/raid1/www/Hosts/bankrupt/TCRAP_Public/240228.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, February 28, 2024, Vol. 27, No. 43
Headlines
A U S T R A L I A
CIRCULAR HEAD: First Creditors' Meeting Set for March 1
CUBITT'S GRANNY: Collapses After 30 Years in Operation
EMPLOYMENT HERO: Sixth Street Marks AUD50MM Loan at 32% Off
LANGDON BUILDING: Second Creditors' Meeting Set for March 4
NATIONAL AGRICULTURAL: First Creditors' Meeting Set for March 4
NEXTGEN FINANCIAL: ASIC Cancels Group's AFS Licence
PLUMBING AND PAINTING: First Creditors' Meeting Set for March 5
SALENA ESTATE: Wine Producer Enters Voluntary Administration
ZEUTBONY PTY: Second Creditors' Meeting Set for March 4
C H I N A
BEIGENE LTD: Halves Annual Loss to CNY6.7B in Year Ended Dec. 31
I N D I A
AGRIBASE COMMODITIES: CRISIL Keeps D Ratings in Not Cooperating
AL KABEER: CRISIL Lowers Rating on INR15.25cr Loan to D
ALLAHABAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
AMBICA POLAD: Liquidation Process Case Summary
ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
AVENTURA COMPONENTS: Liquidation Process Case Summary
BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating
BALAJI ALUMNICAST: Ind-Ra Corrects Feb. 12, 2024 Rating Release
BUOYANT FINANCIAL: Insolvency Resolution Process Case Summary
C P SPONGE: CRISIL Keeps D Debt Rating in Not Cooperating
C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating
CHANDAN CREDITS: Insolvency Resolution Process Case Summary
CICO TECHNOLOGIES: Ind-Ra Withdraws BB Bank Loan Rating
CLAYMINE MICRONS: CRISIL Keeps D Debt Ratings in Not Cooperating
DAMSON TECHNOLOGIES: CRISIL Keeps D Rating in Not Cooperating
DCOM SYSTEMS: Insolvency Resolution Process Case Summary
DEE VEE: Ind-Ra Keeps BB+ Rating in NonCooperating
EXEMPLARY HOTELS: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
FATEH LEASING: Insolvency Resolution Process Case Summary
GEO JUTE: Insolvency Resolution Process Case Summary
GONGLU AGRO: Liquidation Process Case Summary
GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating
J.M.D. LAXMI: CRISIL Keeps D Debt Ratings in Not Cooperating
JOHNSON WATCH: Insolvency Resolution Process Case Summary
KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating
LALIT POLYESTER: Liquidation Process Case Summary
LULU FINANCIAL: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
MANSI INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
MICA INDUSTRIES: Insolvency Resolution Process Case Summary
MITHRA YARNS: Insolvency Resolution Process Case Summary
MONEY2ME FINANCE: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
MRN INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating
NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PRABHAT TECHNOLOGIES: Liquidation Process Case Summary
R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
R.P. SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating
RELIANCE CAPITAL: NCLT OKs Hinduja Group Firm's Resolution Plan
RENAISSANCE EDUCATION: Liquidation Process Case Summary
S.K.S TEXTILES: Liquidation Process Case Summary
SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
SHIPRA ESTATE: Insolvency Resolution Process Case Summary
SHIVA GLOBAL: Ind-Ra Cuts Loan Rating to B+, Outlook Stable
SHREEMATI FASHIONS: Pre-packaged Insolvency Process Case Summary
SPICEJET LTD: Closer to Settlement With Aircraft Lessor Celestial
SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
SUPERMAX PERSONAL: Insolvency Resolution Process Case Summary
SUPREME BITUCHEM: Insolvency Resolution Process Case Summary
TRANSPARENT ENERGY: Liquidation Process Case Summary
VENKATA NARAYANA: CRISIL Lowers Rating on LT/ST Debts to D
VINAYAKA EXPO: Ind-Ra Assigns BB+ Term Loan Rating, Outlook Stable
VIP CLOTHING: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
YASHRAJ CONTAINEURS: NCLT OKs Voluntary Insolvency Resolution Bid
J A P A N
RAKUTEN GROUP: S&P Affirms 'BB' Long-Term ICR, Outlook Negative
N E W Z E A L A N D
CARLIN HOTEL: BDO Christchurch Appointed as Receivers
COLLIN WILLIAM: Waterstone Insolvency Appointed as Receivers
FIBREGLASS SOUTH: Creditors' Proofs of Debt Due on April 25
M3 CIVIL: Creditors' Proofs of Debt Due on April 2
NZ ASTRA: Creditors' Proofs of Debt Due on March 25
PROPERTY FOR INDUSTRY: Posts NZD97.8MM Annual Net Loss in 2023
S I N G A P O R E
LIME HOUSE: Placed in Provisional Liquidation
SEROJA INVESTMENTS: Commences Wind-Up Proceedings
STICKIES BAR: Placed Under Judicial Management
TERAS LYZA: Creditors' Meeting Set for March 8
WA SUPERAPP: Creditors' Meeting Set for March 15
- - - - -
=================
A U S T R A L I A
=================
CIRCULAR HEAD: First Creditors' Meeting Set for March 1
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Circular
Head RSL Sub Branch Inc. will be held on March 1, 2024 at 10:00
a.m. at the offices of Rodgers Reidy (Tas) Pty Ltd at Ground Floor,
Cnr Bathurst and Argyle Street in Hobart and via virtual meeting
technology.
Shelley-Maree Brooks of Rodgers Reidy was appointed as
administrator of the company on Feb. 21, 2024.
CUBITT'S GRANNY: Collapses After 30 Years in Operation
------------------------------------------------------
News.com.au reports that a building company that had been in
operation for 30 years has collapsed with debts of AUD3.8 million
and 120 projects impacted.
On Feb. 27, Cubitt's Granny Flats and Home Extensions announced
that it had made the "devastating decision" to put itself into
voluntary administration, news.com.au relates.
The builder worked in both NSW and the ACT.
Earlier on Feb. 27, all 80 staff were called into a meeting where
they learned the company was on its last legs and that most of them
had been stood down.
"We informed our loyal and hardworking staff in person where
possible and remotely via video, some of whom have been with us for
more than 25 years, of our decision," the company said in a
statement supplied to news.com.au.
The meeting was described as "very emotional" and the decision was
one that evoked "great sadness".
Richard Stone and Brett Lord from insolvency firm RSM Australia
Partners have been appointed as administrators.
"We recognise this is a very uncertain time for employees," Mr
Stone said in a statement to news.com.au.
"The majority of staff have been stood down, with some essential
staff retained to assist the administration process. The Cubitt
family have also pledged their full support during this process."
A RSM spokesperson told news.com.au that according to the
administrators' initial estimates, Cubitt's has around 200
creditors owed AUD3.8 million.
They added that 120 building projects have been impacted from its
collapse.
Cubitt's has four display homes in Sydney, Newcastle, Wollongong
and Canberra, which have been locked up, and administrators said
they were taking steps to secure other assets.
Of the building sites, 60 are at various stages of completion.
There are 49 sites in NSW and 11 in the Canberra area.
A further 60 are either in pre-construction or have been completed
and are awaiting final payments.
In 1994, the eponymous Ian Cubitt launched the business and said he
had trained 120 carpenters in that time.
According to news.com.au, Cubitt's said it was unable to continue
because of the economic downturn flattening builders across the
country.
"Due to bank lending conditions, supply prices, taxation changes,
insurance prices, Covid recovery and lengthy weather events,
Cubitt's company has suffered more than it can shoulder," the
company said.
Cubitt's said it had tried to "honour fixed price contracts" in
2021 and the owners, Ian Cubitt, Kim Cubitt and Kate Cubitt, tried
to complete builds by financing it through their own personal
money, news.com.au relays.
"We will be working with the Administrators to provide everything
they need to achieve the best outcome they can for Cubitt's, and
its staff, customers, suppliers and other creditors," they added.
Interested parties and impacted creditors are urged to contact
cubitt@rsm.com.au.
EMPLOYMENT HERO: Sixth Street Marks AUD50MM Loan at 32% Off
-----------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its AUD50,000,000
loan extended to Employment Hero Holdings Pty Ltd to market at
AUD34,117,000 or 68% of the outstanding amount, as of December 31,
2023, according to a disclosure contained in Sixth Street's Form
10-K for the fiscal year ended December 31, 2023, filed with the
Securities and Exchange Commission on February 15, 2024.
Sixth Street is a participant in a First Lien Loan to Employment
Hero Holdings Pty Ltd. The loan accrues interest at a rate of
10.67% (B + 6.25%). The loan matures December 2026.
Sixth Street Specialty Lending, Inc. is a Delaware corporation
formed on July 21, 2010. The Company was formed primarily to lend
to, and selectively invest in, middle-market companies in the
United States. The Company has elected to be regulated as a
business development company under the 1940 Act. In addition, for
tax purposes, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended. The Company is managed by Sixth Street
Specialty Lending Advisers, LLC.
On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.
Employment Hero Pty Ltd provides software solutions. The Company
offers human resource software solutions for employee benefits and
payroll. Employment Hero serves customers in Australia.
LANGDON BUILDING: Second Creditors' Meeting Set for March 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Langdon
Building Pty Ltd has been set for March 4, 2024 at 12:00 p.m. at
the offices of Cor Cordis at Level 29, 360 Collins Street in
Melbourne and via virtual meeting technology.
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 March 1, 2024 at 5:00 p.m.
Sam Kaso and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Jan. 29, 2024.
NATIONAL AGRICULTURAL: First Creditors' Meeting Set for March 4
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Agricultural Services Pty Ltd will be held on March 4, 2024 at
11:00 a.m. at Level 11, 385 Bourke Street in Melbourne and via
virtual meeting technology.
Brent Leigh Morgan and Shane Cremin of Rodgers Reidy were appointed
as administrators of the company on Feb. 21, 2024.
NEXTGEN FINANCIAL: ASIC Cancels Group's AFS Licence
---------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
NextGen Financial Group Pty Ltd effective from Feb. 23, 2024.
The AFS licence was cancelled after the Federal Court of Australia
ordered that NextGen Financial Group be wound up in insolvency on
Nov. 17, 2023.
Under the Corporations Act, ASIC may suspend or cancel an AFS
licence without a hearing if the licensee is under administration
or is being wound up.
Under the terms of the licence cancellation, NextGen Financial
Group can, until April 16, 2024, continue to provide a financial
service to a client if that person was a client immediately prior
to the cancellation of the Licence taking effect and if the
financial service concerns the termination of an existing
arrangement with the client.
NextGen Financial Group has a right to apply to the Administrative
Appeals Tribunal (AAT) for a review of ASIC's decision.
NextGen Financial Group was previously known as the FinancialLink
Group Pty Ltd and SJP Insurance Services Pty Ltd and has held AFS
licence number 240938 since Feb. 1, 2004.
Joseph Loebenstein was appointed as liquidator to NextGen Financial
Group on Nov. 17, 2023.
PLUMBING AND PAINTING: First Creditors' Meeting Set for March 5
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Plumbing and
Painting Training Company will be held on March 5, 2024 at 11:30
a.m. at the offices of Cor Cordis at Mezzanine Level, 28 The
Esplanad in Perth and via virtual meeting technology.
Jeremy Joseph Nipps, Sam Kaso, and Thomas Birch of Cor Cordis were
appointed as administrators of the company on Feb. 21, 2024.
SALENA ESTATE: Wine Producer Enters Voluntary Administration
------------------------------------------------------------
7NEWS.com.au reports that major South Australian wine producer
Salena Estate Wines has entered voluntary administration, almost a
year after it tried to find a buyer.
The family owned Riverland winery behind the plonk stocked at Dan
Murphy's and Liquorland was appointed KPMG administrators Tim
Mableson and Ryan Eagle on Feb. 22, 7NEWS.com.au discloses.
The Loxton winery and sprawling vineyard, much of which is
certified organic, was listed for sale in April last year, along
with the estate's cellar door, restaurant, bottling line, office,
restaurant, warehouse, laboratory, and bulk wine storage
facilities, 7NEWS.com.au notes.
According to the report, administrators are set to have their first
meeting with creditors at the Berri Hotel to discuss further action
on March 5.
7NEWS.com.au notes that the Riverland region is behind most of the
Australian wine exported to international markets, and the estate
produces 15,000 tonnes of wine annually on average, shipping it out
to 10 different countries.
China was the largest export market for Australian bottled wine in
terms of value in 2020, and the second largest in terms of volume,
according to the Department of Agriculture.
That's why a punitive tariff on Australian wine introduced by China
in 2021 is likely to have impacted the profitability of Salena
Estate Wines, along with harvest-crippling floods in the region the
following year, 7NEWS.com.au says.
The 191ha winery has been owned by Bob and Sylvia Franchitto since
1998, and was named after their daughter. It also offers bespoke
bottling and bulk wine services locally, and is currently for sale
via negotiations with commercial property sellers Colliers.
ZEUTBONY PTY: Second Creditors' Meeting Set for March 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Zeutbony Pty
Ltd has been set for March 4, 2024 at 10:00 a.m. via Zoom.
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 March 1, 2024 at 4:00 p.m.
Stewart William Free and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of the company on Jan. 29, 2024.
=========
C H I N A
=========
BEIGENE LTD: Halves Annual Loss to CNY6.7B in Year Ended Dec. 31
----------------------------------------------------------------
Yicai Global reports that shares of BeiGene Ltd advanced after the
Chinese drugmaker said its net loss halved last year from the
previous one.
BeiGene's Shanghai-listed shares [SHA: 688235] were trading up 1.4
percent at CNY121.71 (USD16.91) as of 10:40 a.m. on Feb. 27. In
Hong Kong, the company's stock [HKG: 6160] rose 2.8 percent to
HKD96.10 (USD12.28). BeiGene's New York-traded shares [NASDAQ:
BGNE] closed up 3.3 percent at USD160.26 on Feb. 26, Yicai
discloses.
Net loss totaled CNY6.7 billion (USD930.8 million) in the year
ended Dec. 31, versus CNY13.6 billion (USD1.9 billion) the year
before, according to the Beijing-based company's latest annual
report released on Feb. 26.
Yicai relates that BeiGene's loss is related to the firm's heavy
investment in research and development. It has over 50
investigational drugs in the pipeline and plans to start
first-in-human clinical trials for at least 10 new molecular
entities by the end of the year.
BeiGene's revenue soared 83 percent to CNY15.5 billion in the
period, thanks to the great sales performance of its main products,
cancer drugs Zanubrutinib Capsules and Tislelizumab Injection.
Zanubrutinib was approved in the US in November 2019, becoming the
first Chinese original cancer drug to get greenlit abroad. It is
now on sale in over 65 overseas markets, Yicai notes.
Sales of Zanubrutinib reached USD1.3 billion last year, exceeding
the threshold of USD1 billion for the first time, BeiGene noted in
the earnings report.
Tislelizumab was approved in China for 12 indicators, including
lung and liver cancers. BeiGene is actively promoting the drug
overseas, given the fierce competition in the domestic market. In
fact, Tislelizumab was approved in the European Union and United
Kingdom last year.
Tislelizumab is undergoing regulatory reviews in 10 global markets,
including the US. The drug is expected to be approved by the US
Food and Drug Administration for first-line and second-line
treatment of esophageal squamous cell carcinoma this year, BeiGene
noted.
Yicai adds that sales of totaled USD537 million last year, of which
USD128 million were in the fourth quarter alone, BeiGene said.
BeiGene, Ltd., a biotechnology company, develops and commercializes
oncology medicines worldwide.
=========
I N D I A
=========
AGRIBASE COMMODITIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agribase
Commodities (ABC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.85 CRISIL D (Issuer Not
Cooperating)
Foreign Exchange 0.33 CRISIL D (Issuer Not
Forward Cooperating)
Term Loan 0.16 CRISIL D (Issuer Not
Cooperating)
Warehouse Receipts 1.15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABC 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 ABC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 1997, ABC is engaged in the
processing and sale of cashew kernels. The firm operates through a
processing facility located near Mangalore (Karnataka) and is
managed by Mr. Umesh Kamath, the managing partner.
AL KABEER: CRISIL Lowers Rating on INR15.25cr Loan to D
-------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long term bank
facilities of Al Kabeer Exports Private Limited (AKEPL) to 'CRISIL
D' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 15.25 CRISIL D (Downgraded from
Credit 'CRISIL B/Stable')
Export Packing 12 CRISIL D (Downgraded from
Credit 'CRISIL B/Stable')
Proposed Working 2.75 CRISIL D (Downgraded from
Capital Facility 'CRISIL B/Stable')
The ratings downgrade is on account of overdues in the working
capital facility for more than 30 days in December 2023 and January
2024, on account of weak liquidity.
AKEPL has weak financial profile, stretched working capital cycle
and susceptibility to regulatory changes. These weaknesses are
partially offset by extensive experience of the promoters.
Analytical Approach
Unsecured loans, outstanding at over INR5.46 crores as on March 31,
2023 have been treated as debt
Key Rating Drivers & Detailed Description
Weaknesses:
* Weak financial risk profile: Networth has deteriorated to INR28
crore as on March 31, 2023 from INR64 crore as on March 31,2023 due
to operating losses suffered in fiscals 2022 and 2023. Gearing and
total outside liabilities to adjusted networth ratio deteriorated
to 2.4 times and 3.6 times as on March 31, 2023 (0.64 time and 1.32
times, respectively as on March 31,2022). Debt protection metrics
are subdued due to negative operating profitability for fiscals
2022 and fiscal 2023. Although debt protection metrics are expected
to improve in the medium term backed by improving profitability as
the company expands its revenues leading to better economies of
scale, the same are expected to continue to remain low.
* Stretched working capital cycle: Operations are highly working
capital intensive, with gross current assets expected to be 388
days as on March 31, 2023 (497 days as on March 31, 2022), driven
by high inventory and receivables of 235 days and 53 days
respectively as on March 31, 2023. Although receivable days have
improved in fiscal 2023 due to better collection cycles and
moderate credit period of 15-20 days extended to customers, they
continue to remain large due to stuck payments by certain customers
for which litigations are ongoing. Inventory levels are also high
due to slowdown in business operations. Working capital management
will remain a key rating sensitivity factor over the medium term.
* Susceptibility to regulatory changes: The processed meat industry
remains sensitive to changes in government policy and environmental
conditions, which could directly impinge on sales and raw material
supply. The company has been affected by restrictions imposed by
few importing countries, leading to decline in revenue in the past
four fiscals. Moreover, sudden outbreaks of livestock diseases can
also severely affect players in the meat industry.
Strength:
* Extensive industry experience of the promoter: The presence of
over three decades in the processed meat industry has enabled the
promoter to set up a fully integrated, modern meat-processing
slaughterhouse with large capacities. They have established strong
relationships with customers and suppliers and increased product
basket. The extensive experience of the promoters should continue
to support the business risk profile in the medium term
Liquidity: Poor
Liquidity is poor marked by overdues in working capital limit for
more than 30 days. The net cash accruals are expected to be low in
fiscals 2025 and 2026; against- repayment obligations. Liquidity is
expected to remain supported by need based funding support from
promoters.
Rating Sensitivity Factors
Upward factors:
* Timely servicing of debt obligations for more than 90 days
* Sustained scale of operation and improvement in operating margin,
leading to net cash accruals higher than 1 crore
* Improvement in financial risk profile.
Incorporated in 1979 and promoted by Mr. Ghulamuddin Shaikh,
Mumbai-based AKEPL exports frozen buffalo meat and mutton and also
manufactures and trades in ready-to-cook products. Processing
facilities are in Hyderabad and Mumbai
ALLAHABAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Allahabad
Agro Commodities Private Limited (AACPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 2.23 CRISIL D (Issuer Not
of Credit Cooperating)
Long Term Loan 1.77 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 1 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with AACPL 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 AACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AACPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2016, AACPL earlier traded in basmati rice. It set
up a unit for processing (milling, polishing and sorting) basmati
rice in fiscal 2020 at Hollagarh in Allahabad, with installed
capacity of 15 tonne per hour. The unit commenced operations in
January 2020. Mr. Pawan Kumar Gupta, Ms Sushma Gupta and Mr. Gopesh
Gupta are the promoters of the company.
AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Amarnath
Milk Foods Private Limited (SMPL) continue to be ‘CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 21 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMPL 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 SMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the ratings on bank facilities
of SMPL continues to be ‘CRISIL D Issuer Not Cooperating'.
SMPL, established in 2014 at Agra, Uttar Pradesh by Mr. Mahesh
Chand Singhal and Mr. Sanjeev Kumar, processes milk and milk
products such as ghee, milk powder, skimmed milk powder, butter,
and dairy whitener. Operations began in March 2015.
AMBICA POLAD: Liquidation Process Case Summary
----------------------------------------------
Debtor: Ambica Polad Private Limited
Plot No. M-2
MIDC-Waluj, Aurangabad,
Maharashtra - 431136
Liquidation Commencement Date: January 10, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Dinesh Kumar Aggarwal
1507 07, Highland Park
Kolshet Road, Behind D Mart
Thane, Maharashtra 400607
Email: dinesh.aggarwal31@gmail.com
Address for correspondence:
Unit # 207, 2nd Floor
Kshitij, Near Azad Nagar Metro Station
Veera Desai Road
Andheri West, Mumbai - 400053
Email: Liquidation.ambicapolad@gmail.com
Last date for
submission of claims: February 9, 2024
ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anitha Dairy
Products (ADP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 0.6 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.97 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.4 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.03 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ADP 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 ADP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 2015 by Mr. Sama Anitha, based out of Hyderabad,
Anitha Dairy Products is engaged in processing of milk and
manufacturing of milk products.
ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asian
Beverage Private Limited (ABPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 16.9 CRISIL D (Issuer Not
Cooperating)
Working Capital
Facility 0.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABPL 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ABPL, set up in 2013, is based in Chennai; its operations are
managed by Mr. C Vijaya Kumar and Mr. S Arihanth. The company
manufactures fruit-based and carbonated soft drinks.
AVENTURA COMPONENTS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Aventura Components Private Limited
A 1/152 Main IGNOU Road Neb Sarai,
New Delhi, Delhi - 110068
Liquidation Commencement Date: January 5, 2024
Court: National Company Law Tribunal, New Delhi Bench VI
Liquidator: Anil Kumar Mittal
House No. 212/2, Street No. 4,
Padam Nagar, Kishan Ganj
Near Hindi Academy
Padam Nagar, North
National Capital Territory of Delhi -
110007
Email Id: fcs.akmittal@gmail.com
FF, H-35 Jangpura Extension
New Delhi - 110014
Email Id: cirp.aventuracomp@gmail.com
Last date for
submission of claims: February 14, 2024
BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balajee
Ply-Product Private Limited (BPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BPPL 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 BPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1997 and based in Jaipur, BPPL manufactures plywood
and block boards, and trades in timber. Manufacturing accounts for
most of its turnover.
BALAJI ALUMNICAST: Ind-Ra Corrects Feb. 12, 2024 Rating Release
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Shree Balaji
Alumnicast Private Limited's rating published on February 12, 2024
to remove the Long-term Issuer Rating which was erroneously
included in the rating action commentary.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Shree Balaji
Alumnicast Private Limited's bank loan ratings in the
non-cooperating category and has simultaneously withdrawn it.
The detailed 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 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.
BUOYANT FINANCIAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Buoyant Financial Advisor Pvt. Ltd.
405, Dalamal House, 4th Floor, Plot-206,
Jamnalal Bajaj Marg, Nariman Point,
Mumbai City, Mumbai,
Maharashtra, India, 400021
Insolvency Commencement Date: January 12, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 17, 2024
Insolvency professional: Ms. Preeti Vimal Agrawal
Interim Resolution
Professional: Ms. Preeti Vimal Agrawal
Office No. 4, Ground Floor C Wing,
Shanti Jyot Building,
Balaji Nagar, Near Railway Station,
Bhayander West,
Thane Pin 401101
Email: capreeti2003@gmail.com
cirp.buoyant@gmail.com
Last date for
submission of claims: February 2, 2024
C P SPONGE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C P Sponge
Iron Private Limited (CPSIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPSIPL 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 CPSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
CPSIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of CPSIPL continues to be 'CRISIL D Issuer Not
Cooperating'.
CPSIPL, which was set up in 2002, manufactures sponge iron. Its
facility at Durgapur, West Bengal, has an installed capacity of
60,000 metric tonnes per annum (MTPA).
C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of C. Brijesh
Reddy (CBR) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 2.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CBR 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 CBR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBR continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1993, CBR is a proprietorship firm that develops and
sells plots and sites in Hosakote (Karnataka) and Bangalore.
Operations are managed by Mr. C. Brijesh Reddy.
CHANDAN CREDITS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Chandan Credits Limited
6/13, North Avenue Kesava
Perumal Puram Chennai
Chennai TN 600028 IN
Insolvency Commencement Date: January 8, 2024
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: July 5, 2024
Insolvency professional: S Kangayan
Interim Resolution
Professional: S Kangayan
Plot No.81, 3rd Street, Phase I
Dollars Colony, Vengambakkam
Tambaram East, Chennai 600 127
Email: kangayan.s@gmail.com
chandancredits.cirp@gmail.com
Last date for
submission of claims: January 22, 2024
CICO TECHNOLOGIES: Ind-Ra Withdraws BB Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn CICO Technologies
Limited's (CTL) bank loan rating as follows:
-- The IND BB/Stable/IND A4+ rating on the INR125 mil. Fund-based
working capital limit is withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificates from the lender of bank
facilities. This is consistent with Ind-Ra's Policy on Withdrawal
of Ratings. Ind-Ra will no longer provide analytical and rating
coverage for the CTL.
Company Profile
Established in 2000 as a closely-held public limited company, CTL
manufactures water proofing and construction compounds,
construction chemicals and additives. The company also provides
complete solutions for construction activities involved in building
airports, roads and bridges, metro rail, hydro power, thermal
power, among others. Its manufacturing units are located in
Gurugram, Haridwar, Kolkata and Chennai.
CLAYMINE MICRONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Claymine
Microns LLP (CML) continue to be ‘CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.19 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Term Loan 13.8 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.01 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CML 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 CML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CML
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the ratings on bank facilities
of CML continues to be ‘CRISIL D/CRISIL D Issuer Not
Cooperating'.
Claymine Microns LLP is a limited liability partnership formed in
2017. The firm set up a manufacturing unit for purification of
potash and sodium feldspar, which are key raw materials in the
ceramic industry. The unit has production capacity of 150,000 MT
per annum and is located at Wankaner, in the Morbi district of
Gujarat.
DAMSON TECHNOLOGIES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Damson
Technologies Private Limited (DTPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DTPL 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 DTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DTPL continues to be 'CRISIL D Issuer Not Cooperating'.
DTPL was incorporated in December 2000. Based in Ahmedabad,
Gujarat, the company designs, distributes, and markets information
technology products such as bluetooth speakers, tablet PCs, and
mobile and computer accessories.
DCOM SYSTEMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: DCOM Systems Limited
311, 3rd Floor, Venus Atlantis Corporate Park
Nr Prahladnagar Auda Garden Satellite
Ahmedabad GJ 380015 IN
Insolvency Commencement Date: January 17, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: July 16, 2024
Insolvency professional: Iqbal Singh Gandhi
Interim Resolution
Professional: Iqbal Singh Gandhi
C/302, Rosewood Estate,
Near Prerna Tirth Jain Deraar,
Satellite,
Ahmadebad Gujarat 380015
Email: iqbalsingh2659@yahoo.co.in
Address for correspondence:
9B, Vardan Tower, Nr. Vimal House,
Lakhudi Circle,
Navrangpura, Ahmedabad - 380014
Email: cirp.dcomsystems@gmail.com
Last date for
submission of claims: February 1, 2024
DEE VEE: Ind-Ra Keeps BB+ Rating in NonCooperating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dee Vee Projects
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+/Stable (ISSUER NOT COOPERATING)' on
the agency's website.
The detailed rating action is:
-- INR266 mil. Term loan due on December 31, 2025 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
Incorporated in 2012, Dee Vee Projects undertakes construction work
of buildings, roads, and housing projects for state government
agencies in Chhattisgarh, Madhya Pradesh, Odisha, Jharkhand and
Maharashtra.
EXEMPLARY HOTELS: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Exemplary Hotels
Private Limited's (EHPL) term loans as follows:
-- INR500 mil. Term loans due on May 2032 affirmed with IND BB-/
Stable rating.
ANALYTICAL APPROACH: Ind-Ra continues to take a standalone approach
while arriving at the ratings.
Key Rating Drivers
The affirmation reflects the under-construction stage of EHPL's
four-star hotel situated at PR Marg, Ajmer (Rajasthan). As per the
management, 90.3% of the construction work has been completed and
the finishing work and the installation of customized furniture are
under process as of December 12, 2023. The hotel is likely to
commence commercial operations from April 2024, with a capacity of
88 rooms. Ind-Ra, however, expects the scale of operations to be
small over the medium term, owing to the initial risk associated
with occupancy.
Liquidity Indicator - Stretched: In the event of a delay in the
capex completion, the expenses will be funded by the promoters.
EHPL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements. The
company has scheduled repayments of INR4.5 million and INR18.2
million in FY25 and FY26, respectively. The total investment for
the project is INR850 million, of which INR500 million is being
funded through term loans (58.80%) and the remaining through the
promoters' contribution of INR350 million (41.20%) in the form of
equity (INR214.5 million) and unsecured loans (INR135.5 million).
EHPL has already incurred around INR767.6 million (90.3%) until 12
December 2023 for the project, funded through the term loan of
INR430.02 million, equity of INR214.5 million and unsecured loan of
INR123.18 million.
The ratings, however, are supported by the location of the hotel
which is at the city's commercial center and at a convenient
distance from the railway station and bus stand.
The ratings are also supported by the promoter's experience of over
two decades in the hotel industry and EHPL's hotel management
operations agreement with the Sarovar Group of Hotels.
Rating Sensitivities
Negative: Achieving lower-than-expected level of operations or any
delay in the stabilization of operations, leading to stretch in
liquidity will be negative for the ratings.
Positive: The timely commencement of operations and achieving
higher-than-expected level of operations along with an improvement
in the liquidity profile would be positive for the ratings.
Company Profile
Ajmer (Rajasthan)-based EHPL was incorporated in June 2019. The
company is developing a four-star hotel under the brand Sarovar
Portico. The hotel is likely to commence operations from April
2024.
FATEH LEASING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Fateh Leasing And Finance Private Limited
6/13, North Avenue Kesava
Perumal Puram Chennai
Chennai TN 600028 IN
Insolvency Commencement Date: January 8, 2024
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: July 5, 2024
Insolvency professional: S Kangayan
Interim Resolution
Professional: S Kangayan
Plot No.81, 3rd Street, Phase I,
Dollars Colony,
Vengambakkam, Tambaram
East, Chennai 600 127
Email: kangayan.s@gmail.com
fateh.cirp@gmail.com
Last date for
submission of claims: January 22, 2024
GEO JUTE: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Geo Jute Limited (formerly know as
Juggilal Kamplapat Jute Mills Company Limited)
84/49, Zareeb Chauki,
Kalpi Road, Kanpur
Uttar Pradesh 208012 IN
Insolvency Commencement Date: January 19, 2024
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: July 17, 2024
Insolvency professional: Mr. Deepak Kumar Agarwal
Interim Resolution
Professional: Mr. Deepak Kumar Agarwal
B-27, Sector 47, Noida,
Distt. Gautam Buddha Nagar, (U.P.)
Pin code 201303
Email: dkgarwal.ip@gmail.com
cirp.geojute@gmail.com
Last date for
submission of claims: February 6, 2024
GONGLU AGRO: Liquidation Process Case Summary
---------------------------------------------
Debtor: Gonglu Agro Private Limited
No. 1B & 1C, Sivanandham Apartments
4th Floor, 4A, East Park Road
Pulla Avenue, Shenoy Nagar
Chennai, Tamil Nadu - 600030
Liquidation Commencement Date: January 5, 2024
Court: National Company Law Tribunal, Chennai Bench - 1
Liquidator: Mr. S.R. Shriraam Shekher
Flat No. 11, Prayag Apartments, 1st floor
15/8, Gandhi Nagar First Main Road
Adyar, Chennai - 600020
Tamil Nadu
Email: shekhershriraam@gmail.com
Email: gonglu.liquidation@gmail.com
Last date for
submission of claims: February 4, 2024
GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greccy Knit
(GK) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.43 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GK 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 GK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GK
continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2014, GK is a partnership firm, which is setting up
a unit to manufacture grey fabrics, to be used in sarees and other
garments. It is being promoted by Mr.Bharat Zalavadiya and his son
Mr.Gaurang Zalavadiya.
INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Industrial
Fans India Private Limited (IFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with IFPL 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 IFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
IFPL is a Chennai based company involved in the manufacture of
industrial fans and dampers for industrial use.
J.M.D. LAXMI: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.M.D. Laxmi
Enterprises (JMD) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with JMD 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 JMD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMD continues to be 'CRISIL D Issuer Not Cooperating'.
JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically treated bars, ingots, and billets. With
over a decade's experience, Mr. Agarwal oversees JMD's operations.
JOHNSON WATCH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Johnson Watch Company Private Limited
C-16 Connaught Place,
New Delhi, New Delhi,
Delhi, India 110001
Insolvency Commencement Date: January 17, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: July 15, 2024 (180 days)
Insolvency professional: Pushpinder Kumar
Interim Resolution
Professional: Pushpinder Kumar
4A/54, Old Rajinder Nagar,
New Delhi - 110060
Email: pushpinderraiip@gmail.com
cirpjohnsonwatchcompanyprivate@gmail.com
Last date for
submission of claims: January 31, 2024
KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karmyogi
Kundalikrao Ramrao Jagtap Patil Kukadi Sahakari Sakhar Karkhana
Limited (KSSKL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 47.92 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Short Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KSSKL 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 KSSKL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSSKL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSSKL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in January 2003 and promoted by a group of individuals
led by Mr. Kundalikrao Jagtap, KSSKL manufactures sugar and also
has a co-generation power plant. Unit is in Pimpalgaon Pisa in
Ahmednagar district of Maharashtra.
LALIT POLYESTER: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Lalit Polyester Private Limited
Atgon Industrial Complex, Shed No. 88
Mumbai Nasik Highway, Village Atgaon
Shahpur MH 421601 IN
Liquidation Commencement Date: January 12, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Anil Seetaram Vaidya
Plot No. 107, Survey No. 62/65
Mahatma Society, Bhusari Colony,
Kothrud, Pune, Maharashtra 411038
Email: anilvaidya38@gmail.com
Last date for
submission of claims: February 11, 2024
LULU FINANCIAL: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Lulu Financial
Services (India) Private Limited's (LFSPL) debt instruments as
follows:
-- INR100 mil. Non-convertible debentures (NCDs)* assigned with
IND BB+/Stable rating; and
-- INR400 mil. Bank loans assigned with IND BB+/Stable rating.
*yet to be issued
Analytical approach: Ind-Ra has taken a standalone view of LFSPL
for the rating purpose.
Key Rating Drivers
Small Scale of Operations: LFSPL has a small scale of operations
with assets under management (AUM) of INR276 million at
end-September 2023 and 90% of the portfolio comprising gold loans.
The company started operations in November 2021, and thus has yet
to establish a track record of managing its business across various
economic cycles. However, the company is planning to expand into
personal loans which will contribute 15% to the loan book by
end-FY25. Moreover, it expanded its branches to 31 by end-September
2023 from 18 in March 31, 2023 and has plans to reach a branch
network of 50 by March 2024. The company's operating cost will be
elevated as it has yet to reach the optimum level of AUM per
branch. Also, the company is seeking equity capital of INR250
million before March 2024.
High Geographical Concentration: All 31 branches of the company are
located in Kerala (18) and Tamil Nadu (13). However, the promoters
understand the local market and customer segments in these states
and the company could remain focused on it over the medium term.
Hence, Ind-Ra believes diversification of portfolio, strengthened
franchise and significant/sustainable growth in the portfolio,
while maintaining asset quality, capitalization and liquidity,
would be a key monitorable.
Loss-making Operations due to Early Stage of Business: LFSPL
reported a loss of INR17.2 million in 9MFY24 owing to the nascent
stages of operations. In Ind-Ra's opinion, the company's
profitability will depend on its ability to grow AUM with control
over operating costs.
Liquidity Indicator – Adequate: LFSPL does not have any bank
repayments. It had cash equivalents of INR10 million and unutilized
cash credit of INR45.7 million from the existing lines of INR150
million as of December 31, 2023.
Low Leverage: LFSPL at end-September 2023 had a tangible net worth
of INR199 million (Tier I capitalization: 68%) and borrowings by
way of cash credit to the extent of INR138 million from banks.
Thus, the company is operating at a low leverage ratio of around
0.8x. However, Ind-Ra understands that on a steady state, the
company would operate at a leverage of 3x. It has plans to raise
NCDs and more funding from banks.
Part of Larger LuLu Group could Support Funding Needs: LFSPL has
strong parentage by virtue of being a part of Abu
Dhabi-headquartered Lulu group. Its operations are spread across
three continents with vast experience in the retail, commercial
real estate and hospitality sectors. Due to the long historical
presence of the group in Kerala, LuLu group has visibility in the
local market of Kerala which can help in mobilizing funds. However,
the ability of the company in mobilizing additional debt funding
from institutional players remains to be seen.
Rating Sensitivities
Positive: A significant increase in AUM while maintaining asset
quality, ability to mobilize debt funding from institutional
players, and a sustained improvement in the profitability could
lead to a positive rating action.
Negative: Following factors could individually or collectively lead
to a negative rating action:
-- a significant dilution in the capital buffers due to continued
losses
-- deterioration in the asset quality (GNPA above 3%)
-- deterioration in the liquidity buffers
Company Profile
LFSPL is a registered on-banking financial company headquartered in
Ernakulam, Kerala. The company has 31 branches and it started its
operations in 2021. It is a subsidiary of LuLu Financial Holdings
that is headquartered in Abu Dhabi. Gold loans is the primary
business of LFSPL and it has presence in Kerala and Tamil Nadu.
MANSI INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mansi
International Private Limited (MIPL; part of the Mansi group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MIPL 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 MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MIPL and Mansi Traders
(MT). That's because the two entities, together referred to as the
Mansi group, have common promoters, are in the same line of
business, and have operational linkages and fungible cash flows.
About the Group
MIPL, set up in 2012 by Mr. Janak Doshi and his family members,
trades in dry fruits such as almonds, pistachios, and dates. It is
based in Mumbai.
Established in 2014, MT, a partnership firm of Mr. Govind S Gupta
and Ms Mansi J Doshi, also trades in dry fruits.
MICA INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mica Industries Limited
A-36, IInd Floor, Rajouri Garden
New Delhi - 110027
Insolvency Commencement Date: December 5, 2023
Court: National Company Law Tribunal, New Delhi Bench-II
Estimated date of closure of
insolvency resolution process: June 1, 2024
Insolvency professional: Mr. Bhim Sain Goyal
Interim Resolution
Professional: Mr. Bhim Sain Goyal
109-B, Pocket-F, Mayur Vihar-II
Delhi - 110091
Email: bsgoya11@gmail.com
Address for correspondence:
M-215, Rear Ground Floor,
Greater Kailash-II
New Delhi - 110048
Email: micacirp@gmail.com
Last date for
submission of claims: December 19, 2023
MITHRA YARNS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Mithra Yarns Private Limited
H.No.19-8, P.No.41/A, Chandulalbowli,
Sikh Village, Tirumalagiri,
Manovikasnagar, Hyderabad,
Secunderabad, Telangana 500009 IN
Insolvency Commencement Date: January 12, 2024
Court: National Company Law Tribunal, Hyderabad Bench II
Estimated date of closure of
insolvency resolution process: July 10, 2024
Insolvency professional: Azra Banu
Interim Resolution
Professional: Azra Banu
12-12-377 Street No. 2 Flat 302,
Gayathri Garden Apartments,
Tarnaka, Secunderabad - 500017
Email: caazra27@gmail.com
Address for correspondence:
F26, Raghava Ratna Towers
Chirag Ali Lane
Abids, Hyderabad 500001
Email: ip.mithrayarns@gmail.com
Last date for
submission of claims: January 31, 2024
MONEY2ME FINANCE: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Money2me Finance
Private Limited's (MFPL) bank loans rating as follows:
-- INR300 mil. Bank loans* affirmed with IND BB+/Stable rating.
*Yet to be issued
Analytical Approach: Ind-Ra continues to take a standalone view of
MFPL to arrive at the rating.
The affirmation reflects MFPL's continued small scale of operations
and high geographical concentration. However, the rating remains
supported by the company's stable asset class (gold loans).
Key Rating Drivers
Continued Small Scale of Operations in Near Term; High Geographical
Concentration: The company operates in the loan against gold
finance segment, and had assets under management (AUM) of INR1,020
million at 1HFYE24 (FYE23: INR847.9 million, FYE22: INR704
million). It lends loan against gold for an average ticket size of
INR0.1 million with an average tenor of six-to-12 months. Hence,
the disbursement momentum remains critical for loan book growth.
Since MFPL is the evolution stage, scale remains a critical factor
for achieving operational efficiencies, along with the execution of
consistent and scalable policies. Considering the existing scale of
operations, the company has adequate systems and processes in place
to carry out its day-to-day operations.
Further, the rating remains constrained by high geographical
concentration risk as all of the company's branches are located in
Maharashtra. Nonetheless, the low-ticket size of these loans
mitigates the credit risk to a certain extent. MIPL commenced
operations in the northern part of Mumbai. It is looking to expand
to 24-25 branches by end-FY24 (FY23: 19), some of which, it plans
to open in Gujarat to reduce the geographic concentration risk.
Ind-Ra opines that a strengthened franchise and a sustainable
scale-up in the AUM, along with funding diversification, while
maintaining the asset quality, capitalization and liquidity are key
rating monitorable.
Low Funding Flexibility: The rating continues to factor in MFPL's
skewed funding profile and its yet-to-be-established diversified
liability profile. At 1HFYE24, the company's borrowings were mainly
overdraft facilities and cash credit facilities from banks, which
constituted around 66.6% of the total borrowings, while term loans
from financial institutions/non-bank financial companies,
non-convertible debentures, and loans from director accounted for
around 30.8%, 0.3%, and 2.3%, respectively. The top three lenders
constituted 87.7% of the total funding (excluding compulsory
convertible debentures (CCDs) in 1HFY24. However, to explore a new
funding avenue, the company has initiated business correspondence
model with CSB Bank Limited (debt rated at 'IND A'/Stable) and is
planning to expand its business over the near-to-medium term. The
diversification of the funding profile by securing new sources is
critical for the company's loan book growth.
Improvement in Scale Critical for Stable Profitability: At 1HFYE24,
MFPL's return on average assets was 1.27% (FY23: 1.28%, FY22:
1.65%) and return on equity was 8.17% (7.64%, 10.08%). The net
interest margin reduced to 11.16% in 1HFY24 (FY23: 12.01%, FY22:
12.41%), due to a stiff competition, resulting in lower yields.
Moreover, an increase in borrowing cost with additional term loans
from non-banking finance companies has impacted the overall
profitability. The operating costs also remain elevated at 8.62% at
1HFYE24 (FY23: 8.63%, FY22: 8.34%), as the company is investing in
opening new branches and hiring of employees. MFPL's AUM per branch
stood at INR53.7 million during 1HFY24 (FY23: INR42.2 million,
FY22: INR57.8 million). The agency opines MFPL's operating leverage
could benefit profitability over the medium term, as the operations
scale further with rationalization of operating expenses for
expansion.
Adequate Capitalization: At 1HFYE24, MFPL's capital adequacy ratio
increasing to 17.8% (FYE23: 17.5%, FYE22:19.9%). However, the
leverage (debt/tangible net worth) increased to 5.4x in 1HFY24
(FY23: 5.3x; FY22: 4.4x) as the company considers CCDs as part of
equity. The company has infused INR27.5 million in October 2023 and
plans to further infuse INR15 million in 4QFY24, which will aid in
reducing the leverage. The management intends to cap the leverage
at 5.0x levels over the medium term.
Liquidity Indicator - Adequate: At 1HFYE24, the company maintained
a cumulative surplus of around 74% of its total assets in the up to
one-year bucket. Despite stress on its inflows, its asset-liability
statement remains cumulatively positive in the up to one-year
bucket. At end-December 2023, the company also had INR404.4 million
of unutilized bank lines, and cash and liquid investments of
INR76.7 million, sufficient to meet up to one month's of debt
obligations.
Managed Asset Quality, but Remains Monitorable: MFPL extends gold
loans with a tenor of up to 12 months with bullet principal
repayments, while interest accrues on a monthly basis. The average
loan-to-value ratio of the overall book was 70% in 1HFY24 with a
maximum cap of 75%. The gross non-performing assets increased to
0.86% in 1HFY24 (FY23: 0.5%; FY22: 1.49%). During the auction
process, the company did not incur any losses on its principal
dues; however, it forgoes some of the incurred interest on the
loans. MFPL provides notices to customers who complete 120 days in
over dues and conducts auctions post end of the 150th day to
recover dues. The total overdue (principal and accrued interest) in
terms of 1+ days past due stood at 1.1% of the overall AUM in
1HFYE24 (FYE23: 0.9%).
Rating Sensitivities
Positive: Events that could, individually or collectively, lead to
a positive rating action are:
- a significant scale-up in the AUM while maintaining the asset
quality metrics, modest leverage and a healthy profitability;
- diversification of its gold loan book into other geographies
with stable asset quality on a sustained basis;
- diversification of funding mix across longer-duration
instruments.
Negative: Events that could, individually or collectively, lead to
a negative rating action are:
- a significant dilution in the tangible net worth due to
significant losses;
- the capital adequacy ratio falling below 17% on a sustained
basis;
- the leverage exceeding 6.0x on a sustained basis;
- deterioration in the asset quality and profitability;
- any challenges faced by the entity in terms of regulatory
compliance.
Company Profile
MFPL was formed by acquiring Broadway Hire Purchase in 2016 by
Nayan Kambli and Gunjan Kambli, and was renamed to MFPL with a
focus on providing loans against gold. It is a registered
non-systemically important non-deposit taking non-bank finance
company. Gunjan Kambli, director and product head, has over 16
years of experience in the gold loan sector. The company operates
through 19 branches located across Mumbai, Thane, Palghar and Pune
district with a strength of 150 employees as of 1HFY24.
MRN INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MRN
Infrastructure Private Limited (MRNIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.8 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MRNIPL 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 MRNIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MRNIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MRNIPL continues to be 'CRISIL D Issuer Not
Cooperating'.
MRNIPL is a Private incorporated on 10-August-2017, which is
engaged in construction activities. It is based out in Hyderabad.
NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neha Exports
(Neha; a part of the Five Core group) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 5 CRISIL A4 (Issuer Not
Cooperating)
Bill Discounting 11.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1 CRISIL C (Issuer Not
Cooperating)
Packing Credit in 5 CRISIL A4 (Issuer Not
Foreign Currency Cooperating)
Proposed Fund- 10 CRISIL C (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with Neha 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 Neha, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Neha
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Neha continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corporation LLP (Visual), Digi Export Ventures
Pvt Ltd (Digi), Happy Acoustics Pvt Ltd (Happy), 5Core Acoustics
Pvt Ltd (5Core), and Neha. This is because all these entities,
collectively referred to as the Five Core group, have common
management, brand, customers, suppliers, and strong operational
synergies. Furthermore, 5Core is a wholly owned subsidiary of
FCEL.
About the Group
FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations. Incorporated in 2002,
FCEL is listed on the National Stock Exchange Emerge platform since
May 2018 and has manufacturing units in Delhi and Bhiwadi
(Rajasthan).
Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur (Uttarakhand). Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka (Delhi). Neha is a
proprietorship firm set up in 2009 and has a unit at Daruhera
(Gurugram).
Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.
NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nirmal
Inductomelts Private Limited (NIMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NIMPL 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 NIMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NIMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NIMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of Nirmal Inductocast Private
Limited (NICPL) and NIMPL. This is because both the companies,
together referred to herein as the Nirmal group, are engaged in
similar businesses and derive significant business synergies owing
to business linkages, and common clients and brand.
About the Group
NICPL, incorporated in 2008, manufactures and markets various mild
steel structural products.
NIMPL, incorporated in 2003, has a semi-integrated manufacturing
ability to manufacture ingots and structural products. The Nirmal
group, based in Jaipur, is promoted by Mr. Bharat Bhushan Malik and
family.
NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of North India
Surgical Company (NISC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NISC 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 NISC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NISC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NISC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
NISC, a partnership firm of Mr. Varun Singla and Mr. Arun Singla,
commenced operations in April 2012. The firm trades in surgical
equipment such as stents, spinal implants and pacemakers.
PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pac Bio
Fungbact Private Limited (PBFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 4.33 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PBFPL 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 PBFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBFPL continues to be 'CRISIL D Issuer Not Cooperating'.
Gujarat based PBFPL was incorporated in fiscal 2010. It
manufactures and sells bio-fertilisers. PBFPL started its
commercial operation in fiscal 2013 and is promoted by Mr. Babubhai
Patel. The company has also started manufacturing of enzymes used
in detergents.
PRABHAT TECHNOLOGIES: Liquidation Process Case Summary
------------------------------------------------------
Debtor: M/s Prabhat Technologies (India) Ltd.
(formerly known as Prabhat Telecoms (India) Ltd.)
Unit No. 402, Western Edge I, Kanakia Spaces
Western Express Highway, Borivali (East)
Mumbai - 400066
Liquidation Commencement Date: January 9, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Shailesh Desai
708, Raheja Centre, Nariman Point,
Mumbai - 400021, Maharashtra
Email: ip10362.desai@gmail.com
C/o Headway Resolution and Insolvency
Services Pvt. Ltd
708, 7th Floor, Raheja Centre,
Nariman Point,
Mumbai - 400021, Maharashtra
Email: prabhatelecom.ip@gmail.com
Last date for
submission of claims: February 8, 2024
R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. G.
International Private Limited (RGIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 55 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RGIPL 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 RGIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RGIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RGIPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of TCAFI and RG International
Pvt Ltd (RGIPL). This is because the two entities, together
referred to as the TC Agro group, are engaged in the same line of
business and have common promoters.
TC Agro was established as a partnership firm in 1995, with Mr. Ram
Gopal Singla and Mr. Rajendra Kumar as partners. In 2002, the firm
was reconstituted as a proprietorship concern, with Mr. Singla as
the proprietor. The firm mills and sorts basmati rice. Its unit at
Karnal, Haryana, has milling capacity of 14 tonne per hour (tph)
and sorting capacity of 8 tph.
RGIPL was established as a partnership firm in 2007 by Mr. Rajesh
Kumar Singla and his two brothers Mr. Munish Kumar Singla and Mr.
Murari Lal Singla. The firm was reconstituted as a private limited
company on April 1, 2013. The company is engaged in milling &
sorting of basmati rice. Its unit in Karnal has a milling capacity
of 16 tph and sorting capacity of 12 tph.
R.P. SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.P. Singh
Crusher and Construction Company (RSC) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.07 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RSC 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 RSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSC continues to be 'CRISIL D Issuer Not Cooperating'.
RSC was established in 2014 by Mr. Raj Pal. The firm trades in
stone aggregate, stone dust, grit, stone crushers, and other such
products, and lays ballast.
RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raffles Green
Pet India Private Limited (RGP) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.95 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.95 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RGP 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 RGP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RGP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RGP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2013, RGP is Kadi based company. It is setting up a
unit to manufacture pet flakes by recycling used PET bottles. The
company is promoted by Mr. Jerambhai Chhaganbhai Kalathiya and his
younger brother, Mr. Ankitbhai Mansukhbhai Ajani. The year 2015-16
was the first year for the operations.
RELIANCE CAPITAL: NCLT OKs Hinduja Group Firm's Resolution Plan
---------------------------------------------------------------
Indian Express reports that the National Company Law Tribunal
(NCLT) on Feb. 27 approved Hinduja Group firm IndusInd
International Holdings' INR9,650-crore resolution plan for Reliance
Capital.
According to Indian Express, the Mumbai bench of the NCLT approved
the plan submitted by IIHL (IndusInd International Holdings
Limited) in June 2023 in the second round of bidding for the
debt-laden company. A detailed order in the matter is expected
later in the day.
In November 2021, the Reserve Bank had superseded the board of the
Reliance Capital on governance issues and payment defaults by the
Anil Dhirubhai Ambani Group company, the report notes. The central
bank had appointed Nageswara Rao Y as the administrator, who
invited bids in February 2022 to take over the company.
Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all the four plans for lower bid
values and a challenge mechanism was initiated where IIHL and
Torrent Investments participated, the report says.
In June 2023, the Hinduja Group firm was selected by the committee
for its bid of INR9,661 crore upfront cash. Reliance Capital's cash
balance of an additional INR500 crore would also go to the lenders,
ET adds.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.
RENAISSANCE EDUCATION: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Renaissance Education Private Limited
Apte Phata Mumbai Goa Highway
Karnala Bird Sanctuary
Panvel, Maharashtra 140220
Liquidation Commencement Date: December 19, 2023
Court: National Company Law Tribunal, Mumbai Bench - I
Liquidator: Mr. Divyesh Desai
Moore Singhi Advisors LLP,
B2 - 402, Marathon Innova, 4th Floor,
Off Ganpatrao Kadam Marg,
Lower Parel, Mumbai City
Maharashtra, 400013
Email: divyeshdesai@singhico.com
Email: liq.repl@gmail.com
Last date for
submission of claims: February 15, 2024
S.K.S TEXTILES: Liquidation Process Case Summary
------------------------------------------------
Debtor: S.K.S Textiles Ltd
H No. 1246/1K, GALA 1-9
1st Floor, Bldng B-4, Prithvi Complex
Kalher Village
Thane, Maharashtra - 421 302
India
Liquidation Commencement Date: December 22, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Rajkumar Feru Gupta
502 B, Hamilton Court
Raheja Reflections,
Thakur Village, Borivali East
Near Western Express Highway
Mumbai 400066
Email: rf.gupta86@gmail.com
Email: liquidationsks@gmail.com
Last date for
submission of claims: February 4, 2024
SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saikrupa
Cottons Private Limited (SCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 0.3 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Term Loan 5.7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCPL 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D Issuer Not Cooperating'.
SCPL is engaged in ginning and pressing of raw cotton to make
cotton bales. The unit is located at Yavatmal (Maharashtra) with an
installed capacity of producing 200 bales per day. It also has a
seed crushing unit of 300 quintals per day.
SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Santosh
Enterprises (SE) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit/ 1.50 CRISIL D (Issuer Not
Overdraft facility Cooperating)
Proposed Working 1.25 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with SE 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1990, SE is promoted Mr. Santosh Dalvi. The firm is
engaged in the manufacturing of fabricated structures used by the
windmill industry. It has a manufacturing facility in the Ambad
industrial area of Nasik.
SHIPRA ESTATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shipra Estate Limited
Registered Address:
Flat No. 502, 502-A, 5th Floor,
23, Barakhamba Road, Narain Manzil,
New Delhi-110001 INDIA
Principal Office:
Plot No. 9, Shipra Mall, Vaibhav Khand,
Indirapuram, Ghaziabad, U.P. INDIA - 201014
Insolvency Commencement Date: January 24, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 22, 2024
Interim Resolution
Professional: Mr. Dhanshyam Kantilal Patel
322, Zest Business Spaces
MG Road, Ghatkopar East
Mumbai 400 077
Email: dpatel@ckpatel.com
cirp.shipra@gmail.com
Tel: 022-25083300
Last date for
submission of claims: February 7, 2024
SHIVA GLOBAL: Ind-Ra Cuts Loan Rating to B+, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shiva Global
Agro Industries Limited's (SGAIL) bank facilities as follows:
-- INR400 mil. Fund-based working capital limit downgraded with
IND B+/Stable/IND A4 rating;
-- INR31.16 mil. Working capital term loan downgraded with IND
B+/Stable rating; and
-- INR145.2 mil. Non-fund-based working capital limit downgraded
with IND A4 rating.
Analytical Approach: Ind-Ra continues to take a standalone view of
SGAIL to arrive at the rating.
The downgrade reflects significant deterioration in SGAIL's
operating performance in 9MFY24, due to a reduction in the rates of
subsidies on Single Super Phosphate (SSP) fertilizer, the entity's
major product, by the government of India (GoI). The rate cut in
the subsidies resulted in significant operating losses to SGAIL in
9MFY24, with its input costs remaining higher than the average
realization from its product, which weakened its credit profile
considerably. Ind-Ra expects further deterioration in SGAIL's
credit profile in the near- to medium-term, with a limited scope of
a turnaround in the operating performance, which depends on a
revision in GoI's subsidies.
Key Rating Drivers
SGAIL's scale of operations deteriorated significantly with its
revenue declining 56.83% yoy to INR600.27 million in 9MFY24
(9MFY23: INR1,390.64 million; FY23: INR1,795.58 million), due to
the reduction in rates of subsidy for its top-selling product, SSP
fertilizer. Further restrictions on the subsidies led to the
average realization of SSP fertilizer falling below the cost of its
raw materials, leading to the company incurring significant
operating losses in 9MFY24. Hence, the company has curtailed the
production of SSP fertilizer, leading to the sales declining to
INR33.32 million in 3QFY24 (2QFY24: INR249.08 million; 3QFY23:
INR278.07 million).
The agency expects SGAIL's revenue to decline around 65% yoy in
FY24 as the sales are unlikely to improve significantly in 4QFY24.
The management, however, expects the sales to grow from 1QFY25, due
to a likely revision in the subsidy rates by the government.
Due to the significant decline in the scale of operations, SGAIL's
working capital requirements reduced significantly in 1HFY24,
leading to its overall debt levels declining to INR376.15 million
at end-September 2023 (FYE23: INR465.74 million). Ind-Ra expects
the debt levels to decline further in FY24, due to a further
decline in the working capital requirement in 3QFY23. However, the
credit metrics are likely to remain weak in the near- to medium
term, due to the company booking sustained operating losses in
FY24.
Liquidity Indicator - Poor: SGAIL's average maximum utilization of
the fund-based working capital limits for the 12 months ended
January 2024 was 68%. Ind-Ra expects the utilization levels to
decline in the near term, due to the reduction in the working
capital requirement. At end-September 2023, SGAIL had unencumbered
cash and cash equivalents of INR21.13 million (FYE23: INR0.6
million), driven by the significant working capital release in
1HFY24 which increased its cash flow from operations to INR105.54
million (negative INR118.21 million). Ind-Ra expects the cash flow
from operations to increase further in FY24, led by the company
releasing its working capital further as the entity has stopped the
procurement of raw materials for its SSP fertilizer. Despite the
company's sustained operating losses in 9MFY24, Ind-Ra derives
liquidity comfort from SGAIL's current ratio of 2.9x in 1HFY24
(FY23: 2.2x), backed by trade receivables of INR268.23 million at
end-September 2023 (FYE23: INR422.35 million). SGAIL has debt
repayment obligations of INR12.3 million and INR4.2 million in FY24
and FY25, respectively, which are to be met out of the realization
of its receivables in the near term.
SGAIL's business is seasonal in nature and highly depends on
agro-climatic conditions and factors such as timely onset of
monsoon, intensity and adequacy of rainfall, government's minimum
support price regulations, among others. Furthermore, its EBITDA is
susceptible to changes in the rate of subsidy for the SSP
fertilizer which is revised every year by the government.
SGAIL's promoter, Omprakash Gilda, who also serves as the managing
director on its board, has more than three decades of experience in
the agriculture and fertilizer sectors. The company has been
manufacturing fertilizers for three decades with a network of over
350 dealers and a well-established presence in Maharashtra.
Rating Sensitivities
Negative: Further deterioration in the scale of operations, any
deterioration in the liquidity profile, or any increase in the
overall debt levels, leading to a further weakening of the credit
metrics will be negative for the ratings.
Positive: A substantial improvement in the scale of operations, the
liquidity profile, and the credit metrics, on a sustained basis,
would be positive for the ratings.
Company Profile
Incorporated in 1993, SGAIL is a public limited company and has
been listed on the BSE Limited. The company manufactures and trades
fertilizers. The two main products manufactured by SGAIL are SSP, a
type of multi nutrient fertilizer, and NPK-mix fertilizers. The
entity has two plants in Nanded, Maharashtra, and it also trades in
other agricultural commodities such as turmeric, chana, tur, among
others in smaller proportions.
SHREEMATI FASHIONS: Pre-packaged Insolvency Process Case Summary
----------------------------------------------------------------
Debtor: Shreemati Fashions Private Limited
14/2 Sir Hariram Goenka Street,
Ground Floor, Kolkata 700007
Prepackaged Insolvency Commencement Date: January 12, 2024
Court: National Company Law Tribunal, Principal Kolkata 1st Bench
Insolvency professional: Purvee Anoop Mehrotra/
Divyanshi Mehrotra
Interim Resolution
Professional: Purvee Anoop Mehrotra/
Divyanshi Mehrotra
C-521, Lake Garden, Opp Canara Bank,
Kolkata, West Bengal - 700045
E-mail: shreematifashions.ppirp@gmail.com
List of claims shall be made available from January 30, 2024 at
https://www.ibbi.gov.in/
SPICEJET LTD: Closer to Settlement With Aircraft Lessor Celestial
-----------------------------------------------------------------
Moneycontrol reports that low-cost airline SpiceJet on February 26
told the National Company Law Tribunal (NCLT) that their dispute
with aircraft lessor Celestial Aviation is "practically settled"
and only formalities remain.
Moneycontrol relates that senior advocate Krishnendu Dutta, who
appeared for SpiceJet told the tribunal that they have already paid
some money and urged the tribunal to adjourn the case so that they
can file the requisite application apprising the court of the
settlement. The case has now been adjourned to April 2024. Lawyer
Nitin Sarin, who appeared for Celestial told the court that while
they have received payments, SpiceJet had missed certain agreed
upon payment deadlines.
In October 2023, SpiceJet informed the tribunal that it was
exploring the possibility of settlement with Celestial,
Moneycontrol recalls. In December 2023, SpiceJet informed the
tribunal that they have made some payments to aircraft lessor
Celestial Aviation. Celestial's counsel Nitin Sarin admitted to
receiving the payment, despite the airline having missed some
deadlines.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.
This is the third case filed against the airline, according to The
Economic Times. Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.
The National Company Law Tribunal (NCLT) on Dec. 4, 2023, dismissed
Willis Lease' insolvency petition.
In January 2024, the NCLT dismissed another insolvency plea filed
against SpiceJet by Wilmington Trust SP Services.
In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.
SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SRM
Transports India Private Limited (SRMT) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 8.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.8 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRMT 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 SRMT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRMT continues to be 'CRISIL D Issuer Not Cooperating'.
SRMT, incorporated in 1999 by Mr. Ravi Pachaimuthu, is a
Chennai-based company that provides inter-city bus transportation
services, mainly in South India.
ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of St. Xavier's
Educational Trust (SXET) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 0.85 CRISIL D (Issuer Not
Overdraft facility Cooperating)
Cash Credit/ 3 CRISIL D (Issuer Not
Overdraft facility Cooperating)
Cash Credit/ 2.25 CRISIL D (Issuer Not
Overdraft facility Cooperating)
Long Term Loan 2.50 CRISIL D (Issuer Not
Cooperating)
Proposed Working 21.40 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with SXET 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 SXET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SXET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SXET continues to be 'CRISIL D Issuer Not Cooperating'.
SXET was set up in 1989, in the Tirunelveli district of by Dr
Cletus Babu. The trust runs various institutes offering graduate
and post-graduate courses in TN.
SUPERMAX PERSONAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Supermax Personal Care Private Limited
Mumbai Agra Road, Naupada,
P. O. Wagle INDL.
Estate, Thane, Thane,
Maharashtra, India, 400 604
Insolvency Commencement Date: January 11, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 9, 2024
Insolvency professional: Mr. Kshitiz Gupta
Interim Resolution
Professional: Mr. Kshitiz Gupta
F-52, 1st Flr., Centrium,
Lokhandwala Township,
Akurli Road, Kandivali (E),
Mumbai Suburban, Maharashtra-400 101
Email ID: kshitiz.ca@gmail.com
supermax.ibc@gmail.com
Last date for
submission of claims: January 26, 2024
SUPREME BITUCHEM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Supreme Bituchem India Private Limited
6th Floor, Supreme Forest Avenue Tower Pancsheel Nagar,
Gittikhadan Square, Katol Road Nagpur MH 440013 India
Insolvency Commencement Date: January 24, 2024
Estimated date of closure of
insolvency resolution process: July 27, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Ravindra Chaturvedi
Prarekh Shah & Lodha,
31E, Laxmi Industrial Estate, New Lin Road,
Anheri(W), Mumbai City, Maharashtra, 400053
Email: ravinchaturvedi@hotmail.com
BKC Centre, 31-E, Laxmi Indl. Estate, New Link Road,
Andheri (W), Mumbai- 400053
Email: cirp.sbcipl@gmail.com
Last date for
submission of claims: February 12, 2024
TRANSPARENT ENERGY: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Transparent Energy Systems Private Limited
Pushpa Heights, 1st Floor, Bibwewadi Corner
Pune - Satara Road, Pune
PUNE, Maharashtra, India, 411037
Liquidation Commencement Date: January 4, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Avil Menezes
106, 1st Floor, Kanakia Atrium 2
Cross Road 'A', Chakala MIDC
Andheri (East), Mumbai 400093
Email: avil@caavil.com
Email: liqtespl@gmail.com
Last date for
submission of claims: February 15, 2024
VENKATA NARAYANA: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Venkata Narayana Active
Ingredients Private Limited (VNAIPL) to 'CRISIL BB/Stable/CRISIL
A4+ Issuer Not Cooperating'. However, the company's management has
subsequently shared the information necessary for a comprehensive
rating review. Consequently, CRISIL Ratings is downgraded the
ratings to 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
The ratings reflect delays in servicing of term loan because of
weak liquidity.
The ratings reflect the firm's modest scale of operations,
susceptibility to tender-based operations, large working capital
requirement and constrained financial risk profile. These rating
weaknesses are partially offset by the extensive experience of the
partners in the industry and healthy improvement in scale of
operations
Analytical Approach
Unsecured loans extended by the promoter and related parties
(around INR57.62 crore as on March 31, 2023 are treated as neither
debt nor equity as the loans are expected to remain in the business
over the medium term and are subordinated to bank debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delays in debt servicing: The company has delayed the interest
servicing of term debt and working capital demand loan for the
month of January 2024 for 7-10 days, mainly due to tight liquidity
arising from delay in receipts of payments from customers.
* Susceptibility of operating margins to fluctuations in raw
material prices and intense competition: The bulk drugs and API
industry is highly competitive due to presence of numerous domestic
as well as global players, which exerts pricing pressure on
individual entities. This, coupled with exposure to volatility in
input prices, may lead to erosion in margins.
* Working capital intensive operations: Gross current assets were
high due to large working capital requirements arise from its high
debtor levels with stretch in payment from major customers.
Furthermore, due to its business need, it holds large work in
process & inventory.
* Moderate financial profile: VNAIPL has average financial profile
marked by erosion of networth for the past 2 years due to
continuous losses. VNAIPL's debt protection have also been at weak
level in past due to high gearing and low accruals from the
operations in fiscal 2024.
Strengths:
* Extensive experience of the promoter: The promoter, Mr. S Abhaya
Kumar has been associated with the pharmaceutical industry for over
four decades and has maintained healthy relationships with the
suppliers and customers (both domestic and overseas). These factors
have helped the company to establish healthy relationship with
customers and suppliers and improve scale of operations over the
years; albeit subdued revenue growth in the recent past. CRISIL
Ratings believes that the extensive experience of the promoters
should continue to support VNAIPL's business risk profile
* Healthy improvement in scale of operations and operating margins:
The company has been adding multiple products in its profile and
filed multiple DMFs in Europe, Brazil and other market along with
new customer additions and investments in new research and
development facility to boost new product additions; which is
expected to drive the revenues and profitability over medium term.
Revenue is likely to grow by around 30-35% in fiscal 2024 and
operating margins were in the range of 18-20% in first half of
current fiscal compared to operating losses in the previous year
for the same period .Operating profit is expected to grow to
INR30-35 crore in fiscal 2024 compared to operating losses in the
last fiscal.
Liquidity: Poor
The liquidity is poor leading to delays in servicing of debt
obligations. The bank limit is almost fully utilized to the tune of
97% for the past 12 months ending January 2024. Average net worth
limits and stretched working capital cycle impacts its's financial
flexibility and restrict the financial cushion available to the
company
Rating Sensitivity Factors
Upward factors:
* Track record of timely debt servicing for at least 90 days
* Improvement in the financial risk and liquidity profiles
VNAIPL, formerly Nutra Specialities Pvt Ltd, manufactures active
pharmaceutical ingredients or APIs and intermediaries. The company,
promoted by Mr. S Abhaya Kumar, caters to both domestic and
overseas clients.
VINAYAKA EXPO: Ind-Ra Assigns BB+ Term Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Vinayaka Expo Plaza
Private Limited's (VEPPL) term loan as follows:
-- INR300 mil. Term loan due on June 30, 2031 assigned with IND
BB+/Stable rating.
Analytical Approach: Ind-Ra has assessed the company on a
standalone basis to assign the rating.
Key Rating Drivers
The rating reflects the offtake risk associated with VEPPL's
ongoing project, India Expo Plaza as 68.4% of the total developer's
saleable area of 121,705sf has been booked in the last two years
with collection of 59%. VEPPL is yet to achieve breakeven as
additional sales with collection of INR702 million (45% of total
project value) is required to complete the project and repay the
loans. Further, an area of 145,000 sf will be utilized for leasing
purpose to setup a multiplex and business suites. Also, given the
aggressively improving demand scenario, there is significant
competition. VEPPL has already tied up with brands such as Croma,
Reliance Smart, KFC, Pizza hut, ASUS for the lease rental area. The
company is in discussions for tie up of a cinema and business
suites.
The rating further reflects cost overrun risk due to increasing
inflation and raw material prices, and execution risk owing to
delays in receipt of customer advances/cancellation of already sold
units or/restrictions arising from any political or environmental
issues, despite the project's progress being in line with the
execution schedule. The total cost of the ongoing project is
estimated to be INR2,144.5 million, which is to be funded by the
promoter's contribution of INR43.7 million, customer advances of
INR1,452.5 million, a term loan of INR300 million and unsecured
loans of INR745.4 million. As on 31 December 2023, VEPPL had
received promoter's contribution of INR43.7 million, customer
advances of INR522.6 million, unsecured loans of INR745 million and
a term loan of INR106 million, and incurred total cost of
INR1,191.69 million. The risk is partially mitigated as the
remaining construction of INR952.8million will be completed with a
possible drawdown of term loan of INR194 million, customer advances
of INR930 million and surplus balance of INR226 million.
Liquidity Indicator - Stretched: The project is yet to achieve
break even and is exposed to a likely cash flow mismatch risk, if
the collection from customers are lower than management's
expectations. Further, the construction is likely to be completed
by December 2024. As stated by the management, the debt service
coverage ratio is 0.98x in FY32. The ratings are further
constrained by the company's lack of access to capital markets as
it has to rely on only term loans and promoter contribution for its
future projects.
However, the ratings are supported by the promoters experience of
around 10 years in the construction of residential and commercial
projects, resulting into longstanding relationship with its
customers and suppliers.
The rating also benefits from the project's favorable location in
Knowledge Park - 2, next to the metro station and Yamuna expressway
in Greater Noida.
The rating is further supported by VEPPL's operational track record
with more than 0.66 million sf of projects completed in Greater
Noida.
Rating Sensitivities
Positive: An improvement in the sales and the timely receipt of
advances from customers, on-boarding of lease rental discounting
customers, leading to stronger cash flows, achievement of breakeven
and visibility of means of finance for new projects could lead to a
positive rating action.
Negative: A lower-than-Ind-Ra expected sales volume or lower
realization from bookings or time or cost overruns, leading to
stressed cash flows, could lead to a negative rating action.
Company Profile
Incorporated in 2021, VEPPL was established as a special purpose
vehicle to develop a commercial project with retail shops, office
space, multiplex and business suites called India Expo Plaza in
Greater Noida, Uttar Pradesh. A portion of the building will be
used for lease rental purposes and rest will be saleable. The mall
will be operational from December 2024 and has a total built up
area of 0.35 million sf. Ankur Mittal and Neeraj Mittal are the
promoters.
VIP CLOTHING: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded VIP Clothing
Limited's (VICPL) bank facilities' ratings to 'IND BB' from 'IND
BB+'. The Outlook is Negative.
The detailed rating actions are:
-- INR616.3 mil. Fund-based working capital limit Long-term
rating: downgraded; Short-term rating affirmed with IND BB/
Negative/IND A4+ rating;
-- INR273.5 mil. Non-fund-based working capital limit affirmed
with IND A4+ rating;
-- INR85.5 mil. Working capital term loan due on May 2026
downgraded with IND BB/Negative rating; and
-- INR50 mil. Proposed non-fund-based working capital limit
affirmed with IND A4+ rating.
ANALYTICAL APPROACH: Ind-Ra has taken a standalone view of VIPCL to
arrive at the ratings.
The downgrade reflects a significant deterioration in VIPCL's
operating performance in 9MFY24, which was adversely impacted by an
increase in operating expenses, leading to a considerable weakening
of VIPCL's credit metrics.
The Negative Outlook reflects the agency's expectation of a further
deterioration in the company's credit metrics in the near term on
account of deteriorating operating performance.
Key Rating Drivers
VIPCL's EBITDA margins were modest and contracted to 2.04% in
9MFY24 (FY23: 6.29%, FY22: 3.66%) on account of a rise in operating
expenses due to the expansion of sales and marketing, as well as
operations teams. On a quarter-on-quarter basis, the EBITDA margins
continued to decline and turned negative to 2.5% in 3QFY24 (2QFY24:
1.29%, 1QFY24: 6.58%). The return on capital employed was 4% in
FY23 (FY22: 1%). Ind-Ra expects the margins to decline further in
the near term on the back of a further increase in operating
expenses.
The credit metrics deteriorated significantly in 9MFY24, although
remained modest, on account of a fall in the EBITDA to INR30.73
million in 9MFY24 (9MFY23: INR79.67 million, FY23: INR126.12
million, FY22: INR67.03 million). The interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 0.47x in 9MFY24
(9MFY23: 1.10x, FY23: 1.43x, FY22: 0.79x) and net leverage
(annualized adjusted net debt/operating EBITDAR) to 20.43x (5.89x,
14.76x). VIPCL had debt of INR837.15 million at 9MFYE24 (FYE23:
INR855.01 million, FYE22: INR1,002.91 million), the majority of
which pertains to short-term working capital facilities amid high
inventory requirements. Ind-Ra expects the credit metrics to
deteriorate further in FY24 due to a likely decline in the EBITDA,
and thereafter over the medium term remain at FY24 levels on the
back of scheduled debt repayments.
The ratings continue to factor in VIPCL's medium scale of
operations. The revenue was almost stable on a year-on-year basis
at INR1,509 million in 9MFY24 (9MFY23: INR1,490.1 million, FY23:
INR2,006.40 million, FY22: INR1,829.77 million). However, Ind-Ra
expects the revenue to increase in the medium term on account of an
addition in the company's new range of products in the existing as
well as new brands.
Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based and non-fund-based limits was 92% and 86.94%,
respectively, during the 12 months ended January 2024. The net
working capital cycle remained elongated, despite improving to 277
days in FY23 (FY22: 312 days) due to a fall in the inventory days
to 211 (256) as the company took measures to control inventory. The
cash flow from operations turned negative to INR33.28 million in
1HFY24 (FY23: INR44.69 million, FY22: negative INR117.97 million)
due to unfavorable working capital changes. At 1HFYE24, VIPCL had
cash and cash equivalents of INR49.5 million (FYE23: INR112.73
million). The company has scheduled repayment obligations of
INR31.83 million in FY24 and FY25, each. VIPCL is raising INR451.68
million through an issue of 10.15 million warrants, each
convertible into an equity share of VIPCL at a price of INR44.50,
of which INR112.9 million was already received in January 2023 and
the rest will be received within 18 months from the date of
allotment.
The ratings, however, remain supported by the promoter's experience
of four decades in the manufacturing of hosiery garments and the
company's brands namely VIP, Frenchie, Feelings, Leader and Brat.
VIPCL has a pan-India presence with more than 350 distributors. It
also sells its products through e-commerce sellers, exclusive brand
outlets (seven own retail stores), military stores (canteen stores
department), modern trade and general trade stores.
Rating Sensitivities
Positive: A substantial increase in the scale of operations, along
with an improvement in the credit metrics with the net leverage
reducing below 4.5x and a strengthening of the liquidity position
will be positive for the ratings.
Negative: Any delay in the receipt of share warrant money or
deterioration in the scale of operations, leading to a further
deterioration in the credit metrics and/or liquidity position, all
on a sustained basis, will be negative for the ratings.
Company Profile
Incorporated in 1991, VIPCL has its registered office in Mumbai and
is promoted by the Pathare family. The company manufactures
garments under various brands for men, women and kids. The company
has two manufacturing units, one each in Thingalur, Tamil Nadu and
Kolkata, West Bengal.
YASHRAJ CONTAINEURS: NCLT OKs Voluntary Insolvency Resolution Bid
-----------------------------------------------------------------
The Economic Times reports that the bankruptcy court has admitted
an application filed by listed industrial packaging solutions
company Yashraj Containeurs Ltd to admit it for a voluntary
corporate insolvency resolution process (CIRP). The company
approached the tribunal after it failed to repay dues of over INR73
crore.
The Mumbai bench of the National Company Law Tribunal (NCLT) has
appointed Manish Motilal Jaju as the interim resolution, ET
discloses.
ET says the suspended directors and employees must provide all
documents and information. Bank of India has no objection to the
application.
Yashraj Containeurs Limited manufactures metal containers.
=========
J A P A N
=========
RAKUTEN GROUP: S&P Affirms 'BB' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit and
senior unsecured debt ratings on Rakuten Group Inc. and its 'B'
issue rating on its subordinated bonds.
S&P said, "The negative outlook reflects our view that there is a
risk that liquidity will deteriorate because of insufficient
funding to cover the redemption of large amounts of corporate bonds
in 2025 in the nonfinancial unit.
"We expect losses to continue narrowing in the company's mobile
business. This includes its mobile network operator (MNO) business
and telecommunications infrastructure business. As a new roaming
agreement with KDDI contract signed in April 2023 begins
functioning fully, the company should have an easier time
attracting customers. In addition to progress building base
stations, we believe the roaming agreement will allay concerns
about poor network quality, as we can see to a degree in the
company's declining churn rate. We assume the mobile business'
EBITDA will turn positive on a quarterly basis later in fiscal 2024
(Dec. 31, 2024). Along with the reduction in the deficit of the
mobile business, the EBITDA of the nonfinancial business is likely
to achieve a surplus of over JPY120 billion in fiscal 2024 after
posting a deficit of JPY32.8 billion in fiscal 2023.
"A sharp reduction in capital spending in its mobile business will
also reduce the deficit in its nonfinancial FOCF, in our view. We
expect the roaming agreement with KDDI will allow the company to
significantly reduce capital expenditures until around 2025. As a
result, the free operating cash flow (FOCF) deficit for
nonfinancial businesses should narrow to just under JPY120 billion
in fiscal 2024 from about JPY490 billion in fiscal 2023. We believe
the company will be able to make up its FOCF losses in fiscal 2024
by using the proceeds from the sale of shares in its subsidiaries
Rakuten Bank Ltd. and Rakuten Securities Inc. at the end of 2023.
"We see some ongoing improvement in the company's liquidity. It
raised $1.8 billion (over JPY265 billion) of U.S. dollar bonds in
early 2024 and used the funds to prepay a portion of its
outstanding U.S. dollar bonds due in November 2024. As a result of
this financing and the sale of shares of subsidiaries at the end of
2023, funding prospects are mostly good for the redemption of
corporate bonds due in 2024 (about JPY200 billion remaining) and
the deficit of FOCF, in our opinion. We assume that liquidity
sources in the nonfinancial unit for 2024 are cash and equivalents
of more than JPY370 billion, cash inflow of more than JPY40
billion, and more than JPY265 billion funded through the issuance
of U.S. dollar-denominated bonds. The uses for the same period are
debt maturing of more than JPY320 billion, and capital expenditures
of about JPY190 billion.
"Still, we assess the company's liquidity level as less than
adequate. The company is not fully ready for the redemption of
domestic bonds due in 2025, in our view. However, its liquidity is
supported to a degree through various funding options afforded by
the continuous issuance of domestic and overseas corporate bonds.
Japanese retail corporate bonds are relatively popular in the
Japanese market, and the company raised a total of JPY400 billion
in 2022 and 2023, benefitting from its high profile. We believe the
company will focus on funding activities, such as the enhancement
of working capital management and the monetization of investments
in Rakuten Capital. However, the outlook for 2025 bond redemptions
is not clear in terms of specific funding or refinancing measures
and the timing and amount of proceeds.
"We do not expect any significant changes in the creditworthiness
of the financial businesses that underpins the company's credit
rating. Our long-term issuer credit rating on Rakuten is a weighted
average of somewhat lower credit quality of the highly leveraged
nonfinancial unit (stand-alone credit quality of 'b+') and slightly
higher credit quality of the financial unit, which has stable
profitability. The company's control of the finance business as a
parent allows it to continue to use part of its stable operating
cash flow from the business, which is growing steadily, to support
its nonfinance business. On the other hand, we believe that such
assistance has delayed accumulation of capital in the financial
business. The lack of progress in capital accumulation is partially
reflected in our negative outlook as pressure on the
creditworthiness of financial businesses.
"The negative outlook reflects the insufficient funds for large
bond redemptions in 2025, despite some improvement in the
performance of its nonfinancial unit and liquidity."
S&P may consider a downgrade if it sees a heightened likelihood of
either of the following scenarios:
-- The company's liquidity deteriorating significantly in the next
six months or so because of difficulties raising funds to redeem or
refinance bonds due in 2025.
-- The nonfinancial unit's EBITDA and FOCF becoming substantially
weaker than S&P currently assumes, owing to, for example, slower
improvement in the mobile business' performance.
S&P may consider revising the outlook to stable if it sees a
heightened likelihood of either of the following scenarios:
-- In the next six months or so, the company increases clarity on
fundraising for bond redemptions or refinancing in 2025.
-- The nonfinancial unit's FOCF turning positive significantly
faster than S&P assumes thanks to a strengthening of the mobile
business.
Governance factors are a moderately negative consideration in S&P's
credit rating analysis of Rakuten. The company has a high-risk
appetite for its industry. In the mobile business, which the
company has entered full-scale in Japan, business performance has
been slow to improve, leading to large increases in losses and
investment. This is a negative factor when assessing the ability of
the company's management to execute its business strategy.
=====================
N E W Z E A L A N D
=====================
CARLIN HOTEL: BDO Christchurch Appointed as Receivers
-----------------------------------------------------
Diana Matchett and Colin Gower of BDO Christchurch on Feb. 26,
2024, were appointed as receivers and managers of Carlin Hotel
Property Management Limited and Queenstown Views Villas Limited.
The receivers and managers may be reached at:
BDO Christchurch
Awly Building
Level 4, 287–293 Durham Street North
Christchurch
COLLIN WILLIAM: Waterstone Insolvency Appointed as Receivers
------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Feb.
26, 2024, were appointed as receivers and managers of Colin William
Hickey.
The receivers and managers may be reached at:
Waterstone Insolvency
PO Box 352
Auckland 1140
FIBREGLASS SOUTH: Creditors' Proofs of Debt Due on April 25
-----------------------------------------------------------
Creditors of Fibreglass South Limited are required to file their
proofs of debt by April 25, 2024, to be included in the company's
dividend distribution.
The High Court at Invercargill appointed Lynda Smart and Derek Ah
Sam of Rodgers Reidy as liquidators on Feb. 22, 2024.
M3 CIVIL: Creditors' Proofs of Debt Due on April 2
--------------------------------------------------
Creditors of M3 Civil Limited are required to file their proofs of
debt by April 2, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 15, 2024.
The company's liquidators are:
Daran Nair
Heiko Draht
Nair Draht Limited
97 Great South Road
Greenlane
Auckland 1051
NZ ASTRA: Creditors' Proofs of Debt Due on March 25
---------------------------------------------------
Creditors of NZ Astra Construction 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. 22, 2024.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
PROPERTY FOR INDUSTRY: Posts NZD97.8MM Annual Net Loss in 2023
--------------------------------------------------------------
Radio New Zealand reports that Property For Industry (PFI) made a
NZD97.8 million net loss after tax in its latest year, following
portfolio devaluations despite the sector's popularity and
extremely low vacancy levels.
The property giant, which owns 92 properties leased to 126 tenants
for a weighted average of five years, has a portfolio valued at
NZD2.028 billion, compared to last year's NZD2.117 billion.
On Feb. 26, the business which specialises in the sector popular
with tenants, declared its result for the year to December 31,
2023, but is changing its balance date to a full year ending June
30.
Around 83 per cent of its properties are in Auckland and tenants
paid NZD96.6 million contract rent in the year. Rents settled were
up 26 per cent from 2022 to 2023.
The company recorded a NZD13.9 million net loss after tax in 2022.
PFI's portfolio is 100 per cent occupied and 1.3 per cent of
contract rent is due to expire in 2024.
Vacancies remain near historical lows. CBRE found Auckland prime
industrial vacancies at 0.6 per cent and secondary industrial
vacancies at 0.5 per cent, noting a slightly softer demand outlook
through 2024 and 2025, with vacancies forecast to increase to
around 2 per cent in 2024, PFI noted.
Around 148,000sq m or NZD17.7 million of the portfolio by rent was
leased during 2023 to five new and 24 existing tenants. Rents were
agreed on NZD14.3 million of contract rent, achieving a positive
re-leasing spread of around 26 per cent on annual passing rents.
Simon Woodhams, chief executive, said: "Strong leasing outcomes
have delivered cash flow and stability. Despite significant
increases in interest rates during the year, low gearing, low
vacancies and growing rents have all worked in our favour."
A fourth-quarter dividend will take cash payouts to shareholders in
2023 to 8.30cps, up 2.5 per cent on 2022.
The company's gearing of 32 per cent debt to assets will rise to
33.7 per cent in the first quarter of 2025 after acquisitions,
divestments and new projects.
Around NZD267 million or 13 per cent of the company's portfolio is
held in brownfield opportunities, providing a growing pipeline of
near-term development opportunities.
Anthony Beverley will step down as chairman after the company's
annual meeting on April 3, RNZ adds. Director Dean Bracewell will
take over that role. Developer and investor Greg Reidy plans to
retire from the board but Jeremy Simpson, who has extensive
financial analysis experience, has been appointed a director. He
starts Feb. 27.
Based in Auckland, New Zealand, Property For Industry Limited
(NZX:PFI) -- https://www.propertyforindustry.co.nz/ -- engages in
the property investment and management business. The company
invests in industrial properties located in North Harbour,
Avondale, Penrose, Mount Wellington, Manukau, Mangere, East Tamaki,
Wellington, and Christchurch. As of December 23, 2020, it operated
a portfolio of 94 properties that are leased to 147 tenants.
=================
S I N G A P O R E
=================
LIME HOUSE: Placed in Provisional Liquidation
---------------------------------------------
Hubert Jen Wei Chang of Argile Partners on Feb. 18, 2024, was
appointed as Provisional Liquidator of Lime House Pte Ltd.
SEROJA INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Seroja Investments Limited on Feb. 16, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Bob Low Siew Sie
c/o Bob Low & Co.
420 North Bridge Road
#06-05 North Bridge Centre
Singapore 188727
STICKIES BAR: Placed Under Judicial Management
----------------------------------------------
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC on Feb. 23,
2024, was appointed as judicial manager of Stickies Bar Pte Ltd.
The judicial managers may be reached at:
Mr. Farooq Ahmad Mann
M/s Mann & Associates PAC
3 Shenton Way
#03-06C, Shenton House
Singapore 068805
TERAS LYZA: Creditors' Meeting Set for March 8
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Teras Lyza Pte Ltd will hold a meeting for its creditors on March
8, 2024, at 2:30 p.m. via audio-visual conference.
Agenda of the meeting includes:
a. to receive a statement of the Company’s affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint liquidators;
c. to appoint a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
Mr. Ng Kian Kiat and Mr. Goh Wee Teck were appointed as Provisional
Liquidators of the company on Feb. 16, 2024.
WA SUPERAPP: Creditors' Meeting Set for March 15
------------------------------------------------
WA Superapp Technology Pte Ltd will hold a meeting for its
creditors on March 15, 2024, at 11:00 a.m. via audio visual
communication.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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