/raid1/www/Hosts/bankrupt/TCRAP_Public/240628.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, June 28, 2024, Vol. 27, No. 130
Headlines
A U S T R A L I A
2024-1 HARVEY TRUST: S&P Assigns Prelim. BB (sf) Rating to E Notes
BONZA AVIATION: Directors Accused of Trading While Insolvent
CAPE GRIM: First Creditors' Meeting Set for July 3
FIRSTMAC MORTGAGE 2024-3PP: S&P Assigns B (sf) Rating to F Notes
HOME GREEN: First Creditors' Meeting Set for July 4
JOBCO EMPLOYMENT: First Creditors' Meeting Set for July 2
PINNACLE 2024-T1: S&P Assigns BB (sf) Rating to Class E Notes
RAILCO INTERNATIONAL: First Creditors' Meeting Set for July 3
STEVENS CONSTRUCTION: Second Creditors' Meeting Set for July 2
C H I N A
CHINA EVERGRANDE: Hexin Demands Sale of Founder's Hong Kong Flat
SHINECO INC: Expects to Raise $7MM Proceeds From Stock Offering
I N D I A
AB PAPER: CRISIL Moves D Debt Rating to Not Cooperating Category
AKSARA CONSTRUCTIONS: Ind-Ra Gives BB- Rating, Outlook Stable
ALDER RESIDENCY: Ind-Ra Gives BB+ NCDs Rating, Outlook Stable
ANNAPURNA SUGAR: CRISIL Moves C Debt Ratings to Not Cooperating
BABA PURANDASS: Ind-Ra Withdraws B Fixed Deposit Rating
BALAJI TECH: CRISIL Keeps D Ratings in Not Cooperating Category
BYJU'S: Probe Finds Co. Failed Investors but Didn't Commit Fraud
GANCO ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GANESH EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
J MODI: CRISIL Moves D Debt Ratings to Not Cooperating Category
JASPER AUTO: Ind-Ra Withdraws BB Term Loan Rating
KUMAR SINEW: Ind-Ra Corrects March 27, 2024 Rating Release
MAGPPIE EXPORTS: Ind-Ra Cuts Bank loan Rating to D
PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
RIDCOR INFRA: Ind-Ra Corrects April 28, 2023 Rating Release
S S RICE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SANGA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
SHIRIDI SAIRAM: CRISIL Moves D Debt Ratings to Not Cooperating
SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
SIDDHIVINAYAK GREENTECH: Ind-Ra Gives BB Term Loan Rating
SOLANO CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
SOLAPUR TOLLWAYS: Ind-Ra Moves D Loan Rating to NonCooperating
SOLAR PRINT: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
SOVIKA AVIATION: CRISIL Keeps D Debt Ratings in Not Cooperating
SRIKARA PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
SUMA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUN PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
SWASTIK COPPER: CRISIL Keeps D Debt Ratings in Not Cooperating
TARSUN STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TENNY JOSE: CRISIL Keeps D Debt Ratings in Not Cooperating
TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating
THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating
THAMANIAN AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
TRIMURTI FLOUR: CRISIL Keeps D Debt Ratings in Not Cooperating
VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Coop.
VIKRAM PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
[*] Noida Extends Rehab Offer for Projects Facing Insolvency
M A L A Y S I A
1MDB: US to Recover Monet, Warhol From Fugitive Financier Jho Low
N E W Z E A L A N D
ACCURO HEALTH: A.M. Best Withdraws B(Fair) FS Rating
DESTINATION MARLBOROUGH: Shift to Council Management Confirmed
JNP INTERNATIONAL: Court to Hear Wind-Up Petition on July 5
MERCURY NZ: S&P Rates NZ$350MM Subordinated Capital Bonds 'BB+'
OWL SOLUTION: Creditors' Proofs of Debt Due on July 19
PONSONBY ROAD: Digby John Noyce Appointed as Receiver and Manager
SPRING VIEWS: Court to Hear Wind-Up Petition on July 5
UNITED MOVERS: Iain Andrew Nellies Appointed as Liquidator
S I N G A P O R E
AIRCRAFT SOLUTIONS: Commences Wind-Up Proceedings
EVERGREEN ASSET: Creditors' Proofs of Debt Due on July 26
FLA PTE: Creditors' Meeting Set for July 10
GOLDEN MOUNTAIN: First Creditors' Meeting Set for JuLy 12
UC CONCEPT: Court Enters Wind-Up Order
S R I L A N K A
SRI LANKA: IMF Says Debt Deal Key to Restoring Debt Sustainability
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A U S T R A L I A
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2024-1 HARVEY TRUST: S&P Assigns Prelim. BB (sf) Rating to E Notes
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S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for
Series 2024-1 Harvey Trust. Series 2024-1 Harvey Trust is a
securitization of prime residential mortgage loans originated by
Great Southern Bank (GSB; a business name of Credit Union Australia
Ltd.).
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio at transaction close, including the fact that this is a
closed portfolio, which means that no further loans will be
assigned to the trust after the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. The credit support for the rated notes
comprises note subordination and lenders' mortgage insurance on
23.0% of the portfolio.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread, principal draws, and a
liquidity facility equal to 1.0% of the aggregate invested amount
of the notes are sufficient under our stress assumptions to ensure
timely payment of interest.
-- The benefit of a fixed- to floating-rate interest-rate swap
provided by GSB to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the floating-rate notes. National
Australia Bank Ltd. will act as standby swap provider.
Preliminary Ratings Assigned
Series 2024-1 Harvey Trust
Class A1, A$460.00 million: AAA (sf)
Class A2, A$20.00 million: AAA (sf)
Class B, A$10.00 million: AA (sf)
Class C, A$4.75 million: A (sf)
Class D, A$2.25 million: BBB (sf)
Class E, A$1.60 million: BB (sf)
Class F, A$1.40 million: Not rated
BONZA AVIATION: Directors Accused of Trading While Insolvent
------------------------------------------------------------
ABC News reports that administrators for collapsed airline Bonza
said the company likely traded while insolvent, with the directors
to be referred to the corporate regulator for possible
investigation.
Bonza suspended all flights and entered voluntary administration on
April 30.
The low-cost regional airline's staff were stood down and have
since been sacked, as no buyers made an offer to rescue the
company.
Bonza is likely to be liquidated at a creditors meeting to be held
next week.
Creditors, including 323 staff and 71,399 customers, could walk
away with nothing, ABC News says.
According to ABC News, Hall Chadwick, the airline's administrators,
on June 26 released a damning 129-page creditors report detailing
major flaws in the debt-riddled business.
ABC News relates that the report said Bonza's four directors may
have breached several sections of the Corporations Act, including
by trading while the airline was insolvent.
The company had "significant" solvency and operational concerns as
far back as November, the report said.
"[Bonza] may have been insolvent from 1 March 2024 and remained so
up to and including the date of the administration."
ABC News relates that Hall Chadwick said the Australian directors,
CEO Tim Jordan and CFO Lidia Valenzuela, co-operated with the
administrators while the two American directors from 777 Partners
did not.
Bonza was reliant on its majority owner 777 Partners for funding.
The report paints a picture of a company that was destined to fail,
ABC News relays.
Bonza planned to begin flying in June 2022 with three aircraft,
before scaling up to eight planes by June 2023.
In the end, the airline didn't take off until February 2023 due to
regulatory delays, and only had four aircraft by the time it
collapsed in April this year, ABC News says.
Bonza never turned a profit. It lost $80 million this financial
year on top of a $50 million loss last financial year, and owes the
tax office about $2 million.
Creditors started issuing demands for immediate payment of
outstanding invoices from as early as July 2023, the report, as
cited by ABC News, stated.
The Commonwealth Bank notified Bonza in June 2023 that it was
ceasing the banking relationship.
The airline should have charged higher airfares, the report found,
while noting Bonza was hamstrung by an exclusive arrangement to
sell tickets through its app and not via third-party booking
engines.
"The company's operations were not self-sustaining," the report
said.
"[Bonza] was heavily reliant on funding from 777 Partners to
continue its operations, which funding was sporadic and delayed.
"The company did not have sufficient resources to pay its debts as
and when they fell due absent third-party support.
"The administrators consider that conducting public examinations of
the directors may be required."
ABC News says Hall Chadwick will provide its findings to the
corporate watchdog, the Australian Securities and Investments
Commission.
According to ABC News, insolvency expert Michael Sloan said Bonza's
failure "will be on ASIC's radar" given the high-profile nature of
the collapse and the "serious and significant" allegations.
But he said the duration of potential insolvent trading was less
than is often seen in other cases.
"ASIC often takes action only in the most egregious of
circumstances, particularly if the liquidator has the means and
ability to take action on behalf of creditors instead," ABC News
quotes Mr. Sloan as saying.
Bradd Morelli, a registered liquidator, agreed the breaches are
"serious" and will require more investigation by the liquidators.
"Generally ASIC will not take any action unless there is
significant public interest in the matter, there are serious
criminal breaches, or the directors have been directors of multiple
failed companies," he said.
Due to Bonza's limited assets, creditors' best chance of getting
paid could be through US$25 million insurance policies indemnifying
the directors.
The Hall Chadwick report said they expect to issue demands to the
directors "who may then likely claim on the insurance policy in
respect to the demand," ABC News relays.
The majority of Bonza's employees have not been paid since April
and have been encouraged to submit a claim through the federal
government's Fair Entitlement Guarantee.
The scheme is a "safety net" to for employees to receive unpaid
wages and entitlements.
ABC News adds the the report said the airline's records appeared to
comply with the law, but noted they did not conduct a forensic
audit.
Hall Chadwick is claiming almost $4 million in fees for its
services so far, with hourly billing rates up to $1,000 an hour.
Administrators generally get paid before other creditors.
A creditors' meeting will be held next Tuesday [July 2], with the
administrators formally recommending that Bonza should be
liquidated, says ABC News.
About Bonza
Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023. It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida. It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.
Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.
CAPE GRIM: First Creditors' Meeting Set for July 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Cape Grim
Bottling Company Pty Limited will be held on July 3, 2024 at 11:00
a.m. via telephone conference at Suite 1, Level 20 20 Bond Street
in Sydney.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on June 21, 2024.
FIRSTMAC MORTGAGE 2024-3PP: S&P Assigns B (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-3PP.
The ratings assigned to the prime floating-rate RMBS reflect the
following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 6.3% of the loan portfolio.
The rated notes can meet timely payment of interest--excluding the
residual interest due on the class D, class E, and class F
notes--and ultimate repayment of principal under the rating
stresses. Key rating factors are the level of subordination
provided, the LMI cover, the liquidity reserve, the principal draw
function, the interest-rate swap, and the provision of an
extraordinary expense reserve. S&P's analysis is on the basis that
the notes are fully redeemed by their legal final maturity date,
and it does not assume the notes are called at or beyond the call
date.
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
National Australia Bank Ltd. as interest-rate swap provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.
"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Firstmac Mortgage Funding Trust No.4 Series 2024-3PP
Class A1-G, A$306.00 million: AAA (sf)
Class A1-B, A$750.00 million: AAA (sf)
Class A2, A$72.00 million: AAA (sf)
Class B, A$35.80 million: AA (sf)
Class C, A$15.30 million: A (sf)
Class D, A$9.00 million: BBB (sf)
Class E, A$5.70 million: BB (sf)
Class F, A$2.30 million: B (sf)
Class G, A$3.90 million: Not rated
HOME GREEN: First Creditors' Meeting Set for July 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Home Green
Pty Ltd will be held on July 4, 2024 at 11:00 a.m. at the offices
of Romanis Cant at Level 2, 106 Hardware Street in Melbourne.
Manuel Hanna of Romanis Cant was appointed as administrator of the
company on June 24, 2024.
JOBCO EMPLOYMENT: First Creditors' Meeting Set for July 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Jobco
Employment Services Association Incorporated will be held on July
2, 2024 at 11:00 a.m. via video conference.
Rachel Burdett and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on June 21, 2024.
PINNACLE 2024-T1: S&P Assigns BB (sf) Rating to Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned ratings to six of the seven classes of
prime residential mortgage-backed securities (RMBS) issued by BNY
Trust Co. of Australia Ltd. as trustee for Pinnacle Series Trust
2024-T1.
The ratings reflect the following factors.
S&P said, "We have assessed the credit risk of the underlying
collateral portfolio and believe the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 9.1% of the portfolio.
"We believe the various mechanisms to support liquidity within the
transaction, including an amortizing liquidity reserve equal to
0.80% of the initial aggregate principal outstanding on the pool of
mortgage loans, principal draws, and an excess revenue reserve, are
sufficient under our stress assumptions to ensure timely payment of
interest on the rated notes."
There is an extraordinary expense reserve of A$150,000, funded at
the closing date and available to meet extraordinary expenses. The
reserve is to be topped up from excess spread, if any, to the
extent it has been drawn.
S&P's ratings also reflect the legal structure of the trust, which
has been established as a special-purpose entity and meets its
criteria for insolvency remoteness.
Ratings Assigned
Pinnacle Series Trust 2024-T1
Class A, A$322.000 million: AAA (sf)
Class AB, A$14.385 million: AAA (sf)
Class B, A$4.585 million: AA (sf)
Class C, A$3.675 million: A (sf)
Class D, A$2.100 million: BBB (sf)
Class E, A$1.610 million: BB (sf)
Class F, A$1.645 million: Not rated
RAILCO INTERNATIONAL: First Creditors' Meeting Set for July 3
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Railco
International Pty Ltd will be held on July 3, 2024 at 11:00 a.m. at
Level 29, 360 Collins Street in Melbourne.
Barry Wight and Jeremy Nipps of Cor Cordis were appointed as
administrators of the company on June 21, 2024.
STEVENS CONSTRUCTION: Second Creditors' Meeting Set for July 2
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Stevens
Construction (NSW) Pty Limited has been set for July 2, 2024 at
11:00 a.m. at Gosford RSL Club, 26 Central Coast Hwy in West
Gosford and via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 1, 2024 at 4:00 p.m.
Peter Paul Krejci, Jonathon Keenan, and Andrew Cummins of BRI
Ferrier were appointed as administrators of the company on May 27,
2024.
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C H I N A
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CHINA EVERGRANDE: Hexin Demands Sale of Founder's Hong Kong Flat
----------------------------------------------------------------
South China Morning Post reports that a Chinese firm has demanded
that Hui Ka-yan, the founder and former chairman of insolvent
developer China Evergrande Group, sell a Hong Kong flat to
partially pay off a defaulted CNY5 billion (US$685 million) debt.
Hexin Hengju Shenzhen Investment Holding Center is demanding the
sale of the flat, which it said is fully owned by Hui, through a
private treaty or a public auction, the Post relates citing a
summons letter issued by a Hong Kong court on June 25.
According to the claim, the High Court had ordered Hui to repay the
debt in December last year, but payment had not been received.
Hexin has also demanded an additional HK$9,100 (US$1,165) to cover
the costs of the charging order, the summons said.
The sale of the property will be "partial repayment" of the debt
owed to Hexin, the summons said, the Post relays.
The property is a flat in Cheung King Mansion on Austin Road in
Kowloon. Currently two properties are listed for sale in the
building, priced between HK$5 million and HK$6 million, according
to property site Midland Realty.
In 2016, Hexin injected CNY5 billion into Hengda Real Estate, an
Evergrande unit, to buy a 1.6 per cent stake, the Post recalls. But
the deal later fell through as certain obligations were not
fulfilled.
In May 2023, a Guangzhou court ordered Evergrande to pay about CNY6
billion in compensation and damages to settle a dispute with Hexin,
part of which was an order by the Chinese court to repurchase the
stake in Hengda.
Once China's richest person, Hui's personal wealth has dwindled
since Evergrande became enmeshed in a debt crisis.
Liquidators and receivers have been making slow progress unwinding
an estimated US$300 billion of liabilities after the developer's
liquidation order by the Hong Kong High Court in January, the Post
states.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
SHINECO INC: Expects to Raise $7MM Proceeds From Stock Offering
---------------------------------------------------------------
Shineco, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on June 20, 2024, that it entered into a
securities purchase agreement with certain non-U.S. investors,
pursuant to which the Company agreed to sell, and the Purchasers
agreed to purchase, severally and not jointly, an aggregate of
1,400,000 shares of common stock of the Company at an offering
price of $5.00 per share. Each Purchaser has represented that he or
she is not a resident of the United States and is not a "U.S.
person" as defined in Rule 902(k) of Regulation S under the
Securities Act and is not acquiring the Shares for the account or
benefit of any U.S. person. The gross proceeds of the Offering are
expected to be approximately $7.0 million, before the deduction of
customary expenses.
In reliance on the Purchasers' representations to the Company, the
Shares to be issued in the Offering are not subject to the
registration requirements of the Securities Act of 1933, as
amended, pursuant to Regulation S promulgated thereunder.
The SPA contains customary representations and warranties of the
Company and the Purchasers, indemnification obligations of the
Purchasers, and other obligations and rights of the parties.
Additionally, the closing of the Offering is conditioned upon the
consummation of certain matters by the Company, including, if
required by the Nasdaq Listing Rules, submitting a Listing of
Additional Shares Notification Form to Nasdaq and obtaining the
approval by Nasdaq of the transactions contemplated thereby.
Subject to the satisfaction of the closing conditions, the Offering
is expected to close on or about July 31, 2024.
About Shineco
Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a provider of health and medical products and services. Shineco,
operating through subsidiaries, has researched and developed 33
vitro diagnostic reagents and related medical devices to date, and
the Company also produces and sells healthy and nutritious foods.
"As disclosed in the Company's unaudited condensed consolidated
financial statements, the Company had recurring net losses of
US$12.9 million and US$6.9 million, and continuing cash outflow of
US$2.9 million and US$2.5 million from operating activities from
continuing operations for the nine months ended March 31, 2024 and
2023, respectively. As of March 31, 2024, the Company had negative
working capital of US$20.9 million. Management believes these
factors raise substantial doubt about the Company's ability to
continue as a going concern for the next twelve months. In
assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company. The continuation of the Company as a
going concern through the next twelve months is dependent on the
continued financial support from its stockholders," ShineCo said in
its Quarterly Report for the period ended March 31, 2024.
On April 26, 2024, Shineco received a deficiency letter from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
notifying the Company that, based upon the closing bid price of the
Company's common stock for the last 30 consecutive business days,
the Company is not currently in compliance with the requirement to
maintain a minimum bid price of $1.00 per share for continued
listing on The Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5550(a)(2). The Company is provided a compliance
period of 180 calendar days from the date of the Notice, or until
Oct. 23, 2024, to regain compliance with Nasdaq Listing Rule
5550(a)(2).
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AB PAPER: CRISIL Moves D Debt Rating to Not Cooperating Category
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CRISIL Ratings has migrated the rating on bank facilities of AB
Paper (ABP) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 7 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with ABP for
obtaining information through letter and email dated May 14, 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 ABP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABP
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of ABP to 'CRISIL D Issuer not cooperating'.
ABP was set up in year 2018. ABP is currently setting up a plant to
manufacture kraft paper in Gandhinagar, Gujarat. The plant is
expected to be commissioned in April, 2023. ABP is owned & managed
by Mr. Apurvakumar Rajnikant Patel and Mr. Bhavin Rajnikant Patel.
AKSARA CONSTRUCTIONS: Ind-Ra Gives BB- Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Aksara Constructions
(AC) term loan as follows:
-- INR700 mil. Term loan due on December 2026 assigned with IND
BB-/Stable rating.
Detailed Rationale of the Rating Action
The rating reflects the time and cost overrun risk for AC's ongoing
residential project. The company has not achieved its financial
closure yet and the project are only 41% complete as of April 2024.
However, the rating is supported by the promoters' vast experience
in the construction of residential projects.
Detailed Description of Key Rating Drivers
High Offtake Risk: The rating reflects the high offtake risk
associated with AC's ongoing residential project; Green Scapes.
Until April 2024, the firm booked only three units (4%) of the
82units (developer's share). The project was registered under Real
Estate Regulatory Authority on April 23, 2023. Ind-Ra expects the
booking velocity to increase from 2QFY25 as the project approaches
completion. The project has dependence of 13% on customer advances
for completion.
Time and Cost Overrun Risk: The total cost of phase 1, which is
likely to complete by FYE25, is INR1,513.8 million, which is being
funded by the promoter's contribution of INR308 million, unsecured
loans of INR308 million, customer advances of INR197.8 million and
a term loan of INR700 million. As of April 2024, the project was
41% complete and AC had incurred INR618.3 million (promoter's
contribution: INR308 million; unsecured loans: INR76.8 million;
term loan: INR224 million; customer advances: INR9.5 million) as of
April 2024. Although the project's progress is in line with the
execution schedule, the ongoing project remain vulnerable to the
time and cost overrun risks.
Financial Closure yet to be Achieved: The balance project cost of
INR813.8 million (excluding interest) is to be tied up using a mix
of debt and collections. As of April 2024, the project had
receivables worth INR56.5 million and a sanctioned term loan of
INR476 million. However, after factoring in the undisbursed debt
and the committed receivables, Ind-Ra envisages that about 15% of
the inventory needs to be sold to achieve financial closure for
completing the project.
Industry Risk: The Indian real estate industry is highly cyclical
with volatile cash flows. The real estate sector is exposed to a
number of regulatory requirements that are subject to frequent and
unpredictable changes. This leads to confusion, non-compliance and
delays in project execution. Also, given the aggressively improving
demand scenario, AC has been facing significant competition.
Well-connected Locality: The ongoing project is located in
Bowrampe, Medchal, Telangana and has proximity to metro stations,
expressway, shopping complex, educational hub, corporate hubs and
hospitals.
Established Track Record; Experienced Promoters: The promoters have
more than two decades of experience in real estate development. The
company, so far, has completed and sold more than 10 projects with
limited time and cost overruns.
Liquidity
Stretched: The rating is constrained by a likely cash flow-mismatch
risk if the advances from customers are lower than Ind-Ra's
expectations. The minimum debt service coverage ratio, as per the
management, will be 1.17x in FY27. AC is required to maintain a
debt service reserve account equivalent to three months' interest
and principal repayments in the form of fixed deposit with the
bank, which would provide a cushion to its liquidity position. The
firm does not have any exposure to the capital market and relies on
bank loan and promoter funds, and unsecured loans from the family
and relatives to meet is funding requirements. It has scheduled
debt repayments of INR175 million and INR525 million in FY26 and
FY27, respectively.
Rating Sensitivities
Negative: Time or cost overruns and lower-than-expected sales
volume or lower realization from bookings, leading to stressed cash
flows, could lead to a negative rating action.
Positive: Higher-than-expected sales and the timely receipt of
advances from customers and utilization of the same primarily for
construction purposes, leading to stronger cash flows and an
improvement in liquidity, could lead to a positive rating action.
About the Company
AC is a partnership firm registered having its registered office
located in Cheruvu, Hyderabad. The firm is currently involved in
developing of villas under the project name Green Scapes under a
joint development agreement, which will have 327 duplex units of
individual villas and a club house on a site admeasuring about 30
acres. The project is being developed in two phases.
ALDER RESIDENCY: Ind-Ra Gives BB+ NCDs Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Alder Residency
Private Limited's (ARPL) non-convertible debentures (NCDs) final
ratings as follows:
-- INR4.730 bil. (reduced from INR5.40 bil.) Non-convertible
debentures*^# assigned with IND BB+/Stable rating; and
-- INR800 mil. Proposed non-convertible debentures*# assigned IND
BB+/Stable rating.
^Details in Annexure I
*The final rating has been assigned on the receipt of the executed
facility agreement and other financing documents, confirming that
the final key sanction terms are in line with the draft financing
documents that were referred to for assigning provisional ratings.
# Ind-Ra has disclosed the unsupported rating in compliance with
the Securities and Exchange Board of India's (SEBI) master circular
dated July 3, 2023. Securities backed by specified support
considerations, as mentioned in the circular, rated with or without
a CE-suffix would require disclosing unsupported ratings without
factoring in the explicit credit enhancement from the specified
support consideration.
Analytical Approach
Ind-Ra continues to take a standalone view of ARPL while assigning
the ratings. Further, as per the terms under the executed facility
agreement provided to the agency, ARPL's NCDs have also been
secured by a corporate guarantee from the parent company, Abhiruchi
Orchards Private Limited (AOPL). Basis the corporate guarantee, in
accordance with SEBI regulations, Ind-Ra has also assigned an
unsupported rating to the NCDs.
Detailed Rationale of the Rating Action
ARPL is a special purpose vehicle (SPV) of the Kalpataru group for
the development of the project Kalpataru Vivant located at
Jogeshwari East, Mumbai. The project has committed receivables of
about INR6.49 billion from sold area, and receivables from unsold
area of over INR9.0 billion, against a balance cost-to-completion
of INR6.16 billion and an Ind-Ra estimated finance cost (including
redemption premium) of about INR2.53 billion. Ind-Ra expects the
project's debt service coverage ratio to be above 1.5x over
FY25-FY26. However, the management plans to make accelerated
payments to reduce the interest cost and redemption premium from
the expected project surplus, thereby improving the company's
liquidity position. ARPL has already prepaid about INR0.67 billion
since issuance until May 24, 2024, four-to-five quarters ahead of
the commencement of repayment.
ARPL's leverage metrics continued to be high with net debt/net
working capital of about 1.59x in FY24 (FY23: 1.18x) and net
debt/adjusted cash flow from operations ((CFO)-interest) of around
19x (negative CFO), which is significantly high for a project in
initial stages (only 20% of the overall construction cost has been
incurred).
The ratings are further constrained by the geographical
concentration and the cyclical nature of the real estate industry.
ARPL is a standalone project SPV, and hence, heavily depends on one
micro market, Jogeshwari, in the Mumbai metropolitan region.
Additionally, the real estate industry remains highly cyclical with
volatile cash flows and is also exposed to several regulatory
requirements.
However, the ratings are supported by an improvement in ARPL's
operational performance in FY24 with the company recording
pre-sales of about INR6.65 billion (FY23: INR3.84 billion). The
company has also achieved financial closure for project
development.
As per the executed facility agreement's terms, ARPL's NCDs have a
corporate guarantee from AOPL. However, the management has
represented that there are no operational projects in AOPL, and no
revenue is being generated in the company as of now, and the
corporate guarantee has been availed only because it is the parent
company of ARPL. Accordingly, no specific credit enhancement has
been provided for the rating.
Detailed Description of Key Rating Drivers
Stretched Liquidity: At FYE24, the project had one facility
outstanding, with repayments commencing from FY26 and FY27. ARPL's
cash balance stood at around INR0.51 billion at FYE24 (FYE23:
INR0.15 billion). Ind-Ra expects the project's operational surplus
before taxes and debt obligations to be around INR8.96 billion over
FY25-FY27. Also, there is an undisbursed limit of INR0.80 billion
available for project development. Against this, Ind-Ra expects
ARPL to have an interest payment liability of INR1.61 billion and a
principal repayment of about INR5.13 billion over FY25-FY27.
However, the project's leverage is high considering the project is
in its initial stages of construction, with the net debt/adjusted
(CFO-interest) of over 19x over FY24 (FY23: negative CFO).
Partial Approvals Yet to be Obtained; Project Execution Risk
Remains: The project, consisting of 10 residential towers,
admeasuring 0.68 million square feet (sf) of residential space, was
launched in May 2022 for construction and sales. As of May 23,
2024, the project has been progressed till terrace level for two
towers, until the fourth habitable floor slab for another two
towers, at excavation stage for four towers, and at land stage for
the remaining two (unlaunched) towers. At FYE24, ARPL had incurred
about 40% of the overall development cost (including about 20% of
the overall construction cost) of the project. The management
represented that it had received all the approvals for nine towers,
and third floor approval of the remaining tower. Further, the
company is required to develop a tower for the economically weaker
sections to the authority to receive the occupancy certificate.
Currently, basement construction is in progress for this tower.
Eight towers have been launched for sales, and the remaining towers
are expected to be launched over the next six-to-seven months.
While ARPL achieved reasonable sales rate, it faces risks related
to approvals and execution as it has not completely received the
commencement certificate for one tower. Ind-Ra will continue to
monitor these aspects of the project.
High Geographical Concentration, Cyclicality and Regulatory Risk:
ARPL is a standalone project SPV, and hence heavily depends on one
micro market, Jogeshwari, in the Mumbai metropolitan region.
Additionally, the real estate industry remains highly cyclical with
volatile cash flows and is also exposed to a number of regulatory
requirements. Therefore, timely regulatory approvals remain
critical for the timely launch of its future projects/phase.
Reasonable Sales Performance: ARPL launched the project in May
2022. Until end-FY24, the project sold more than 65% of the overall
launched inventory at a value of over INR10 billion. In FY24, the
project reported presales of about INR6.65 billion (FY23: INR3.84
billion). While the project is still at a relatively early stage of
the development, it benefits from its reasonable sales performance
over the past five-to-six quarters. The project's collections
accounted for about 38% of the overall sales until end-FY24.
ARPL has already started prepaying the NCDs through the collections
from the project. Until May 24, 2024, the company had already
prepaid around INR0.67 billion, four-to-five quarters ahead of
schedule.
Financial Closure Achieved: The balance cost of the project is
INR6.16 billion (excluding interest), and the same can be
completely taken care of by the committed receivables from sold
units of about INR6.49 billion. Further, the company has
construction finance of INR0.80 billion available at its disposal,
should it be needed. Ind-Ra expects that the unsold inventory,
valued at around INR9.09 billion, would also act as a further
cushion for the company, considering the agency expects similar
sales performance to continue at least over the next four-to-six
quarters for the company.
Association with Kalpataru Group: ARPL benefits from its
association with the Kalpataru group. Kalpataru, which is a reputed
brand name, especially in the Mumbai micro-market, lends some
operational capability to the project. The Kalpataru group has been
in the real estate business for over 50 years and has a presence in
nine cities. It has delivered over 110 projects across India, with
the total developed and delivered area surpassing 2.2 million sf.
Favorable Location: The project location is attractive, considering
the connectivity it offers both from Jogeshwari Vikhroli Link Road
(JVLR) and the Western Express Highway (WEH). It is in proximity to
the prime commercial and residential hub of Powai (5-6 km) via JVLR
and connects to the WEH in about five minutes (1-2 km). From the
WEH, the central business district of Bandra Kurla Complex can be
reached in about 20-30 minutes, Andheri in 5-10 minutes and
Goregaon in 10-20 minutes. It is also close to the residential hubs
of Goregaon, Powai and Andheri. Ind-Ra expects the project to
benefit from the upcoming metro developments on the JVLR and the
operational metro on the WEH.
Liquidity
Stretched: ARPL's cash balance stood at around INR0.51 billion at
FYE24. Ind-Ra expects the project's operational surplus before
taxes and debt obligations to be around INR8.96 billion over
FY25-FY27. There is also an undisbursed limit of INR0.80 billion
available for project development. Against this, Ind-Ra expects
ARPL to have an interest payment liability of INR1.61 billion and a
principal repayment of about INR5.13 billion over FY25-FY27.
However, the leverage on the project is high for a project in
initial stages of construction.
Rating Sensitivities
For both NCD rating and Unsupported Rating
Positive: The following factors, individually or collectively,
could lead to a positive rating actions:
- higher-than-Ind-Ra-expected sales, realizations and collections,
leading to accelerated debt repayment while maintaining net debt/
(CFO-finance cost) below 5.0x on a sustainable basis,
- a further improvement in the project-level credit metrics, along
with a sustained improvement in liquidity.
Negative: The following factors, individually or collectively,
could lead to a negative rating action:
- lower-than-Ind-Ra-expected project sales and collections,
leading to a decline in liquidity,
- any unexpected cash outflow from the project towards the group
companies.
Disclosures for CE Rating
1) UNSUPPORTED RATING
Ind-Ra has assigned an unsupported rating of 'IND BB+'/Stable.
The unsupported rating is arrived at without factoring in the
explicit credit enhancement. It helps in understanding the extent
of credit enhancement factored into the instrument rating.
The analytical approach, KRDs, liquidity and sensitivities for
unsupported rating are the same as that for the NCD ratings.
2) INSTRUMENT COVENANTS
Refer to Annexure II
3) ADEQUACY OF CREDIT ENHANCEMENT STRUCTURE
As per the terms under the executed facility agreement provided to
the agency, ARPL's parent, AOPL has provided a corporate guarantee
for ARPL's NCDs. Since the guarantee does not meet Ind-Ra's
requirement of presence of a pre-default clause for guarantee
invocation and a well-defined payment mechanism, it has not been
factored as an explicit credit enhancement and hence the CE suffix
has not been added to the rating of NCDs. However, in accordance
with SEBI regulations, Ind-Ra has also assigned an unsupported
rating to the NCDs.
About the Company
ARPL, an SPV, is developing project Kalpataru Vivant admeasuring
about 0.68 million sf located in Jogeshwari East in Mumbai. ARPL is
a wholly-owned step-down subsidiary of Kalpataru Limited.
ANNAPURNA SUGAR: CRISIL Moves C Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shree
Annapurna Sugar and Jaggery Works Limited (SASAJW) to 'CRISIL C
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 12 CRISIL C (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Migrated)
Proposed Long Term 16 CRISIL C (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Migrated)
Term Loan 36 CRISIL C (ISSUER NOT
COOPERATING; Rating
Migrated)
Term Loan 18 CRISIL C (ISSUER NOT
COOPERATING; Rating
Migrated)
Working Capital 20 CRISIL C (ISSUER NOT
Facility COOPERATING; Rating
Migrated)
CRISIL Ratings has been consistently following up with SASAJW for
obtaining information through letter and email dated May 14, 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 SASAJW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SASAJW is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SASAJW to 'CRISIL C Issuer not cooperating'.
SASAJW was incorporated in 2005. The company has recently
commissioned a plant to manufacture sulphur-less khandsari sugar
and jaggery powder and has its plant at Kagal, Dist. Kolhapur,
Maharashtra. Sanjay Anandrao Ghatge is the chairman, who manages
the operations, along with other directors and professionals.
BABA PURANDASS: Ind-Ra Withdraws B Fixed Deposit Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Baba Purandass
Financial Service Limited's (BPDFSL) fixed deposits' rating as
follows:
-- The IND B (ISSUER NOT COOPERATING) rating on the INR20 mil.
Fixed deposits is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating, as there are
no outstanding term deposits. Ind-Ra has received a withdrawal
request from the issuer along with CA certificate confirming that
the company has no outstanding unsecured term deposits. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.
About the Company
Incorporated in 1995, BPDFSL is a deposit-taking non-banking
financial asset finance company. The company primarily finances
used passenger vehicles and new two-wheelers on a hire and purchase
basis.
BALAJI TECH: CRISIL Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Balaji
Tech (SBT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.75 CRISIL D (Issuer Not
Cooperating)
Drop Line Overdraft 2.25 CRISIL D (Issuer Not
Facility Cooperating)
Letter of Credit 0.25 CRISIL D (Issuer Not
Cooperating)
Proposed Working 0.25 CRISIL D (Issuer Not
Capital Facility Cooperating)
Secured Overdraft 3.50 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with SBT for
obtaining information through letter and email dated May 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 SBT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2004, SBT manufactures valves, bushes and sleeves. The
operations of the firm are managed by Mr. Suresh Kumar. The firm is
located in Chennai.
BYJU'S: Probe Finds Co. Failed Investors but Didn't Commit Fraud
----------------------------------------------------------------
Bloomberg News reports that an India government investigation found
lapses in the corporate governance of Byju's, but cleared the
struggling online-education startup of financial fraud.
Bloomberg relates that the yearlong probe by the Ministry of
Corporate Affairs found no evidence of wrongdoing such as siphoning
of funds or manipulation of financial accounts, people familiar
with the matter said. Still, it discovered governance shortcomings
that contributed to the startup's mounting losses, the people said,
asking not to be named as the investigators' report isn't public
yet.
According to Bloomberg, the findings offer some support for
once-celebrated founder Byju Raveendran, who's been accused of
mismanagement by disgruntled investors. Three shareholders
including Prosus Ventures and Peak XV Partners, formerly Sequoia
Capital India, left the board of Byju's last year over differences
with Raveendran on issues such as business processes and internal
controls. The report also ends, at least temporarily, the
possibility of any new scrutiny on the company by Indian officials
on issues already probed.
Bloomberg says the report doesn't directly address whether
Raveendran personally is at fault for the governance lapses or
whether he is qualified to run the company. The disgruntled
investors have sought his removal, citing management and compliance
failures.
The report also does little to stave off the company's broader
problems. The unprofitable startup's quick expansion led to a cash
crunch and a plunge in its valuation, and it's now fighting
multiple lawsuits in India and the US, Bloomberg relays.
The probe found that weak corporate governance and compliance
practices, along with a change in the funding environment,
contributed to its ballooning losses, the people said.
Investigators also concluded that that startup failed to bring in
professionals to oversee finances and compliance, which led to the
losses, the people, as cited by Bloomberg, said.
The report establishes that Byju's didn't disclose full details of
acquisitions with all directors and that meetings to approve such
deals were called at short notice. But it acknowledges the
founders' rationale that some directors were also investors at
rival companies, according to the people.
The ed-tech company was valued at $22 billion at its peak,
Bloomberg notes. Business surged during the two years of the
Covid-19 pandemic but as infections subsided and classrooms
resumed, its cash pile shrinked. It's now battling several
bankruptcy cases in India and overseas. Though Byju's has managed
to raise more than $100 million from existing investors through a
fresh issuance of shares, an Indian court has barred it from using
that money.
As former teacher Raveendran struggles to rebuild his company's
core business, he's also seeking to leverage the next big bandwagon
in education: generative artificial intelligence for so-called
hyper-personalized learning for every student according to their
needs, Bloomberg states. He's also been pulling all stops in his
fight to keep the company afloat and to ease financial pressures,
including raising personal debt.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific, the
Enforcement Directorate, India's federal financial crime-fighting
agency, issued a show-cause notice to education tech company Byju's
for alleged violations of foreign exchange rules, the agency said
in a statement on Nov. 11, 2023.
Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
GANCO ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganco Energy
India Private Limited (GANCO) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.65 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GANCO for
obtaining information through letter and email dated May 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 GANCO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GANCO
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GANCO continues to be 'CRISIL D Issuer Not Cooperating'.
It is engaged in manufacturing of solar panels and modules such as
batteries & street light pole. It is Visakhapatnam, Andhra Pradesh
based company and promoted by Mr. G. Appala Naidu and Mrs. G Chinni
Kumarilakshmi.
GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ganesh
Agro Industries - Parbhani (SGAI) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SGAI for
obtaining information through letter and email dated May 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 SGAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGAI continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2007 by Daga family, SGAI gins and presses raw
cotton, and extracts oil from cotton seeds.
GANESH EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ganesh
Education and Welfare Society (SGEWS) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 2.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.26 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 0.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.97 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.44 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.12 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.93 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 0.17 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SGEWS for
obtaining information through letter and email dated May 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 SGEWS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGEWS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGEWS continues to be 'CRISIL D Issuer Not Cooperating'.
SGEW, set up in 2011 at Saharanpur (Uttar Pradesh), provides
educational services through its Dev Rishi Institute and Dev Rishi
International College. Mr Dinesh Kumar (president), Ms Soniya
(secretary), Mr Om Singh (treasurer) are the promoters
GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Garv Udyog
(GU) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GU for
obtaining information through letter and email dated May 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 GU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GU is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GU
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GU is a partnership firm, manufacturing copper wires, which are
used in electrical products. The firm's manufacturing facility is
located in Shiv Ganga Industrial Estate, Haridwar. Its operations
are managed by current partners Mr Mukesh Dhawan and Mr Sumit
Magan.
J MODI: CRISIL Moves D Debt Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of J Modi
Venture Private Limited (JMVPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Working 0.66 CRISIL D (ISSUER NOT
Capital Facility COOPERATING; Rating Migrated)
Working Capital 7.34 CRISIL D (ISSUER NOT
Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JMVPL for
obtaining information through letter and email dated May 14, 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 JMVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMVPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of JMVPL to 'CRISIL D Issuer not cooperating'.
JMVPL, incorporated in the year 2011 is engaged in the trading of
iron and steel and is promoted by Mr. Jatin Modi and Ms. Ami Modi.
JASPER AUTO: Ind-Ra Withdraws BB Term Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jasper Auto
Services Private Limited's (JASPL) term loan rating as follows:
-- The IND BB/Positive rating on the INR110 mil. Term loan due on
FY27 is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-dues certificate from the lender and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings.
About the Company
JASPL is a part of Jasper group and operates in the real estate
business. The company is the land owner and has a 20% share of the
total built-up area in the Trendset Mall in Vijayawada, Andhra
Pradesh. It derives revenue primarily from rent and commissions.
KUMAR SINEW: Ind-Ra Corrects March 27, 2024 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Kumar Sinew
Developers Private Limited's (KSDPL) rating published March 27,
2024 to include ESG governance and details on the corporate
guarantee.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has affirmed Kumar Sinew
Developers Private Limited's (KSDPL) non-convertible debentures'
(NCDs) rating as follows:
-- INR1,794.00 bil. Non-convertible debentures* INE994K07079 due
on March 17, 2016 coupon rate 14.80% due on December 31, 2023
affirmed with IND D rating.
*Details in Annexure I
Analytical Approach
Ind-Ra continues to take a standalone view of KSDPL to arrive at
the rating.
Detailed Rationale of the Rating Action
The affirmation reflects the curing period not being covered since
the last extension date.
Key Rating Drivers
Extension in Maturity of NCDs: KSDPL has entered into agreement
with debenture holder/parent company, Sukumar Estates Private
Limited (previously known as KUL Urban Development Bengaluru
Private Limited), which holds 1,794 listed NCDs with a face value
of INR10,00,000, to extend the redemption date of the NCDs to
December 31, 2025 from April 30, 2023 due to the absence of any
substantial operations in the company. The curing period has not
been covered since the last extension date. KSDPL is in the process
of obtaining in-principal approval from the Bombay Stock Exchange
for the extension in the redemption date as per Regulation 59 of
Securities and Exchange Board of India's Listing Obligations and
Disclosure Requirements regulations.
The terms of repayment were not available with the agency as the
restructuring agreement was not provided.
KSDPL's NCDs are backed by a corporate guarantee by Kumar Urban
Development Private Limited. Since Ind-Ra has not been able to
ascertain the credit profile of the guarantors, it has not been
factored in while assigning the ratings.
LIQUIDITY
Poor: KSDPL's cash and cash equivalents amounted to INR4.81 million
as of March 31, 2023. As per the agreement with the Sukumar
Estates, the NCDs would be redeemed by December 31, 2025.
Rating Sensitivities
Negative: Not applicable
Positive: Timely debt servicing for three consecutive months could
result in a re-assessment of the credit profile.
Company Profile
KSDPL is a real estate development special purpose entity with a
focus on residential, retail and commercial development in Pune and
Mumbai.
MAGPPIE EXPORTS: Ind-Ra Cuts Bank loan Rating to D
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Magppie Exports
Private Limited's (MEPL) bank facility rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)'. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency through emails and phone calls. Thus,
the rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.
The detailed rating action is as follows:
-- INR195 mil. Fund-based working capital limit (long-term/short-
term) downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
the best-available information.
Detailed Rationale of the Rating Action
The downgrade reflects MEPL's continuous delays in debt servicing,
based on the information available in the public domain. Ind-Ra has
not been able to ascertain the reason for the delays, as the issuer
has been non-cooperative. The ratings continue to be maintained in
non-cooperating category in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-Cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with MEPL while reviewing the
rating. Ind-Ra had consistently followed up with MEPL over emails
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of MEPL as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. MEPL has been
non-cooperative with the agency since April 30, 2019.
About the Company
Incorporated in 1994, MEPL is engaged in the trading of metal and
other articles.
PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PMA
Constructions Private Limited (PMA) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.8 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.45 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.7 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.7 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.45 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMA for
obtaining information through letter and email dated May 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 PMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMA continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2003, PMA is a Faridabad-based company, engaged in
crushing of basalt stone to finer granules and dust. Operations are
managed by Mr Mukesh Kumar. The company has nine crushers at
present, each with a capacity of 200 tonne per hour. Basalt is used
in construction of roads, buildings and other structures.
RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajave
Textiles Private Limited (RTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.05 CRISIL D (Issuer Not
Cooperating)
Cash Credit 50 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 8 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 8.88 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.41 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 10.10 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letter and email dated May 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 RTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1995 and promoted by Mr. S Ravindran, RTPL
manufactures cotton yarn of counts ranging from 18s to 40s. The
company's spinning mill is in Coimbatore (Tamil Nadu).
RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ratnagiri
Chemicals Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Post Shipment 2 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letter and email dated May 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 RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1996 by Mr. P. V. Ramana Rao, RCPL is engaged in
the manufacturing of specialty chemicals and antioxidant additives,
which find application in food processing, petrochemical, and
pharmaceutical industries. The company has its manufacturing
facilities at Parshuram (Ratnagiri) with a total installed capacity
of around 2500 MT per annum.
RIDCOR INFRA: Ind-Ra Corrects April 28, 2023 Rating Release
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies RIDCOR Infra Projects
Limited's (RIPL) rating published on April 28, 2023 to include the
liquidity indicator.
India Ratings and Research (Ind-Ra) has affirmed the rating of
RIDCOR Infra Projects Limited's (RIPL) senior project bank loans at
'IND D' as follows:
-- INR2,439.4 bil. (reduced from INR2,445.5 bil.) Senior project
bank loans (long-term) affirmed with IND D rating.
Key Rating Drivers
The rating action reflects continued non-payment of interest and
principal by RIPL since October 2018. The management has confirmed
that the company has over dues/delays and defaults in debt
servicing obligations.
The National Company Law Appellate Tribunal order dated 15 October
2018 provided a moratorium to Infrastructure Leasing & Financial
Services Limited (IL&FS; 'IND D') and its group companies,
including Road Infrastructure Development Company of Rajasthan
Limited (RIDCOR) for servicing of debt to the lenders.
IL&FS and its group companies have been categorized as red, amber
and green vide the tribunal order dated March 12, 2020 and the
earlier orders. Although RIPL has not been categorized yet, the
parent RIDCOR is categorized as a red entity (domestic group
entities that cannot meet their payment obligations towards even
senior secured financial creditors, as and when such payment
obligations become due). In view of the same, RIPL (a wholly owned
subsidiary of RIDCOR) stopped servicing financial obligations to
all its financial creditors. Subsequently, RIPL has been classified
as non-performing asset by its lenders due to the non-payment of
interest and principal on respective due dates.
As per the management, the lead lender had debited INR458.9 million
towards interest and principal payment in FY22, based on the
restructuring plan submitted by RIPL. However, the restructuring
plan is being evaluated by the lenders.
Liquidity Indicator -Poor: The project has not been servicing the
debt.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.
Company Profile
RIPL, a wholly owned subsidiary of RIDCOR (a 50:50 joint venture
between IL&FS and the government of Rajasthan), was incorporated to
develop, design, finance, construct, operate and maintain Phase-III
project stretches under the mega highways project. The Phase-III
projects comprise the 65.5km Mathura-Bharatpur-Gangapur-Bhadoti
stretch starting from the Uttar Pradesh border and running up to
the 117.32km Rawatsar-Nohar-Bhadra at the Haryana border.
S S RICE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S S Rice Mill
(SSRM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2.0 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSRM for
obtaining information through letter and email dated May 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 SSRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSRM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 2016 as a partnership firm by Mr. Vinod Lalwani and
Mr. Prateek Jain, SSRM is setting up a non-basmati parboiled rice
mill having processing capacity of 4 tonnes per hour (tph). Its
manufacturing facility is located at in Rajnandgaon.
SANGA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sanga
Automobiles Private Limited (SAPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funding Facility 4.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAPL for
obtaining information through letter and email dated May 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 SAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPL continues to be 'CRISIL D Issuer Not Cooperating'.
SAPL was set up in 2004, by the promoter, Mr Aminuddin Kagzi. The
Jaipur ((Rajasthan)-based company is an authorised dealer of
vehicles manufactured by Maruti Suzuki India Ltd (MSIL. The company
has two showrooms and three workshops in Jaipur.
SHIRIDI SAIRAM: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Shiridi Sairam Rice Mill (SSSRM) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 0.36 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Short Term 0.14 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SSSRM for
obtaining information through letter and email dated May 14, 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 SSSRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSSRM
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSSRM to 'CRISIL D/CRISIL D Issuer not
cooperating'.
SSSRRM was established in 2013 by Mr. Surya Rao & family. SSSRRM
operates a rice mill. SSSRRM market it under brand name "SSS" and
"Double bull" "Double Peacock" and new quality of rice Swarna
1061,1010,1001.
It has its manufacturing facility is located in Vedurumudi, East
Godavari District, & Andhra Pradesh.
SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva Energy
Resources Private Limited (SERPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 14.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SERPL for
obtaining information through letter and email dated May 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 SERPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SERPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SERPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SERPL owns a 3.5-megawatt hydropower generation project. It has
entered into a 40-year PPA with Himachal Pradesh State Electricity
Board at INR3.08 per unit. Operations began in May 2018.
SIDDHIVINAYAK GREENTECH: Ind-Ra Gives BB Term Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shree Siddhivinayak
Greentech Industries Private Limited's (SSGIPL) bank facilities as
follows:
-- INR460 mil. Term loan due on July 31, 2029 assigned with IND
BB/Stable rating; and
-- INR40 mil. Proposed fund-based working capital limit assigned
with IND BB/Stable/IND A4+ rating.
Analytical Approach
Ind-Ra has taken a standalone view of SSGIPL while assigning the
ratings.
Detailed Rationale of the Rating Action
The ratings reflect SSGIPL's small scale of operations as FY24 was
the first year of operations since the company commenced operations
in October 2023. Ind-Ra expects the revenue to improve in the
medium term considering the inventory of jaggery powder produced in
FY24. The ratings are also constrained by the lack of industry
experience of promoters, which could keep SSGIPL exposed to higher
competition in the medium term, particularly in the initial few
years of operations. The ratings also factor in SSGIPL's modest
EBITDA margins, which Ind-Ra expects to deteriorate in the medium
term considering the industry benchmarks. The ratings are also
constrained by SSGIPL's modest credit metrics; although, Ind-Ra
expects it to improve marginally in the medium term considering the
repayment of term loan and a likely improvement in EBITDA.
Detailed Description of Key Rating Drivers
Small Scale of Operations: As per FY24 provisional financials,
SSGIPL reported revenue of INR362.76 million. Ind-Ra expects the
revenue to improve in the medium term due to inventory in hand and
a likely improvement in capacity utilization from around 79% in
FY24.
Modest EBITDA Margins: The EBITDA margins was 23.45% with a return
on capital employed of 10.4% in FY24. In the medium term, Ind-Ra
expects the EBITDA margins to decline considering the industry
benchmarks.
Lack of Experience of Promoters: The promoters have around three
years of experience in jaggery and jaggery powder industry, which
might keep SSGIPL exposed to higher competition in the medium term,
particularly in the initial few years of operations.
Modest Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expenses) was 2.15x and net leverage (total
adjusted net debt/operating EBITDAR) was 9.56x in FY24. In the
medium term, Ind-Ra expects the credit metrics to improve slightly
considering the repayment of term loan and a likely improvement in
EBITDA.
Geographical Diversity: As per Ind-Ra's discussion with management,
SSGIPL sells jaggery powder in Madhya Pradesh, Maharashtra and
Karnataka, thereby minimizing concentration risk in any one
region.
Liquidity
Stretched: SSGIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash and cash equivalents stood at INR1.58
million at FYE24. The average maximum utilization of the fund-based
limits was 87.20% during the 12 months ended May 2024. Its net
working capital cycle was stretched at 1,509 days in FY24 due to a
long receivable period of 1,571 days. The cash flow from operations
was negative at INR236.57 million in FY24 due to unfavorable change
in working capital of INR274.52 million. This, coupled with capex
of INR14.95 million in FY24 led to a negative free cash flow of
INR251.52 million in FY24. SSGIPL has term loan repayments of
INR61.10 million and INR70.3 million in FY25 and FY26,
respectively.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, all on a sustained basis, could
lead to a negative rating action.
Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics and liquidity
position with the net leverage falling below 4.5x, all on a
sustained basis, could lead to a positive rating action.
About the Company
Incorporated on June 24, 2022, SSGIPL is engaged in manufactures
jaggery and has cane crushing capacity of 1,300 tons per day. Its
registered office is in Osmanabad, Maharashtra. Dattatray Kashinath
Kulkarni and Dipali Dattatraya Kulkarni are the promoters. The unit
commenced commercial operations in October 2023.
SOLANO CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Solano
Ceramic Private Limited (SCPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.75 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Term Loan 3.73 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 3.52 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated May 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2012 and promoted and managed by Morbi-based Fefar
family, SCPL operates a spray dryer plant and supplies products
like processed clay to wall tiles units.
SOLAPUR TOLLWAYS: Ind-Ra Moves D Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the ratings of
Solapur Tollways Private Limited's (STPL) term loans to the
non-cooperating category as per Ind-Ra's policy on Issuer
Non-Cooperation, following the non-submission of no default
statement continuously for three months despite continuous
requests, and also, Ind-Ra's inability to validate timely debt
servicing through other sources it considers reliable. No Default
Statement in the format prescribed by the Securities and Exchange
Board of India is required to be shared by the issuer every month
as a confirmation that all financial obligations are being serviced
on time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR5,884.2 bil. Senior project term loan (long term) due on
March 31, 2031 migrated to non-cooperating category with IND
D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
Detailed Rationale of the Rating Action
The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Issuer Non-Cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received the no default statement continuously for
three months despite continuous requests and follow-ups by the
agency. Ind-Ra had consistently followed up with KTL over emails
starting from August 31, 2023, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of KTL based on the best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect KTL's credit strength. If an issuer does not provide timely
no default statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
About the Company
STPL is incorporated by Bharat Road Network Limited, which is a
subsidiary of Srei Infrastructure Finance Limited and holds a
majority stake in STPL. It was incorporated to implement a lane
expansion project under a 25-year concession from National Highway
Authority of India (NHAI; 'IND AAA'/Stable) The project road is a
100km stretch from Solapur to Maharashtra-Karnataka border and is
part of the National Highway 9. The project was bagged on the basis
of highest annual premium of INR279.9 million payable to NHAI with
an annual escalation of 5%.
SOLAR PRINT: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Solar Print Process Private Limited's (SPPPL) bank
facilities:
-- INR80 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating;
-- INR40 mil. Fund-based working capital limit assigned with IND
BB/Stable/IND A4+ rating;
-- INR30 mil. Term loan due on October 2031 affirmed with IND BB/
Stable rating;
-- INR18.6 mil. Line of credit (term loan)* is withdrawn; and
-- INR5 mil. Letter of guarantee* is withdrawn.
*Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-dues certificate from the respective lenders
stating that the rated term loans have been paid in full. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.
Analytical Approach
Ind-Ra continues to take a standalone view of SPPPL for the rating
review.
Detailed Rationale of the Rating Action
The rating affirmation reflects SPPPL's continued small scale of
operations, modest EBITDA margins and weak credit metrics in FY24.
However, Ind-Ra expects the revenue to improve over the medium term
on account of the unexecuted orders in hand, backed by the growing
demand for innovative and creative packaging. The EBITDA margins
are likely to sustain over the medium term and the credit metrics
are likely to improve during the same period on account of the
scheduled debt repayments. The ratings are supported by the
promoter's experience of over two decades in the printing and
packaging industry.
Detailed Description of Key Rating Drivers
Continued Modest EBITDA Margins: According to the provisional
financials of FY24, the company's EBITDA margins remained modest
despite improving to 9.7% in FY24 (FY23: 8.52%; FY22: 7.69%),
mainly on account of a decline in the cost of raw materials. The
return on capital employed was 5.4% in FY24 (FY23: 3.9%; FY22:
1.8%). The EBITDA improved to INR78.88 million in FY24 (FY23:
INR70.91 million, FY22: INR52.43 million). The cost of raw material
accounted for 65%-70% of the overall revenue in FY24; hence, it
remains one of the major components of the company's cost
structure. The operating margin will remain exposed to raw material
price movements and will remain a key monitorable over the medium
term. Ind-Ra expects the EBITDA margins to remain largely unchanged
over the near-to-medium term.
Continued Weak Credit Metrics: The credit metrics deteriorate with
the interest coverage (operating EBITDA/gross interest expenses)
declining to 3.26x in FY24 (FY23: 5.61x; FY22: 5.66x) and the net
leverage (adjusted net debt/operating EBITDAR) increasing to 4.63x
(3.04x; 2.95x), due to a rise in the total debt to INR376.89
million (INR236.5 million; INR205.75 million). SPPPL is also
undertaking a capital expenditure for setup of a new manufacturing
unit and has availed a loan against property amounting to INR223
million in FY24. During FY24, the company incurred capex of around
INR203 million and will be incurring around INR40 million more in
FY25 for additional plant & machinery. Ind-Ra expects the credit
metrics to improve over the medium term on account of scheduled
repayments.
Continued Small Scale of Operations SPPPL's revenue declined
marginally to INR812.37 million (FY23: INR832.65 million; FY22:
INR682.17 million), owing to a slight decline in the sales
realization and volumes. The capacity utilization stood at 80% in
FY24 (FY23: 81%; FY22: 80%) and the realization declined to
INR9.36/pcs (FY23: INR9.48/pieces (pcs); FY22: INR7.91/pcs) in
FY24. At end-April 2024, the company had an unexecuted orderbook of
INR784.5 million to be executed by FYE25. Ind-Ra expects the
revenue to improve over the medium term on account of the
unexecuted order book.
Exposure to Intense Competition: SPPPL operates in a highly
competitive industry, given the fragmented and unorganized
structure of the printing and packaging industry. A large portion
of the industry is serviced by unorganized players, who cater to
small scale requirements of clients across industries, while the
remaining market is dominated by a few major players.
Long Operational Track Record; Experienced Promoters: The company's
promoters' have more than two decades of experience in the printing
and packaging industry. This has facilitated the company to
establish strong relationships with customers as well as
suppliers.
Liquidity
Stretched: The net working capital cycle elongated to 66 days in
FY24 (FY23: 19 days; FY22: 21 days), mainly because of an increase
in the inventory days to 85 (66; 69). The receivable period
remained elongated at 62 days in FY24 (FY23: 52 days; FY22: 83
days), while the creditor period shortened to 80 days (98 days; 130
days). SPPPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. SPPPL's average maximum utilization of the fund-based
limits was 49.41% during the 12 months ended April 2024. The cash
flow from operations improved to INR39.35 million in FY24 (FY23:
INR15.26 million; FY22: INR29.79 million) owing to the increased
EBITDA. The cash and cash equivalents stood at INR12.32 million at
FYE24 (FYE23: INR20.92 million; FYE22: INR51 million). SPPPL has
scheduled debt repayments of INR25.4 million and INR26.1 million in
FY25 and FY26, respectively.
Rating Sensitivities
Negative: Deterioration in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
increasing above 5x and/or a further pressure on the liquidity
position, all on a sustained basis, could lead to a negative rating
action.
Positive: An improvement in the scale of operations, along with an
improvement in the overall credit metrics as well as the liquidity
profile, on a sustained basis, could lead to a positive rating
action.
About the Company
SPPPL was incorporated in 1994 and has its registered office in
Delhi. The company manufactures packaging material such as printed
cartons, mono cartons, gift boxes, retail packs and value-added. It
is also involved in printing of magazines, periodicals, educational
books, among others. Its manufacturing facilities are located in
Noida.
SOVIKA AVIATION: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sovika
Aviation Services Private Limited (SASPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 30 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 30 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SASPL for
obtaining information through letter and email dated May 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 SASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SASPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SASPL, incorporated in 2007, is a part of the Sovika group based in
Mumbai and promoted by Mr Soham Mehta and his family members. SASPL
undertakes cargo forwarding business and underwrites the belly
capacity for cargo of the airline's entire fleet of aircraft.
SRIKARA PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srikara
Packaging Private Limited (SPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated May 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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2012, SPPL is engaged in manufacturing of polypropylene
non-woven fabric. The firm is based out of Madurai (Tamil Nadu) and
is promoted by Mr. V. Vairamuthu and his family members.
SUMA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suma Foods
Private Limited (SFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.79 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letter and email dated May 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 SFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SFPL continues to be 'CRISIL D Issuer Not Cooperating'.
Karnal-based SFPL, incorporated in 2015 by Mr Sachin Singla and Mr
Ankit Singla, mills and processes paddy. The company started
operations in May 2015; it has milling and sorting capacity of 16
tonne per hour.
SUN PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sun Projects
(India) Private limited (SPIL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 1 CRISIL D (Issuer Not
Overdraft facility Cooperating)
CRISIL Ratings has been consistently following up with SPIL for
obtaining information through letter and email dated May 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 SPIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPIL continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1998, SPIL-promoted by Mr V Sanjeev-is involved in
residential real estate construction business in Kerala.
SWASTIK COPPER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Copper Private Limited (SCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 36 CRISIL D (Issuer Not
Cooperating)
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
Inland/Import 1.5 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Letter of Credit 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated May 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated by Mr Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacity ranging from
5-10,000 kilovolt amperes (kVA). The company supplies transformers
to electricity boards/power distribution companies in Uttar
Pradesh, Rajasthan, Chhattisgarh and Madhya Pradesh. It has
installed capacity to manufacture 1,000 transformers of up to 250
kVA, 1,500 transformers from 250-10,000 kVA and 3,000 protective
boxes.
TARSUN STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tarsun Steels
India Private Limited (TSIPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 0.85 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.65 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with TSIPL for
obtaining information through letter and email dated May 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 TSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Based in Coimbatore and established in 2010, TSIPL is promoted by
Mr. S.P. Thangarajan. The company is engaged in manufacturing of
mild steel (MS) ingots.
TENNY JOSE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tenny Jose
Limited (TJL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.8 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.03 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TJL for
obtaining information through letter and email dated May 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 TJL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TJL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TJL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012 in Thrissur, Kerala, and promoted by Mr Tenny
Jose, TJL is engaged in trading and distributorship of writing and
printing paper, and steel and steel products. The company is
expected to begin trading dry fruits and cereals from August 2018.
TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Texas
Lifestyle Furniture Private Limited (Texas) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Texas for
obtaining information through letter and email dated May 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 Texas, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Texas
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Texas continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2003, Texas manufactures furniture and constructs
pre-engineered buildings. The company sells furniture under the
brand name next. It is based in Aurangabad (Maharashtra) and
promoted by Mr. Ranjeet Kakkad and Mr. Ankushkumar Kadam.
THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thakkarsons
Roll Forming Private Limited (TRFPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL D (Issuer Not
Cooperating)
Letter of credit 6.5 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
CRISIL Ratings has been consistently following up with TRFPL for
obtaining information through letter and email dated May 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 TRFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TRFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TRFPL continues to be 'CRISIL D Issuer Not Cooperating'.
TRFPL was set up in 1990 by Mr. Devang Thakkar, his brother, Mr.
Bhavin Thakar, and his wife, Mrs. Mansi Thakkar. The company
manufactures metal crash barriers (guard rails), mounting panels,
and floor decking sheets. It has an ISO 9001:2000- certified
manufacturing facility at Palghar (Maharashtra) and a sales office
in Mumbai.
THAMANIAN AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Thamanian Agro
Foods (TAF) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TAF for
obtaining information through letter and email dated May 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 TAF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TAF continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1983 as a proprietorship firm, and reconstituted as
partnership firm in 2014, TAF is engaged in milling and processing
of paddy into rice, rice bran, broken rice and husk. The firm is
promoted by Mr. S. Ganesa Pandian and his son Mr. G. Karthik.
TRIMURTI FLOUR: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trimurti
Flour Mill Private Limited (TFMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit- 1.5 CRISIL D (Issuer Not
Book Debt Cooperating)
Cash Credit-Stock 4.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TFMPL for
obtaining information through letter and email dated May 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 TFMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TFMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TFMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2010, TFMPL started commercial operations in
February 2014. The company is engaged in processing of wheat at its
facility in Patna. The day-to-day operations of the company are
managed by Mr. Abhishek Sinha.
VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Educational Society - Nellore (SVES) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 4.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVES for
obtaining information through letter and email dated May 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 SVES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVES continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SVES, founded by Mr. Babu Naidu, in year 2012, runs an education
group 'which is based out of Nellore (Andhra Pradesh) providing
education from engineering to professional courses. SVES offering
courses across engineering, pharmacy, business management and
computer applications.
VIKRAM PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vikram
Private Limited (VPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.0 CRISIL D (Issuer Not
Cooperating)
Cash Credit 11.8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with VPL for
obtaining information through letter and email dated May 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 VPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VPL was incorporated in 2000. The company manufactures sponge iron
at its unit in Lahunipara (Orissa) with installed capacity of 60000
MTPA. It also engages in opportunistic trading in steel products,
such as structural and torque steel.
VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Vishnu
Power & Energy Private Limited (SVPEPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 17 CRISIL D (Issuer Not
Cooperating)
Term Loan 23 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVPEPL for
obtaining information through letter and email dated May 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 SVPEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SVPEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SVPEPL continues to be 'CRISIL D Issuer Not
Cooperating'.
SVPEPL, incorporated in November, 2008, is promoted by
Chhattisgarh-based Mr Kanhaiyalal Daga, Mr Deepak Daga, and Mr
Manoj Kumar Daga. The company currently operates a 10 MW rice husk
based bio-mass power plant in Rajnandgaon (Chhattisgarh). The
commercial operations of the unit commenced from March 2016
onwards.
[*] Noida Extends Rehab Offer for Projects Facing Insolvency
------------------------------------------------------------
The Economic Times reports that Uttar Pradesh government's
rehabilitation package for developers of housing projects
undergoing insolvency proceedings has been extended by two weeks.
Builders can opt for the package if they choose to withdraw their
cases with National Company Law Tribunal (NCLT) or in different
courts, Noida Authority notified on June 20.
The rehabilitation package was introduced by the state government
in December last year, ET recalls. It gave several concessions to
developers including a two year interest waiver and penalties
imposed during the Covid-19 pandemic.
In return, the developers were asked to deposit 25% of their
revised dues within 60 days of agreeing for the package, ET
relates. The policy allows developers to benefit on withdrawal of
cases along with commercial projects that have a residential
component.
According to ET, about 4-5 developers were issued notices for
stalling 18-20 projects, said Noida Authority CEO Lokesh M. The
developers include Supertech, ATS and Logix Group, said sources to
TOI.
ET says the developers have been told that they have 15 days to
make a decision to opt for the package for the stalled projects.
ET relates that the offer was given to Logix Group's housing
projects Zest in Sector 143 and Blossom County in Sector 137. Zest
has been in NCLT since 2022 as the developer is to pay INR666
crore. Blossom County has dues of INR446 crore and was admitted for
insolvency proceedings in July, 2023.
Further, letters were issued to Supertech Cape Town in Sector 74
and Eco City in Sector 137. Both the developers' liabilities stood
at INR958 crore, ET notes. The NCLT had admitted insolvency in
March 2022 against Supertech Limited but allowed the developer to
complete the project under insolvency resolution professional
(IRP).
Offers were also made to commercial projects with residential
elements, says ET. Among those who got the offer was Supertech
Realtors' Supernova project in Sector 94. NCLT initiated insolvency
proceedings against it only last week after Bank of Maharashtra
alleged that the developer failed to repay a debt of INR168 crore.
ATS Heights' Knightsbridge in Sector 124 was recently admitted by
NCLT though an interim stay was imposed by the tribunal. The
developers has dues worth INR2,129 crore, the second largest
defaulter in commercial projects, ET says.
ET adds that the authority has also issued notices to developers of
Sports City projects. As group housing projects are not covered in
the rehabilitation policy, the developers have been asked to submit
their plan to clear their dues within 15 days. Failing to do so
will attract punitive action such as partial cancellation of land
allotment and sealing of unsold inventories.
ATS Homes, lead developer of Sports City, owes the authority INR640
crore. The four developers involved in Sports City in Sector 150
have also been issued notices.
Celerity Infrastructure (ATS subsidiary) with dues of INR178 crore,
Abot Buildcon (INR27 crore), Logix Infradevelopers' subsidiary
Elicit Realtech (INR73 crore), and Explicit Estates (INR51 crore)
have been asked about their action plans to clear their dues, ET
adds.
===============
M A L A Y S I A
===============
1MDB: US to Recover Monet, Warhol From Fugitive Financier Jho Low
-----------------------------------------------------------------
Reuters reports that Jho Low, the fugitive Malaysian financier,
will forfeit more than $100 million including a luxury Paris
apartment and works by Claude Monet and Andy Warhol to settle civil
forfeiture cases over his role in the 1MDB bribery and embezzlement
scandal.
According to Reuters, the U.S. Department of Justice announced the
forfeiture on June 26, after U.S. District Judge Dale Fischer in
Los Angeles approved a consent agreement with Low and his family on
June 24.
Reuters relates that the forfeited assets are in addition to nearly
$1 billion, including a $120 million "superyacht," that Low and his
family previously forfeited.
Low still faces criminal money laundering and bribery conspiracy
charges in Brooklyn, New York, over 1MDB, a sovereign wealth fund
also known as 1Malaysia Development Berhad, Reuters notes.
U.S. and Malaysian authorities have said more than $4.5 billion was
looted from 1MDB between 2009 and 2015, with some money sent to
offshore bank accounts and shell companies linked to Low.
The financier had helped former Malaysian Prime Minister Najib
Razak set up 1MDB to promote economic development.
Goldman Sachs, which helped 1MDB sell bonds, reached a $2.9 billion
settlement in 2020 of a U.S. criminal case concerning 1MDB. The
bank is not part of the civil forfeiture, Reuters notes.
Reuters relates that the Justice Department said Low paid about $35
million for Monet's "Vetheuil au Soleil," Warhol's "Colored
Campbell's Soup Can (Emerald Green), 1965" and the Paris
apartment.
Low and his family will also give up $67 million of real estate and
bank accounts in Hong Kong, Singapore and Switzerland.
Reuters adds that the Justice Department said it has helped return
to Malaysia more than $1.5 billion associated with 1MDB, in the
department's largest-ever civil forfeiture case.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=====================
N E W Z E A L A N D
=====================
ACCURO HEALTH: A.M. Best Withdraws B(Fair) FS Rating
----------------------------------------------------
AM Best has withdrawn the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb" (Fair) of Accuro Health
Insurance Society Limited (Accuro) (New Zealand) as the company no
longer operates as an insurance company. At the time of the
withdrawal, these Credit Ratings (ratings) were under review with
developing implications.
On May 31, 2024, Accuro transferred its insurance portfolio to
Union Medical Benefits Society Limited (UniMed). Immediately after
this, the Reserve Bank of New Zealand canceled Accuro's insurance
license and Accuro no longer operates as an insurance company.
AM Best's procedure is for a final rating opinion to be produced in
conjunction with a rating withdrawal. However, because Accuro's
balance sheet does not contain any insurance assets or liabilities,
AM Best was unable to produce a final rating opinion.
DESTINATION MARLBOROUGH: Shift to Council Management Confirmed
--------------------------------------------------------------
The Post reports that Marlborough's council has agreed to bring the
region's tourism marketing agency under council management.
According to the Post, the "interim solution" will involve moving
Destination Marlborough's permanent staff to the council, which
will absorb the organisation's assets and financial shortfall --
expected to be about NZD200,000.
Marlborough District Council chief financial officer Geoff Blake
asked the council to make the decision at a meeting on June 24. He
recommended the NZD200,000 be funded by way of a loan.
This was agreed by the council at the meeting.
The council's economic, community and support services department
would be responsible for the activities currently carried out by
Destination Marlborough. The trust would enter voluntary
liquidation on July 1, the Post discloses.
The trust's board resigned en masse in September last year over an
employment dispute brought by former general manager Bruce Moffatt,
who had been in the role for less than a year, the Post recalls.
The council funded a settlement between the two on the basis that
the money be recovered from Destination Marlborough.
At the meeting, Marlborough Sounds ward councillor Ben Minehan
asked Mr. Blake how much Destination Marlborough received from the
council each year.
Mr. Blake said it was about NZD1.1 million, in addition to a
targeted tourism rate which provided about NZD200,000.
According to the Post, Marlborough Sounds ward councillor Scott
Adams said the proposal would give Destination Marlborough staff
some certainty going forward and "institutional knowledge" would be
retained.
"In my view this is a good proposal to keep it going, and it does
allow us to stop, pause and look at the model that we are going to
use going forward," Stuff quotes Mr. Adams as saying.
Marlborough mayor Nadine Taylor agreed.
"The day that the existing trustees resigned was a day that really
signposted we were going to have to do something with this
organisation to get it back up on its feet," Ms. Taylor said.
Commissioners who had been working with Destination Marlborough
since the trustees resigned would stay on an interim basis.
They were deputy mayor David Croad, Marlborough Sounds councillor
Barbara Faulls, former councillor Trevor Hook and former
Destination Marlborough general manager Tracy Johnston.
Tourism consultant and Marlborough Chamber of Commerce board
chairperson Tracey Green was Destination Marlborough's interim
general manager.
Stuff adds Ms. Taylor said bringing the organisation in-house was
the right recommendation to help Destination Marlborough back on
its feet.
JNP INTERNATIONAL: Court to Hear Wind-Up Petition on July 5
-----------------------------------------------------------
A petition to wind up the operations of JNP International Limited
will be heard before the High Court at Auckland on July 5, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 7, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
MERCURY NZ: S&P Rates NZ$350MM Subordinated Capital Bonds 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
subordinated capital bonds of up to NZ$350 million that Mercury NZ
Ltd. (BBB+/Stable/A-2) proposes to issue.
Mercury NZ expects to use the proceeds to refinance the existing
'BB+' rated hybrid capital instruments of NZ$300 million at the
next reset date on July 11, 2024, and the remainder of the proceeds
for general corporate purposes.
The key points of S&P's assessment of the proposed issuance are
that:
-- S&P assesses the subordinated capital bonds as having
intermediate equity content.
-- S&P rates the proposed subordinated capital bonds of up to
NZ$350 million two notches below Mercury NZ's stand-alone credit
profile (SACP) of 'bbb' and three notches below the issuer credit
rating of 'BBB+' to reflect the bonds' subordination and optional
deferability of coupon payments.
-- S&P expects Mercury NZ's total hybrid issuances to comprise
8%-9% of the group's total capitalization (S&P Global
Ratings-adjusted debt plus S&P Global Ratings-adjusted equity)
after the refinancing.
S&P said, "Our view of intermediate equity content considers that
the capital bonds meet our criteria in terms of subordination, loss
absorption, and cash preservation, with optional coupon
deferability of up to five years. We note that inability to pay
arrears of interest on the hybrid instrument five years after
initial deferral would constitute an event of default, according to
the hybrid terms and conditions. Nevertheless, this five-year
deferral term is in accordance with the minimum requirement under
our criteria.
"Another key consideration in our assessment of the intermediate
equity content is Mercury NZ's stated intention to replace redeemed
or repurchased hybrids with instruments with equivalent equity
content, except in limited circumstances. We also consider Mercury
NZ's track record of replacing its existing hybrids with similar
instruments as it did in July 2019. The company has maintained
similar instruments since 2014 as part of its capital structure."
Under the terms of the issuance, Mercury NZ can undertake an
election process whereby it can propose changes to the terms of the
instrument at each reset date. Subordinated capital bondholders
have a right to reject the proposal. If Mercury NZ declares a
successful election process, the company will have to purchase the
bonds from bondholders who rejected the proposal. Nevertheless, S&P
expects any such situation to be followed by a replacement with a
like-for-like instrument.
If Mercury NZ deviates from its intention to retain these capital
bonds as a permanent part of its capital structure, except under
limited circumstances, that will adversely affect the bonds. Such a
situation would lead us to revise our assessment to no equity
content on the bonds. S&P will then treat the bonds in line with
existing debt.
The proposed subordinated capital bonds have a final maturity of 30
years i.e. July 11, 2054, with a non-callable five-year period to
July 2029. The interest rate resets every five years thereafter at
the prevailing five-year midmarket New Zealand dollar swap rate
plus margin. In S&P's view, the step-up margin of 25 basis points
does not create an incentive to redeem the bonds at the first call
date on July 11, 2029. It is Mercury NZ's intention to maintain the
hybrids (including the existing NZ$250 million instrument) as a
permanent part of its capital structure, although it has no legal
obligation to replace the redeemed capital bonds. Mercury NZ can
call the capital bonds at any time for various external events,
such as changes in tax or rating agency treatment.
Mercury NZ retains the option to defer coupons for up to five
years. However, any outstanding deferred interest payment will have
to be settled in cash if the company declares or pays an equity
dividend or repurchases equity shares. S&P sees this as a negative
factor. That said, this condition remains acceptable under our
methodology, because once the issuer has settled the deferred
amount, it can still choose to defer on the next interest payment
date.
The proposed capital bonds are deeply subordinated obligations of
Mercury NZ, ranking only senior to equity. They will rank equally
with the existing hybrids and any potential future hybrids of the
New Zealand-based utility company.
OWL SOLUTION: Creditors' Proofs of Debt Due on July 19
------------------------------------------------------
Creditors of Owl Solution Limited are required to file their proofs
of debt by July 19, 2024, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Stephen Speers Keen and
Stephanie Beth Jeffreys of Grant Thornton New Zealand as
liquidators on June 21, 2024.
PONSONBY ROAD: Digby John Noyce Appointed as Receiver and Manager
-----------------------------------------------------------------
Digby John Noyce of RES Corporate Services on June 24, 2024, was
appointed as receiver and manager of Ponsonby Road Holdings
Limited.
The receiver and manager may be reached at:
RES Corporate Services Limited
Building D, 42 Tawa Drive
Albany
Auckland
SPRING VIEWS: Court to Hear Wind-Up Petition on July 5
------------------------------------------------------
A petition to wind up the operations of Spring Views Development
Limited will be heard before the High Court at Auckland on July 5,
2024, at 10:45 a.m.
Mccore Group NZ Limited filed the petition against the company on
May 7, 2024.
The Petitioner's solicitor is:
James Turner
Level 1, 42e Tawa Drive
Albany
Auckland
UNITED MOVERS: Iain Andrew Nellies Appointed as Liquidator
----------------------------------------------------------
Iain Andrew Nellies of Insolvency Management on June 5, 2024, was
appointed as liquidator of United Movers Limited.
The liquidator may be reached at:
Iain Andrew Nellies
Insolvency Management Limited
PO Box 1058
Dunedin 9054
=================
S I N G A P O R E
=================
AIRCRAFT SOLUTIONS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Aircraft Solutions Singapore Pte Ltd on June 25, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Abuthahir Abdul Gafoor
Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
EVERGREEN ASSET: Creditors' Proofs of Debt Due on July 26
---------------------------------------------------------
Creditors of Evergreen Asset Group Company Pte. Ltd. are required
to file their proofs of debt by July 26, 2024, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on June 19, 2024.
The company's liquidator is:
Shirley Lim Guat Hua
c/o Complete Corporate Services
10 Anson Road
#29-07 International Plaza
Singapore 079903
FLA PTE: Creditors' Meeting Set for July 10
-------------------------------------------
FLA Pte Ltd will hold a meeting for its creditors on July 10, 2024,
at 4:30 p.m. via video conference.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to confirm the appointment of liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
GOLDEN MOUNTAIN: First Creditors' Meeting Set for JuLy 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Golden
Mountain Textile and Trading Pte Ltd will be held on July 12, 2024,
at 3:00 p.m. via video-conferencing using Zoom.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC on Feb. 2, 2023,
was appointed as judicial manager of Golden Mountain Textile and
Trading Pte Ltd.
UC CONCEPT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on June 14, 2024, to
wind up the operations of UC concept international private Limited
Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=================
S R I L A N K A
=================
SRI LANKA: IMF Says Debt Deal Key to Restoring Debt Sustainability
------------------------------------------------------------------
Reuters reports that the International Monetary Fund (IMF) said on
June 26 that Sri Lanka's agreements with China and other creditor
nations to restructure about $10 billion in bilateral debt took the
island nation a step closer towards restoring debt sustainability.
According to Reuters, Sri Lanka signed deals with China and other
creditor nations to restructure about $10 billion in bilateral debt
on June 26, bringing it closer to the end of a restructuring
process that began in September 2022 after its reserves hit record
lows and forced it to default on foreign debt for the first time.
Sri Lanka, however, still needs to convince bondholders to
restructure about $12.5 billion in international bonds.
"We hope that there will be swift progress on reaching agreements
with external private creditors in the near future," Reuters quotes
Peter Breuer, IMF's senior mission chief for Sri Lanka, as saying
in a statement.
Reuters notes that the restructuring of bilateral debt agreements
was one of the key conditions set by the IMF under a $2.9 billion
bailout programme that helped Sri Lanka tame inflation, stabilise
its currency, and improve government finances.
The central bank estimates the economy will expand 3% in 2024 after
contracting 2.3% last year.
Sri Lanka, whose total external debt is $37 billion, also has to
finalise arrangements with China Development Bank to restructure
debt of $2.2 billion, Reuters discloses citing latest finance
ministry data.
Under the restructuring plan, Sri Lanka can delay repaying
bilateral creditors till 2028. During this period, the government
and creditors can arrange new loans out to 2043.
Once the restructuring is completed, Sri Lanka aims to reduce its
debt by $16.9 billion, the government said.
It will seek approval from parliament on July 2 to proceed with the
deals, President Ranil Wickremesinghe said during an address to the
nation late on June 26, according to Reuters.
Reuters notes that the debt restructuring will help the
cash-strapped nation more than halve its foreign debt repayments to
4.5% of gross domestic product between 2027-2032, from 9.2% in 2022
at the peak of the economic crisis.
But the country has to still improve governance and stay on the
path of reforms, including implementing legislation to lock in
IMF-stipulated fiscal targets, impose a property tax, and limit
lending by state banks to loss making state-run companies,
according to analysts, Reuters relays.
Recovery could also face headwinds from upcoming presidential
elections scheduled to be held before mid-October.
"There is now the chance Sri Lanka can access undisbursed loans
from bilateral lenders, particularly for infrastructure projects
that were stalled, or get new loans," Reuters quotes Thilina
Panduwawala, head of research at Frontier Research, as saying.
"But it could be next year by the time they get these up and
running because elections can also delay that process."
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'. The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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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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