/raid1/www/Hosts/bankrupt/TCRAP_Public/240322.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
Friday, March 22, 2024, Vol. 27, No. 60
Headlines
A U S T R A L I A
CIVILTRAK GROUP: Second Creditors' Meeting Set for March 26
GLOWPEAR PTY: Second Creditors' Meeting Set for March 25
GSHB VISION: First Creditors' Meeting Set for March 27
MAIN FACILITIES: Collapses in Administration Owing AUD7 Million
MESOBLAST LTD: Raises AUD97 Million in Entitlement Offer
VRE TECHNOLOGY: First Creditors' Meeting Set for March 26
WEST COAL: First Creditors' Meeting Set for March 27
C H I N A
CBAK ENERGY: Incurs $8.5 Million Net Loss in 2023
CHINA LIFE: Loan Deadline Looms for Canary Wharf Tower
I N D I A
AASHIYANA INFRASTRUCTURE: Insolvency Resolution Case Summary
ALLAM INFINITE: Insolvency Resolution Process Case Summary
ANGLE INFRASTRUCTURE: Insolvency Resolution Process Case Summary
AROGYA HOSPITAL: CRISIL Keeps B Debt Rating in Not Cooperating
ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJEE ARUN: CRISIL Keeps B Debt Ratings in Not Cooperating
CAMERICH PAPERS: Insolvency Resolution Process Case Summary
CHINTAMANIS JEWELLERY: Insolvency Resolution Process Case Summary
EKAM AGRO: Insolvency Resolution Process Case Summary
ELA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
GLOBAL COLLECT: Voluntary Liquidation Process Case Summary
GO FIRST: Sky One Offers More Money Ahead of Bid Review Today
HIGHLAND AUTOMOBILES: Insolvency Resolution Process Case Summary
HOGAR CONTROLS: Insolvency Resolution Process Case Summary
IIFL FINANCE: Fitch Puts 'B+' LongTerm IDR on Watch Negative
KARNI DEVELOPER: Insolvency Resolution Process Case Summary
KRISHNA COTTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LAXMI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
M.P. ENTERPRISES: Liquidation Process Case Summary
MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
MANGALDAS VENICHAND: CRISIL Lowers Rating on INR10cr Loan to B
MAYA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
P.S.EARTHMOVERS: Insolvency Resolution Process Case Summary
PEARL CITY: CRISIL Keeps B Debt Rating in Not Cooperating
RADHAKRISHNA OIL: CRISIL Keeps B+ Debt Rating in Not Cooperating
RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
RG RESIDENCY: Pre-packaged Insolvency Process Case Summary
S.M.P. EXIM: CRISIL Keeps B Debt Ratings in Not Cooperating
SADASHIV CAPITAL: Insolvency Resolution Process Case Summary
SAI CREATIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SAI LAXMI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SANKALP SIDDHI: Insolvency Resolution Process Case Summary
SAPURA ENGINEERING: Insolvency Resolution Process Case Summary
SARLA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SEAROCK INTERNATIONAL: Insolvency Resolution Process Case Summary
SERVOMAX LIMITED: Insolvency Resolution Process Case Summary
SRIDEVI RAW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SRINIVASA MEDICAL: CRISIL Cuts Rating on INR6.75cr Cash Loan to B
SRIRATNA PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating
SUN ARK: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SUN HOSPITAL: CRISIL Lowers Rating on INR3.49cr Term Loan to B
ULTRA TRUST: CRISIL Keeps D Debt Rating in Not Cooperating
VAISHNAVI FERRO: CRISIL Keeps B Debt Ratings in Not Cooperating
VEDANT EDUCATION: CRISIL Keeps B Debt Rating in Not Cooperating
VEREMAX TECHNOLOGIE: CRISIL Lowers Corporate Credit Rating to D
I N D O N E S I A
BUKIT MAKMUR: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
N E W Z E A L A N D
ALBANY GARDEN: Creditors' Proofs of Debt Due on April 12
CFGC FOREST: Court to Hear Wind-Up Petition on April 18
GARDEN CITY: Commences Wind-Up Proceedings
GAS CONNECTIONS: Creditors' Proofs of Debt Due on April 22
MTF NAVARRO 2024: Fitch Assigns Final 'Bsf' Rating on Class F Notes
SML CONSTRUCTION: Court to Hear Wind-Up Petition on April 18
S I N G A P O R E
LEWEK RUBY: Commences Wind-Up Proceedings
T H A I L A N D
DAOL SECURITIES: Fitch Assigns 'BB(tha)' Rating on Sub. Debentures
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=================
A U S T R A L I A
=================
CIVILTRAK GROUP: Second Creditors' Meeting Set for March 26
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Civiltrak Group
Pty Ltd has been set for March 26, 2024, at 11:30 a.m. at the
Offices of Jirsch Sutherland, Suite 2, Level 14, 383 Kent Street,
in Sydney, NSW, and via videoconference.
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 25, 2024, at 5:00 p.m.
Andrew John Spring and Peter John Moore of Jirsch Sutherland were
appointed as administrator of the company on Feb. 22, 2024.
GLOWPEAR PTY: Second Creditors' Meeting Set for March 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of Glowpear Pty
Ltd has been set for March 25, 2024, at 11:30 a.m. at the offices
of Worrells, Level 14, 570 Bourke Street, in Melbourne, Victoria.
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 24, 2024, at 5:00 p.m.
Con Kokkinos and Nathan Deppeler of Worrells were appointed as
administrators of the company on Feb. 19, 2024.
GSHB VISION: First Creditors' Meeting Set for March 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of GSHB Vision
Pty Ltd, trading as MadeCo Australia, will be held on March 27,
2024, at 2:30 p.m. at the offices of LangdonGrant, Suite 209, 134
Logis Boulevard, in Dandenong South, Victoria.
Paul Langdon and Ian Grant of LangdonGrant were appointed as
administrators of the company on March 18, 2024.
MAIN FACILITIES: Collapses in Administration Owing AUD7 Million
---------------------------------------------------------------
News.com.au reports that more than a dozen staff learned at a work
Zoom meeting on March 19 that they no longer had jobs and the
business had ceased trading.
"Everyone was terminated on the spot. We were told that there was
no more," one employee, Jimmy, who did not wish to share his real
name, told news.com.au.
Two days later, on March 21, the company in question, NSW-based
Main Facilities Pty Ltd, went into voluntary administration,
news.com.au can reveal.
Main Facilities, which traded under the name Main Industries, was
headquartered in Sydney and worked in the construction space as a
trade service provider.
The company's main client was the state government, which
contracted them for various project work such as upgrading school
and courthouse infrastructure.
Creditors are owed more than AUD7 million in the wake of the
company's collapse, news.com.au discloses citing a preliminary
report to creditors compiled by the appointed administrator,
Mohammad Najjar of restructuring firm Vanguard Insolvency.
News.com.au relates that the sole director of Main Facilities,
George Bancs, said the business had to shut down as the state
government had abruptly ended contracts with them but a
spokesperson for the Minns government said this was not the case.
Rubbing salt in the wound is that some staff have been left
thousands of dollars out of pocket including from unpaid
superannuation while their boss, Mr. Bancs, drove to work in a
McLaren and also wore designer brand clothing like Fendi, and
sported a Rolex wristwatch.
"Anything I wear personally is mine personally, not the property of
the company," Mr. Bancs told news.com.au in response.
Main Facilities owes eight secured creditors AUD1.7 million,
news.com.au discloses.
Fifteen staff members are owed AUD262,000 with the director, Mr
Bancs, owed the most out of the staff.
A further 37 unsecured creditors are owed AUD5.1 million.
The total amount owed comes in at just over AUD7 million.
Mr. Najjar, the administrator, told news.com.au the Australian
Taxation Office is the largest creditor, owed AUD2.4 million.
He is asking for creditors to send through evidence of insolvency
to determine a date when the business started trading insolvent,
including payment plans or bounced cheques.
"It was trading on a really scaled back basis because of no work,"
news.com.au quotes Mr. Najjar as sayin. "We've been advised
there's very minimal job projects."
The first creditor meeting is taking place next Monday, on March
25.
MESOBLAST LTD: Raises AUD97 Million in Entitlement Offer
--------------------------------------------------------
Mesoblast Limited announced it has received firm commitments to
complete its pro-rata accelerated non- renounceable entitlement
offer that was launched on 4 December, 2023 (Entitlement Offer).
Together the entitlement offer and institutional placement raised
gross proceeds of AUD97 million, including AUD36.7 million
committed today on the same terms as the Entitlement Offer,
primarily from Mesoblast's existing major shareholders.
Dr. Eric Rose, the Company's Chief Medical Officer and a director
of Mesoblast, subscribed for additional shares of AUD1.5 million,
subject to shareholder approval. Dr. Rose is a world-renowned heart
surgeon who performed the world's first successful heart transplant
in children and was for many years Chairman of Columbia
University's Department of Surgery. Dr. Rose was the Principal
Investigator of the pivotal trial resulting in FDA approval of the
first implantable left ventricular assist device (LVAD) for long
term support of patients with heart failure, spawning an entire new
industry.
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast Limited --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions. The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).
As of June 30, 2023, the Company had $669.41 million in total
assets, $167.58 million in total liabilities, and $501.84 million
in total equity.
Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2023, citing that the Company has net cash
outflows from operating activities and is dependent upon
implementing cost containment and deferment strategies and
obtaining additional funding from one or more sources to meet the
Company's projected expenditure consistent with its business
strategy, and has stated that these events or conditions result in
material uncertainty that may cast significant doubt (or raise
substantial doubt as contemplated by PCAOB standards) on the
Company's ability to continue as a going concern.
VRE TECHNOLOGY: First Creditors' Meeting Set for March 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of VRE
Technology Pty Ltd will be held on March 26, 2024, at 11:00 a.m.
via telephone conference.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on March 14, 2024.
WEST COAL: First Creditors' Meeting Set for March 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of West Coal
Industrial Pty Ltd will be held on March 27, 2024, at 11:00 a.m. at
Level 8, 32 Turbot Street, in Brisbane, Queensland, and via virtual
meeting technology.
Nick Combis of Vincents Chartered Accountants was appointed as
administrator of the company on March 17, 2024.
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C H I N A
=========
CBAK ENERGY: Incurs $8.5 Million Net Loss in 2023
-------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$8.54 million on $204.44 million of net revenues for the year ended
Dec. 31, 2023, compared to a net loss of $11.33 million on $248.73
million of net revenues for the year ended Dec. 31, 2022.
As of Dec. 31, 2023, the Company had $281.16 million in total
assets, $167.70 million in total liabilities, and $113.46 million
in total equity.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2023. All these factors raise substantial
doubt about its ability to continue as a going concern.
Management Comments
Yunfei Li, chairman and chief executive officer of the Company,
commented, "We are delighted to announce a strong performance in
the fourth quarter of 2023, concluding the year on a positive note.
Our primary battery business sustained its growth trajectory from
the previous quarter, supported by ongoing orders from key clients,
including the Viessmann Group, one of Europe's largest battery
manufacturers, Anker Innovations, NSURE Energy, PowerOAK (the
parent company of BlueTTI), and Hello Tech (the parent company of
Jackery). This steady influx of orders propelled a consistent
increase in both sales and profits for our battery business. While
economic challenges resulted in reduced orders and lower gross
margins for our competitors, we experienced high product demand at
our Dalian facilities, outpacing supply. In response, we secured a
new facility in Shangqiu city, Henan province, China to address our
clients' urgent needs. Notably, our battery business achieved a
record-high gross margin last quarter. With our solid foundation
across products and orders, enhanced visibility, and growing
recognition in global markets, we are poised to expand our core
businesses and attract more esteemed clients in the coming years to
fuel our continued growth."
Jiewei Li, chief financial officer and secretary of the Board of
the Company, added, "We closed the year with robust fourth quarter
financial results from our battery business, achieving a 30.9%
increase in net revenues and positive net income for the second
consecutive quarter. As of December 31, 2023, our Dalian and
Nanjing lithium production facilities had no outstanding secured
bank loans. We believe that our solid fundamentals will continue
to serve as a strong foundation for our business. Looking ahead to
2024, we are confident in our growth trajectory and project another
year of net income for our battery business. We will share
detailed net income guidance at an appropriate time."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1117171/000121390024023050/ea0201512-10k_cbakenergy.htm
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a high-tech enterprise in China engaged in
the development, manufacturing, and sales of new energy high power
lithium and sodium batteries, as well as the production of raw
materials for use in manufacturing high power lithium batteries.
The applications of the Company's products and solutions include
electric vehicles, light electric vehicles, energy storage and
other high-power applications. In January 2006, CBAK Energy became
the first lithium battery manufacturer in China listed on the
Nasdaq Stock Market. CBAK Energy has multiple operating
subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as
a large-scale R&D and production base in Dalian.
CHINA LIFE: Loan Deadline Looms for Canary Wharf Tower
------------------------------------------------------
Bloomberg News reports that China Life Insurance Co. is in crunch
talks with lenders to an office tower in Canary Wharf to help stave
off the locality's third potential major default, as the eastern
financial district of London grapples with some of the city's
highest vacancy rates.
Bloomberg relates that the landlord is in discussions with Lloyds
Banking Group Plc, which originally financed 10 Upper Bank Street
before syndicating the vast majority of the debt to several Chinese
banks, about a plan to avoid an event of default ahead of the
loan's maturity next month, people with knowledge of the
negotiations said.
There is more than GBP350 million (US$445 million) of debt
outstanding against the building, the people added, asking not to
be identified as the talks are private, Bloomberg relays. A
representative for Lloyds declined to comment, while China Life
didn't respond to requests for comment. Canary Wharf Group, which
retains a minority stake in the building and acts as asset manager,
"is proactively engaged in positive and advanced discussions with
the lenders to secure a refinance," a spokesperson said in an
email.
According to Bloomberg, the talks are the latest sign of pressure
on Canary Wharf, which has seen a raft of tenants including HSBC
Holdings Plc and Moody's Corp. announcing plans to vacate. Lloyds
has already taken back the keys to two other properties in the area
that were owned by another Chinese investor, Cheung Kei. In both
cases, the UK lender had also sold down most of its original loan
but played a central role in coordinating talks aimed at finding a
resolution.
The 32-story 10 Upper Bank Street tower was completed in 2003 and
leased to Clifford Chance, but the law firm has already agreed to
move to new premises in the City of London ahead of its lease
expiry in 2028. Some of Clifford Chance's space is already
subleased to other tenants, with Deutsche Bank AG originally taking
11 floors of the building in 2015, before reducing its footprint to
eight, Bloomberg News reported in 2021.
The value of the building has plunged due to increased vacancy and
the fact that the length of the existing lease has dwindled. Parts
of the property will require upgrading to attract new tenants when
Clifford Chance leaves, Bloomberg relates.
About 15% of the floors are already vacant and available for
sublease. CBRE Group Inc. is currently marketing three floors in
the building, while Cushman & Wakefield Plc is offering two others,
according to advertisements on the brokers' websites. Jones Lang
LaSalle Inc. is also marketing a floor.
Vacancy rates in the area are about 15%, according to data compiled
by CoStar Group Inc.
China Life bought a 70% stake in the building in 2014, while Qatar
Holdings acquired 20%. Canary Wharf Group retained a 10% stake in
the transaction, which valued the property at GBP795 million.
Bloomberg says the insurer bought into the building at a time when
outbound investment from China was pouring into UK real estate.
That's since dried up, as capital controls imposed by Beijing have
stemmed the flow of money into trophy purchases, making it harder
for state-owned institutions like China Life to invest more
overseas.
Falling London office values have put a growing number of landlords
under pressure when loans mature, as lenders demand more equity be
injected before extending or refinancing. In Aldgate, a
neighborhood to the immediate east of the City of London, German
lender Helaba has appointed a receiver over the Relay building, two
other people said.
A venture led by Harbor Group International LLC bought the office
and retail property for GBP90.75 million in 2018 with a GBP55
million loan from Landesbank Hessen-Thueringen Girozentrale, better
known as Helaba. The building's value has since dropped sharply,
triggering a breach of the lending terms. React News earlier
reported that receivership.
"Harbor Group International has a 35 year history of making
disciplined investment decisions and has had a presence in London
through multiple market cycles," Bloomberg quotes a spokesperson
for the firm as saying. "Currently, the London office market is
extremely challenged and given evolving market conditions we
continue to work to reach a reasonable outcome for all parties."
=========
I N D I A
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AASHIYANA INFRASTRUCTURE: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: AASHIYANA INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED
Registered Address:
22/2B Tilak Nagar
West Delhi, New Delhi 110018
Insolvency Commencement Date: February 27, 2024
Court: National Company Law Tribunal, New Delhi Court-III Bench
Estimated date of closure of
insolvency resolution process: August 25, 2024
Interim Resolution
Professional: Pawan Kumar Singal
MP-114, Pitampura
Delhi 110034
Email: pawansingal50@gmail.com
- and -
8/28, 3rd Floor
W.E.A. Abdul Aziz Road
Karol Bagh, New Delhi 110005
Email: cirp.aashiana@gmail.com
Last date for
submission of claims: March 12, 2024
ALLAM INFINITE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Allam Infinite India Private Limited
Registered Address:
G.M. Pearl, NO. 06
B.T.M. Layout 1ST Stage
1ST Phase Bangalore
Bangalore Karnataka 560068
India
Insolvency Commencement Date: March 1, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: August 28, 2024
Interim Resolution
Professional: Balakrishnan Venkatachalam
4C-420, 3rd Floor
Kempe Gowda Underpass Road
(5th Main), Ramamurty Nagar
Bangalore, Karnataka 560016
Email: cabalakrishnanip@gmail.com
Email: ip.allpvtltd@gmail.com
Last date for
submission of claims: March 15, 2024
ANGLE INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Angle Infrastructure Private Limited
Unit No. 201, Elegance Tower, Plot No. 8,
Jasola New Friends Colony, South Delhi,
New Delhi, Delhi, India, 110025
Insolvency Commencement Date: February 27, 2024
Estimated date of closure of
insolvency resolution process: August 25, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Vijay Kumar Gupta
408 New Delhi House,
27 Barakhamba Road,
Connaught Place, New Delhi, 110001
Email: vkgupta2004@yahoo.co.in
Email: cirp.angleinfra@gmail.com
Last date for
submission of claims: March 12, 2024
AROGYA HOSPITAL: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Arogya
Hospital and Research Centre (AHRC) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.29 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AHRC for
obtaining information through letter and email dated February 15,
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 AHRC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AHRC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AHRC was established in 2012 as a partnership firm by Dr. Mahendra
Nath Saikia, Dr. Rituraj Boruah, Dr. Gautam Kumar Das, Dr. Diganta
Choudhury and Dr. Plawan Mazumder. The firm runs a 50-bed
multispecialty hospital in Bongaigaon, Assam. The hospital
commenced operations in fiscal 2019, and offers medical facilities
such as gynaecology, ENT, paediatrics, urology, and general
surgery.
ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arul
Industries (AI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 2 CRISIL D (Issuer Not
of Credit Cooperating)
Packing Credit 0.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AI for
obtaining information through letter and email dated February 15,
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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1992, AI is a partnership firm that manufactures
kitchenware and utensils. Its plant is located in Tirunelveli
(Tamil Nadu); the operations are managed by its managing partner,
Mr. Jeba Suresh.
BALAJEE ARUN: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balajee Arun
Educational Society (BAES) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 25 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BAES for
obtaining information through letter and email dated February 15,
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 BAES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAES continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2004, BAES runs three DPS franchisee schools in
Mahendra Hills, Nacharam and Nadergul in Hyderabad. The society is
promoted by Mr M Komaraiah and family.
CAMERICH PAPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: CAMERICH PAPERS PRIVATE LIMITED
Registered Address:
229, 2nd Floor
Kohinoor Complex,
Canal Char Rasta
Ravapar Road, Rajkot
Morbi 363641
Insolvency Commencement Date: February 27, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: August 25, 2024
Interim Resolution
Professional: Ashish Shah
402, 4th Shaival Plaza
Gujarat College Road
Ellisbridge, Ahmedabad 380006
Email: ashish@ravics.com
Email: ipcamerich@gmail.com
Last date for
submission of claims: March 11, 2024
CHINTAMANIS JEWELLERY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Chinatamanis Jewellery Arcade Private Limited
Suraj Vista, 3rd Floor, Kashinath Bhuru
Marg Prabhadevi Dadar West,
Mumbai, Maharashtra, India, 400028
Insolvency Commencement Date: February 23, 2024
Estimated date of closure of
insolvency resolution process: August 21, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Prashant Jain
A501, Shanti Heights,
Plot No. 2,3,9B/10,
Sector 11, Koparkharine,
Thane, Navi Mumbai-400709
Email: ipprashantjain@gmail.com
Email: chintamanis.cirp@gmail.com
Last date for
submission of claims: March 13, 2024
EKAM AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Ekam Agro Private Limited
Registered Address:
Kalra's Complex
Jalalabad Road, Muktsar
Muktsar, Punjab
India 152026
Insolvency Commencement Date: February 20, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: August 18, 2024
Interim Resolution
Professional: Mohit Chawla
Unit No. A-204, Second Floor
Elante Offices, Plot No. 178- 178A
Industrial Area Phase- 1
Chandigarh- 160002
Email: ipservices@embeegroup.in
Email: ekamagrocirp@gmail.com
Contact: 9888003303
Last date for
submission of claims: March 5, 2024
ELA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ela Nirman
Private Limited (ENPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ENPL for
obtaining information through letter and email dated February 15,
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 ENPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ENPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ENPL continues to be 'CRISIL D Issuer Not Cooperating'.
ENPL was incorporated in January 2011 by Mr. Subhash Agrawal and
Mrs. Rekha Agrawal in Raigarh (Chhattisgarh). The company has
constructed a mall in Raigarh and is also engaged in trading of
broken rice which accounts for major portion of the revenues. It is
also constructing a hotel.
GLOBAL COLLECT: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Global Collect India Private Limited
#1302, Tower-3, ONE International Center,
Senapati Bapat Marg,
Elphinstone Road (West),
Mumbai, Mumbai City Maharashtra, 400013
Liquidation Commencement Date: February 12, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Ms. Nayana Premji Savala
l/101-A, Vishal Susheel CHS, Nariman Road,
Vile Parle East, Mumbai 400 057
Maharashtra, India
Email: nalinisavala@gmail.com
Tel.: 9082605500
Last date for
submission of claims: March 12, 2024
GO FIRST: Sky One Offers More Money Ahead of Bid Review Today
-------------------------------------------------------------
CNBC-TV18 reports that Sharjah-based aviation solution provider Sky
One has offered more money upfront in its bid to acquire the now
insolvent airline, GoFirst.
According to CNBC-TV18, the move has come before a likely meeting
on March 22 when the lenders will review the bids on the table,
according to a source.
CNBC-TV18 relates that according to a person in the know, Sky One
is now offering lenders INR750 crore, compared to INR410 crore
earlier. The bidder has also already offered to pay lenders 25% of
the amount received from the settlement in the Pratt and Whitney
case.
CNBC-TV18 previously reported that GoFirst has received two bids
for the airline: one from a consortium led by SpiceJet chief Ajay
Singh and Nishant Pitti from Busy Bee Airways and the second from
Sharjah-based Sky One.
According to sources, the other bidders, the Singh-Pitti
consortium, have not revised their offer for GoFirst. They had
offered to pay the lenders INR290 crore upfront.
While this is less than the INR750 crore offered by Sky One, the
Singh-Pitti consortium has promised to pay the entire amount -
compared to the 25% offered by the competing bidder, Sky One -
received from the arbitration against engine maker Pratt and
Whitney, a person directly in the know told CNBC-TV18.
CNBC-TV18 had earlier reported that with Corporate Insolvency
Resolution Process (CIRP) costs estimated at INR600 crore,
financial creditors were concerned that the upfront money offered
by the bidders (INR410 crore and INR290 crore) don't leave anything
on the table for the lenders.
However, the revised offer from Sky One to pay INR750 crore upfront
may ease some of that concern.
Along with the review of the bids on March 22, the lenders will
also determine whether the plans submitted comply with the rules
and regulations under the Insolvency and Bankruptcy Code, CNBC-TV18
notes.
"Unless plans are compliant, they cannot be put to vote. Once
compliance is ensured, negotiations will continue with both the
bidders," said this person.
Neither of the suitors has indicated how much they expect to
recover from Pratt & Whitney or when the settlement is expected.
However, according to one of the sources quoted above, the bidders
expect over a billion dollars in settlement from Pratt and
Whitney.
In May 2023, when GoFirst filed for bankruptcy, its then-CEO
Kaushik Khona said that the airline expected $1.1 billion (about
INR9,100 crore at current exchange rate) in compensation from the
US-based engine maker.
GoFirst had sued Pratt and Whitney in an international court for
faulty engines, which led to 25 of the airline's fleet getting
grounded in May 2023.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition. The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.
HIGHLAND AUTOMOBILES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Highland Automobiles Private Limited
Ansari Complex, Sonawar Srinagar, (J&K)
Jammu and Kashmir
Insolvency Commencement Date: February 15, 2024
Estimated date of closure of
insolvency resolution process: August 13, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Arvin Kumar
303, 3rd floor, Plot No. D-190,
Sector-74, Phase 8B,
Mohali-160071, Punjab
Email: irphighland2024@gmail.com
sankhyain@gmail.com
Last date for
submission of claims: February 29, 2024
HOGAR CONTROLS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Hogar Controls India Private Limited
Registered Address:
Office Unit 1002, 10th Floor
Sandhya Techno I
Gachibowli Rd.
Opp. Sunshine Hospitals
Raidurg, Rangareddi
Hyderabad, Telangana
India 500032
Insolvency Commencement Date: February 16, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: August 14, 2024
Interim Resolution
Professional: Manjeet Bucha
5-9-91 & 93, D. No. 204
2nd Floor, Shakti Sai Complex
Beside Udai Clinic
Chapel Road, Abids
Hyderabad, Telangana 500001
Email: manjeetbucha@gmail.com
Telephone: +919346955001
Last date for
submission of claims: March 5, 2024
IIFL FINANCE: Fitch Puts 'B+' LongTerm IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed India-based IIFL Finance Limited's 'B+'
Long-Term Issuer Default Rating (IDR) and medium-term note (MTN)
programme rating on Rating Watch Negative (RWN).
The RWN follows a March 4, 2024 regulatory directive by the Reserve
Bank of India (RBI) for IIFL Finance to cease new gold-backed
lending and related off-balance-sheet funding transactions. The
impact of the restrictions will depend on their duration and any
spill-over effects on the rest of IIFL Finance's business.
Fitch will use the Watch period, which is typically up to six
months, to gather information on the remediation process and the
company's broader performance following this event. The RWN
indicates that the rating could remain unchanged or be downgraded
upon the resolution of the Watch.
KEY RATING DRIVERS
Directive Raises Franchise Risk: The RWN reflects downside risk to
IIFL Finance's franchise, profitability and overall risk profile if
regulatory restrictions on new gold-backed lending are prolonged.
Gold loans are a key product for the company, accounting for 32% of
assets under management and 18% of gross on-book loans in the third
quarter of the financial year ending March 2024 (3QFY24).
The restrictions apply to new lending and off-balance-sheet funding
activities on gold loans. As such, the company will continue to
earn income on its outstanding gold-loan portfolio until the
balances mature. The financial implications of the curbs will
depend on the length of the restrictions, balanced against the
company's ability to maintain other lending activities, which have
not been cited in the ruling.
ESG - Governance: The regulatory action cited a number of instances
of non-compliance within IIFL Finance's gold-loan business. Fitch
believes this signifies gaps in the entity's governance framework
in ensuring sound practices and policies, and in the operational
execution of its gold-loan strategy. The company says it has
remediated the issues raised by the RBI, but Fitch remains
uncertain as to when the restrictions will be lifted.
Regulatory action stemming from supervisory findings are not
unusual within India's financial sector, but penalty fees are more
commonly imposed, in addition to the necessary remedial action.
That said, the RBI has increasingly employed business restriction
as an enforcement tool in recent years.
Heightened Regulatory Risk: The recent developments raise IIFL
Finance's exposure to regulatory compliance and reputational risk.
Franchise risk could extend beyond the gold-loan portfolio if the
repercussions spill over into the company's other product lines.
Other key segments include housing finance and microfinance,
comprising 33% and 16%, respectively, of 3QFY24 assets under
management. These are operated by separate subsidiaries with
dedicated branch networks, but any contagion effects on funding
availability could weigh on growth.
Significant Profit Contributor: A prolonged stoppage on new gold
loans is likely to dampen portfolio growth and profitability as the
existing loan base runs down. Fitch believes the gold-loan segment
contributes a significant proportion of IIFL Finance's revenue and
profit, considering the product's higher yield, at 19% in 3QFY24,
compared with 17.2% across the portfolio, and typically better
asset quality.
Pressure on Blended Asset Quality: The gold-loan segment's gross
non-performing asset ratio was a modest 0.8% in 3QFY24 (portfolio
aggregate: 1.7%) and credit losses are typically mitigated by
recoveries on the sale of gold collateral. Fitch expects the
consolidated non-performing asset ratio to face modest upward
pressure due to the mix effect if gold loans decline significantly
relative to consolidated gross loans.
Slower Growth Contains Leverage: Slower overall loan growth, while
the restrictions remain in place, should soften any upward pressure
on leverage. Any subsequent capital raising should also benefit the
leverage profile. Loan growth is more likely to stem from the
housing finance and microfinance entities, which were adequately
capitalised at end-3QFY24, with Tier 1 capital adequacy ratios of
40.1% and 18.5%, respectively.
Sustained Collections Underpin Liquidity: The RBI's restrictions do
not directly weaken IIFL Finance's liquidity inflows, as loan
collections are allowed to continue. This should underpin adequate
liquidity to meet scheduled debt repayments.
Funding Rests on Market Confidence: The company depends on
continued funding access to back new loan disbursals and support
portfolio growth. IIFL Finance has been able to raise funding from
a range of providers in the past several years, including local and
foreign banks, policy institutions and debt capital markets. Its
liquid asset pool provides an added buffer against market
disruption. Nonetheless, its funding is primarily from wholesale
sources, which can be confidence-sensitive.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A failure to remediate the gold-loan business within the Watch
period, accompanied by spill-over effects that diminish IIFL
Finance's aggregate loan growth and profitability
- A deterioration in the funding and liquidity profile, as
indicated by a declining liquidity buffer or sustained lower
funding mobilisation, leading to constraints on non-gold loan
growth
- A liquidity buffer of less than three months of upcoming debt
repayments without a clear path to improvement, or more constrained
funding access
- Weakened profitability, as indicated by pre-tax profit/average
assets of below 1.5% (FY23: 4.3%) for a sustained period
- Significant weakening in credit quality, such that problem
exposures, including net security receipts, exceed 7.0% of the
portfolio.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Positive action is unlikely in the near-term in light of the
regulatory findings and RWN. Fitch will resolve the RWN and affirm
the rating on Stable Outlook in the event that:
- IIFL Finance is able to resolve its regulatory issues without
significant disruption to its non-gold business or asset quality
- Pre-tax profit/average assets remains above 2%
- Leverage remains below 6x
- Projected liquidity inflows remain adequate to cover short-term
debt maturities under Fitch's stress scenario.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The US-dollar senior secured MTN programme is rated at the same
level as IIFL Finance's Long-Term Foreign-Currency IDR, in line
with Fitch's rating criteria. The debt of Indian non-bank financial
institutions (NBFIs) is usually secured and Fitch believes
non-payment of the senior secured debt would best reflect the
entity's uncured failure. NBFIs can issue unsecured debt in the
offshore market, but such debt is likely to form a small part of
total funding and cannot be viewed as NBFIs' primary financial
obligation. There is no debt outstanding under the programme.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
Any change in the Long-Term Foreign-Currency IDR would lead to a
corresponding change in the MTN programme rating.
ADJUSTMENTS
The sector risk operating environment score has been assigned above
the implied score due to the following adjustment reasons: economic
performance (positive), size and structure of economy (positive).
The business profile score has been assigned below the implied
score due to the following adjustment reason: business model
(negative).
The asset quality score has been assigned below the implied score
due to the following adjustment reason: non-loan exposures
(negative).
The funding, liquidity and coverage score has been assigned above
the implied score due to the following adjustment reason: funding
flexibility (positive).
ESG CONSIDERATIONS
IIFL Finance has an ESG Relevance Score of '5' for Governance
Structure, due to the implication of the regulatory actions on the
effectiveness of the company's oversight structure and management
of compliance risks. This factor has a negative impact on the
credit profile and is highly relevant to the rating, resulting in
the rating being placed on RWN.
IIFL Finance has an ESG Relevance Score of '4' for Customer Welfare
- Fair Messaging, Privacy & Data Security, due to the regulatory
findings on the company's business practices in gold loans, which
the authorities have characterised as having adverse effects on
customer interests and contributed to the regulatory actions
leading to the RWN. This factor has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.
IIFL Finance has an ESG Relevance Score of '4' for Management
Strategy, as the regulatory findings indicate weaknesses in the
operational implementation of strategy, particularly in the gold
loan business, and ongoing exposure to operational implementation
risks as the company seeks to address the regulator's concerns.
This factor has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of 3' means ESG issues
are credit-neutral or have only a minimal credit impact on the
entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
IIFL Finance Limited LT IDR B+ Rating Watch On B+
senior secured LT B+ Rating Watch On B+
KARNI DEVELOPER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Karni Developer and Construction Company Private Limited
Registered Address:
Eco Friendly Tourist Unit,
Near Kaylana Road, Gram Genva, Jodhpur
Rajasthan, 342009
Insolvency Commencement Date: February 22, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: August 20, 2024
Interim Resolution
Professional: Manoj Sehgal
Flat 71, Tower-Acacia 2
Vatika City, Sector 49
Gurgaon, Haryana 122018
Email: manojsehgal_1121@yahoo.co.in
Email: karni.cirp@gmail.com
Last date for
submission of claims: March 8, 2024
KRISHNA COTTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishna
Cottex (KC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 2.43 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 0.57 CRISIL B+/Stable (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with KC for
obtaining information through letter and email dated February 13,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of KC continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI Master circular
dated July 3, 2023.
'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 KC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up as a partnership firm in Amreli, Gujarat, in fiscal 2013 by
Mr Hitesh Paradava and Mr Nilesh Paradava. It is engaged in ginning
and processing of cotton into bales.
LAXMI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi
Industries - Bengalore (LI) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 1.21 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 1.79 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with LI for
obtaining information through letter and email dated February 15,
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 LI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 1998 and based in Bengaluru, LI manufactures bright steel
bars. The firm's day-to-day operations are managed by its
proprietor, Mr. Basant Jalan.
M.P. ENTERPRISES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M.P Enterprises and Associates Limited
(Corporate Debtor in Liquidation)
Second Floor, Chiranjeev Apartments,
Karve Road, Pune 411038
Liquidation Commencement Date: February 21, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Subhash Laxminarayan Nathuramka
B-602, Silver Sand CHS, Piramal Nagar,
Goregaon (West), Mumbai 400104
Email: snathuramka@gmail.com
401, Darshan CHS Ltd.
Raghunath Dadaji Street
Fort, Mumbai 400001
Mobile: 8591095341
Email: mpent.cirp@gmail.com
Last date for
submission of claims: March 22, 2024
MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahalaxmi
Food Products (MFP) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Project Loan 3.75 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 0.8 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.45 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MFP for
obtaining information through letter and email dated February 15,
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 MFP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFP continues to be 'CRISIL D Issuer Not Cooperating'.
MFP was set up as a partnership firm in 2004 at Ratnagiri. The firm
processes flour and spices. The partners of the firm are Mr. Yogesh
Sarpotdar and Mr. Anand Mulye.
MANGALDAS VENICHAND: CRISIL Lowers Rating on INR10cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Mangaldas Venichand (MV, part of the MV group) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with MV for
obtaining information through letter and email dated February 15,
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 MV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MV is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MV
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MV and Shah Marketing
Corporation (SMC). The two firms, together referred to as the MV
group, are under a common management, operate in a similar
business, and have common customers and financial linkages.
About the Group
MV was set up in 1935, by the late Mr Jayantilal Mangaldas Shah,
and his brother, the late Mr Kumar Mangaldas Shah. The firm trades
in building materials, especially drainage, sewage and water
systems, including cast iron pipes and fittings, PVC pipes and
fittings and other construction essentials. The firm is also a Del
Credere agent for ONGC and receives commission income from the
Principal. The firm also operates depot for ONGC under which it
caters to small customers. Operations are now managed by Mr Danesh
Shah, Mr Rahul Shah, Mr Jital Shah, Mr Sanjay Shah, and Mr Jaimin
Shah.
SMC, set up by the same promoters also trades in premium pipes and
fittings. Both the firms are based in Pune, Maharashtra.
MAYA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maya Rice
Industries (MRI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 1.6 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MRI for
obtaining information through letter and email dated February 15,
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 MRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MRI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2016, MRI is a proprietorship firm promoted by Mr.
Vinod Kharable. MRI is engaged in processing i.e. milling,
polishing and sorting of non-basmati rice. MRI manufacturing
facility is located in Dahegoan, Bhandara, Maharashtra with an
installed capacity of 8 tonnes.
P.S.EARTHMOVERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: P.S.Earthmovers Private Limited
Registered Address:
40/2/1Z Lake Rd.
Kolkata - 700029
West Bengal, India
Insolvency Commencement Date: February 29, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: August 27, 2024
Interim Resolution
Professional: Manish Santosh Buchasia
306, 3rd Floor, "Gala Mart"
Nr Sobo Centre, Before Safal Parisar
Above SBI/Union Bank
South Bopal, Ahmadabad
Gujarat 380058
Email: manishbuchasiacs@gmail.com
Email: psearthibc@gmail.com
Mobile no. 9898055367
Last date for
submission of claims: March 14, 2024
PEARL CITY: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pearl City
Marine Products Private Limited (PCMP) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PCMP for
obtaining information through letter and email dated February 15,
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 PCMP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCMP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in June 2015, PCMP manufactures fish meal and fish oil. It
has a manufacturing facility located in Tuticorin, Tamil Nadu.
RADHAKRISHNA OIL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Radhakrishna
Oil Industries (ROI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.2 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ROI for
obtaining information through letter and email dated February 15,
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 ROI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ROI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ROI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
ROI was established as a partnership firm in 1999. The operation of
the firm is managed by Jaiswal family. The partners are having more
than two decades experience in cotton ginning and also having
farming business in city of Bhikangaon, Madhya Pradesh. ROI carries
out cotton ginning and oil extraction work in Bhikangaon only. It
gins and presses cotton, and extracts oil from seeds. It has
installed capacity of 300 bales per day.
RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhe Cotton
(RC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.50 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.09 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.57 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RC for
obtaining information through letter and email dated February 15,
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 RC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RC
continues to be 'CRISIL D Issuer Not Cooperating'.
RC, set up in 2013 at Junagadh, is a partnership between Mr Kirit
Akheniya, Mr Mukesh Limbani, Mr Parakash Kantilal Popat, Mr Uday
Limbani and Mr Viral Akheniya. The firm gins and presses cotton; it
started commercial operations in May 2014.
RG RESIDENCY: Pre-packaged Insolvency Process Case Summary
----------------------------------------------------------
Debtor: RG Residency Private Limited
G-04, Ground Floor,
RG City Centre
Lawrence Road,
Keshav Puram, New Delhi,
North West Delhi, Delhi, India, 110035
Pre-packaged Insolvency
Commencement Date: February 20, 2024
Court: National Company Law Tribunal, New Delhi Bench
Resolution
Professional: Mr. Rajeev Lochan
243, 1st Floor, AGCR Enclave, Delhi,
National Capital Territory of Delhi, 110092
Email: csrajeevlochan@gmail.com
Email: ppirp.rgresidency@gmail.com
Mobile No: 97111-34469
Representative of
creditors in a class: 1. Mr. Nirmal Kumar
2. Mr. Amar Nath
3. Mr. Alok Chandra Singh
Last date for
submission of claims: March 23, 2024
S.M.P. EXIM: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.M.P. Exim
Private Limited (SMPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated February 15,
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 B/Stable Issuer Not Cooperating'.
Established in 2005 by Gupta Family, SMPL trades in sugar and is a
part of the SM group that has interests in sugar trading, rolling
mills, cylinder manufacturing, electronics distribution, and
medical supplies. The company mainly caters to institutional
requirement and operates from its office in Fatehpuri, Delhi.
SADASHIV CAPITAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: SADASHIV CAPITAL SERVICES PRIVATE LIMITED
Registered Address:
SCO-9, Sector 7-C
Chandigarh 160017
Insolvency Commencement Date: February 23, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: August 21, 2024
Interim Resolution
Professional: Arun Gupta
H. No. 229, St. No. 5R
Khalsa School Road
Khanna, Ludhiana
Punjab 141401
Email: arunsapna.ca@gmail.com
-- and --
C/o Arun Sapna & Associates
Opp Union Bank of India
G T Road Khanna
Punjab 141401 India
Email: cirp.sadashiv@yahoo.com
Last date for
submission of claims: March 8, 2024
SAI CREATIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sai
Creations (SSC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.9 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 3.1 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SSC for
obtaining information through letter and email dated February 15,
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 SSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in Davanagere, Karnataka, in 2007 as a proprietorship firm
by Mr. Shivakumar, SSC manufactures and sells ready-made garments
to domestic retailers such as Reliance Trends, and Indus League
Clothing Ltd. The firm was reconstituted as a partnership firm in
April 2014.
SAI LAXMI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sai Laxmi
Narasimha Cotton and Ginning Mill (SSLN) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Open Cash Credit 5.0 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSLN for
obtaining information through letter and email dated February 15,
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 SSLN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSLN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSLN continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SSLN was set up in 2016 as a partnership firm by Mr Paladugula
Rathan, Ms Paladugula Swarupa and others. This Telangana-based firm
undertakes cotton ginning, cleaning and baling.
SANKALP SIDDHI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sankalp Siddhi Developers Private Limited
Registered Address:
Ground floor, Raj Pipla
Opp. Standard Chartered Bank
Linking Road, Santacruz (West)
Mumbai, Maharashtra, India 400054
Insolvency Commencement Date: February 23, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 21, 2024
Interim Resolution
Professional: Rajkumar Shamlal Jaiswal
102, 1st Floor, Sangeet Ashram CHS
Saint Ramdas Road, Mulund (E)
above Kadams Cafe
Mumbai, Maharashtra 400081
Email Id: iprajkumarjaiswal@gmail.com
- and -
Renascence Insolvency Resolution
Professionals Private Limited
101, Kanakia Atrium - 2
Cross Road 'A', Chakala MIDC
Andheri East, Mumbai - 400093
Email Id: cirp.ssdpl@rirp.co.in
Email Id: rj@rirp.co.in
Last date for
submission of claims: March 9, 2024
SAPURA ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sapura Engineering and Construction (India) Private
Limited
Registered Address:
6th Floor, AFL House
Lok Bharati Complex
Marol Maroshi Rd
Andheri (East), Mumbai City
MH 400059 IN
Insolvency Commencement Date: February 23, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 21, 2024
Interim Resolution
Professional: Udaykumar Bhaskar Bhat
B-304, Goldville Apartments
Dange Chowk
Aundh Ravet Road, Thergaon
Pune 411033
Email: udaybhat2805@gmail.com
Email: cirp.sapuraengg@gmail.com
Last date for
submission of claims: March 10, 2024
SARLA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarla Medical
Centre Private Limited (SMCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMCPL for
obtaining information through letter and email dated February 15,
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 SMCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMCPL continues to be 'CRISIL D Issuer Not Cooperating'.
SMCPL, incorporated in 1999, is running a multispecialty hospital,
in Sector-119, Noida, with 100 beds and spread over total built up
area of 52,889 sqaure feet. The company was running a nursing home
in Sector-56, Noida since its inception.
SEAROCK INTERNATIONAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Searock International Private Limited
Registered Address:
504, 5th floor, Kshitij Building
Opp Andheri Sports Complex
Veera Desai Road, Mumbai - 400053
Additional Place of Business:
1-N4-261/3-2, Sona Palace
Near Infosys Technology
Kottara Mangaluru
Dakshina Kannada
Karnataka - 575006
Insolvency Commencement Date: February 23, 2024
Court: National Company Law Tribunal, Mumbai Bench, Court-V
Estimated date of closure of
insolvency resolution process: August 20, 2024
Interim Resolution
Professional: Sanjay Mehra
B-11, Third Floor, Geetanjali Enclave
Opp Aurbindo College
New Delhi - 110017
Email: sanjay.mehra64@gmail.com
-- and --
Upper Ground Floor, A-381
Defence Colony, New Delhi - 110024
Email ID: cirp.sipl@yahoo.com
Last date for
submission of claims: March 9, 2024
SERVOMAX LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Servomax Limited
Registered Address:
Plot No. 1269, Fourth Floor, Road No. 36
Jubilee Hills, Hyderabad
Telangana, India 500033
Insolvency Commencement Date: February 22, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: August 20, 2024
Interim Resolution
Professional: Sreedhar Nukala
#6-3-252/A/8 & 9, F No 203
Mount Castle Apts
Erramanzil Colony, Nr Taj Deccan Hotel
Hyderabad 500082
Phone: 9848146369
Email: Sreenuka_1@yahoo.com
Email: Cirp.servomax@gmail.com
Last date for
submission of claims: March 11, 2024
SRIDEVI RAW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sridevi
Raw and Boiled Rice Mill (SSRBRM) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.9 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.1 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SSRBRM for
obtaining information through letter and email dated February 15,
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 SSRBRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSRBRM is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSRBRM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
SSRBRM was established as a partnership firm by Mr. V Kishore
Kumar, Mr. V Srinivas Rao, Mr. V Subbarao and Ms. V Vijayalakshmi
in 1986. Operations are currently managed by Mr V Kishore Kumar and
Mrs. V.N.V Arunalatha. The firm mills and processes paddy into rice
at its plant in Nellore.
SRINIVASA MEDICAL: CRISIL Cuts Rating on INR6.75cr Cash Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Srinivasa Medical Corporation (SMC) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 6.75 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 0.80 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Working Capital 0.95 CRISIL B/Stable (ISSUER NOT
Term Loan COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SMC for
obtaining information through letter and email dated February 15,
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 SMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMC Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
SMC was established as partnership firm in 1982. It is engaged in
trading and wholesaling of various kind of medicines,
pharmaceutical drugs and other medical products to the hospitals.
Firm is based in Guntur- Andhra Pradesh and owned by Mr. T.
Srinivasa Rao and Mr. Venkata Chaitanya.
SRIRATNA PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sriratna
Packaging (SRP) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 10 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SRP for
obtaining information through letter and email dated February 15,
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 SRP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SRP was incorporated in January, 2018 for establishing a facility
for manufacturing of corrugated boxes. The company is located in
Hyderabad (Telangana). The company is mainly promoted and managed
by Mr. D Ammi Raju and his son Mr. D Satish Raju.
SUN ARK: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sun Ark
Aluminium Industries Private Limited (SAIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAIPL for
obtaining information through letter and email dated February 15,
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 SAIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 2007, Sun Ark Aluminium Industries Private Limited
(SAIPL) manufactures aluminium powder, which find its application
in manufacturing refractory moulds and explosives. The operations
are currently being managed by Mr. Sivakumar.
SUN HOSPITAL: CRISIL Lowers Rating on INR3.49cr Term Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sun
Hospital Private Limited (SHPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Term Loan 3.49 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated February 15,
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 SHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
SHPL, incorporated in 1978, operates one multi-specialty hospital
and three diagnostic centers in different districts of Odisha. In
1978, the company established its hospital in Cuttack and in 1992,
it commercially opened its diagnostic center at Cuttack; it also
opened diagnostic centers in Dhenkanal and Jajpur. Operations of
the hospitals are managed by the founder promoters cum directors,
Dr Deepak Mitra and Dr Vinita Sawhney.
ULTRA TRUST: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ultra Trust
(UT) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with UT for
obtaining information through letter and email dated February 15,
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 UT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of UT
continues to be 'CRISIL D Issuer Not Cooperating'.
UT was set up by Mr K R Arumugam in 1981. Based in Madurai, Tamil
Nadu, it offers undergraduate, post-graduate, and diploma courses
in pharmacy, nursing, physiotherapy, and engineering.
VAISHNAVI FERRO: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaishnavi
Ferro Tech Private Limited (VFTPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.4 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.38 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.02 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VFTPL for
obtaining information through letter and email dated February 15,
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 VFTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VFTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VFTPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
VFTPL, incorporated in 2008, is owned and managed by Mr Sunil
Bansal, Mr Radhe Agarwal, and Mr Chandan Bansal. The company
manufactures ingots with an annual capacity of 22,500 tonne at its
facility in Jharkhand.
VEDANT EDUCATION: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vedant
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18.8 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Vedant for
obtaining information through letter and email dated February 15,
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 Vedant, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Vedant is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Vedant continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Vedant is a charitable trust set up in 2011 for promoting
education. The trust has been set up by Mr. Binjinder Singh and Mr.
Ashok Khurana and their sons, Mr. Moginder Singh and Mr. Akshay
Khurana, respectively. The trust is setting up a K-12 CBSE school
in Greater Noida (Uttar Pradesh) under the name of The Shri Ram
Universal School (TSUS), under a franchisee tie up with SEL, which
have promoted SRCC and LSR colleges and have a long track record in
the education sector. The school is expected to start operations in
April 2019.
VEREMAX TECHNOLOGIE: CRISIL Lowers Corporate Credit Rating to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its corporate credit rating of
Veremax Technologie Services Limited (VTSL; part of the Veremax
Group) to 'CRISIL D' from 'CRISIL BB+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Credit - CRISIL D (Downgraded from
Rating-LT 'CRISIL BB+/Stable')
The downgrade reflects delays in servicing of term debt obligations
on account of weak liquidity.
Company has not disclosed regarding these delays in the NDS
provided in February 2024.
The rating reflects established market position and extensive
industry experience of the promoters and comfortable financial risk
profile. These strengths are partially offset by its working
capital intensive operations and customer concentration risk.
Analytical Approach:
For arriving at the rating, CRISIL Ratings has consolidated VTSL
with its group entities Blue Lotus Service Support Private Limited
(BLSS), and Whitefield communication private Limited (WCPL)
(together referred to as the Veremax group) because they have a
common management and significant operational and financial
fungibility.
Unsecured loan of Rs 72.12 crore as on March 31, 2023, from the
promoters and their relatives has been treated as 75% equity and
25% debt. This is because the loan is subordinate to bank debt and
likely to be retained in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: The veremax group's operations
have remained working capital-intensive, with gross current assets
(GCAs) estimated at more than 256 days as on March 31, 2023 on
account of high receivable at over 130 days. Working capital
management will remain a key monitorable over the medium term.
* Customer concentration risk: Veremax group faces significant
customer concentration risks. With Reliance Jio accounting for over
70 percent of the total sales, revenue and profitability should
remain dependent on Jio's growth plans. Lower-than-anticipated
demand from Jio and changes in key commercial terms could have a
significant impact on group's credit risk profile. However, CRISIL
notes the management's efforts to diversify its clientele with new
customers. Also, established track record with Jio partially
offsets the customer concentration risk.
Strengths:
* Established market position and extensive industry experience of
the promoters: Veremax group's benefits from the promoters'
experience of over three decades, their strong understanding of
market dynamics, and healthy relations with customers and suppliers
and will continue to support the business. Also, Veremax group
holds infrastructure provider 1 license, internet service provider
license and Digital access service license from department of
telecom. He is also sole contractor for Jio for setting up towers
in Tamilnadu.
* Comfortable financial risk profile: Financial risk profile is
comfortable marked by comfortable debt protection metrics and
moderate capital structure. Debt protection metrics is comfortable
marked by Interest coverage ratio (ICR) and Net cash accruals to
adjusted debt (NCAAD) of 7.29 times and 0.36 time in fiscal 2023.
Capital structure is moderate as reflected in gearing and Total
Outside Liabilities to Total Networth (TOL/TNW) of 0.36 time and
1.24 time, respectively, as on 31st march 2023.
Liquidity: Poor
Liquidity is poor as reflected in delays in repayment of the term
debt obligations. Bank limit utilisation is high with multiple
instances of overutilization due to interest serviced at the end of
the month. Net cash accruals will be adequate for the debt
obligation however improvement in stretch in collection will remain
a key monitorable.
Rating Sensitivity factors
Upward factors
* Prompt track record of 90 days.
* Improvement in working capital cycle.
* Improvement in liquidity profile with better cushion in working
capital limits and adequate funds for incremental business.
About the Group
Incorporated in 2013, Tamil Nadu-based VTSL is engaged in the
supply, installation, operation and maintenance of telecom towers
for leading telecom providers.
Incorporated in 2012, BLSS has an Internet Service Provider license
and engaged in the business of providing internet service.
Incorporated in 2012, WCPL has Digital Addressable System(DAS)
license wherein they can provide Cable tv digital service. They are
also involved in laying fiber optic cables.
Veremax group is promoted by Mr. TRM Venkatesh.
=================
I N D O N E S I A
=================
BUKIT MAKMUR: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed PT Bukit Makmur Mandiri Utama's (BUMA)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and
the rating on BUMA's USD400 million 7.75% notes due 2026 at 'BB-'.
At the same time, Fitch Ratings Indonesia has affirmed BUMA's
National Long-Term Rating at 'A+(idn)' and the rating on its IDR636
billion bond at 'A+(idn)'. The Outlook is Stable.
The affirmation reflects Fitch's expectation that BUMA's
established market position should help mitigate risks associated
with its contract expirations in 2025 and help replace lost volumes
to some degree through expanded agreements with existing customers
or by securing new contracts. BUMA's financial profile should
benefit from low capex over the next two to three years, providing
a financial buffer ahead of the next expected maintenance capex
cycle in 2026, which has some flexibility to be deferred.
BUMA's diversification has improved substantially over the last two
years, with a broader counterparty base and the addition of the
coal-contracting assets of Australia's Downer EDI Limited
(BBB/Negative) in December 2021. BUMA's rating is based on its
standalone credit profile, which will be on a par with the credit
profile of its parent PT Delta Dunia Makmur Tbk in the absence of
ownership of other major operations besides BUMA and no additional
debt at BUMA, in line with Fitch's Parent and Subsidiary Linkage
Rating Criteria.
'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.
KEY RATING DRIVERS
Volumes to Moderate: Fitch expects BUMA Indonesia's 2024 overburden
removal volumes to stabilise at 2022 levels of about 435 million
bank cubic metres (mbcm), following a 10% increase to 472mbcm in
2023. The 2022 figures reflected a substantial 32% surge from the
previous year, largely bolstered by the expansion of contractual
agreements with PT Adaro Indonesia (BBB-/Stable) and PT Bayan
Resources Tbk.
Fitch believes the additional uptick in 2023 was most likely
influenced by elevated coal prices that led many mining companies
to increase production, and Fitch expects it to normalise based on
its moderating coal price assumptions. Fitch expects the overburden
volumes to decline by 4%-8% in 2025-2026, factoring in the volume
replacement risk after a key contract expires in 2025.
Volume Replacement Risk: BUMA Indonesia's contract with one of its
largest customers, PT Berau Coal Energy, expires in 2025 after the
depletion of Berau's reserves. Fitch estimates the contract will
account for 43% of its volume in 2024. Even so, Fitch believes
BUMA's strong market position, proven record in operations and
expertise in managing large, complex mines give it a competitive
edge in securing new contracts or expanding existing ones, although
risks remain. BUMA also expects some growth in Australian
metallurgical coal, which would partially offset the loss of
volumes from Berau.
Contract-Linked Capex: BUMA's capex strategy will focus on aligning
spends with the life of its long-term contracts, mitigating excess
capacity risk over the medium term. Fitch expects its consolidated
capex to remain at USD100 million-130 million a year until 2025,
relating primarily to maintenance. Fitch's forecast capex of USD225
million in 2026 reflects its expectation of BUMA's equipment
replacement cycle and for new contracts to replace 70% of the
maturing contracts. Nevertheless, Fitch recognises that BUMA can
adjust its capex if there are delays in securing new contracts.
Improving Counterparty Diversification: BUMA's customer
diversification has improved significantly in the past two years as
it signed new contracts, expanded volumes for some existing
customers and acquired Downer's coal-contracting assets in
Australia. About half of BUMA's revenue was from Berau until 2021
and this declined to 25% in 9M23 (2022: 30%). The top three
customers - Berau, Bayan and Adaro - contributed about 55% of
BUMA's revenue in 9M23 (2022: 62%), as the contribution from BUMA
Australia remains relatively modest.
Fitch expects BUMA's diversification to improve further, in terms
of counterparty and commodity exposure, with the metallurgical coal
contract in Australia signed in 2022 and its extension of existing
contracts. BUMA Australia contributed about 20% to BUMA's total
EBITDA in 9M23, and BUMA's order book now has a 19% contribution
from metallurgical coal.
Potential Acquisitions: Fitch expects BUMA to remain opportunistic
to inorganic growth to achieve its target of at least 50%
non-thermal coal revenue by 2028. It also plans to diversify within
the mining sector, building on its expertise to limit execution
risks. Consequently, Fitch expects BUMA's business profile to
evolve over the medium term, although Fitch considers any such
acquisition as an event risk.
Adequate Financial Profile: Fitch forecasts BUMA's EBITDA net
leverage to be around 2.0x-2.3x during 2023-2026 (2023: 1.7x; 2022:
2.3x). This remains comfortably below its negative rating
sensitivity of 3.3x, driven by its expectations of sustained volume
level and low capex. Fitch expects rating headroom to be maintained
in its rating case, even as Fitch factors in volume declines in
2025 and 2026. Fitch believes the company has sufficient cost and
capex flexibility to maintain its financial profile even if volumes
decline beyond its expectations.
Bond Tender: Fitch thinks BUMA's bond refinancing risk has reduced
substantially after the company raised USD750 million of bank debt,
extending its debt maturity to 2029. The loan would potentially be
used to refinance existing debt that includes its outstanding
USD365 million bond (due February 2026), finance future
acquisitions and fund internal capital requirements.
DERIVATION SUMMARY
BUMA's rating can be compared with that of Australia-based mining
equipment rental company Emeco Holdings Limited (BB-/Stable). Fitch
assesses BUMA's business profile to be modestly better than that of
Emeco due to BUMA's higher revenue visibility and stable operating
profile, reflecting its long-term contracts with miners and more
diversified service offerings at various production stages.
BUMA still has higher customer concentration risk than Emeco, with
around 65% of its revenue coming from four counterparties and more
than 80% of its EBITDA exposed to Indonesian thermal coal mining,
even though this risk has been declining.
Emeco's revenue visibility has been improving through better
diversification, narrowing the gap with BUMA's stronger business
profile with over 180 customers across five commodities, and an
increase in service-related revenue to 70%. Emeco has a better
financial profile than BUMA and its management aims to maintain a
conservative balance sheet. Fitch believes this offsets BUMA's
slightly stronger business profile, and hence the two are rated at
the same level.
BUMA is rated one notch above PT ABM Investama Tbk (B+/Stable) due
to its stronger business profile supported by its higher market
share, a superior customer base and greater geographic
diversification following the acquisition of Downer's
coal-contracting assets in Australia.
BUMA, as Indonesia's second-largest mining contractor, has an
annual overburden volume that is nearly double that of ABM. BUMA's
scale, market position and experience in managing major mining
projects is an important consideration in the mining services
sector, and Fitch believes BUMA is better than ABM in those
aspects. ABM, however, benefits from diversification across
business segments, including its coal mining operations and a
strong financial profile. Nevertheless, Fitch expects ABM's core
contracting business to remain smaller than BUMA's despite its
expansion, justifying a one-notch difference in their credit
assessments.
Among national peers, BUMA's rating is one notch above the rating
of Indonesia's leading industrial and medical gas supplier, PT
Samator Indo Gas Tbk (A(idn)/Stable). BUMA's operational scale is
significantly larger with EBITDA of USD220 million-260 million
compared with Samator Indo Gas's less than USD70 million.
Samator Indo Gas's rating is constrained by its smaller operational
scale relative to higher-rated national peers, but counterbalanced
by its solid market position and strong EBITDA margin of above than
30%. Fitch expects BUMA to have a better financial profile with
stronger coverage and leverage profile in 2023-2026 than Samator
Indo Gas.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Indonesia overburden volumes to decline in 2024 to 2022 levels of
around 435mbcm, and thereafter decline by 4%-8% per year in 2025
and 2026 as some key contracts mature; overburden volumes from
Australia to increase to 180mbcm in 2024 and stabilise at that
level thereafter.
- Blended mining rates to decline by 4% in 2024, 2% in 2025 and 2%
in 2026. This factors in the decline in coal prices and adjustment
for oil prices, in line with Fitch's assumptions.
- Total capex (including Indonesia and Australia) of USD125 million
in 2024, USD180 million in 2025 and a rise to USD300 million in
2026 due to the equipment maintenance cycle. These figures include
financial leases at 25%-50% of the total capex.
- Dividend of USD30 million for 2024-2026, in line with the last
two years.
- For BUMA Australia, EBITDA of USD80 million-85 million through
2024-2026.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An upgrade is unlikely in the near term, as the company's business
profile is evolving as it transitions towards a more diversified
earnings base. However, a material improvement in BUMA's business
diversification beyond coal-related operations, while maintaining
an appropriate financial profile, may lead to an upgrade.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Weakening market position, including weak execution of its
business strategy, and/or failure to obtain new customers to
replace expiring contracts;
- Indications of an overly aggressive approach towards non-thermal
coal-related diversification;
- Evidence of weakened external funding access;
- EBITDA net leverage sustained above 3.3x.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: BUMA's liquidity remains comfortable, with
no significant debt repayment obligations until the maturity of its
USD365 million bond in 2026. The bond maturity amount could reduce,
as the company has made a tender offer to buy back the bond after
it raised a USD750 million bank loan in December 2023, which
matures in 2029.
BUMA's cash balance was USD202 million as of September 2023. This
does not include proceeds from the recent loan but is sufficient to
repay its short-term debt of USD90 million (USD166.5 million
including capital leases).
ISSUER PROFILE
BUMA is a subsidiary of PT Delta Dunia Makmur Tbk. It provides coal
mining services and carries out mining-related works, such as
overburden removal, coal mining, coal hauling, reclamation and land
rehabilitation, in Indonesia and Australia. BUMA serves seven
customers in Kalimantan, Indonesia, and five customers in
Queensland, Australia.
ESG CONSIDERATIONS
BUMA has an ESG Relevance Score of '4' for Greenhouse Gas Emissions
and Air Quality, in line with other thermal coal peers, due to its
revenue concentration in thermal coal, which faces the risk of
declining demand in the medium term because of its high carbon
footprint. Funding access for thermal coal companies is tightening
progressively, which has a negative impact on BUMA's credit profile
and is relevant to the rating in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
PT Bukit Makmur
Mandiri Utama LT IDR BB- Affirmed BB-
Natl LT A+(idn) Affirmed A+(idn)
senior
unsecured LT BB- Affirmed BB-
senior
unsecured Natl LT A+(idn) Affirmed A+(idn)
=====================
N E W Z E A L A N D
=====================
ALBANY GARDEN: Creditors' Proofs of Debt Due on April 12
--------------------------------------------------------
Creditors of Albany Garden Services Limited and Jaimie and Roxi
Cruise and Travel Limited are required to file their proofs of debt
by April 12, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 11, 2024.
The company's liquidator is Kevyn Botes of i-Business Recovery
Limited.
CFGC FOREST: Court to Hear Wind-Up Petition on April 18
-------------------------------------------------------
A petition to wind up the operations of CFGC Forest Managers (NZ)
Limited into liquidation will be heard before the High Court at
Auckland on April 18, 2024, at 10:00 a.m.
Inui Global Logistics Co Ltd (Inui Kisen KK) filed the petition
against the company on Feb. 27, 2024.
The Petitioner's solicitor is:
Izard Weston
Level 3
26 The Terrace (PO Box 5348)
Wellington 6140
GARDEN CITY: Commences Wind-Up Proceedings
------------------------------------------
Members of Garden City Homes Limited on March 14, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Grant Bruce Reynolds
Reynolds & Associates Limited
PO Box 259059
Botany 2163
Auckland
GAS CONNECTIONS: Creditors' Proofs of Debt Due on April 22
----------------------------------------------------------
Creditors of Gas Connections Limited are required to file their
proofs of debt by April 22, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 15, 2024.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany, Auckland 0752
MTF NAVARRO 2024: Fitch Assigns Final 'Bsf' Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to MTF Navarro Trust
2024's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking New Zealand automotive loan receivables
originated by Motor Trade Finance Limited (MTF). The notes will be
issued by Trustees Executors Limited as trustee for the trust.
Entity/Debt Rating Prior
----------- ------ -----
MTF Navarro Trust 2024
Class A LT AAAsf New Rating AAA(EXP)sf
Class B LT AAsf New Rating AA(EXP)sf
Class C LT Asf New Rating A(EXP)sf
Class D LT BBB+sf New Rating BBB(EXP)sf
Class E LT BBsf New Rating BB(EXP)sf
Class F LT Bsf New Rating B(EXP)sf
Seller LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
The total collateral pool at the 5 March 2024 cut-off date was
NZD350 million, an increase from NZD300 million at transaction
launch, and consisted of 21,839 receivables with weighted-average
(WA) seasoning of six months, WA remaining maturity of 38 months
and an average contract balance of NZD16,026.
The final 'BBB+sf' rating on the class D notes is one notch higher
than the expected rating assigned at the transaction launch. This
change is due to the higher excess spread at closing, which stemmed
from the final note margins being lower than those expected at the
transaction's launch.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Fitch derived borrower
risk-tier-specific default base-case expectations using historical
loss data since 2006. Its default assumptions (and 'AAAsf' default
multiples) are 1.0% (7.25x), 2.7% (5.50x) and 7.5% (4.00x) for low,
medium and high, respectively, with a WA of 2.7% (5.3x). The
recovery base case is 45.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. Fitch stressed the asset pool to
portfolio parameters, which apply during the initial 18-month
revolving period.
Transaction performance is supported by New Zealand's tight labour
market, despite interest rate hikes from October 2021 to May 2023.
GDP growth for the year to September 2023 was 1.3%, while
unemployment was 4.0% at end-December 2023. Fitch expects GDP
growth to remain subdued in 2024, with unemployment reaching 5.0%,
amid elevated inflation and a slowdown in consumer spending. Fitch
expects interest rates to remain steady until end-2024.
Structural Risk Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap provider, liquidity facility
provider or transaction account bank fall below a certain level.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.
Low Operational and Servicing Risk: All receivables are originated
by MTF, a large New Zealand motor-vehicle financier established in
1970. Fitch undertook an operational review and found that the
operations of the originator and servicer were consistent with
market standards for auto and equipment lenders in New Zealand.
Servicer disruption risk is mitigated by standby servicing
arrangements, with Verofi Limited the nominated standby servicer
No Residual Value Risk: There is no residual value exposure in this
transaction and only a small exposure to balloon-payment loans.
Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
A notes.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and decreases
in recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline. Hence, Fitch
conducts sensitivity analysis by stressing a transaction's initial
base-case assumptions; these include increasing WA defaults and
decreasing the WA recovery rate.
Downgrade Sensitivities
Notes: A / B / C / D / E / F
Ratings: AAAsf / AAsf / Asf / BBB+sf / BBsf / Bsf
Increase defaults by 10%: AA+sf / AA-sf / A-sf / BBBsf / BB-sf /
Bsf
Increase defaults by 25%: AAsf / A+sf / BBB+sf / BBB-sf / B+sf /
Bsf
Increase defaults by 50%: AA-sf / Asf / BBBsf / BB+sf / Bsf / less
than Bsf
Recoveries decrease 10%: AAAsf / AAsf / Asf / BBBsf / BBsf / less
than Bsf
Recoveries decrease 25%: AA+sf / AA-sf / A-sf / BBBsf / B+sf / less
than Bsf
Recoveries decrease 50%: AA+sf / A+sf / BBB+sf / BBB-sf / less than
Bsf / less than Bsf
Defaults increase 10%/recoveries decrease 10%: AA+sf / AA-sf / A-sf
/ BBBsf / BB-sf / Bsf
Defaults increase 25%/recoveries decrease 25%: AAsf / Asf / BBB+sf
/ BB+sf / Bsf / less than Bsf
Defaults increase 50%/recoveries decrease 50%: Asf / BBB+sf / BB+sf
/ BB-sf / less than Bsf / less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.
The class A notes are at the highest level on Fitch's scale and
cannot be upgraded.
Upgrade Sensitivities
Notes: B / C / D / E / F
Rating: AAsf / Asf / BBB+sf / BBsf / Bsf
Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ A-sf / BB+sf / BBsf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of MTF's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
SML CONSTRUCTION: Court to Hear Wind-Up Petition on April 18
------------------------------------------------------------
A petition to wind up the operations of SML Construction Limited
will be heard before the High Court at Auckland on April 18, 2024,
at 10:00 a.m.
Hua Shen filed the petition against the company on Feb. 30, 2024.
The Petitioner's solicitor is:
T. Cooley
Tower One, 9th Floor
205 Queen Street
Auckland
=================
S I N G A P O R E
=================
LEWEK RUBY: Commences Wind-Up Proceedings
-----------------------------------------
Members of Lewek Ruby Shipping Pte. Ltd. and Tunis Oil Pte. Ltd. on
March 13, 2024, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidators:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
===============
T H A I L A N D
===============
DAOL SECURITIES: Fitch Assigns 'BB(tha)' Rating on Sub. Debentures
------------------------------------------------------------------
Fitch Ratings (Thailand) has assigned a National Long-Term Rating
of 'BB(tha)' to DAOL Securities (Thailand) Public Company Limited's
(DAOLSEC, BB+(tha)/Negative) upcoming issue of subordinated
unsecured debentures.
The Thai baht-denominated debentures will have a maturity of one
year. The firm plans to use the proceeds for the repayment of
maturing subordinated debentures.
KEY RATING DRIVERS
The rating on the upcoming subordinated debentures is one notch
below the company's National Long-Term Rating. This reflects the
debentures' higher loss-severity risk relative to senior unsecured
instruments, according to Fitch's rating criteria.
This arises from the debentures' subordinated status, as
subordinated noteholders rank after senior creditors in the
priority of claims. There is no additional notching for
non-performance risk given the lack of going-concern
loss-absorption and equity-conversion features.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating on the subordinated debentures is sensitive to any
change in DAOLSEC's National Long-Term Rating. A downgrade of
DAOLSEC's National Long-Term Rating would result in corresponding
action on the subordinated debentures' rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of DAOLSEC's National Long-Term Rating would lead to
similar rating action on the subordinated debentures. However, this
is unlikely in the near term in light of the Negative Outlook on
the issuer's rating.
Entity/Debt Rating
----------- ------
DAOL Securities (Thailand)
Public Company Limited
Subordinated Natl LT BB(tha) New Rating
*********
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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