/raid1/www/Hosts/bankrupt/TCRAP_Public/240711.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
Thursday, July 11, 2024, Vol. 27, No. 139
Headlines
A U S T R A L I A
ANAGRAM INTERNATIONAL: McGrathNicol Appointed as Receivers
BOOKTOPIA GROUP: First Creditors' Meeting Set for July 15
BOOKTOPIA: More Than 160 Staff Terminated Following Collapse
BSMT PTY: Second Creditors' Meeting Set for July 16
FIRST GLOBAL: Second Creditors' Meeting Set for July 17
JUDO CAPITAL 2023-1: Moody's Raises Rating on Class F Notes to B1
KIRRIBILLI CLUB: Couples Left Out of Pocket as Wedding Venue Shuts
LIBERTY SERIES 2022-1: Moody's Ups Rating on Class F Notes to Ba2
LIFE STYLE: Second Creditors' Meeting Set for July 16
TIMBER ART: First Creditors' Meeting Set for July 16
C H I N A
CHINA VANKE: Losses Deepen Due to Discounts, Project Costs
I N D I A
AVINASH ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI PACK: CARE Keeps B Debt Rating in Not Cooperating Category
BUNDELKHAND AGRO: CARE Keeps B- Debt Rating in Not Cooperating
C.A. VEGE: CARE Keeps D Debt Ratings in Not Cooperating Category
CHD DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating
CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
GATIK TEA: CARE Keeps C Debt Rating in Not Cooperating Category
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
HILTON METAL: CARE Lowers Rating on INR7.0cr LT Loan to C
HOUSING DEV'T: Housing Society Plea to Exclude Land from CIRP Nixed
JAGDAMBA RICE: CARE Keeps B- Debt Rating in Not Cooperating
JONAS WOODHEAD: CARE Lowers Rating on INR7.05cr LT Loan to C
KATERRA INDIA: CARE Lowers Rating on INR310cr LT Loan to D
KISAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
LAXMI VENKATA: CARE Keeps B- Debt Rating in Not Cooperating
M M BARELS: CARE Keeps B- Debt Rating in Not Cooperating Category
MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
NATURAL COTTON: CARE Lowers Rating on INR23.20cr LT Loan to D
NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category
R. B. CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
RATNAPRIYA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
SEHORE KOSMI: CARE Keeps D Debt Rating in Not Cooperating
SHANKER PLASTIC: CARE Keeps D Debt Rating in Not Cooperating
SHIRPUR GOLD: CARE Moves D Debt Rating to Not Cooperating Category
SHRIKRIPA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
J A P A N
[*] JAPAN: Pushes for Greater Use of Protections on Corp. Bonds
N E W Z E A L A N D
BENNY'S BARBER: Creditors' Proofs of Debt Due on Aug. 5
CK AIR: Creditors' Proofs of Debt Due on Aug. 8
JENNY CRAIG: Creditors' Proofs of Debt Due on Aug. 2
LILIES LIMITED: Thomas Lee Rodewald Appointed as Receiver
NAKI BUILDERS: Creditors' Proofs of Debt Due on Aug. 16
TRINITY EMPLOYMENT: In Liquidation; Owes NZD1.5MM to Tax Dept.
S I N G A P O R E
E-HARBOUR MARINE: Court to Hear Wind-Up Petition on July 19
EMAS OFFSHORE: Court Enters Wind-Up Order
HOLCIM INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 5
INCOME ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 5
SPERTA ENGINEERING: Court to Hear Wind-Up Petition on July 26
UNITED HOLDING: Creditors' Proofs of Debt Due on Aug. 5
S O U T H K O R E A
KOREA: Savings Banks at Risk Amid Real Estate PF Sites Evaluation
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A U S T R A L I A
=================
ANAGRAM INTERNATIONAL: McGrathNicol Appointed as Receivers
----------------------------------------------------------
Jonathan Henry and Katherine Sozou of McGrathNicol were appointed
as Receivers and Managers of Anagram International LLC trading as
Amscan (Asia Pacific) on July 3, 2024.
"As Receivers, we have assumed control of Amscan's affairs and have
entered into possession of Amscan's assets. The Receivers are
undertaking an urgent assessment of Amscan's business while options
for the sale or recapitalisation of Amscan are explored," Mr. Henry
said in a statement posted in its website.
"The Receivers will work closely over coming days with Amscan's
employees, suppliers, customers, financiers, government and other
stakeholders to ensure the ongoing stability of operations and
determine the appropriate strategy for the business going
forward."
Anagram International LLC, trading as Amscan (Asia Pacific),
provides balloons. The Company offers seasonal, everyday, custom,
decoration, and other balloons. Anagram International operates
worldwide.
BOOKTOPIA GROUP: First Creditors' Meeting Set for July 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Booktopia
Group Limited, Booktopia Pty Ltd, Making I. T. Better Pty Limited,
and Virtual Lifestyles Pty. Limited will be held on July 15, 2024
at 11:00 a.m. via virtual meeting.
Matthew Wayne Caddy, Damien Pasfield, and Keith Crawford of
McGrathNicol were appointed as administrators of the company on
July 3, 2024.
BOOKTOPIA: More Than 160 Staff Terminated Following Collapse
------------------------------------------------------------
Skynews.com.au reports that only 18 staff members remain at
recently collapsed retailer Booktopia as 165 of their colleagues
were sacked from the beleaguered company.
According to Skynews.com.au, the virtual bookseller announced last
week it had entered voluntary administration after a major slump in
share value, less than four years after it went public on the ASX.
The major Australian retailer recorded a AUD16.7 million loss from
six months to December 3 while it let 50 staff go and its former
CEO resigned, Skynews.com.au notes.
Just 18 people now remain at the liquated business after McGrath
Nicol Restructuring partners Keith Crawford, Matthew Caddy and
Damien Pasfield reportedly terminated 165 staff on July 3.
Skynews.com.au says the administrators made the tough call less
than one week after gaining control of the crumbling business and
its subsidiaries.
They concluded it would be uneconomical to keep the workers
employed after investigating the company's finances and "exploring"
options for its sale.
It comes as book seekers were unable to shop on Booktopia's website
with a message: 'Payment Gateway Under Maintenance. Try again
later' blocking any attempts.
In statement released last week, the administrators noted the
shares of Booktopia Group will remain suspended from trading during
the administration process."
"Shareholder updates will be uploaded to the ASX platform as
required," the statement, as cited by Skynews.com.au, read.
Parties interested in acquiring Booktopia were urged to contact the
administrators, who have reportedly received 60 expressions of
interest in their quest to restructure or sell the business,
Skynews.com.au relates.
The first meeting of creditors, which must be held within eight
business days after the administration begins, will take place on
July 15.
In mid-June, Booktopia shares were suspended from trade after
falling to just AUD0.045.
Comparatively, Booktopia shares were listed at AUD2.30 in December
2020 and were near the AUD3 mark the next year.
The retailer said it was finalising a "material announcement" after
halting share trading on June 13 as it sought additional funding,
relates Skynews.com.au.
Booktopia Group Limited (ASX:BKG) -- https://www.booktopia.com.au/
-- operates as an online book retailer in Australia. It also sells
eBooks, audiobooks, magazines, games and puzzles, stationery, and
gift cards. In addition, the company offers books that cover
various subjects, such as animals and nature; art and
entertainment; biographies and true stories; business and
management; comedy and humor; computing and IT; cooking, food, and
drink; crafts and handiwork; family and health; fashion and style
guides; fitness and diet; gardening, green lifestyle, and
self-sufficiency; history; house and home; languages and
linguistics; mind, body, and sprit; politics and government; and
psychology, religion, and belief, as well as science; self help and
personal development; society and culture; sports and recreation;
and transportation, travel, and holidays. Further, it provides
books based on Australian stories, children's fiction, and
education and academies.
BSMT PTY: Second Creditors' Meeting Set for July 16
---------------------------------------------------
A second meeting of creditors in the proceedings of BSMT Pty Ltd
has been set for July 16, 2024 at 12:30 p.m. at the offices of Hall
Chadwick Chartered Accountants at Level 4, 240 Queen Street in
Brisbane.
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 15, 2024 at 5:00 p.m.
John Shanahan and Marcus Watters of Hall Chadwick were appointed as
administrators of the company on June 11, 2024.
FIRST GLOBAL: Second Creditors' Meeting Set for July 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of First Global
Capital Partners Pty Ltd has been set for July 17, 2024 at 11:30
a.m. via virtual meeting facility.
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 16, 2024 at 4:00 p.m.
Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of the company on June 12, 2024.
JUDO CAPITAL 2023-1: Moody's Raises Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on three classes of notes
issued by Judo Capital Markets Trust 2023-1.
The affected ratings are as follows:
Issuer: Judo Capital Markets Trust 2023-1
Class D Notes, Upgraded to Baa1 (sf); previously on Sep 21, 2023
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Sep 21, 2023
Definitive Rating Assigned Ba1 (sf)
Class F Notes, Upgraded to B1 (sf); previously on Sep 21, 2023
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the transactions
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and collateral performance to
date.
No actions were taken on the remaining rated classes in this
transaction as credit enhancement remains commensurate with the
current rating for the respective notes.
Following the June 2024 payment date, credit enhancement available
for the Class D, Class E and Class F Notes has increased to 15.9%,
12.1%, and 5.0% respectively, from 11.9%, 9.2% and 4.1% at closing.
Principal collections have been allocated on a sequential basis
since closing. Current total outstanding notes as a percentage of
the total closing balance is 72.1%.
As of end-May 2024, 0.5% of the outstanding pool was 30-plus days
delinquent and there were no 90-plus days delinquent loans. The
deal has incurred no losses to date.
Based on the observed performance to date and loan attributes,
Moody's have updated its mean default assumption to 7.0% from 8.3%
as of deal close. Moody's have also updated the Aaa portfolio
credit enhancement to 25.5% from 25.8%.
The transaction is a securitisation of a portfolio of term loans,
line of credit facilities, and equipment leases to Australian small
and medium-sized enterprises (SME) originated and serviced by Judo
Bank Pty Ltd. The portfolio also contains a small proportion of
home loans to individuals related to the portfolio's SME obligors.
The principal methodology used in these ratings was "SME
Asset-Backed Securitizations methodology" published in December
2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.
KIRRIBILLI CLUB: Couples Left Out of Pocket as Wedding Venue Shuts
------------------------------------------------------------------
News.com.au reports that devastated couples have been plunged into
chaos and allegedly been left thousands out of pocket after a
popular wedding venue suddenly shut its doors.
Kirribilli Club, an idyllic venue overlooking the picturesque
Sydney Harbour, abruptly shut down on June 27, just eight days
after being placed into voluntary administration, news.com.au
relates.
According to news.com.au, some engaged couples who booked their
wedding at the club claim they only learnt about the shock closure
after the announcement was shared onto the venue's Instagram page.
News.com.au says Sasha Avaali and James Saddington are one of the
couples who had organised their engagement party at the venue. But
just six weeks before their special day, they found out it had
closed.
They have now lost thousands in deposits and fear they have little
hope of getting their money back.
"We have family and friends coming in from interstate and overseas;
our big event has been thrown into utter chaos," Ms Avaali told the
Mosman Collective.
Rubbing salt in the wound, a AUD350 payment to the club from Ms
Avaali left her account on June 20, just one day after they went
into voluntary administration, they claim.
"The Kirribilli Club knew they were in financial trouble, and yet
they still took my payments, which were made in good faith," she
told the outlet, news.com.au relays.
"The engagement party was to be my contribution towards our
wedding, and it feels like I have been robbed financially and
emotionally."
Ms Avaali believes it is very unlikely that she will get any of her
money back as she explained that unsecured creditors, like herself,
were at the "bottom of the chain" compared to banks and employees,
who have priority of the business' assets are liquidated.
Kirribilli Club appointed Hugh Armenis of SV Partners administrator
on June 19, news.com.au discloses.
"The administrator recognises the emotional and financial hardship
that this closure will cause to many people and will work closely
with the staff and management of the Kirribilli Club to ensure a
smooth and orderly transition, and to assist those affected clients
as much as possible," SV Partners said in a statement. "The
patience and co-operation of all stakeholders during this difficult
time is greatly appreciated."
LIBERTY SERIES 2022-1: Moody's Ups Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by Liberty Series 2022-1 Auto.
The affected ratings are as follows:
Issuer: Liberty Series 2022-1 Auto
Class B Notes, Upgraded to Aaa (sf); previously on Nov 29, 2022
Upgraded to Aa1 (sf)
Class C Notes, Upgraded to Aa2 (sf); previously on Nov 29, 2022
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to A2 (sf); previously on Nov 29, 2022
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on Nov 29, 2022
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on Nov 29, 2022
Upgraded to Ba3 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in note subordination
available for the affected notes and the collateral performance to
date.
No action was taken on the remaining rated class in the deal as
credit enhancement remains commensurate with the current rating for
the respective notes.
Following the May 2024 payment date, the note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 29.5%, 22.1%, 16.3%, 8.4% and 1.8%
respectively, from 25.5%, 18.8%, 13.7%, 6.6% and 0.7% at the time
of the last rating action for these notes in November 2022.
Principal collections have been distributed on a pro-rata basis
among the rated notes since the February 2023 payment date. Current
total outstanding notes as a percentage of the total closing
balance is 27.8%.
As of end-May 2024, 8.4% of the outstanding pool was 30-plus day
delinquent and 5.3% was 90-plus day delinquent. The portfolio has
incurred 0.7% (as a percentage of the original pool balance) of
gross losses to date, which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's expected default assumption to 5% of
the current pool balance (equivalent to 2.1% of the original pool
balance), compared with 6.25% of the pool balance from the last
rating action in November 2022. Moody's have also lowered the Aaa
portfolio credit enhancement to 23% from 26%.
The transaction is a securitisation of a portfolio of Australian
consumer auto loans, majority secured by motor vehicles, originated
by Liberty Financial Pty Ltd.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
LIFE STYLE: Second Creditors' Meeting Set for July 16
-----------------------------------------------------
A second meeting of creditors in the proceedings of Life Style
Store Pty Ltd has been set for July 16, 2024 at 12:00 p.m. via
Microsoft Teams.
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 15, 2024 at 1:00 p.m.
Mark Robinson and Kenneth Whittingham of Fort Restructuring were
appointed as administrators of the company on June 11, 2024.
TIMBER ART: First Creditors' Meeting Set for July 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Timber Art
Pty Ltd will be held on July 16, 2024 at 10:30 a.m. by
teleconference and video conference only.
Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on July 5, 2024.
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C H I N A
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CHINA VANKE: Losses Deepen Due to Discounts, Project Costs
----------------------------------------------------------
Bloomberg News reports that China Vanke Co. warned that losses grew
substantially in the second quarter, with the big homebuilder
saying that investment in some projects "has been
over-optimistic."
Bloomberg relates that the firm, whose woes this year have been
emblematic of the ongoing slump in China's property sector, said in
a Hong Kong stock exchange filing that it expects to post a
first-half loss of CNY7 billion (US$962 million) to CNY9 billion.
That signals a sharp downturn from the first quarter, when it
reported a CNY362 million loss.
"The company deeply apologises for the performance loss," it said.
According to Bloomberg, Vanke's update is the latest sign that
China's years-long property crisis continues unabated, as the
government's supportive policies have yet to materially
reinvigorate homebuyer demand. The company, once considered one of
the more sound players in the industry, has been raising funds and
looking to sell assets to calm investor concern over liquidity
stress.
The state-backed developer hasn't reported a first-half loss since
at least 2003, according to data compiled by Bloomberg. In the
first half of 2023, Vanke had a profit of CNY9.87 billion.
This year has seen "material impact" from investments in some
development projects that resulted in high land acquisition costs
as the projected settled in 2024, according to the company. Vanke
added that some of the first-half loss also came from discounts
from clearing housing inventory and offloading assets.
It said that a package of plans were formed during the first half
of this year for business reformation and risk mitigation,
Bloomberg relays. Vanke also sought to slim down and achieved
"positive progress." Also, 74,000 homes were delivered and Vanke
"ensured repayment of open market debts on schedule."
Bloomberg relates that executives told some analysts July 9 that
Vanke has reduced some of its short-term debt, according to minutes
of the meeting published online by the builder. Debt refinancing
and new financing has totaled CNY60 billion this year as over CNY50
billion of debt has been paid.
In a separate statement to the Shenzhen Stock Exchange on July 9,
Vanke said it has a combined CNY4.3 billion of onshore bonds due in
the second half of this year and has made "repayment arrangements."
It added CNY10.5 billion of offshore bonds were repaid in the first
half and that no offshore bonds are due the rest of this year,
Bloomberg discloses.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-June 2024, S&P Global Ratings affirmed its 'BB+' long-term
issuer credit rating on China Vanke Co. Ltd. and its 'BB' long-term
issuer credit rating on subsidiary Vanke Real Estate (Hong Kong)
Co. Ltd. (Vanke HK). At the same time, S&P affirmed its 'BB'
long-term issue ratings on Vanke HK's senior unsecured notes.
The negative outlook on China Vanke reflects S&P's expectation that
the company's contracted sales could decline further over the next
12 months and its financial position could weaken if it fails to
execute asset disposals amid China's prolonged property downturn.
The TCR-AP reported in late May 2024, Fitch Ratings has downgraded
China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) to 'BB-', from 'BB+'. The Outlook is
Negative. Fitch also downgraded the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK), to 'B+', from 'BB', and downgraded Vanke HK's senior
unsecured rating and the rating on the outstanding senior notes to
'B+' with a Recovery Rating of RR4, from 'BB'. The ratings have
been removed from Rating Watch Negative.
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I N D I A
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AVINASH ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Avinash
Associates (AA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 22, 2023,
placed the rating(s) of AA under the ‘issuer non-cooperating'
category as AA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 6, 2024, April 16, 2024, April 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Avinash Associates (AA) was established in 2005 as a proprietorship
firm by Mr. Avinash Goyal. The firm is an authorized dealer of
Raymond Limited for men's shirt and suit fabric and the firm is
also engaged in trading of blankets (mink, polar and fleece
blankets) at its facility located in Rohtak, Haryana.
BALAJI PACK: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji Pack
and Pack Private Limited (BPPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2023,
placed the rating(s) of BPPPL under the ‘issuer non-cooperating'
category as BPPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BPPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 1, 2024, April 11, 2024, April 21, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Balaji Pack & Pack Private Limited (BPPPL) was incorporated in
April, 2001 as a Private Limited Company by Mr. Bimal Kumar
Sultania and his wife Mrs. Sarita Sultania. BPPPL is engaged in the
business of manufacturing of electrical appliances i.e. Air coolers
and auto parts.
BUNDELKHAND AGRO: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bundelkhand
Agro Logistics (BAL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 22, 2023,
placed the rating(s) of BAL under the ‘issuer non-cooperating'
category as BAL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BAL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 6, 2024, April 16, 2024, April 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bundelkhand Agro Logistics (BAL) was established in June, 2014 as a
partnership concern. However, the commercial operations started in
January, 2017 and is currently being managed by Mrs. Rita Jain,
Mrs. Gayatri Maggo, Mrs. Sonal Sardana, Mrs. Ruchi Jain, Mrs. Priti
Gupta and Mrs. Shruti Goel as its partners. The firm is engaged in
the providing leasing services of warehouse at its facility in
Lalitpur, Uttar Pradesh.
C.A. VEGE: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C.A. Vege
Fruit Stores (CVFS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2023,
placed the rating(s) of CVFS under the ‘issuer non-cooperating'
category as CVFS had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CVFS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2024, April 12, 2024, April 22, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mohali-based (Punjab), C.A. Vege Fruit Stores (CVFS), is a
proprietorship concern established in June, 2010 by Mr Rajiv
Malhotra. However, the firm commenced its commercial operations in
January, 2015 by letting the cold storage unit on rental basis.
Currently, the firm is running an integrated cold chain storage
facility by engaging in procurement, cold storage and distribution
of fruits and vegetables at its warehouse located in Mohali,
Punjab.
CHD DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of CHD
Developers Limited (CDL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 235.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Fixed Deposit 38.15 CARE D; ISSUER NOT COOPERATING
Rating continues to remain
under ISSUER NOT COOPERATING
category
Fixed Deposit 7.37 CARE D; ISSUER NOT COOPERATING
Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE had, vide its press release dated December 4, 2019 placed the
ratings of CDL under the 'issuer non-cooperating' category as CDL
had failed to provide information for monitoring of the rating. CDL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 13, 2024, June
18, 2024 & June 23, 2024 and numerous phone calls.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further all bankers could not be contacted.
Users of this ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating has been assigned by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by CDL with CARE's efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings continue to remain constrained owing by delays in servicing
of debt obligations.
Analytical approach: Consolidated
For arriving at the ratings, CARE has combined the business and
financial risk profiles of CHD Developers Limited and its nine
subsidiaries namely, CHD Facility Management Pvt. Ltd., CHD Infra
Projects Pvt. Ltd., CHD Blueberry Realtech Pvt. Ltd., CHD Elite
Realtech Pvt. Ltd., Delight Spirits Pvt. Ltd., International
Infratech Pvt. Ltd., Empire Realtech Pvt. Ltd., CHD Hospitality
Pvt. Ltd. and Golden Infracon Pvt. Ltd. All the entities have a
common management team and are in the same line of business.
Outlook: Not Applicable
Detailed description of the key rating drivers:
Key weaknesses
* Delays in servicing of debt obligations: There are continuous
delays in the servicing of debt obligations and As per MCA and
annual report for FY22, the company is in under Corporate
Insolvency Resolution Process under NCLT.
Liquidity: Poor
The liquidity position of the company continues to remain poor on
account of weak financial performance, leading to ongoing delays in
debt servicing.
CHD Developers Limited (CHD) incorporated in 1990, is promoted by
Mr. Rajinder Kumar Mittal (Chairman), having more than three
decades of experience in the real estate industry. CHD is listed on
Bombay Stock Exchange (BSE) since 1995. The company is engaged in
development of real estate (residential and commercial) in the
National Capital Region (NCR) including Karnal, Gurgaon and Sohna
(Haryana). The company has long-standing presence and established
brand in Gurgaon and Karnal. In the past, the company has completed
several residential and commercial real estate projects with total
saleable area of 54.92 lsf.
CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Climax
Overseas Private Limited (COPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 0.25 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term 25.00 CARE D; ISSUER NOT COOPERATING
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 23, 2023,
placed the rating(s) of COPL under the 'issuer non-cooperating'
category as COPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. COPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 7, 2024, April 17, 2024, April 27, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Haryana based Climax Overseas Private Limited (COPL) was
incorporated in 1994. The company is currently being managed by Mr
Prameet Singh Sood and Mrs. Aveen Kaur Sood. COPL is engaged into
manufacturing of rubber, plastic and sheet metal components such as
valve stem, valve cover gaskets, filters, engine mounts, etc. The
company caters to various OEM's and other manufacturing companies
in the field of automobile, power transmission & distribution,
white goods, defense and aviation industry etc.
GATIK TEA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gatik Tea
Co Private Limited (GTCPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 17, 2023,
placed the rating(s) of GTCPL under the 'issuer non-cooperating'
category as GTCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GTCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 2, 2024, March 12, 2024, March 22, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GTCPL was set up as a private limited company in 2013, by Mr.
Swapan Das and Mr. Ashok Kumar Agarwal of Siliguri, West Bengal.
The company is engaged in the business of processing of black CTC
tea in Siliguri, West Bengal. The company is setting
up a manufacturing unit in Jalpaiguri, West Bengal. The company is
planning to sell its tea in auction and through brokers. The
company has started its operations from December 2017, with FY18
being the first year of operation. This apart, the company
has two associate companies namely Mahamaya Agro Industries Ltd and
Sovarani Tea Company Private Ltd. Further, the company was acquired
by Mr. Prasant R Khimkaa, Chairman, and Mr. Harsh Vardhan Khemka,
Managing Director in February 2020, along
with the previous directors.
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman Dal
Industries Private Limited (HDI) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.06 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 2, 2023,
placed the rating(s) of HDI under the 'issuer non-cooperating'
category as HDI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HDI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2024, April 27, 2024, May 7, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hanuman Dal Industries (HDI) was established in 2010 by Mr.
Ramanarao Musalaiha Bolla and Mr. Tirupati Rao Bolla. The promoters
operate other group entities viz Hanuman Rice Industries, Shree
Laxmi Tirupati Amma Murmura Industries, Balaji
Industries, Tirumala Dal Udyog and Adinath Cold Storage Private
Limited. The firm is engaged in processing & milling of pulses (tur
and chana dal) and sale of its by–products in the domestic
market. The processing unit is located at Kamptee, Nagpur.
HILTON METAL: CARE Lowers Rating on INR7.0cr LT Loan to C
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hilton Metal Forging Limited (HMFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE C; Stable; Revised from
Facilities CARE B+; Stable
Short Term Bank
Facilities 25.00 CARE A4 Reaffirmed
Rationale & key rating drivers
The revision in the ratings assigned to the bank facilities of HMFL
factors in stretched liquidity position resulting in delinquencies
in debt servicing to banks and NBFC (not rated by CARE).
The rating is further tempered owing to modest scale of operation,
thin profitability, working capital intensive nature of operations,
foreign exchange fluctuation risk and presence in competitive and
fragmented industry.
The rating, however, continues to derive strength from the
extensive experience of the promoter in the industry and long track
record of operations, established relationship with reputed albeit
concentrated customer base, comfortable capital structure and debt
coverage indicators.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Increase in the scale of operations with a total operating income
close to around INR200 crore with PBILDT and PAT margin exceeding
16.50% and 8% respectively on a sustained basis.
* Improvement in total debt to GCA to improve and stood below 4.00x
on a sustained basis.
* Improvement in operating cycle to less than 150 days.
* Improvement in liquidity position and delay free track record for
facilities not rated by CARE.
Negative factors
* Significant decrease in total operating income due to termination
of contracts or lack of demand.
Analytical approach: Standalone
Outlook: Stable
Stable outlook reflects that the rated entity is likely to achieve
the sales and profitability given the satisfactory order book
position which would help to maintain the envisaged operating
performance over the near to medium term.
Detailed description of the key rating drivers
Key weaknesses
* Delays in debt servicing: The company has delayed the repayment
of dues amounting to INR0.27 crore to Banks and Non-banking
Financial Company (NBFC) during the year, ranging for period of 30
to 89 days. The said facilities are not rated by CARE. For the
facilities rated by CARE, the banker feedback is satisfactory with
no delays and defaults.
* Modest scale of operations: The company has registered growth of
31.92% in its total income in FY24 over FY23 wherein the total
income stood at INR138.42 crore vis-à-vis INR104.93 crore in FY23,
which thereby reflects the company's growing scale of operations.
The improvement in TOI in FY24 can be attributed to better demand
within India. However, despite the improvement the scale of
operations remained modest.
* Deterioration in profitability margins: Given the increased
overheads viz. material cost, employee cost and others, the PBILDT
margin deteriorated slightly to 10.89% in FY24 vis-à-vis 13.62% in
FY23. Further, in light of the decline in operating margin along
with reduction in depreciation expense, the PAT margin stood at
4.83% in FY24 vis-à-vis 5.58% in FY23.
* Working capital-intensive nature of operation: The operating
cycle remained stretched; however, improved from 267 days in FY23
to 239 days in FY24 mainly on account of improvement in inventory
holding period. Inventory period has improved from 242 days in FY23
to 213 days in FY24. HMFL's inventory cycle remained elongated as
the flanges manufacturing is very long process driven activity
along with various approvals to be granted for the dispatch of
export orders. HMFL caters to different industries and manufactures
products of various size/grades. Thus, the company has to maintain
different sizes/grades of material to meet the manufacturing
requirement towards respective products resulting in high
inventory. The collection period also increased to 88 days in FY24
vis-à-vis 71 days in FY23 owing to liberal credit policy of the
company. HMFL also procures the raw material on cash basis. Owing
to all of the above, the average utilization of the working capital
limits stood at 96%. Going forward, improvement in the operating
cycle is expected owing to higher execution in domestic business
and the same remains critical from credit
perspective.
* Foreign exchange fluctuation risk: HMFL also earns revenue
through export of goods (wherein export contribution in total
revenue stood at 10% in FY24), which is likely to affect the profit
margins owing to the volatility in foreign exchange rates. Further,
the company does not follow any hedging practices. Also, the
foreign exchange fluctuation risk continues to persist due to
timing differences in the sales and receivables.
* Presence in competitive and fragmented industry: Owing to
presence of large numbers of players operating in the industry and
low degree of product differentiation, the industry remained highly
competitive and fragmented in nature limiting bargaining power of
players of like HMFL and also led to liberal credit policies
adopted by the management.
Key strengths
Long track record of operations and experienced promoters
HMFL has established track record of operations with more than a
decade of existence in the industry. Moreover, the promoter
directors of the company are technically qualified and have
experience of over two decades in the industry and also look after
the overall operations.
Established relationship with reputed albeit concentrated customer
base The company has established long-term relationships with all
its reputed customers, including the global ones belonging to USA,
Europe, Mexico, Canada and Australia who are mainly engaged in
distribution of pipes, industrial valves & other fittings in their
respective countries and to other parts of the world. However, the
customer base of the company stood concentrated with top 5
customers contributing to 86.49% in FY24 vis-à-vis 75.16% of TOI
in FY23. Further, the order book position of the company remained
moderate with total unexecuted orders worth INR52.06 crore as on
June 24, 2024 thus providing better revenue visibility to the
company.
Liquidity: Stretched
The liquidity position is stretched characterized by moderate
accruals and low cash balance of INR0.12 crore as on March 31, 2022
(along with lien marked FDs of INR1.05 crore). Its bank limits are
utilized up to around 96% for the past 12 months
ending March 2024 and provides no liquidity backup. The net cash
flow from operating activities stood positive at INR4.83 crore in
FY24 vis-à-vis negative CFO at INR21.57 crore in FY23.
Established as a proprietorship concern in the year 1999 and later
on converted to public limited company in the year 2005, Hilton
Metal Forging Limited (HMFL) is engaged in manufacturing of
stainless-steel forging flanges allied pipe fitting items, Butt
Weld Fittings, Railway Wheels, Gear Blanks, Forged Crankshafts for
Automotive sector and Annealed Nickel Alloy and rings and Valve
Body bonnet, stainless steel forged flanges forged fittings and
lap-joint stub-ends (seamless) which find application in the oil
and gas sector, petro chemical and refineries, marine and ship
building, paper, pulp, pumps and valves industry and agricultural
sectors. The manufacturing facility of the company is located at
Wada, Thane with an installed capacity of 14,400 MTPA.
HOUSING DEV'T: Housing Society Plea to Exclude Land from CIRP Nixed
-------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has dismissed the applications of a housing society seeking
to exclude its land from the Corporate Insolvency Resolution
Process (CIRP) of realty developer Housing Development and
Infrastructure Ltd. (HDIL).
According to ET, Tagore Park CHSL, the housing society in Mumbai's
Malad suburb, had sought various reliefs, including the exclusion
of its land from the CIRP proceedings and a direction to the
Resolution Professional (RP) to cooperate in initiating proceedings
under the Maharashtra Ownership Flats Act (MOFA), 1963 for deemed
conveyance of the land.
ET says the NCLT noted that the insolvency proceedings against HDIL
commenced on Aug. 20, 2019, and the moratorium under Section 14 of
the Insolvency and Bankruptcy Code, 2016 prohibits any such
exclusion. The tribunal observed that the development agreement
executed between the housing society and the developer in November
2014 stated that HDIL held the development rights.
The ruling assumes significance in the backdrop of ongoing surge in
redevelopment projects in Mumbai, highlighting the importance of
proper due diligence that needs to be undertaken while selecting
the project developer.
In this case, the RP opposed the applications on several grounds,
including the imposition of a moratorium under Section 14 of the
Insolvency and Bankruptcy Code, 2016, which prohibits the transfer,
encumbrance, alienation, or disposal of the corporate debtor's
assets. He argued that the development rights of the property in
question were vested in HDIL, making it an asset of the corporate
debtor that cannot be excluded from the CIRP.
ET relates that the tribunal also addressed the issue raised by the
RP regarding the disputed title of the land. It opined that the
development rights were with HDIL, and any disputes over the title
of the property were beyond the jurisdiction of the NCLT and should
be adjudicated by a civil court.
Regarding the invitation for Expression of Interest (EoI) for HDIL,
published by the RP on Dec. 1, 2023, which included the Tagore Park
property, the tribunal found that the RP acted within the scope of
the CIRP and the directions of the Committee of Creditors (CoC), ET
notes. The EoI process was rerun as per the orders of the tribunal
dated Oct. 9, 2023, and Nov. 20, 2023.
ET says the NCLT further referenced an earlier order dated Jan. 15,
2024, where the RP assured that the rights of the society would be
protected under MOFA and the Real Estate (Regulation and
Development) Act, 2016 (RERA). The tribunal directed the RP to
ensure that the CoC is informed of the society's rights and that
these are protected under any approved resolution plan.
HDIL has admitted liabilities of over INR8,138 crores. This
includes dues towards secured financial creditors of about INR6,835
crore and about INR920 crore towards unsecured financial creditors.
The company also owes about INR620 crore to homeowners, ET notes.
Housing Development & Infrastructure Limited (HDIL) is real estate
development company. The Company's services include residential,
commercial, and retail real estate development.
JAGDAMBA RICE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Jagdamba Rice Mills (SJRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.59 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 22, 2023,
placed the rating(s) of SJRM under the 'issuer non-cooperating'
category as SJRM had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SJRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 6, 2024, April 16, 2024, April 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shree Jagdamba Rice Mills (SJRM) was established in June 2008 as a
partnership firm. SJRM is engaged in processing of paddy at its
unit located at Kaithal, Haryana. The firm is also engaged in
milling and trading of rice.
JONAS WOODHEAD: CARE Lowers Rating on INR7.05cr LT Loan to C
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jonas Woodhead and Sons India Limited (JWSIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.05 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 27, 2023,
placed the rating(s) of JWSIL under the 'issuer non-cooperating'
category as JWSIL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JWSIL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2024, March 22, 2024, April 1, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers the small
scale of operations and continued losses during FY23.
Jonas Woodhead and Sons India Limited (JWSIL) was established in
1963, engaged in manufacture parabolic & leaf spring and spring
assemblies. The manufactured components are being supplied to OEM's
(Heavy and light commercial vehicles) dealers and distributions.
The company has its registered office and plant location in Chennai
and has four sales office in Madurai,
Bangalore, Calicut and Vijayawada.
KATERRA INDIA: CARE Lowers Rating on INR310cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Katerra India Private Limited (KIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 310.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B+; Stable
Long Term/ 190.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+;
Stable/CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 26, 2023,
placed the rating(s) of KIPL under the 'issuer non-cooperating'
category as KIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 11, 2024, March 21, 2024, March 31, 2024, July 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of KIPL have been
revised on account of delays in debt servicing recognized from
publicly available information i.e. CIBIL check and NCLT order.
Katerra India Private Limited (KIPL) was incorporated as KEF
Infrastructure Private Limited in July'13 by Mr. Faizal
Kottikollon. During FY19, Katerra Inc. (backed by Softbank Vision
fund), through its subsidiary, Katerra Operating Company Inc. has
acquired major stake in KEF Infrastructure Pte Ltd. (Singapore),
which is the holding company of KIPL. KIPL is engaged in offsite
construction technology & solutions including precast,
prefabricated structures, joinery and aluminium glazing catering to
various corporates and real estate developers. The company has a
fully integrated manufacturing facility at Industrial Park in
Krishnagiri (Tamil Nadu).
KISAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kisan
Ginning & Pressing (KGP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 24, 2023,
placed the rating(s) of KGP under the 'issuer non-cooperating'
category as KGP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KGP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2024, April 18, 2024, April 28, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kisan Ginning & Pressing (KGP) is a Chandrapur based, partnership
firm, established by Mr. Radhesham Adaniya and Mr. Gopal Adaniya in
2014. The entity is engaged in the business of cotton ginning &
pressing and extraction of oil at its manufacturing facility
located at Chandrapur, Maharashtra.
LAXMI VENKATA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Venkata Ramana Parboiled Rice Industry (SLVRPRI) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 08, 2023,
placed the rating(s) of SLVRPRI under the 'issuer non-cooperating'
category as SLVRPRI had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement.
SLVRPRI continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated April 23, 2024, May 3, 2024, May 13, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kodad based Sri Laxmi Venkataramana Parboiled Rice Industry
(SLVRPRI), was established as a partnership firm in 1999 by Mr T
Venkateswara Rao, Mr G Ganapathi Rao, Mr P Koteswara Rao, Mrs P
Renuka Devi, Mr Y Narasimha Rao, Mrs V Vijaya Kumari,
Mr K Satyanarayana, Mrs A Nagamani, and Mr K Kanakaiah. The
partnership was reconstituted in 2005 after the demise of Mr K
Kanakaiah and Mrs K Pushpalatha was inducted into the firm. The
other partners continued the partnership under same name and style.
The mill is located in Suryapet district of Telangana. The firm is
involved in hulling of paddy, converting of paddy into rice and
bran with a total installed capacity of approximately 50 tonnes per
day. SLVRPRI sells its products (rice and bran) to the final
customers directly and through brokers in the states of Telangana,
Kerala, Karnataka and Maharashtra. The firm has about 80 employees
working in the mill. Currently, Mr T Venkateswara Rao manages the
day to day operations of the firm.
M M BARELS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M M Barels
Industry (MMBI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 31, 2023,
placed the rating(s) of MMBI under the 'issuer non-cooperating'
category as MMBI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MMBI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 15, 2024, April 25, 2024, May 5, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh Based, M M Barels Industry (MMBI) was established in
October 29, 2014 by Mr. Doraswamy Naidu (Managing partner), Mr.
Rajaram Partner, Mr. Purushotaman (partner) along with family
members. The firm and commercial operation started in December 17,
2015. MMBI is engaged in manufacturing of mild steel drums and
barrels of 200 Ltrs and 20 Ltrs capacity which are mainly used by
food processing companies, oil companies, Paint and Ink industries
etc. The current installed capacity for manufacturing of Mild Steel
Drums and Barrels is 10200 numbers per month.
MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MKR
Enterprises (ME) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 29, 2023,
placed the rating(s) of ME under the 'issuer non-cooperating'
category as ME had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ME continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 13, 2024, April 23, 2024, May 3, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
MKR Enterprises is a proprietorship firm engaged in the trading and
manufacturing of gold and silver bullion and ornaments. The firm is
located in Agra, Uttar Pradesh which is a hub of gold and silver
trading. Approximately 60% of the firm's operations are based on
trading while the remaining 40% relies on manufacturing. The firm
outsources the manufacturing of silver ornaments and markets the
products in southern regions of India such as Chennai, Vijayawada,
etc. through its own jewellery shop.
NATURAL COTTON: CARE Lowers Rating on INR23.20cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Natural Cotton Spinners Private Limited (NCSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 24, 2023,
placed the rating(s) of NCSPL under the 'issuer non-cooperating'
category as NCSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NCSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 9, 2024, March 19, 2024, March 29, 2024, July 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of NCSPL have been
revised on account of delays in debt servicing recognized from
lender's feedback as well as CIBIL check.
Coimbatore based, Natural Cotton Spinners Private limited (NCSPL)
was incorporated on October 03, 2005 and promoted by Mr. R
Palaniswamy, Mrs. Indhumathi, Mr. Rathinasapabathy and Mrs. R
Revathi. The company is mainly engaged in manufacturing of grey
fabric.
NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Sapna
Granite Industries (NSGI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 19, 2023,
placed the rating(s) of NSGI under the 'issuer non-cooperating'
category as NSGI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NSGI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2024, April 13, 2024, April 23, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Godhra-based New Sapna Granite Limited (NSGI) established in 2011
is a proprietorship firm engaged in cutting and polishing of raw
granite stones. The installed capacity of the plant is processing
6,00,000 square feet of stone per annum as on March 31, 2018. The
proprietor Mr. Jabar Choudhary has an experience of over a decade
in stone cutting and polishing. He was earlier engaged in cutting
and polishing of marble, granite and kota stone through a firm
named Sapna Kota Stone. The granite stones are sold to traders and
real estate builders in and around Gujarat, Rajasthan and
Maharashtra.
R. B. CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. B.
Construction (RBC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 23, 2023,
placed the rating(s) of RBC under the 'issuer non-cooperating'
category as RBC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RBC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2024, May 18, 2024, May 28, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
M/s. R.B. Construction (RBC) was set up as a partnership firm in
April, 2005 by Shri Abhijit Maitra and his family members of
Murshidabad, West Bengal for carrying out different types of
construction activities. The firm is engaged in the business of
construction and maintenance of roads for Public Works Department
(PWD), Pradhan Mantri Gram SadakYojna (PMGSY), National Highways
Authority of India (NHAI) and other government departments. The
firm mainly caters to clients and projects present in West Bengal.
RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ratna
Engineering Work (REW) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 19, 2023,
placed the rating(s) of REW under the 'issuer non-cooperating'
category as REW had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. REW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2024, April 13, 2024, April 23, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 2007, Ratna Engineering Work (REW) was promoted by
Mr. A.N. Reddy and Mr. Sanjay Kumar based out of Raipur,
Chhattisgarh. Since its inception, the firm has been engaged in
structural fabrication and rural electrification works on turnkey
basis.
RATNAPRIYA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ratnapriya
Impex Private Limited (RIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 60.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 22, 2023,
placed the rating(s) of RIPL under the 'issuer non-cooperating'
category as RIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 6, 2024, April 16, 2024, April 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ratnapriya Impex Pvt. Ltd. (RIPL), incorporated in June 2009, was
promoted by Mr. Rajan Jain and Mr. Gian Chand Jain with the purpose
of carrying trading business in commodities like edible oils,
oilseeds, metal scrap, etc. The company commenced operations from
June 2010. RIPL has depots/godowns in the major cities of Punjab,
Haryana and Himachal Pradesh. Presently, the company is managed by
Mr. Vikas Gupta, the director of the company who looks after the
overall functioning with support from Mr. Pradeep Kumar Jain who
recently joined the company as a director. In FY13, RIPL
discontinued trading of metal scrap. Presently, the company is
engaged in trading of crude palm oil (imported from Singapore,
Malaysia), Vanaspati, rice etc.
SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sahdev
Jewellers (SJ) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 51.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of SJ under the 'issuer non-cooperating'
category as SJ had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2024, May 1, 2024, May 11, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mr. Ravi Sahdev (son of Mr. Vasdev Sahdev) as partners. During
FY17, the constitution of the firm has been changed to a
proprietorship firm following demise of Mr. Vasdev Sahdev. The firm
is an export-oriented unit and is engaged in manufacturing, trading
and export of plain gold Jewellery. The firm has a manufacturing
unit at SEZ (Special Economic Zone) in Noida, Uttar Pradesh and has
a wholesale outlet in Karol Bagh, Delhi.
SEHORE KOSMI: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sehore
Kosmi Tollways Limited (SKTL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.64 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 28, 2023,
placed the rating(s) of SKTL under the 'issuer non-cooperating'
category as SKTL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SKTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2024, March 23, 2024, April 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SKTL is a special purpose vehicle (SPV), incorporated and owned by
Ramky Infrastructure Limited (RIL) has entered into a 15-year
concession agreement on September 9, 2011 with Madhya Pradesh Road
Development Corporation [MPRDC; GoMP undertaking] for the
design-build-finance-operate and transfer (DBFOT) of 50.120 km road
project stretch in Madhya Pradesh on toll plus annuity basis. The
concession was awarded by MPRDC on the basis of lowest bid of
semi-annual annuity of INR4.41 crore during the aforementioned
concession period.
SHANKER PLASTIC: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shanker
Plastic Products (SPP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 23, 2023,
placed the rating(s) of SPP under the 'issuer non-cooperating'
category as SPP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 7, 2024, April 17, 2024, April 27, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shanker Plastic Products (SPP), an ISO 9001:2008 certified firm was
established in November, 2012 as a proprietorship firm by
Mr. Parveen Sharma. The firm is engaged in manufacturing of plastic
water tanks at its manufacturing facility located in Samba, Jammu
and Kashmir.
SHIRPUR GOLD: CARE Moves D Debt Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shirpur
Gold DMCC (SGD) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 75.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from SGD to monitor
the rating vide e-mail communications dated June 4, 2024, June 11,
2024 among others and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the rating.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on SGD's bank facility will now
be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account the continuous delays in debt
servicing of its working capital limits as confirmed by one of its
lenders and as per the latest submitted NDS dated June 13, 2024,
for the month of May 2024.
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating on January 10, 2024, the following were
the key rating strengths and weaknesses (updated for the
information i.e., FY24 (A) results which were obtained from Parent
company's website):
Key weaknesses
* Delays in debt servicing: The account continue to remain in
default category on account of delay in its debt servicing for its
working capital limits as confirmed by one of its lenders. Also, as
per the latest NDS received on June 13, 2024, for the month of May
2024, there are ongoing delays.
* Weak credit profile of the parent company, i.e., SGRL: The credit
profile of SGRL continue to remain weak with accounts
of SGRL being classified as non-performing assets (NPA). The
liquidity position of the parent continued to remain stretched. As
per latest FY24 audit report there are ongoing delays and
defaults.
* Moderate gearing level and weak debt protection metrics: The
operations of the company being working capital intensive, the
reliance on external borrowings, continued stable debt levels,
however, the overall gearing deteriorated to 2.64x as on March 31,
2024, from 1.59x as on March 31, 2023, on account of reduction in
net worth due to losses during FY24.
* Significant decline in TOI and losses reported in FY24: The
company's total operating income (TOI) declined significantly by
over 49% on a YoY basis in FY24. Further, in FY24, SGD reported
losses of AED 2.64 Crore.
* Working capital intensive nature of operations: The operation of
the company remains working capital intensive, as dore suppliers
insist on advance payment or provide credit of upto fifteen days,
whereas the company provides credit period of around 25-30 days to
its customers. Further, the working capital cycle of the company
deteriorated to 26 days in FY24 as against 15 days in FY23.
* Susceptibility to changes in government regulations: Any
unfavourable revision in the duty structure and regulations can
adversely affect SGD's revenue and profitability.
Key strengths
* Experienced management: SGD is a part of Essel group, which has
its presence in diversified sectors such as television
broadcasting, cable distribution, direct-to-home satellite service
and digital media amongst others. The company is supported by
professionals who have vast experience in the gold business.
* Acquisition for gold mine in FY18: SGD acquired 70% shareholding
rights of MEAM for gold mines located at Bamako, Mali during FY18.
MEAM holds the exploration permit over an area of 23.2 km located
at Kangaba, Koulikoro region, Mali, and has obtained Small Scale
Mining License from Ministry of Environment. The said acquisition
would lead to captive sourcing of raw materials at competitive
rates. However, the subsidiary is yet to commence operations and
thus the impact of the acquisition remains to be seen. As of Now,
the mining license of the entity has been renewed as the same is
compulsory to renew it every 4 years. Further, the company is
evaluating an option to enter JV Partner with whom they can
collaborate and start the operations or for an outright sale as
well.
Liquidity: Poor
The liquidity position of the company continues to remain poor
characterized by on-going delays in debt servicing of its working
capital limits which is still in default category as confirmed by
one of its lenders.
Shirpur Gold DMCC (SGD; erstwhile Zee Gold DMCC) is a part of Essel
group with 100% holding of Shirpur Gold Refinery Limited (SGRL;
rated CARE D; Issuer Not Cooperating vide its PR dated July 20,
2023). SGD commenced its commercial activities from January 5,
2016. SGD is broker member of Dubai Gold & Commodities Exchange.
The company is engaged in processing (Outsourced) and trading of
gold bars from gold dore. SGD procures raw material (dore) from
Latin America and sells largely in Dubai market. SGD has tie up
with mining companies from gold producing countries in Latin
America, Australia, Africa etc. to ensure proper and regular supply
of gold dore. Post procurement, refining is done through Dubai Good
Delivery refiners like Al Etihad Gold Refinery DMCC, Dubai. After
getting the refined bars of 99.5% purity the same are sold to
bullion banks like Standard Bank of London, RAK Bank Dubai and
other wholesale traders in Dubai. SGD acquired 70% stake in Metalli
Exploration and Mining (MEAM) in Mali, Bodoko in FY2018.
SHRIKRIPA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shrikripa
Poultry Feeds (SPF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 22, 2023,
placed the rating(s) of SPF under the 'issuer non-cooperating'
category as SPF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 6, 2024, April 16, 2024, April 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SPF was incorporated in 1992 as a Proprietorship Firm by Mr. Sharad
Narayanrao Bharsakale. SPF is engaged in poultry farming
business.
=========
J A P A N
=========
[*] JAPAN: Pushes for Greater Use of Protections on Corp. Bonds
---------------------------------------------------------------
Bloomberg News reports that Japan expects corporate bond issuers to
start adding investor protection as it pushes the use of covenants,
opening the way for lower-rated companies to enter the debt market.
A working group led by the Japan Securities Dealers Association
finished a series of monthly meetings in June that discussed
details of applying covenants to local corporate notes with lower
ratings, Bloomberg relates.
According to Bloomberg, the group agreed on applying Change of
Control clauses and reporting covenants on bonds of BBB+ and lower,
while keeping conditions flexible, according to an official at
JSDA. The former clauses protect investors when there's a shift in
company ownership, while the latter oblige issuers to notify
investors when the likelihood of default rises.
Bloomberg relates that the discussion of covenants in the Japanese
credit market resurfaced after investors became frustrated with a
lack of protection on a debt default by hotel chain Unizo Holdings
last year. JSDA's goal is to first apply covenants on lower rated
companies in order to encourage them to sell bonds, diversifying
the market and providing a wider range of investment opportunities.
"We want to lower the bar for investors to buy bonds from lower
rated companies by providing covenants," Yoshiko Nishimura, senior
general manager of the bonds and financial products division at
JSDA, said in an interview with Bloomberg on July 4. While
Nishimura said that she hopes all lower rated companies to carry
such covenants, "there are some flexible measures that can be
taken," she said.
While the securities association would like to see all bonds rated
BBB+ and below have Change of Control clauses, there may be
exceptions, she said, Bloomberg relays. For instance, if the
investor is protected in a different way such as providing a debt
administrator or giving collateral in place of Change of Control,
the notes may not necessarily need to have that clause, Nishimura
added.
JSDA will compile and announce a report later this month, and
working groups consisting of underwriters will further discuss
details from September onward, she said.
=====================
N E W Z E A L A N D
=====================
BENNY'S BARBER: Creditors' Proofs of Debt Due on Aug. 5
-------------------------------------------------------
Creditors of Benny's Barber Shop Limited and Benny's Hangar Limited
are required to file their proofs of debt by Aug. 5, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on July 5, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
CK AIR: Creditors' Proofs of Debt Due on Aug. 8
-----------------------------------------------
Creditors of CK Air Solutions Limited and Swiftranz Limited are
required to file their proofs of debt by Aug. 8, 2024, to be
included in the company's dividend distribution.
CK Air Solutions Limited commenced wind-up proceedings on July 4,
2024.
Swiftranz Limited commenced wind-up proceedings on July 5, 2024.
The company's liquidator is:
Pritesh Patel
PO Box 23296
Manukau City
Auckland 2241
JENNY CRAIG: Creditors' Proofs of Debt Due on Aug. 2
----------------------------------------------------
Creditors of Jenny Craig Weight Loss Centres (NZ) Limited are
required to file their proofs of debt by Aug. 2, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 14, 2024.
The company's liquidators are:
Vaughan Strawbridge
Joseph Hansell
Level 22, Gateway
1 Macquarie Place
Sydney
LILIES LIMITED: Thomas Lee Rodewald Appointed as Receiver
---------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on July 3, 2024, was
appointed as receiver and manager of Lilies Limited.
The receiver and manager may be reached at:
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
NAKI BUILDERS: Creditors' Proofs of Debt Due on Aug. 16
-------------------------------------------------------
Creditors of Naki Builders 2021 Limited, Kiwi House Inspections
Limited and Cheersmate Company Limited are required to file their
proofs of debt by Aug. 16, 2024, to be included in the company's
dividend distribution.
Naki Builders 2021 Limited commenced wind-up proceedings on July 2,
2024.
Kiwi House Inspections Limited commenced wind-up proceedings on
July 3, 2024.
Cheersmate Company Limited commenced wind-up proceedings on July 5,
2024.
The company's liquidators are:
Derek Ah Sam
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Auckland
TRINITY EMPLOYMENT: In Liquidation; Owes NZD1.5MM to Tax Dept.
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Stuff.co.nz reports that a recruitment company whose owner was
celebrated as an emerging leader by South Canterbury's business
community is in liquidation owing more than NZD1.5 million to
Inland Revenue.
Trinity Employment Services Ltd, which operated as an employment
placement business since 2021, had offices in Timaru and
Rolleston.
It was placed into liquidation in the High Court at Christchurch on
May 30 at the request of the tax department.
Cassandra Knox is listed as the sole director of the company and
owns a 95% stake. According to Companies Office records, Jake
Slumskie owns 5% of the company. Ms. Knox also goes under the name
Cassandra Slumskie.
Christchurch-based Justine Kneale, of the New Zealand Insolvency
and Trustee Service, was appointed as liquidator and released her
first report this week, according to Stuff.
In her report, the reasons given for the liquidation include a
failure to provide for taxation, and economic factors affecting the
industry.
Preferential creditors included Inland Revenue, which was owed
NZD1.55 million, and employees, who have claims totalling
NZD25,056, Stuff discloses.
Stuff relates that the report said creditor costs and disbursements
were still to be determined.
There were 18 known and potential unsecured creditors including
Blueprint Media, Branded Kiwi, Complete Credit Acquisition,
Debtworks (NZ) Ltd, Inland Revenue, Nelson Petroleum Distributors
Ltd, Renee Cleaning Company Ltd, Seek (NZ) Ltd, and Westland Dairy
Company Ltd.
Mr. Kneale said the business had been closed and staff employment
agreements terminated. The sale of remaining assets was under way.
The report showed the company has NZD769.44 in cash in the bank.
Equipment would be sold once it had been valued.
The liquidation was expected to be completed by December 2, Stuff
notes.
Ms. Knox was celebrated in 2022, winning the Emerging Leader award
at the South Canterbury Chamber of Commerce Business Excellence
Awards.
A citation described her as someone who "leads by example" and said
she had made Trinity a workplace where her team members felt
valued.
On the same day that Trinity Employment Services was put into
liquidation, Ms. Knox registered another company, Elite Employment
Services, according to Stuff.
The new company is listed as an employment placement service, and
its website uses a similar stag antler logo to that used by
Trinity.
Ms. Knox is listed as the sole shareholder and director of that
company under the surname Slumskie.
Her new website references the award she won in 2022, Stuff says.
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S I N G A P O R E
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E-HARBOUR MARINE: Court to Hear Wind-Up Petition on July 19
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A petition to wind up the operations of E-Harbour Marine Services
(S) Pte Ltd will be heard before the High Court of Singapore on
July 19, 2024, at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on June 25,
2024.
The Petitioner's solicitors are:
Messrs. Harry Elias Partnership LLP
SGX Centre 2
#17-01, 4 Shenton Way
Singapore 068807
EMAS OFFSHORE: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on June 28, 2024, to
wind up the operations of Emas Offshore Construction and Production
Pte. Ltd.
Lewek Conqueror (BVI) Ltd. filed the petition against the company.
The company's liquidators are:
Abuthahir Abdul Gafoor
Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
HOLCIM INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 5
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Creditors of Holcim Investments (Singapore) Pte. Ltd. are required
to file their proofs of debt by Aug. 5, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 27, 2024.
The company's liquidators are:
Kon Yin Tong
Aw Eng Hai
Ow Xiu Jing
c/o 1 Raffles Place
#04-61 One Raffles Place Tower 2
Singapore 048616
INCOME ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 5
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Creditors of Income Enterprises Pte. Ltd. are required to file
their proofs of debt by Aug. 5, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 28, 2024.
The company's liquidators are:
Thio Khiaw Ping Kelvin
Terence Ng Chi Hou
c/o RHT Atlas Pte Ltd
1 Paya Lebar Link
#06-09 PLQ2 Paya Lebar Quarter
Singapore 408533
SPERTA ENGINEERING: Court to Hear Wind-Up Petition on July 26
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A petition to wind up the operations of Sperta Engineering &
Services Pte Ltd will be heard before the High Court of Singapore
on July 26, 2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
July 2, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
UNITED HOLDING: Creditors' Proofs of Debt Due on Aug. 5
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Creditors of United Holding (1975) Pte. Ltd. and Hai Leck Overseas
Investments Pte Ltd are required to file their proofs of debt by
Aug. 5, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 27, 2024.
The company's liquidators are:
Thio Khiaw Ping Kelvin
Terence Ng Chi Hou
c/o RHT Atlas Pte Ltd
1 Paya Lebar Link
#06-09 PLQ2 Paya Lebar Quarter
Singapore 408533
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S O U T H K O R E A
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KOREA: Savings Banks at Risk Amid Real Estate PF Sites Evaluation
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The Chosun Daily reports that as the financial industry in South
Korea completes its evaluation of the business viability of real
estate project financing (PF) sites, worth a total of KRW230
trillion ($166.8 billion), a process to distinguish viable projects
from non-viable ones is about to begin. There are concerns within
the financial industry that savings banks, which are already
expecting large deficits this year following last year's losses,
might face a crisis during this selection process.
According to the financial industry, S. Korean financial
institutions have been reevaluating the business viability of real
estate PF sites since Jun. 13, categorizing them into four levels:
good, average, caution, and potential insolvency. These evaluations
were submitted to financial authorities on July 5, and financial
institutions must submit restructuring plans for sites rated as
"caution" or "potential insolvency" to the financial authorities by
the end of this month.
According to Chosun Daily, the financial authorities plan to push
for restructuring and voluntary sales for "caution" sites, while
pursuing sales through write-offs, auctions, or public sales for
"potential insolvency" sites where project progression is deemed
difficult.
In addition, financial institutions that have provided loans to
sites categorized as "potential insolvency" must set aside
provisions for loan losses. These provisions must cover up to 75%
of the total loan amount, ensuring that there are adequate reserves
to mitigate potential financial risks associated with these loans.
Chosun Daily says the financial authorities believe that the
restructuring of real estate project financing (PF) sites is
unlikely to lead to widespread insolvency across the entire
financial sector. They maintain that the overall stability of the
financial system will not be significantly threatened by this
process.
However, industry experts have expressed concerns that the savings
bank sector, which is already grappling with substantial deficits,
will be significantly affected. These savings banks may face severe
financial stress, exacerbating their already precarious situation,
and potentially leading to deeper financial troubles within this
segment of the industry.
Also, industry insiders expect that the additional loss costs for
savings banks from PF site restructuring will far exceed the
current provisions set aside. According to an analysis by NICE
Credit Rating, additional PF losses in the savings bank sector are
estimated to range between $1.8 billion and $3.4 billion, Chosun
Daily discloses.
Moreover, there are doubts about whether some small to medium-sized
savings banks can withstand such losses.
Last year, all 79 savings banks in the nation recorded a combined
net loss of $403.3 million, Chosun Daily notes. In the first
quarter of this year, they saw losses of $111.9 million. The
savings bank sector is expected to record deficits in the first
half of this year, similar to last year's total losses. If
provisions are set aside due to PF restructuring in the second
half, large additional losses are inevitable. Smaller savings banks
may not have the capacity to withstand these cumulative deficits.
The number of PF sites subject to restructuring is also expected to
increase beyond the estimates of financial authorities, Chosun
Daily says.
In May, financial authorities estimated that 5-10% of the total
sites would require restructuring, with about 2-3% needing auctions
or public sales. These estimates were based on the delinquency
rates at the end of last year.
Since the PF loan delinquency rate has increased up until June this
year, the number of sites that will need restructuring is expected
to grow.
An official from financial authority explained, "Our estimates were
based on the delinquency rate at the end of December. However,
because the delinquency rate has risen since then, the number of
properties that may need to be sold through auctions or public
sales could also increase," Chosun Daily relays.
According to Chosun Daily, the potential for restructuring small to
medium-sized savings banks that lack financial resources is also
being discussed within the industry. Some savings banks facing
liquidity crises might experience large-scale deposit withdrawals
or bank runs, similar to the incident with the Korean Federation of
Community Credit Cooperatives last year.
In response to these concerns, the savings bank sector has applied
to be selected as an institution eligible for the Bank of Korea's
open market operations. If included, they would receive temporary
liquidity support from the Bank of Korea in times of crisis, adds
Chosun Daily.
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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,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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