Ankush Munjal B-5/128, PASCHIM VIHAR, 1ST FLOOR, NEW DELHI, NATIONAL CAPITAL TERRITORY OF DELHI 110063 EMAIL ID: ANKUSHMUNJAL@YAHOO.COM EMAIL ID: CIRP.PHONIC@GMAIL.COM Last date for submission of claims: January 25, 2024 R. PIYARELALL IRON: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: R. Piyarelall Iron & Steel Private Limited 85, Ballygunge Garden, Kolkata, West Bengal, India 700029 Insolvency Commencement Date: January 19, 2024 Estimated date of closure of insolvency resolution process: July 16, 2024 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Sri Yogesh Gupta C/O S Jaykishan 12, Ho Chi Minh Sarani, Suite No. 2D, 2E & 2F, 2nd Floor, Kolkata-700071 Email: yogeshgupta13@rediffmail.com Email: rpiyarellal.cirp@gmail.com Last date for submission of claims: February 2, 2024 RAIPUR DEVELOPMENT: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Raipur Development Authority's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR4.863 bil. Bank Loan maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Raipur Development Authority is a statutory body constituted by the state government for the integrated development of Raipur under the Town and Country Planning Act 1973 of the Chhattisgarh state. It functions under the provisions of Section 38 (1) of the CG Nagar Tatha Gram Nivesh Adhiniyam 1973. RAJARAMBAPU PATIL: Ind-Ra Affirms BB- Rating, Outlook Negative -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Rajarambapu Patil Sahakari Sakhar Karkhana Limited's (RPSSKL) bank facilities: -- INR500 mil. Term loan due on March 2027 affirmed; Outlook revised to Negative from Stable with IND BB-/Negative rating; and -- INR4.50 bil. Fund-based working capital limits affirmed; Outlook revised to Negative from Stable with IND BB-/Negative /IND A4+ rating. Analytical Approach: Ind-Ra continues to take a standalone view of RPSSKL for the rating review. The Outlook revision to Negative reflects Ind-Ra's expectation of a significant deterioration in RPSSKL's overall liquidity position in FY24 and beyond, on account of the large ongoing debt-funded capex, to be completed in 1HFY25. Key Rating Drivers Liquidity Indicator - Poor: RPSSKL's current ratio remained weak at 1.0x at FYE23 (FYE22: 1.0x; FYE21: 1.1x) as it availed working capital loans and short-term pre-seasonal loans to fund its large working capital requirements and manage the business during off-season. Its inventory holding period remained elongated at 219 days in FY23 (FY22: 195 days) on account of the government's order to curtail sugar exports, leading to an elongation of the working capital cycle to 205 days (146 days). Both management and Ind-Ra expect the inventory holding period to reduce in the medium term with an increase in revenue contribution from the ethanol segment. RPSSKL's average maximum utilization of its fund-based working capital limits was 68.38% for the 12 months ended December 2023, supported by an additional sanction of INR1,000 million in April 2023. Further, it availed a working capital loan of INR960 million in June 2023 to support the additional working capital requirements of its distillery unit. The company has scheduled repayments of INR668.5 million and INR552.3 million in FY24 and FY25, respectively, which will be met from internal accruals. The ratings also continue to reflect RPSSKL's weak credit metrics with the net financial leverage (Ind-Ra adjusted net debt/operating EBITDAR) rising to 8.1x in FY23 (FY22: 6.23x) due to a rise in its total debt to INR6,778.6 million (INR5,176.7 million). During FY23, the company availed new term loans of INR758.60 million for expanding its ethanol distillery unit's capacity to 150 kilo liters per day (KLPD) from 75KLPD and INR500 million for margin money contributions. Ind-Ra expects the net financial leverage to rise further in the near- to-medium term due to a further rise in its overall debt levels as RPSSKL has availed sanction of a new term loan of INR2,151.21 million to further expand the capacity of the distillery unit to 550KLPD. The management estimates the total cost of the project to be around INR2,400 million and expects the expanded facility to become operational by October 2024. However, the gross interest coverage (operating EBITDA/gross interest expense) improved to 1.6x in FY23 (FY22: 1.3x), on account of lower utilization of its working capital facilities, concessional interest on the term loan for the distillery expansion project under the government's interest subvention scheme, and capitalization of interest cost incurred during the construction of the project. However, the agency expects the interest coverage to decline in the near-to-medium term, on account of a likely rise in interest costs due to the debt-funded capex and a likely decline in its revenue in FY24. The ratings also factor in RPSSKL's modest EBITDA margins, which rose to 6.87% in FY23 (FY22: 6.05%) on account of the increase in production capacity of the high-margin distillery segment. Although its return on capital employed increased to 6.1% in FY23 (FY22: 5.8%), it is likely to decline in FY24 on account of the additional term loan to be availed for the debt-funded capex. The ratings, however, are supported by RPSSKL's large scale of operations. The revenue declined to INR12,172.97 million in FY23 (FY22: INR13,731.31 million), due to a significant reduction in exports, following the government's curbing of sugar exports. Ind-Ra expects the revenue to decline further in FY24, due to a weak outlook for sugar production and a further restriction on sugar exports to keep the domestic prices in check. However, the agency expects the company's revenue, EBITDA margin and return on capital employed to improve significantly in FY25 after the company starts generating synergies from its ongoing expansion. The ratings also remain supported by the operational track record of more than 50 years of the company, its promoters and top management in the sugar industry. This provides RPSSKL with a high operational efficiency, which is characterized by its higher recovery rate of sugar than the industry average of 10.25%. RPSSKL's sugar recovery rate in 2022-23 production season, across all its units, stood at 11.87%, with Wategaon and Karandwadi units recording recovery rates of 12.77% and 12.84%, respectively. The Ministry of Consumer Affairs, Food and Public Distribution, on December 7, 2023, directed sugar mills to not use sugarcane juice/sugar syrup for ethanol production in ethanol supply year (November-October 2024) with immediate effect, while the supply of ethanol manufactured using B-heavy molasses (BHM) will continue. On December 16, 2023, the government issued an order allowing utilization of the juice as well as BHM to produce green fuel in the 2023-24 supply year and allowing oil marketing companies to revise allocation from juice and BHM, while capping the total sugar diversion towards ethanol at 1.7 million tons (around 60% lower than the last season). The move was undertaken to increase the supply of sugar in the country and thereby, reduce sugar prices. However, this is likely to affect RPSSKL's ethanol production and sales. After achieving a 250% yoy growth in ethanol revenue in FY23, Ind-Ra believes the segment revenue growth shall remain muted in FY24. Rating Sensitivities Negative: A substantial deterioration in the scale of operations or the overall liquidity profile, a further deterioration in the credit metrics, all on a sustained basis, or a substantial cost overrun for the proposed expansion of the distillery unit or inability to tie up funds for the project will be negative for the ratings. Positive: The successful completion and ramp-up of the capex, along with a significant improvement in the overall liquidity profile and credit metrics, all on a sustained basis, will be positive for the ratings. Company Profile RPSSKL was incorporated by the Late Rajarambapu Patil in 1968 under 'The Maharashtra Co-operative Societies Act 1960' as 'Walwa Taluka Sahakari Sakhar Karkhana Limited' to produce sugar in Sangli, Maharashtra. The company changed its name to Rajarambapu Patil Sahakari Sakhar Karkhana Limited. RPSSKL is a part of the Sangli-based 'Rajarambapu Group' whose diversified business profile comprises operations in sugar production, distillery, power generation, co-operative bank (Rajarambapu Sahakari Bank Limited), co-operative spinning mills, milk federation, soya bean extraction plant, educational institutes, and petrol pumps. RPSSKL has sugar mills at Sakhrale, Wategaon, Karandwadi, and Jath in Sangli with a total sugarcane crushing capacity of 17,000TCD along with a 40-megawatt cogeneration unit and 150-KLPD distillery plant, which is proposed to be expanded to 550-KLPD expected to be operational in October 2024. RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rajrani Cold Storage and Ice Plantprivate Limited (RCSIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.71 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 22, 2022, placed the rating(s) of RCSIPL under the 'issuer non-cooperating' category as RCSIPL 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. RCSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 7, 2023, November 17, 2023, November 27, 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). Incorporated in 1989, Raj Rani Cold Storage and Ice Plant Private Limited (RCSIPL) was promoted by Mr. Sushil Tripathi. The company is engaged in manufacturing and processing of milk and milk products. The main products of RCSIPL includes skimmed milk powder (SMP), Desi Ghee, condensed milk, Whole Milk Powder, Poly pack milk, table butter, sweet curd etc. The company sells its products under the brand name 'Raj'. In addition to the milk processing, the company has a cold storage facility for storing potatoes for the local farmers. RANI MOTORS: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Rani Motors to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR345 mil. Fund Based Working Capital Limit migrated to non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile RM was established in 1995 and is located at Shillong, Meghalaya. It is an authorized dealer of Maruti Suzuki India's passenger vehicles. RS DEVELPOMENT: Ind-Ra Moves BB+ Rating to Non-Cooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of RS Development and Constructions India Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR250 mil. Fund-based working capital migrated to non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR400 mil. Non-fund-based working capital migrated to non- cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR28.9 mil. Term loan due on March 31, 2027 migrated to non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile RSDCPL has been working closely with government and private organizations to design, build, and maintain complex infrastructural projects for the last 40 years. It is also engaged in sale of ready mix concrete, blue metals, cements, steel and transportation of products to its customer or renting of vehicles. RUDRA LAMNKRAFT: Ind-Ra Moves B+ Rating to Non-Cooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Shree Rudra Lamnkraft Private Limited to the non-cooperating category as per Ind-Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR109.5 mil. Fund Based Working Capital Limit migrated to non-cooperating category with IND B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR140 mil. Term loan migrated to non-cooperating category with IND B+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile SRLPL was incorporated in 2021 and commenced its commercial operations in July 2022. The company manufactures absorbent kraft paper, used for laminating. Its factory is sin Kheda, Gujrat. S M INTERIOR: CARE Lowers Rating on INR32.04cr LT Loan to D ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of S M Interior Private Limited (SMIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.04 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short-term bank facilities 30.00 CARE D Rating removed from ISSUER NOT COOPERATING category and Revised from CARE A4 Rationale and key rating drivers The revision in the rating assigned to the bank facilities of SMIPL takes into account the ongoing delay in servicing of debt obligation of term loan and GECL loans. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. * Improvement in financial risk profile. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: Key weaknesses * Delays in debt servicing: There are on-going delay in servicing of debt obligation of term loan and GECL loans. Liquidity: Poor Liquidity is marked poor on account of ongoing delay in debt servicing of its term loan and GECL loan. The average utilization of working capital limits also remained almost fully utilised during the last twelve months period ended November 2023. Cash and bank balance stood low at INR0.26 crore as on March 31, 2023. SMIPL was incorporated in 2011 by Mr. Sahabuddin Molla. Since its inception, the company has been engaged in civil construction works, mechanical works and interior decoration projects. The company's main client includes Tata Steel Limited, Haldia dock complex (Kolkata Port Trust) and Indian Railway (N.F.R) Irrigation & Waterways directorate (Govt. of West Bengal). S. NARENDA: Ind-Ra Keeps BB Rating in NonCooperating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained S. Narendra's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR815 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 1964 as a partnership entity, S. Narendra exports cut and polished diamonds. From 2010, it has also been operating a gold jewelry business. The firm exports diamonds under the name of S. Narendra and manufactures gold jewelry under the name Stellar Jewelry. It has one manufacturing facility in Mumbai and two in Surat. S.S. KHARDEKAR: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of S.S. Khardekar India Private Limited (SKIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.17 CARE B-; 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 December 9, 2022, placed the rating(s) of SKIPL under the 'issuer non-cooperating' category as SKIPL 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. SKIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 25, 2023, November 4, 2023, November 14, 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). Incorporated in 2014, S.S. Khardekar India Private Limited (SSKPL) based in Pune has been engaged in the business of manufacturing of foundry products. The manufacturing facility of SSKPL is located at Sanaswadi, Pune. SAMAR ESTATES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/s Samar Estates Private Limited EssVee Apartments in front of GHS-105, Sector-20 Panchkula, Panchkula, Haryana, India, 134112 Insolvency Commencement Date: January 12, 2024 Estimated date of closure of insolvency resolution process: July 10, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Rahul Jindal 52/24, Ramjas Road, Karol Bagh, New Delhi, National Capital Territory of Delhi, 110005 Email: jindalrahul60@gmail.com Email: cirp.samarestates@gmail.com Representative of creditors in class: 1. Mr. Madan Lal Aggarwal 2. Mr. Sachit Soni 3. Mr. Naresh Kumar Goel Last date for submission of claims: January 26, 2024 SARANYA SPINNING: Ind-Ra Keeps BB+ Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Saranya Spinning Mills Private Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR400 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR5.4 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR486.7 mil. Term loan due on October 31, 2028 maintained in non-cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Saranya Spinning Mills was set up in 2001 by R Peraisamy and Ashok Kumar. The company manufactures viscose yarn, viscose fabric and polyester cotton fabric at its spinning mill in Ponneri, Namakkal (Tamil Nadu). SAVERA DIGITAL: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Savera Digital India Private Limited Regd Office: 40A, Chittaranjan Avenue, Kolkata, Kolkata, West Bengal, India, 700012 Corporate Office: G-2, Apollo Industrial Premises Society Ltd, Opp. Mahakali Caves Rd, Near MIDC, Shanti Nagar, Andheri East, Mumbai, Majarashtra-400093 Insolvency Commencement Date: January 10, 2024 Estimated date of closure of insolvency resolution process: July 8, 2024 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Rachna Jhunjhunwala Siddha Weston, 9 Weston Street, Suite No. 134, Kolkata, West Bengal, 700013 Email: egress.rac@gmail.com Email: cirp.saveradigital@gmail.com Last date for submission of claims: January 24, 2024 SHREEMATI FASHIONS: Pre-packaged Insolvency Process Case Summary ---------------------------------------------------------------- Debtor: Shreemati Fashions Private Limited 14/2 Sir Hariram Goenka Street, Ground Floor, Kolkata 700007 Pre-packaged Insolvency Commencement Date: December 1, 2024 Court: National Company Law Tribunal, Guwahati Bench Liquidator: Purvee Anoop Mehrotra/Divyanshi Mehrotra C-521, Lake Garden, Opp Canara Bank, Kolkata, West Bengal - 700045 Email: shreematifashions.ppirp@gmail.com Email: shreematifashions.ppirp@gmail.com Last date for submission of claims: January 30, 2024 SRI LAKSHMI: Liquidation Process Case Summary --------------------------------------------- Debtor: Sri Lakshmi Saraswathi Spintex Limited No.9, [Old No.8], Crescent Road, Shenoy Nagar, Chennai -- 600030 Liquidation Commencement Date: January 19, 2024 Court: National Company Law Tribunal, Chennai Bench Date of closure of insolvency resolution process: January 18, 2024 [Liquidation ordered by Hon'ble NCLT on 19th January, 2024] Liquidator: SPP Insolvency Professionals LLP No.27/9, Nivedh Vikas, Pankaja Mill Road, Puliyakulam, Coimbatore - 641045 Phone No: +91-94888-10404 E-mail: slssl.cirp@gmail.com ipeadmin@sppgroups.com Last date for submission of claims: February 19, 2024 SUNITA: CARE Lowers Rating on INR15cr LT Loan to B+ --------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of M/s Sunita, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 10, 2023, placed the rating(s) of Sunita under the 'issuer noncooperating' category as Sunita 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. Sunita continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 26, 2023, December 6, 2023, February 13, 2024. 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). The ratings assigned to the bank facilities of Sunita have been revised on account of non-availability of requisite information. M/s Sunita, a partnership firm was established in the year 1975 and it is being managed by Mr. Shekhar Chand Marothi, Mr. Kishore Chand Marothi, Mr. Sudip Marothi and their other family members. The firm is into retailing of readymade garments for men and women, sarees, dress materials, suiting shirting and cosmetics products. It is operating through two retail outlets which are located at Behrampore and Lalbagh, both in the state of West Bengal. T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of T.R. Chemicals Limited (TRCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) Funded Interest 0.86 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 2.88 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.91 CRISIL D (Issuer Not Cooperating) Working Capital 1.35 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with TRCL 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 TRCL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TRCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TRCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. TRCL was established as a private limited company in 1997, promoted by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It was subsequently reconstituted as a closely held limited company. TRCL manufactures sponge iron and phenolic resins at its facilities in Barpali (Orissa). TARANG JEWELS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tarang Jewels Private Limited (TJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; 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 January 3, 2023, placed the rating(s) of TJPL under the 'issuer non-cooperating' category as TJPL 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. TJPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 19, 2023, November 29, 2023, December 9, 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). Tarang Jewels Private Limited (TJPL) was incorporated in February, 2007 under the name "Omang Constructions Private Limited" Later in August, 2014, the name of the company changed to present one and its operations started from October, 2014. The company is engaged in the retail trading of gold jewellery, diamond studded gold jewellery, pearls and precious stones studded gold jewellery (necklaces, earrings, rings, pendants and bangles) and silver jewellery. TPL has a showroom located at Faridabad, Haryana. TEKNO PRINT: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Tekno Print Solutions (TPS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.20 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 12, 2023, placed the rating(s) of TPS under the 'issuer non-cooperating' category as TPS 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. TPS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 28, 2023, December 08, 2023, December 18, 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). Tekno Print Solutions (TPS) was initially established as a proprietorship firm by Mr. Parshant Mudgil in June, 2012. Later on, in July 2013, the constitution was converted to a partnership firm having Mr. Sanjeev Chowdary, Mr. Parshant Mudgil and Mr. Deepak Kumar as its partners. TPS is engaged in the trading of printing material like rollers, blankets, solvents and adhesives. The firm is the authorized dealer of 'Bottcher Systems'. THENPANDIAN SPINNING: Ind-Ra Affirms BB+ Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Thenpandian Spinning Mills India Private Limited's (TSMIPL) debt facilities as follows: -- INR360 mil. Fund-based working capital limits affirmed with IND BB+/Stable/IND A4+ rating; -- INR577.94 mil. (reduced from INR711.02 mil.) Term loan due on November 2030 affirmed with IND BB+/Stable rating; and -- INR10 mil. (reduced from INR14.95 mil.) Non-fund-based working capital limits affirmed with IND A4+ rating. Analytical Approach: Ind-Ra continues to take a standalone view of TSMIPL to arrive at the ratings. Key Rating Drivers The affirmation reflects TSMIPL's continued medium scale of operations despite an improvement in its revenue to INR1,684.44 million in FY23 (FY22: INR1,080.02 million) on account of an increase in the spinning capacity and its utilization to 45,000 spindles (25,824 spindles) with its new spinning unit becoming fully operational in 2QFY23. In 9MFY24, TSMPIL achieved a revenue of INR1,900 million. The company had an order book of INR300 million at end-December 2023 from the newly started garment segment, out of which INR60 million is to be to be booked by March 2024 and the remaining by FYE25. In FY24, Ind-Ra expects the revenue to improve yoy, due to a further increased capacity utilization, along with an improvement in the demand for yarn and increased orders from the garment segment. The ratings also reflect TSMIPL's continued modest EBITDA margin, which deteriorated to 5.43% in FY23 (FY22: 12.72%) owing to an inventory loss due to volatile cotton prices. The return on capital employed was 3.2% in FY23 (FY22: 8.9%). In FY24, Ind-Ra expects the EBITDA margin to improve yoy, due to stable cotton prices and demand. The ratings further reflect TSMIPL's continued moderate credit metrics with the gross interest coverage (operating EBITDA/gross interest expense) deteriorating to 1.39x in FY23 (FY22: 4.03x) and the net financial leverage (adjusted net debt/operating EBITDA) to 11.94x (5.62x) due to a decline in the absolute EBITDA to INR91.54 million (INR137.39 million), coupled with an increase in the total debt to INR1,091.46 million (INR796.03 million). In FY24, Ind-Ra expects the credit metrics to improve yoy, on account of an increase in the absolute EBITDA, along with the repayment of term loans with no planned debt-led capex. Liquidity Indicator – Stretched: TSMIPL's average maximum utilization of the fund-based limits was 91.57% during the 12 months ended December 2023. The cash flow from operations improved to INR139.19 million in FY23 (FY22: INR86.34 million) due to favorable changes in the working capital. Furthermore, the free cash flow remained negative but improved to negative INR39.01 million (FY22: negative INR351.90 million) due to capex completion. The elongated net working capital cycle deteriorated slightly further to 97 days in FY23 (FY22: 87 days) due to an increase in debtor days to 33 (21). The cash and cash equivalents stood at INR0.16 million at FYE23 (FYE22: INR24.35 million). TSMIPL has around INR78.37 million and INR128.55 million of scheduled debt repayments in FY24 and FY25, respectively. Furthermore, TSMIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The ratings, however, continue to be supported by the promoters' over a decade long experience in the yarn industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Rating Sensitivities Positive: An increase in the scale of operations, along with an improvement in the overall credit metrics with the net leverage reducing below 3.5x while maintaining the liquidity position, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or a further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Company Profile Incorporated in 1993, TSMIPL is located in Namakkal (Tamil Nadu) with a manufacturing facility at Erode, Tamil Nadu. The company has an installed capacity of 50,000 spindles. TSMIPL products cotton yarn, millage yarn and fancy yarn. THOPPIL CONTRACTORS: CARE Lowers Rating on INR30.57cr LT Loan to C ------------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Thoppil Contractors (India) Private Limited (TCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.57 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Long Term/Short 15.00 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable/CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 27, 2022, placed the rating(s) of TCPL under the 'issuer non-cooperating' category as TCPL 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. TCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 12, 2023, November 22, 2023, December 2, 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). The rating assigned to the bank facilities of TCPL have been revised on account of non-availability of requisite information. The revision also factored in net losses reported during FY22. Thoppil Contractors (India) Private Limited (TCPL) is a Thiruvananthapuram (Kerala) based construction company formed in September 2010 and promoted by Mr. Nizamudeen Alikannu. TCPL remains as a closely held company with all of its shares held by Mr. Nizamudeen Alikannu, his wife, son and daughter. TCPL bids for projects in road development and civil works being floated by state departments of Government of Kerala. The company is an ISO 9001-2008 certified and is also certified "A Class Contractor" by the Public Works Department (PWD) of Kerala. The company has successfully executed various projects for Kerala State Urban Development Program (KSUDP), Pradhan Manthri Grameena Sadak Yojana (PMGSY), National Highway in Kerala Division (NH), and various rural & municipal bodies. TIRUPATI STRUCTURES: Ind-Ra Cuts Bank Loan Rating to B+ ------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Tirupati Structures (India) Private Limited's (TSIPL) bank facilities: -- INR120 mil. Fund-based working capital limits downgraded with IND B+/Stable rating; -- INR130 mil. Fund-based working capital limits assigned with IND B+/Stable rating; and -- INR5 mil. Non-fund-based working capital limits is withdrawn (Paid in full). ANALYTICAL APPROACH: Ind-Ra continues to take a standalone view of TSIPL to arrive at the ratings. The downgrade reflects deterioration in TSIPL's liquidity position, credit metrics including debt service coverage ratio (DSCR) in FY23. Key Rating Drivers Liquidity Indicator – Poor: The average monthly maximum utilization of TSIPL's working capital limit was 99.34% for the 12 months ended December 2023. The company's net working capital cycle increased to 51 days in FY23 (FY22: 17), due to an increase in the inventory days to 42 days (FY22: 20) and debtor days to 19 (11). The cash and cash equivalents stood at INR6.87 million at FYE23 (FYE22: INR5.72 million). The cash flow from operations remained negative INR194.93 million in FY23 (FY22: negative INR134.11 million), due to the unfavorable changes in the working capital. The company has repayment obligations of INR30 million in FY24 and INR10.4 million in FY25. Its DSCR stood at 0.70x in FY23 (FY22: xx). TSIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. TSIPL's credit metrics remained modest with its gross interest coverage (operating EBITDA/gross interest expense) deteriorating to 1.16x in FY23 (FY22: 1.86x) and the net financial leverage (adjusted net debt/operating EBITDA) increasing to 10.67x (5.36x), due to an increase in the gross interest expense to INR28.17 million (INR15.70 million) and total debt to INR398.31 million (INR186.32 million). In 6MFY24, the gross interest expense was INR21.16 million. In the medium term, Ind-Ra expects the credit metrics to remain modest, as a likely marginal improvement in its revenue would be offset by an increase in the interest expenses. TSIPL's EBITDA margins remained modest but improved to 1.46% in FY23 (FY22: 1.16%), on account of higher realization per ton, following increased steel prices. Its realization increased to INR63,817 per metric tons (MT) in FY23 (FY22: INR57,678). Consequently, its absolute EBITDA also improved to INR32.59 million in FY23 (FY22: INR29.26 million). The return on capital employed declined to 7.3% in FY23 (FY22: 10%). As of 6MFY24, the company's EBITDA margin stood at 1.98%. In the medium term, Ind-Ra expects the EBITDA margin to remain at historical levels due to trading nature of operations. TSIPL's scale of operations remained medium, with its revenue reducing to INR2,239 million in FY23 (FY22: INR2,514 million), due to an overall decline in the quantity sold to 35,091 MT (43,597 MT) on account of a downturn in the steel industry due to an export duty on steel products over May-November 2022. TSIPL achieved revenue of INR1,190 million in 6MFY24. In the medium term, Ind-Ra expects the revenue to improve marginally on account of an increase in the demand for iron and steel products in India. The ratings are supported by the over three decade's experience of its promoter Anand Agrawal in the steel industry along with regular infusion by the company's directors to meet the working capital requirement and repayment obligations. As per the management, the directors have infused INR10 million so far in FY24 and would infuse further in the medium term. Rating Sensitivities Positive: A substantial improvement in the scale of operations, liquidity position and the credit metrics with the interest coverage rising above 1.5x, all on a sustained basis, will be positive for the ratings. Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics, or further deterioration in the liquidity position, could lead to a negative rating action. Company Profile Incorporated in 2000 by Anand Agrawal, TSIPL supplies a wide range of ISI certified mild steel products that are used in various construction works. Also, the entity is the authorized distributor of the mild steel products manufactured by the Steel Authority of India Limited ('IND AA'/Stable) and Jindal Steel and Power Limited. TOMAR BUILDERS: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Tomar Builders & Contractors Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR300 mil. Non-Fund Based Working Capital Limit Maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in May 1994, Tomar Builders & Contractors constructs roads and bridges in Madhya Pradesh. TREND SETTERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Trend Setters continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 4 CRISIL D (Issuer Not Cooperating) Packing Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 7.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with Trend Setters 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 Trend Setters, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Trend Setters is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Trend Setters continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Based in Mumbai and established in 1976 as a partnership firm by Mr. Tushar Ruparelia and his brother Mr. Amit Ruparelia, Trend Setters manufactures bed sheets, comforters, curtains, pillow covers, and duvet covers. It gets most of the processing done on a jobwork basis and does the final stitching and packaging in-house. V. A. PRODUCTS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of V. A. Products (VAP) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 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 30, 2023, placed the rating(s) of VAP under the 'issuer non-cooperating' category as VAP 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. VAP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 26, 2023, January 5, 2024, February 8, 2024. 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). Incorporated in the year 1994, VAP is a 100% export-oriented unit (EOU) engaged in manufacturing of precision machined components. The firm's existing range of products includes hollow screws, spacer rings, round nuts, bushes, bolts, alternator and starter motor, sockets, sleeves, housings, pins and bushes. The firm's customers mainly belong to automobile engineering, aerospace, and other allied engineering industries. VAP has its warehouses in the U.S.A. and the U.K.; and caters to numerous international as well as domestic clients spread across America & Europe. VADERA TRADELINK: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Vadera Tradelink Private Limited Regd Office: H- 238/239, 2nd Phase (Extn.) RIICO Industrial Area, Barmer, Rajasthan - 344001 Insolvency Commencement Date: January 19, 2024 Estimated date of closure of insolvency resolution process: July 17, 2024 Court: National Company Law Tribunal, Bhilwara Bench Insolvency Professional: Rishabh Chand Lodha E-5, Basant Vihar, Bhilwara – 311001 Email: rishabhlodha57@gmail.com Email: cirp.vadera@gmail.com Last date for submission of claims: February 2, 2024 VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vaishnovi Infratech Limited (VIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 30 CRISIL D (Issuer Not Cooperating) Bank Guarantee 25 CRISIL D (Issuer Not Cooperating) Cash Credit 16 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VIL 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 VIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. VIL, set up in 2006 by Mr. T Ganagadhar Rao and his family members, undertakes civil construction, and irrigation and road works. It is based in Hyderabad. VATIKA SEVEN: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vatika Seven Elements Private Limited (VSEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 225.00 CARE D; 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 28, 2022, placed the rating(s) of VSEPL under the 'issuer non-cooperating' category as VSEPL 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. VSEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 13, 2023, November 23, 2023, December 3, 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). Vatika Seven Elements Private Limited (VSEPL) was incorporated in 2011 for the purpose of real estate project development. The company is a step-down subsidiary of Vatika Ltd, Group's flagship company. VSEPL is developing a 12.82 lsf luxurious residential towers at a cost of INR701 crore, part of Vatika India Next-2 (An integrated township with area spanning over 224 acres having residential- floors, plots, villas, group housing, gated towns and commercial projects) in Sector 88A, 88B and 89A of Gurgaon with saleable area of 27.88 lakh square feet (lsf). The project is a joint venture between Vatika Limited and GIC, Singapore's sovereign wealth fund. VIKRAMSHILA EDUCATIONAL: CARE Keeps C Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vikramshila Educational Charitable Trust (VECT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.36 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 25, 2023, placed the rating(s) of VECT under the 'issuer non-cooperating' category as VECT 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. VECT continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 11, 2023, December 21, 2023, December 31, 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). VECT was established as a charitable trust on March 17, 2017 for imparting educations from Pre-nursery to Standard 12 under the school name of "GD Goenka Public Shool, Bhagalpur". The registered office of the trust is located at Patna district of Bihar. Commercial operation is likely to commence from April, 2019. VECT has a franchise agreement with "GD Goenka Public School, New Delhi" dated August 5, 2017 to run the school under the brand of GD Goenka Public School VIKRANT FORGE: Ind-Ra Places B+ Bank Loan Rating on Negative ------------------------------------------------------------ India Ratings and Research has placed Vikrant Forge Private Limited's (VFPL) bank facilities on Rating Watch with Negative Implications as follows: -- INR200 mil. (reduced from INR236.32 mil.) Term loan due on September 2028 placed on Rating Watch with Negative Implications with IND B+/Rating Watch with Negative Implications; -- INR90 mil. Fund-based working capital limit placed on Rating Watch with Negative Implications with IND B+/Rating Watch with Negative Implications; and -- INR80 mil. Non-fund-based working capital limit placed on Rating Watch with Negative Implications with IND A4/Rating Watch with Negative Implications. Analytical Approach: Ind-Ra has taken an standalone view of VFPL to arrive at the ratings. Ind-Ra has placed the ratings on Rating Watch with Negative Implications following the compliance requirement raised by the bank in October 2023 pertaining to increasing of the shareholding of Narayan Kumar Bahety, who joined a new shareholder at the time of restructuring of account in August 2021, to more than 50% from 27%. Management expects this to complete by March 31, 2024. Ind-Ra will resolve the Rating Watch within the next three months on completion of the process for raising shareholding of Narayan Kumar Bahety in line with the bank's requirement. Key Rating Drivers The ratings reflect VFPL's continued small scale of operations, despite an increase in the revenue to INR753.40 million in FY23 (FY22: INR539.20 million) on account of receipt of a higher number of orders from customers. In 9MFY23, VFPL achieved revenue of INR771.65 million. As of November 2023, it had an order book of INR428 million, to be executed by March 2024. Ind-Ra expects the revenue to improve further in FY24 on the back of orders in hand. Liquidity Indicator - Poor: VFPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The net working capital cycle remained stretched and elongated to 178 days in FY23 (FY22: 161 days) due to an increase in the inventory holding period to 203 days (191 days) and a reduction in payable period to 116 days (124 days). The cash and cash equivalents stood at INR2.2 million at FYE23 (FYE22: INR4.6 million). VFPL's average maximum utilization of the fund-based and non-fund-based limits was 88.71% and 17.03%, respectively, during the 12 months ended November 2023. The cash flow from operations turned positive to INR51.30 million in FY23 (FY22: negative INR52.20 million) due to an increase in the EBITDA. Consequently, the free cash flow turned positive to INR25.20 million in FY23 (FY22: negative INR52.80 million), despite incurring capex of INR25 million (INR0.60 million) for increasing the installed capacity to 2,400 metric tons (MT) from 1,800MT. The capex was completely funded through internal accruals. The ratings, however, are supported by VFPL's continued healthy EBITDA margin of 25.35% in FY23 (FY22: 25.35 %) with a return on capital employed of 34.9% (28%). In FY24, Ind-Ra expects the EBITDA margin to remain at similar levels owing to the similar nature of operations. The ratings also benefit from the company's comfortable credit metrics with the gross interest coverage (operating EBITDA/gross interest expense) improving to 3.59x in FY23 (FY22: 2.48x) and net financial leverage (adjusted net debt/operating EBITDA) to 4.10x (5.63x) due to the improvement in the EBITDA to INR191 million (INR136.70 million) and a reduction in the total debt to INR611.50 million (INR647.30 million) due to scheduled repayment of the term loan. Ind-Ra expects the credit metrics to improve further in FY24 due to a likely further improvement in the EBITDA. Further, the ratings continue to be supported by VFPL's promoters' over three decades of experience in the forging industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Rating Sensitivities The Rating Watch with Negative Implications indicates that the ratings may be either downgraded or affirmed upon resolution. Ind-Ra will resolve the Rating Watch within the next three months on the completion of the process for raising shareholding of Narayan Kumar Bahety in line with the bank's requirement. Company Profile Incorporated on November 25, 1985, VFPL manufactures industrial forgings at its manufacturing facility in Dankuni, Hooghly. It is also engaged in machining and finishing works. The company has the installed capacity of 2,400MT. The company caters the domestic (accounts for 60% of the revenue)and international (40%) customers. It exports to countries such as the US, the UK, France, among others. VINTAGE COMTRADE: Liquidation Process Case Summary -------------------------------------------------- Debtor: Vintage Comtrade Private Limited 12 3Rd Floor, 10/12 Narayan Niwas Jambulwadi 3Rd Floor, Kalbadevi, Mumbai City Maharashtra, 400002, India Liquidation Commencement Date: December 6, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Gomti Ramchandra Choudhary 9-B Vardan Complex, Near Vimal House Lakhudi Circle, Navrangpura Ahmedabad - 380014 E-mail: cagomtirchoudhary@gmail.com E-mail: cirp.vintage@gmail.com Last date for submission of claims: February 17, 2024 ===================== N E W Z E A L A N D ===================== FUSSY DOG: Creditors' Proofs of Debt Due on March 19 ---------------------------------------------------- Creditors of The Fussy Dog Company Limited are required to file their proofs of debt by March 19, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 19, 2024. The company's liquidators are: Diana Matchett Colin Gower C/- BDO Christchurch Awly Building, Level 4 287–293 Durham Street North Christchurch 8013 GD INNOVATE: Court to Hear Wind-Up Petition on April 16 ------------------------------------------------------- A petition to wind up the operations of GD Innovate Consulting Limited will be heard before the High Court at Wellington on April 16, 2024, at 10:00 a.m. Oppenheimer Pty Limited filed the petition against the company on Jan. 25, 2024. The Petitioner's solicitor is: Kate Cornegé Tompkins Wake, Level 17 88 Shortland Street Auckland 1140 M A WAGENER: Creditors' Proofs of Debt Due on April 20 ------------------------------------------------------ Creditors of M A Wagener Limited (trading as The Cobblestone Factory) are required to file their proofs of debt by April 20, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 20, 2024. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate PO Box 3678 Auckland 1140 PROSPER CONSTRUCTION: Creditors' Proofs of Debt Due on March 22 --------------------------------------------------------------- Creditors of Prosper Construction Limited are required to file their proofs of debt by March 22, 2024, to be included in the company's dividend distribution. The High Court at Auckland appointed Craig Sanson and Stephen White of PwC Auckland as liquidators on Feb. 15, 2024. ================= S I N G A P O R E ================= ASIA FOOD: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Feb. 16, 2024, to wind up the operations of Asia Food Cafe Pte. Ltd. RHB Bank Berhad filed the petition against the company on Jan. 3, 2024. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GADIUS PTE: Creditors' Proofs of Debt Due on March 25 ----------------------------------------------------- Creditors of Gadius Pte. Ltd. are required to file their proofs of debt by March 25, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 19, 2024. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Seah Roh Lin BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 LINK SH: Creditors' Proofs of Debt Due on March 25 -------------------------------------------------- Creditors of Link SH Pte. Ltd. are required to file their proofs of debt by March 25, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 19, 2024. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Seah Roh Lin BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NO SIGNBOARD: Acra and SGX Nix Request for Extension to Hold AGM ---------------------------------------------------------------- The Business Times reports that both the Accounting and Corporate Regulatory Authority (Acra) and the Singapore Exchange (SGX) have rejected No Signboard Holdings' application for an extension of time to hold its annual general meeting (AGM). BT relates that the company said in a bourse filing on Feb. 23 that the exchange had notified it that there are "no extenuating reasons to grant the waivers". No Signboard also said in a separate filing that chairman and director Lim Yong Sim has written to the board to state that he "strongly disagrees to any further postponement of the company's AGM". According to BT, Lim said he has taken the position that the company "has no basis to continue depriving shareholders of the right to hold the board and management accountable for the current business and financial affairs of the group". The company said it disagrees with Lim's depiction that it is depriving shareholders of their rights, BT relays. Last month, the company sought for an extension from Acra and SGX to hold its AGM for the financial year ended September 2023 by June 16, 2024. It also sought for more time to issue its annual report, sustainability report, as well as its financial statements. BT says SGX has informed the company that it reserves the right to take any action for breaches of Catalist rules, and has urged the board to take immediate action to hold the AGM and issue the relevant reports as soon as possible. "The company remains fully committed to holding its AGM for FY2023 as soon as practicable and has been working with the auditors to expedite the completion of its audit so that it can do so," No Signboard said. It added it intends to submit an appeal to Acra to ensure that it will not be in breach of any regulatory requirements. Shares of No Signboard have been suspended from trading since January 2022, the report notes. About No Signboard No Signboard Holdings Ltd., an investment holding company, manages and operates food and beverage outlets in Singapore. The company operates a chain of seafood restaurants under the No Signboard Seafood brand that serve various seafood cuisine prepared in Chinese and Singapore styles. It owns and operates three restaurants, as well as operates one restaurant under a franchise agreement. The company also produces, promotes, and distributes beer under the Draft Denmark brand; and distributes various third party brands of beer, as well as operates as an OEM beer supplier for third party brands. In addition, it produces and distributes ready meals through a network of vending machines. Further, the company engages in leasing financial intangible assets, such as patents, trademarks, brand names, etc. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 23, 2024, No Signboard said in its annual report release on Jan. 19 that the company's auditor, PKF-CAP, flagged uncertainty over the company's ability to continue as a going concern. According to The Business Times, the auditor noted that the company posted a net loss of SGD4.7 million for the financial year ended Sept. 30, 2022, with net cash outflow from operating activities of SGD982,000. In addition, it noted that the company's current liabilities exceeded current assets by SGD6.6 million, while total liabilities exceeded total assets by SGD7.1 million as at Sept. 30, 2022. The net current liabilities included bank borrowings of SGD2.1 million that were reclassified from non-current to current as the company defaulted on monthly repayments due to insufficient funds. SOON CHEONG: Creditors' Proofs of Debt Due on March 25 ------------------------------------------------------ Creditors of Soon Cheong Private Limited are required to file their proofs of debt by March 25, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 19, 2024. The company's liquidator is: Robert Yam Mow Lam Messrs Robert Yam & Co PAC 190 Middle Road #16-01 Fortune Centre Singapore 188979 SRI LANKA MARINE: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Feb. 16, 2024, to wind up the operations of Sri Lanka Marine Food Pte. Ltd. United Overseas Bank Limited filed the petition against the company on Jan. 26, 2024. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== TERRAFORM: Kwon Should Be Extradited to US, Montenegro Court Rules ------------------------------------------------------------------ The Wall Street Journal reports that disgraced cryptocurrency entrepreneur Do Kwon should be extradited to the U.S. to face trial on fraud charges, rather than to his native South Korea, a court in the tiny Balkan country of Montenegro has ruled. Kwon's lawyers have three days to appeal the ruling by the High Court in the Montenegrin capital of Podgorica, a spokeswoman for the court said Feb. 21. The appeals court will have the final word in the case, she added. A local lawyer for Kwon, Goran Rodic, called the ruling illegal and pledged to appeal, the Journal relates. The Journal says Kwon, the creator of the failed TerraUSD and Luna cryptocurrencies, has previously denied committing fraud. Kwon has been at the center of a tug of war between the U.S. and South Korea ever since he was arrested in March 2023 at the Podgorica airport while attempting to board a private jet to Dubai with a fake Costa Rican passport. Both the U.S. and South Korea have sought to prosecute him on charges stemming from the May 2022 collapse of TerraUSD and Luna. The crash erased some AUD40 billion in value from the crypto markets, hurt thousands of investors worldwide and triggered a chain reaction that caused other digital-currency firms to topple into bankruptcy. Last year, federal prosecutors in New York charged Kwon with eight criminal counts of fraud. The Justice Department alleged that Kwon misled investors about the stability of TerraUSD, an algorithmic stablecoin that used financial engineering to maintain a value of AUD1 a coin. A Stanford University-educated entrepreneur, Kwon had hyped TerraUSD as the future of money and derided critics who called it potentially unstable. The Securities and Exchange Commission has also sued Kwon and his company, Terraform Labs, over securities fraud in a civil case stemming from the TerraUSD and Luna collapse. Lawyers for Terraform Labs have denied the SEC's allegations About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Zachary I Shapiro, Esq. Richards, Layton & Finger, P.A. 1 Wallich Street #37-01 Guoco Tower 078881 ********* 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***