/raid1/www/Hosts/bankrupt/TCRAP_Public/240718.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 18, 2024, Vol. 27, No. 144
Headlines
A U S T R A L I A
ACCESS PRINT: Administrator Confirms Management Buy-Back
BALCOMBE BULK: Second Creditors' Meeting Set for July 24
GRAPHIC WEB: Second Creditors' Meeting Set for July 24
LOTUS BEER: First Creditors' Meeting Set for July 24
NEW LOOK: First Creditors' Meeting Set for July 24
OMEGA INVESTMENT: First Creditors' Meeting Set for July 26
C H I N A
CHINA GRAND: Faces Forced Delisting as Investors Snub Shares
JINGBO TECHNOLOGY: Delays Form 10-Q Filing for Quarter Ended May 31
SHINECO INC: Closes $7 Million Common Stock Offering
SHINECO INC: Expands Market Reach With $38M Distribution Agreements
TOMORROW HOLDING: China Merchants Bank to Take Over Former Unit
I N D I A
ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating
AROGYAM EDUCATIONAL: CRISIL Moves B+ Ratings to Not Cooperating
ASP SEALING: Insolvency Resolution Process Case Summary
BYJU'S: Companies Tribunal Admits Insolvency Proceedings
DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
DING ENTERTAINMENT: Liquidation Process Case Summary
ENRIGHT MARKETING: Voluntary Liquidation Process Case Summary
EVEREST ORGANICS: ICRA Withdraws B+ Rating on INR17.10cr LT Loan
GREENERG MOBILITY: CRISIL Assigns B+ Rating to INR8cr Debentures
GVK POWER: Faces Insolvency Proceedings on Loan Default
HPCL-MITTAL ENERGY: Moody's Ups CFR to Ba1 & Unsecured Bond to Ba2
HYOSUNG INDIA: Insolvency Resolution Process Case Summary
IMPERIA WISHFIELD: Insolvency Resolution Process Case Summary
JAWAHAR SAHAKARI: Ind-Ra Keeps D Loan Rating in NonCooperating
JAYPEE HEALTHCARE: Insolvency Resolution Process Case Summary
JAYSHRI GAYATRI: Ind-Ra Affirms BB+ LongTerm Issuer Rating
K.N. SRINIVASA: CRISIL Moves Ratings on Bank Debts to B
KALINGA BHARATI: Ind-Ra Keeps D Loan Rating in NonCooperating
M A SUSTAINABLE: CRISIL Reaffirms B+ Rating on INR11.4cr Loan
MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
MRC MILLS: CRISIL Assigns B Rating to INR32.28cr Term Loan
MY BOX: Ind-Ra Keeps BB Loan Rating in NonCooperating
N. SATISH: CRISIL Keeps B Debt Ratings in Not Cooperating
NAUVATA ENGINEERING: CRISIL Keeps B- Rating in Not Cooperating
NAVKAR BUILDCON: ICRA Maintains 'B-' Rating in Not Cooperating
NET CHECK: CRISIL Keeps B+ Debt Rating in Not Cooperating
NEW WIN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PADMABHUSHAN KRANTIVEER: Ind-Ra Keeps B Rating in NonCooperating
PIONEER MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating
PRETTY JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating
QUALIT AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
RADIANT TEXTILES: Ind-Ra Keeps BB Rating in NonCooperating
RAJ BREEDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJENDRA SINGH: Ind-Ra Keeps BB+ Rating in NonCooperating
RAJESH BUSINESS: NCLT Dismisses Resolution Plan; Orders Rerun
RAJESHWARI COTSPIN: CRISIL Moves D Ratings to Not Cooperating
RAMESHWAR PRASAD: Ind-Ra Keeps BB- Rating in NonCooperating
RATHINAM ARUMUGAM: Ind-Ra Keeps BB Loan Rating in NonCooperating
RR HOLIDAY: Ind-Ra Assigns BB+ Term Loan Rating, Outlook Stable
RUCKMONI MEMORIAL: Ind-Ra Keeps D Rating in NonCooperating
SAMDARIYA ABHUSHAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
SARATHY AUTOCARS: Ind-Ra Keeps BB- Rating in NonCooperating
SARAVANA INDUSTRIES: Ind-Ra Keeps B+ Rating in NonCooperating
SHIVAANI ALLOYS: Liquidation Process Case Summary
SHIVASHAKTI SUGAR: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
SHREE SAI: Insolvency Resolution Process Case Summary
SIDDHI VINAYAK: Ind-Ra Affirms BB Term Loan Rating, Outlook Stable
SNEHA MACTCS: CRISIL Keeps D Debt Ratings in Not Cooperating
STATUS CLOTHING: ICRA Keeps D Debt Ratings in Not Cooperating
SULTANPURE TEXTILE: Ind-Ra Keeps B+ Rating in NonCooperating
SUPER PSYLLIUM: ICRA Keeps B+ Debt Rating in Not Cooperating
SWAMI YOGANAND: Ind-Ra Keeps D Loan Rating in NonCooperating
SWARGIYA BHIKAM: Ind-Ra Keeps BB Loan Rating in NonCooperating
SWAYAMPRABHA UDYAM: ICRA Keeps B+ Debt Rating in Not Cooperating
TECHNICO INDIA: Ind-Ra Keeps BB- Rating in NonCooperating
VENKATACHALAPATHY TEXTILES: ICRA Keeps B+ Ratings in Not Coop.
YASHWANT DUGDH: Ind-Ra Keeps D Rating in NonCooperating
N E W Z E A L A N D
ACE DIGITAL: Creditors' Proofs of Debt Due on Aug. 9
ACTURA NEW ZEALAND: Goes Into Liquidation
FACING IT: Creditors' Proofs of Debt Due on Aug. 16
INDUSTRIE KITCHEN: Court to Hear Wind-Up Petition on July 30
KENON TRUCKING: Creditors' Proofs of Debt Due on Aug. 8
MULTITRACK PROJECTS: Court to Hear Wind-Up Petition on Aug. 9
S I N G A P O R E
ASIA MARINE: Court to Hear Wind-Up Petition on July 26
BIOMEDICS LABORATORY: Commences Wind-Up Proceedings
FISCHER TECH: Commences Wind-Up Proceedings
GP M&E: Creditors' Proofs of Debt Due on Aug. 16
M & C SERVICES: Creditors' Proofs of Debt Due on Aug. 16
S O U T H K O R E A
TERRAFORM LABS: Sets August 9 Deadline for Bankruptcy Claims
T H A I L A N D
ENERGY ABSOLUTE: Shares Drop to Lowest in Decade Amid Fraud Probe
- - - - -
=================
A U S T R A L I A
=================
ACCESS PRINT: Administrator Confirms Management Buy-Back
--------------------------------------------------------
Sprinter reports that the administrator for Access Print Solutions,
Graphic Print Group and Graphic Web, Sule Arnautovic, has confirmed
that directors Mark Holmes and Norbert D'Souza have bought back the
businesses or 'Companies' under a new company name.
In a letter to creditors, suppliers and employees, Mr. Arnautovic
explained more about the management buy-out of the Companies for an
undisclosed sum that went into administration on June 19.
"The Companies have executed a Business Sale Agreement with Access
Print Holdings (ABN: 49 678 413 968) whereby Access Print Holdings
(APH) has purchased the business and assets of the Companies on a
going concern basis," Sprinter quotes Mr. Arnautovic as ssying in
his letter.
"The Directors of the Companies, Mr Mark Holmes and Mr Norbert
D'Souza, are also the Directors of APH. The Effective Date for the
sale of business of the Companies was 5:00 p.m. on Wednesday,
July 10, 2024. The Completion Date for the sale of business of the
Companies was Friday, July 12, 2024. APH is responsible for the
business and the creditor obligations of the Companies from 5:01
p.m. on Wednesday, July 10, 2024," the letter said.
Suppliers of goods and services to the business have been requested
to close the trading account for the administration and contact APH
to discuss future orders from 5:01 p.m. on July 10.
According to Sprinter, Mr. Arnautovic said he expects all current
employees of the Companies will transition their employment to
APH.
"With respect to those employees who transition their employment to
APH, their employee entitlements (except for superannuation/SGC as
at June 19, 2024) will be transitioned to APH and continue to
accrue in the ordinary course of business under existing employment
terms. APH will be liable for the payment of all salary and
employee entitlements moving forward i.e. post 5:01 p.m. on
Wednesday, July 10, 2024. Please note that all salary and
entitlement amounts for the specific period of June 19, 2024 to
5:00 p.m. on July 10, 2024 will be paid by our office."
"For any employees of the Companies who choose NOT to transition
their employment to APH, your employment will have been terminated
effective 5:00 p.m. on Friday, July 12, 2024 and you will rank as a
priority creditor in the Administration process for any outstanding
employee entitlements (and for superannuation/SGC claims as at June
19, 2024). The payment of these outstanding entitlements will only
be payable in the event we realise sufficient funds (after costs,
in a liquidation or DOCA for the Companies) to pay such employee
claims and/or if the Fair Entitlement Guarantee ("FEG") Scheme pays
such employee claims. FEG only applies in a liquidation of the
Companies and does not cover superannuation/SGC claims.
"The forthcoming second meetings of creditors of the Companies will
be held on July 24, 2024 and will likely be adjourned for up to a
maximum of forty-five (45) business days to enable us to conduct
further investigations into the Companies' affairs; attempt to
bring the Companies' financials accounts and tax returns up to date
as at June 19, 2024; consider any Deed of Company Arrangement
(DOCA) for the Companies; and establish an estimated dividend
return to creditors of the Companies as at June 19, 2024 in both a
liquidation and DOCA (if any) scenario; and make our
recommendations to creditors as to the future of the Companies."
Access Print Solutions offers a diverse range of printing,
packaging and promotional services. It has a raft of external
accreditations, including ISO 12647-2 and Sustainable Green print.
The company has offset, digital and inkjet wide-format print
technology on site, with its high-tech print operation using
Prinergy workflow and CIP4 data to drive its trio of fully
automated presses.
Sule Arnautovic of Salea Advisory was appointed as administrator of
Access Print Solutions Pty Ltd, Graphic Web Pty Limited ATF Graphic
Web Unit Trust, and GPG Enterprises Pty Ltd As Trustee for the GPG
Unit Trust on June 19, 2024.
BALCOMBE BULK: Second Creditors' Meeting Set for July 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of Balcombe Bulk
Haulage Pty Ltd has been set for July 24, 2024 at 11:00 a.m. at the
offices of Cor Cordis at Level 29, 360 Collins Street in
Melbourne.
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 23, 2024 at 4:00 p.m.
Sam Kaso of Cor Cordis was appointed as administrator of the
company on June 19, 2024.
GRAPHIC WEB: Second Creditors' Meeting Set for July 24
------------------------------------------------------
A second meeting of creditors in the proceedings of Graphic Web Pty
Limited, Access Print Solutions Pty Limited, and GPG Enterprises
Pty Ltd has been set for July 24, 2024 at 11:00 a.m. virtually 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 23, 2024 at 5:00 p.m.
Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on June 19, 2024.
LOTUS BEER: First Creditors' Meeting Set for July 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Lotus Beer
Co Pty Ltd will be held on July 24, 2024, at 2:30 p.m. via Zoom.
Matthew Kucianski of Worrells was appointed as administrator of the
company on July 15, 2024.
NEW LOOK: First Creditors' Meeting Set for July 24
--------------------------------------------------
A first meeting of the creditors in the proceedings of New Look
Civil Pty. Ltd. will be held on July 24, 2024 at 9:30 a.m. via
videoconference only.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on July 12, 2024.
OMEGA INVESTMENT: First Creditors' Meeting Set for July 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Omega
Investment Holdings Pty Ltd will be held on July 26, 2024 at 10:00
a.m. at the offices of SV Partners Brisbane and via electronic
meeting.
Matthew Charles Hudson and Fabian Micheletto of SVP were appointed
as administrators of the company on July 16, 2024.
=========
C H I N A
=========
CHINA GRAND: Faces Forced Delisting as Investors Snub Shares
------------------------------------------------------------
South China Morning Post reports that China Grand Automotive
Service, the mainland's second-largest car dealer in terms of
sales, is set to be expelled from the Shanghai Stock Exchange after
its shares traded below their par value for 20 consecutive days,
the latest sign of cracks appearing in the world's largest vehicle
market.
The Post relates that the Shanghai-based company plunged by the 10
per cent daily trading limit on July 16, ending at CNY0.87 (12 US
cents). It was the 19th trading session in a row that Grand
Automotive saw its shares crash below the CNY1 threshold.
Even if it were to jump by the daily trading cap of 10 per cent on
July 17, it would not be able to break through the CNY1 mark.
According to exchange rules, a stock has to terminate trading and
face delisting after its shares trade below the 1 yuan face value
for 20 straight days.
"The company's shares are being snubbed by investors, which
reflects their bearish view about the business outlook for car
dealers," the Post quotes Ding Haifeng, a consultant at
Shanghai-based financial advisory firm Integrity, as saying.
"Increasing electric vehicle (EV) adoption, new sales models and
intensified competition make it extremely difficult for
distributors of petrol cars to survive."
Grand Automotive would become the second car dealer to be
disqualified from the bourse in about a year, following the
delisting of Pang Da Automobile Trade in June, 2023, the Post
notes.
Through more than 730 outlets across the country, it sells premium
cars under brands such as BMW, Audi and Volvo.
In 2023, Grand Automotive, which is controlled by Xinjiang Guanghui
Industry Investment Group, reported deliveries of 713,500 vehicles,
which raked in CNY138 billion, the Post discloses. It trailed only
Zhongsheng Group Holdings in terms of sales.
The car dealer posted a net profit of CNY392 million last year, a
turnaround from a net loss of CNY2.66 billion in 2022.
As of July 16, Grand Automotive was valued at CNY7.2 billion based
on the closing price of CNY0.87, the Post notes.
About China Grand Automotive
China Grand Automotive Services Group Co., Ltd. operates as an auto
dealership. The Company sells luxury passenger cars, second hand
cars, and auto parts. China Grand Automotive Services Group also
conducts vehicle maintenance and financial leasing businesses.
As reported in the Troubled Company Reporter-Asia Pacific in late
September 2023, Fitch Ratings has downgraded China-based auto
dealer China Grand Automotive Services Group Co., Ltd.'s (CGA)
Long-Term Issuer Default Rating (IDR) to 'CCC-', from 'CCC+', and
senior unsecured rating to 'CCC-', from 'CCC+', with a Recovery
Rating of 'RR4'.
The downgrade reflects CGA's lower liquidity headroom after its
operating results were weaker than Fitch expected. The revenue and
profitability recovery was not as robust as Fitch had anticipated,
and further cash burn in 1H23 has made the execution of refinancing
plans critical for its upcoming capital-market debt maturities due
in 1Q24.
The company requires a successful operational turnaround to
deleverage meaningfully even if the refinancing is completed. This
has inherent execution risk and relies on market dynamics becoming
more favourable. Fitch believes there is uncertainty in timing,
given the weak performance of some mass-market joint venture (JV)
brands and a structural decline in demand for traditional internal
combustion engine vehicles in China.
JINGBO TECHNOLOGY: Delays Form 10-Q Filing for Quarter Ended May 31
-------------------------------------------------------------------
Jingbo Technology, Inc. disclosed in a Form 12b-25 filed with the
U.S. Securities and Exchange Commission that it could not timely
file its Form 10-Q for the quarter ended May 31, 2024 because the
financial statements could not be completed in sufficient time to
solicit and obtain the necessary review of the quarterly report on
Form 10-Q and signatures thereto in a timely fashion prior to the
due date of the report.
About Jingbo
Headquartered in Shoujiang Town, Fuyang District, China., Jingbo
Technology, Inc., initially was in the business platform of
providing application software to a global vendor platform to
connect people to businesses and provide a new shopping experience.
The Company's wholly owned subsidiary, Intellegence Parking Group
Limited, is a multinational technology company, with a smart
parking application software and platform business ecosytem as its
main business venture. Intellegence operates facilities at
Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International
University, Fuyang People's Hospital, Qilu University Hospital,
Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It
also currently has eight urban parking projects.
As of Feb. 29, 2024, the Company had $12.87 million in total
assets, $31.57 million in total liabilities, and a total deficit of
$18.70 million.
Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses during the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.
SHINECO INC: Closes $7 Million Common Stock Offering
----------------------------------------------------
As previously reported on a Current Report on Form 8-K filed by
Shineco, Inc. with the U.S. Securities and Exchange Commission on
June 21, 2024, the Company and certain non-U.S. investors entered
into a securities purchase agreement. Pursuant to the SPA, the
Company agreed to sell, and the Purchasers agreed to purchase,
severally and not jointly, an aggregate of 1,400,000 shares of
common stock of the Compant at an offering price of $ 5.00 per
share.
The closing of the Offering and sale of the Shares occurred on July
8, 2024, and the Company issued the Shares in exchange for gross
proceeds of $7.0 million, before the deduction of customary
expenses.
About Shineco
Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a provider of health and medical products and services. Shineco,
operating through subsidiaries, has researched and developed 33
vitro diagnostic reagents and related medical devices to date, and
the Company also produces and sells healthy and nutritious foods.
As of March 31, 2024, the Company has $101.7 million in total
assets, $55 million in total liabilities, and $46.7 million in
total equity.
"As disclosed in the Company's unaudited condensed consolidated
financial statements, the Company had recurring net losses of
US$12.9 million and US$6.9 million, and continuing cash outflow of
US$2.9 million and US$2.5 million from operating activities from
continuing operations for the nine months ended March 31, 2024 and
2023, respectively. As of March 31, 2024, the Company had negative
working capital of US$20.9 million. Management believes these
factors raise substantial doubt about the Company's ability to
continue as a going concern for the next twelve months. In
assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company. The continuation of the Company as a
going concern through the next twelve months is dependent on the
continued financial support from its stockholders," ShineCo said in
its Quarterly Report for the period ended March 31, 2024.
On April 26, 2024, Shineco received a deficiency letter from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
notifying the Company that, based upon the closing bid price of the
Company's common stock for the last 30 consecutive business days,
the Company is not currently in compliance with the requirement to
maintain a minimum bid price of $1.00 per share for continued
listing on The Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5550(a)(2). The Company is provided a compliance
period of 180 calendar days from the date of the Notice, or until
Oct. 23, 2024, to regain compliance with Nasdaq Listing Rule
5550(a)(2).
SHINECO INC: Expands Market Reach With $38M Distribution Agreements
-------------------------------------------------------------------
Shineco, Inc., a provider of innovative diagnostic medical products
and related medical devices, announced that its subsidiary, Fuzhou
Meida Health Management Co., Ltd., has entered into Distribution
Agreements for its water-soluble phospholipid concentrate health
food beverage with a projected goal of $38 million in sales with
six distribution companies, for a term of three years.
Mrs. Jennifer Zhan, CEO of Shineco, said, "The Company's sustained
research and development efforts have developed a production
process that is expected to open up a potentially vast new market
for our health food beverage. We believe that our technologically
advanced production process provides a competitive advantage in the
marketplace since it achieves a pure physical separation and
extraction of the naturally active phospholipids."
"We have commenced mass production of phospholipids that addresses
the current shortage of supply to meet the expected higher demand
for this health food beverage, and we are intent upon expanding the
market for this uniquely healthy product. Our strategic plan is to
develop products and services in the healthcare and medical sectors
that will generate a diversified revenue stream with the goal of
maximizing shareholder returns," CEO Ms. Zhan concluded.
Phospholipids are organic compounds which are utilized in numerous
ways in food and other industries. Further, phospholipids are a key
component of cell membranes, forming a bilayer that acts as a
barrier that allows some molecules to pass through while blocking
others. Phospholipids have important health effects and are an
important element in cell growth and other physiological
processes.
The Company has developed and patented a technologically advanced
process utilizing pure physical extraction technology for this
highly important organic material. Its water solvent large column
chromatography ultrafiltration membrane protects the natural
structure and activity of phospholipids, as no chemical solvent is
involved in the process. Through precise parameter design and
regulation, the Company's ultrafiltration membrane structure
process restores the natural bilayer of phospholipid molecules and
achieves a precise separation and extraction of phospholipid
molecules. This patented technologically advanced process results
in extraction efficiency, minimizing costs and maximizing yield.
Shineco plans to continue to research and develop the application
of the naturally active water-soluble phospholipids in the medical,
food, beauty and other fields. According to the market research
firm www.factmr.com, the global phospholipids market was valued at
$3.7 billion in 2021, and with a projected CAGR of 7.3% over ten
years, this market is likely to reach a valuation of $7.3 billion
by the end of 2032.
Shineco also plans to continue to develop new high value-added
products to meet the changing needs of the healthcare and medical
sectors. In addition, it intends to optimize its global sales
network to develop and expand the overseas markets for its
products. Through continuous innovation and the development of
high-quality products, the Company expects to foster a brighter and
healthier future for people around the globe.
About Shineco
Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a provider of health and medical products and services. Shineco,
operating through subsidiaries, has researched and developed 33
vitro diagnostic reagents and related medical devices to date, and
the Company also produces and sells healthy and nutritious foods.
As of March 31, 2024, the Company has $101.7 million in total
assets, $55 million in total liabilities, and $46.7 million in
total equity.
"As disclosed in the Company's unaudited condensed consolidated
financial statements, the Company had recurring net losses of
US$12.9 million and US$6.9 million, and continuing cash outflow of
US$2.9 million and US$2.5 million from operating activities from
continuing operations for the nine months ended March 31, 2024 and
2023, respectively. As of March 31, 2024, the Company had negative
working capital of US$20.9 million. Management believes these
factors raise substantial doubt about the Company's ability to
continue as a going concern for the next twelve months. In
assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company. The continuation of the Company as a
going concern through the next twelve months is dependent on the
continued financial support from its stockholders," ShineCo said in
its Quarterly Report for the period ended March 31, 2024.
On April 26, 2024, Shineco received a deficiency letter from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
notifying the Company that, based upon the closing bid price of the
Company's common stock for the last 30 consecutive business days,
the Company is not currently in compliance with the requirement to
maintain a minimum bid price of $1.00 per share for continued
listing on The Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5550(a)(2). The Company is provided a compliance
period of 180 calendar days from the date of the Notice, or until
Oct. 23, 2024, to regain compliance with Nasdaq Listing Rule
5550(a)(2).
TOMORROW HOLDING: China Merchants Bank to Take Over Former Unit
---------------------------------------------------------------
Caixin Global reports that China Merchants Bank Co. Ltd. (CMB), one
of China's leading joint-stock commercial lenders, is moving closer
to taking over New Times Trust Co. Ltd., a former unit of failed
financial conglomerate Tomorrow Holding Co. Ltd.
CMB has been in talks with New Times Trust to acquire 100% of the
troubled trust firm, sources close to the matter told Caixin.
Tomorrow Holding Co Ltd is headquartered in China. The Company's
line of business includes holding or owning securities of companies
other than banks.
=========
I N D I A
=========
ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Alivelu Rice Products in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Alivelu Rice Products, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Alivelu Rice Products was established as a partnership firm in 1997
by Mr. A. Ramakrishna and other family members, who have more than
5 years of experience in trading of agricultural commodities. The
firm is located in Tanuku Mandal situated in west Godavari district
of Andhra Pradesh. The firm has started as a rice mill to produce
raw and boiled rice. However, in 2012, the firm shifted its line of
business to trading of agricultural commodities. The firm derives
its revenue primarily from trading in maize and other agricultural
commodities.
AROGYAM EDUCATIONAL: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Arogyam Educational Trust (AET) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 90 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with AET for
obtaining information through letter and email dated June 7, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AET
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of AET to 'CRISIL B+/Stable Issuer not
cooperating'.
AET was formed as a public charitable trust in 2012 to provide
healthcare and educational services. Currently, the trust runs a
paramedical college and a 425-bed hospital (operational 200 beds,
as modernisation work has commenced) and a nursing college, with
course offerings related to nursing, pharmacy and laboratory
technician in Roorkee. The trust plans to expand its capacity to a
700-bed teaching hospital in a phased manner and also set up a new
medical college with annual intake of 150 students for the MBBS
programme. Operations are managed by the trustees, Mr Sandeep Kumar
Kedia, Mr Sanjay Kumar Sikaria and their family members.
ASP SEALING: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: ASP Sealing Products Limited
Registered Address:
C-33, Lower Floor, Lajpat Nagar-1,
South Delhi, New Delhi
Delhi, India - 110024
Insolvency Commencement Date: June 11, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: December 8, 2024
Insolvency professional: Ranjan Chakraborti
Interim Resolution
Professional: Ranjan Chakraborti
1/22, Second Floor
Asaf All Road, New Delhi
National Capital Territory of Delhi 110002
Email: ranjanns@gmail.com
Address for Correspondence:
17D. 522 Konark, Vasundhara
Ghaziabad, UP - 201012
Email: cirp.asp@gmail.com
Last date for
submission of claims: June 25, 2024
BYJU'S: Companies Tribunal Admits Insolvency Proceedings
--------------------------------------------------------
Reuters reports that edtech company Byju's, once India's biggest
startup valued at $22 billion, will face insolvency proceedings for
failure to pay $19 million in dues to the country's cricket board,
a tribunal said on July 16.
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing, Reuters says.
According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings.
These will include the appointment of an interim resolution
professional, Pankaj Srivastava, who will oversee the management of
Byju's as the company's board of directors is suspended as per
law.
Reuters relates that CEO Raveendran will report to the resolution
professional and the company's assets will remain frozen while the
proceedings continue.
In a statement, Byju's said it wishes to "reach an amicable
settlement with BCCI and we are confident that, despite this order,
a settlement can be reached," Reuters relays.
The company's lawyers are reviewing the order and will take
necessary steps to protect the firm's interests, it added, Reuters
relays.
In February, a group of Byju's investors including Prosus and Peak
XV voted to oust Raveendran, a move which Byju's has called
invalid, Reuters recalls.
Reuters relates that the companies tribunal said in its order "it
cannot be disputed" that the parent of Byju's, Think & Learn
Private Limited, had availed itself of the services of the BCCI and
had defaulted on roughly $19 million in dues.
Delhi-based lawyer Bishwajit Dubey said Byju's controlling
shareholders can either appeal the insolvency initiation legally or
quickly settle the dispute with the cricket board to resolve the
matter, Reuters adds.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific, the
Enforcement Directorate, India's federal financial crime-fighting
agency, issued a show-cause notice to education tech company Byju's
for alleged violations of foreign exchange rules, the agency said
in a statement on Nov. 11, 2023.
Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Dattar
Ceramic Private Limited (DCPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.75 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with DCPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in June 2016, Dattar Ceramic Private Limited (DCPL)
proposes to establish a manufacturing plant of potassium and
soudium feldspar powder of 500TPD (200 mesh) with an installed
capacity of producing 1,50,000 MT/annum at Surendranagar, Gujarat.
The powder has wide usage as a raw material in the ceramic and
glass industry accounting for almost 95% of the total raw material
consumption.
DING ENTERTAINMENT: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Ding Entertainment Private Limited
1001, 678 Gazdhar Enclave
14C Dalia Ind Estate
Off Andheri Link Road,
Andheri West , Mumbai
Maharashtra, India - 400053
Liquidation Commencement Date: June 18, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Rahul Sukanraj Jain
302, Suryam Heights
18/18A, Naviwadi, Dadi Seth
Agyari Lane, Chirabazar
Mumbai, Maharashtra, 400 002
E-mail: hrahuljain@yahoo.com
-- and --
c/o Bhuta Shah & Co. LLP
302-304, Regent Chambers
Nariman Point, Mumbai 400021
E-mail: cirprahulsjain@gmail.com
depl.liquidation@gmail.com
Last date for
submission of claims: July 18, 2024
ENRIGHT MARKETING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Enright Marketing And Consulting Private Limited
SF-760, Seventh Floor
JMD Megapolis, Sector-48
Village-Tikrai
Sohna Road, Gurgaon
Haryana, India 120018
Liquidation Commencement Date: June 13, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Deepak Kumar Goyal
Flat no 101, Shridher Apartments 884/6
Ward-6, Mehrauli
State Bank of India, South
National Capital Territory of Delhi 110030
Email: ca.deepak.mba@gmail.com
Phone: 9990045308
Address for Correspondence:
701, Vikrant Tower
Tower No. 4, Rajendra Place
New Delhi 110008
Email: liq.enright@gmail.com
Last date for
submission of claims: July 12, 2024
EVEREST ORGANICS: ICRA Withdraws B+ Rating on INR17.10cr LT Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Everest Organics Limited at the request of the company and
confirmation from the company that they have not availed
unallocated limits rated by ICRA from any of the banks and based on
the No Objection Certificate received from the banker, which is in
accordance with ICRA's policy on withdrawal. ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B+ (Stable) withdrawn
Fund Based-
Cash Credit
Long Term- 17.10 [ICRA]B+ (Stable) withdrawn
Fund Based-
Term Loans
Short Term- 6.00 [ICRA]A4; withdrawn
Non Fund Based
Others
Long Term/ 7.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- withdrawn
Fund Based
Long Term- 0.90 [ICRA]B+ (Stable) withdrawn
Unallocated
The key rating drivers, liquidity position, rating sensitivities
and key financial indicators have not been captured as the rated
instruments are being withdrawn.
Everest Organics Limited was established in 1993 by Dr. Srihari
Raju. It is currently managed by his daughter, Dr. Sirisha
Kakarlapudi, who is the new CEO of EOL. Initially incorporated as a
private limited company, it went public and was listed on the BSE
in 1995. The company manufactures APIs and intermediates such as
Omeprazole, Esomeprazole, Pantoprazole, Chloro compound and
Benzimadizole. Its manufacturing facility is at Aroor village, in
the Medak district of Telangana, with an installed production
capacity of 820 MTPA. The company is ISO 9001-2008 certified, while
the plant is WHO-GMP certified. The manufacturing facility also
received US FDA approval in June 2017.
GREENERG MOBILITY: CRISIL Assigns B+ Rating to INR8cr Debentures
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
optionally convertible debentures of Greenerg Mobility Solutions
Pvt Ltd (GMSPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Optionally 8.0 CRISIL B+/Stable (Assigned)
Convertible
Debentures-LT
The rating reflects the modest scale of operations of GMSPL, its
exposure to revenue concentration risks and susceptibility to
cyclicality in the automotive industry and to regulatory changes.
The rating also factors in the vulnerability of the company's
operating margin to volatility in raw material prices and its
highly leveraged capital structure. These weaknesses are partially
offset by the high growth potential of the domestic electric
two-wheeler (E2W) industry and the experience of the promoters in
transport and mobility solutions.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations and exposure to revenue concentration
risks: GMSPL's business risk profile is constrained by its modest
scale in the intensely competitive automotive components and
ancillary industry. In fiscal 2024, the firm achieved revenue of
INR5.93 crore against INR11.22 crore in fiscal 2023. Greaves
Electric Mobility Pvt Ltd is one of the main customers contributing
more than 90% to GMSPL's revenue, resulting in high customer
concentration risk. The high revenue dependence on a key customer
will remain a rating sensitivity factor.
* Susceptibility to cyclicality in the automotive industry and to
regulatory changes, and vulnerability of operating margin to
volatility in raw material prices: The business risk profile is
susceptible to inherent cyclicality in the automotive industry,
which is linked to the economy. Also, the company is susceptible to
changes in government policies regarding automotives, such as norms
on pollution and electric vehicles. The prices of key raw materials
are volatile. As raw materials comprise 50% of the operating
income, the operating margin is susceptible to sharp adverse
movement in input prices. The company recorded operating margin of
9.36-13.48% in the three years through for 2024.
Strength:
* Growth potential of the E2W industry and promoters' experience in
transport and mobility solutions: While the E2W industry in India
is still in an early stage, it has shown significant growth with
~4.5% volume penetration in the overall two-wheeler market in
fiscal 2023 compared with ~2% in fiscal 2022. Revised FAME 2
guidelines introduced in June 2021, with subsidy increased from
INR10,000 to INR15,000 per kilowatt hour with a cap of 40% of the
ex-show room price for all eligible electric vehicles, along with
greater consumer awareness and favourable total cost of ownership
compared with petrol counterparts, have led to a sharp pick up in
sales since fiscal 2022. The industry faces various headwinds,
including high upfront cost, range anxiety, lack of retail
financing, modest resale value and recent safety concerns. However,
the government has provided strong policy support to the sector to
reduce carbon footprint and oil import bills. The key promoter of
GMSPL, Manikandan P, has expertise in electric mobility technology
and over 27 years of experience in the automotive industry, systems
and solutions development. He has worked with BOSCH, OLA and Hero
EV. This has given him an understanding of the market dynamics and
helped establish relationships with suppliers and customers.
Liquidity: Stretched
Bank limit utilisation was high at 91.05% on average for the seven
months through June 2024. Cash accrual is expected over INR31 lakh
against term debt obligation of around INR4 lakh over the medium
term. Current ratio was low at 0.78 time on March 31, 2024.
Outlook: Stable
CRISIL Ratings believes GMSPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.
Rating Sensitivity Factors
Upward factors
* Significant revenue growth and sustenance of operating margin at
9-10%, leading to higher cash accrual.
* Improvement in the working capital cycle
* Improvement in the financial risk profile
Downward factors
* Decline in revenue and operating margin falling below 6%, leading
to insufficient net cash accrual for debt servicing
* Delay in infusion of funds in the form of equity or optional
convertible debentures to support large, debt-funded capex
* Steep increase in working capital requirement weakening the
liquidity and financial risk profile
Incorporated in 2020, GMSPL manufactures electric vehicle
components such as digital instrument cluster (for two-wheelers and
three-wheelers), telematics, battery pack, BMS, VCU, BLDC motor and
motor controller. Its manufacturing facilities are at Neelambur in
Coimbatore (Tamil Nadu).
GVK POWER: Faces Insolvency Proceedings on Loan Default
-------------------------------------------------------
The Business Standard reports that GVK Power and Infrastructure Ltd
(GVKPIL) will face insolvency proceedings for failure to pay loans
to lenders, a corporate insolvency court has said.
The Hyderabad bench of National Company Law Tribunal (NCLT) issued
the order on a petition of lenders' group led by ICICI Bank Ltd,
GVKPIL said in a stock exchange filing, Business Standard relates.
The loan was originally availed of by GVK Coal Developers
(Singapore) Pte Ltd over a decade ago, for which GVKPIL acted as a
guarantor.
The NCLT bench issued the order on July 12, which was made public
on Monday. The petition was filed by ICICI Bank in 2022.
NCLT appointed Satish Kumar Gupta as an interim resolution
professional for managing the company during pendency of the
insolvency, Business Standard discloses.
"The corporate debtor has acknowledged its liabilities and admitted
the factum of corporate guarantee in its annual reports for the FYs
2018-19, 2019-20, and 2020-21. As on June 13, 2022, the borrower
was liable to pay USD1.84 billion comprising principal amount of
USD 1.13 billion, interest of USD 731.57 million and agency fee of
USD 144,000," according to the NCLT order, which was made public by
GVKPIL in the stock exchange filing, Business Standard relays.
According to Business Standard, senior counsel K Vivek Reddy,
representing ICICI, referenced a London court judgment from October
of the previous year to support the insolvency proceedings against
GVKPIL.
"The first default occurred in February 2017 and remains
unresolved. GVKPIL, as the guarantor for the loan taken by GVK
Coal, is liable. The London court confirmed this liability, and
given GVK's failure to make any payments, bankruptcy is the
necessary course of action," he stated.
In September 2011, ICICI Bank (Dubai, Bahrain, and Singapore
branches), along with Bank of Baroda (Ras Al Khaimah), Bank of
India (London and Singapore), and Canara Bank (London), sanctioned
a term loan facility of INR8,356 crore and a letter of credit for
INR292 crore to GVK Coal for acquiring coal mines in Australia,
Business Standard recalls.
Additional term loans of INR367 crore were sanctioned by other
banks in March 2014 that was later increased to INR2,089 crore.
In March 2016, ICICI Bank discovered that GVK Group intended to
sell its stake in Bangalore International Airport Ltd without
lender consent, violating the facility agreements.
Business Standard relates that the banks filed an injunction
application in a London court in April 2016, where GVK undertook
not to sell its stake in Bengaluru airport.
Due to continued nonpayment of the loan, the lender banks filed
claims before the London court for INR5,915 crore under facility
agreement-I and INR1,236 crore under facility agreement-II.
In November 2020, ICICI Bank invoked its corporate guarantee,
demanding INR5,000 crore towards principal and interest from
GVKPIL, Business Standard says.
GVKPIL expressed its inability to honour the payments but committed
to repay after negotiating a solution with the Adani Group,
requesting the bank to refrain from taking action, according to the
order cited by Business Standard.
However, ICICI Bank proceeded to approach the NCLT in 2022 to
initiate insolvency proceedings against GVKPIL, Business Standard
notes. On July 12, the NCLT determined that as of June 13, 2022,
GVKPIL was liable for INR15,576 crore, comprising INR9,463 crore in
principal, INR6,113 crore in interest, and INR1.23 crore in agency
fees.
GVK Power and Infrastructure Ltd (GVKPIL) is the flagship company
of Hyderabad-based GVK group. GVKPIL acts as an investment vehicle
of the GVK group for all its investments in the infrastructure
sector and is the ultimate holding company of diversified
infrastructure assets of the group.
HPCL-MITTAL ENERGY: Moody's Ups CFR to Ba1 & Unsecured Bond to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded HPCL-Mittal Energy Limited's (HMEL)
corporate family rating to Ba1 from Ba2. W Moody's have also
upgraded the senior unsecured bond rating to Ba2 from Ba3.
At the same time, Moody's have changed the outlook to stable from
positive.
"The upgrade of HMEL's CFR to Ba1 reflects the structural
improvements in the company's profile following the commissioning
and stabilization of its petrochemical plant that has resulted in a
larger operating scale and improved downstream integration", says
Sweta Patodia, a Moody's Ratings Assistant Vice President and
Analyst.
"The stable outlook reflects Moody's view that the company will
maintain high utilization levels at its refinery and petrochemical
plant which will result in healthy earnings and cash flows and
support the improvement in its credit metrics over the next 12
months", adds Patodia, who is also Moody's Ratings lead analyst for
HMEL.
RATINGS RATIONALE
Moody's estimate HMEL's EBITDA to be around INR75 billion for the
fiscal year ending March 31, 2025 (FY24-25) and around INR72
billion in the following year. This is based on Moody's assumption
of the petrochemical plant operating at an average capacity
utilization of 90% and the refinery at 100%-115% over the next two
years.
The petrochemical plant which started operations in March 2023, has
been operating at close to full capacity since April 2024 compared
to an average capacity utilization of around 51% in FY23-24.
The company's increased usage of opportunity crude, which came with
a shorter credit period relative to other crude varieties, led to
an increase in its short term borrowings since 2022. HMEL is
currently in the process of securing longer credit period from its
raw material suppliers, which will release working capital over the
next few months.
HMEL does not have any major capital spending plans on the anvil.
The ratings also incorporate Moody's expectation that the company
will not pay any material dividends unless its leverage is reduced
to levels that are more appropriate for its Ba1 CFR.
A reduction in capital spending combined with healthy internal cash
flow from operations will result in large free cash flow generation
and drive continued debt reduction. Consequently, Moody's expect
HMEL's debt/capitalization will decline to around 60% by March 2025
from around 65% as of March 2024. Meanwhile, its debt/EBITDA will
reduce to around 4.3x from 5.5x over the same period.
HMEL's Ba1 CFR incorporates a two-notch uplift, based on Moody's
expectation that the company will receive extraordinary support
from its shareholder and key offtaker, Hindustan Petroleum
Corporation Ltd. (HPCL, Baa3 stable). This support assumption
reflects HMEL's strategic importance to HPCL, its 49% ownership by
HPCL, as well as HPCL's management oversight and track record of
providing financial and operational assistance to HMEL.
As of March 31, 2024, 72% of the total debt in HMEL's capital
structure was secured. As such, the claims of bondholders are
subordinated to those of secured lenders. Consequently, Moody's
rate the company's senior unsecured bonds one notch below its CFR.
HMEL's short term debt has increased over the last two years which
resulted in weak liquidity. As of March 31, 2024, the company had
cash and cash equivalents of around INR30 billion, which along with
its expected cash flow generation of around INR101 billion will be
insufficient to cover its capital spending requirements (INR35
billion) and debt maturities (INR107 billion including short-term
debt of INR79 billion) through March 2026.
However, liquidity risk is mitigated given the company's strong
access to domestic and international capital markets and its long
term banking relationships. HMEL also has undrawn and committed
credit facilities of INR150 billion ($1.8 billion), although these
are short term in nature.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward ratings momentum could emerge if 1) a healthy refining
margin environment along with gradual improvement in petrochemical
spreads, results in a material increase in earnings and cash flows;
and 2) there is a reduction in the proportion of secured debt such
that it does not constitute the majority debt in the company's
capital structure.
Specific metrics that Moody's would look for an upgrade include
adjusted debt/EBITDA staying below 3.5x and debt/capitalization
remaining below 50% on a sustained basis.
Downgrade pressure on the ratings could emerge if (1) lower than
expected capacity utilization or a decline in refining margins or
petrochemical spreads results in weaker-than-expected earnings and
cash flows; (2) there is a material increase in capital spending or
dividends prior to debt and leverage reducing to levels that are
more appropriate for its ratings.
Specifics metrics indicative of a ratings downgrade include
adjusted debt/EBITDA staying above 4.5x and debt/capitalization
staying above 60% on a sustained basis.
The principal methodology used in these ratings was Refining and
Marketing published in August 2021.
HPCL-Mittal Energy Limited, which commenced operations in 2011,
owns an 11.3 million metric tons per annum (mmtpa) refinery in
Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making it
one of the highest complex refineries in Asia. The company also
operates a 1.2 mmtpa dual feed petrochemical unit at the existing
refinery.
HMEL is a joint venture between HPCL and Mittal Energy Investment
Pte Ltd, with each having a 49% shareholding. The remaining 2% is
held by Indian financial institutions.
HYOSUNG INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Hyosung India Private Limited
Registered Address:
Plot No.1, Sector-11 Auric City
Shendra, Aurangabad
Maharashtra, India 431007
Insolvency Commencement Date: June 19, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: December 16, 2024
Insolvency professional: Nipan Bansal
Interim Resolution
Professional: Nipan Bansal
10-B Udham Singh Nagar
Ludhiana, Punjab 141001
Email: irp@parshotamandassociates.com
Email: cirp.hyosung@gmail.com
Last date for
submission of claims: July 3, 2024
IMPERIA WISHFIELD: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Imperia Wishfield Private Limited
Registered Address:
A-25, Mohan Co-Operative Industrial Estate
Mathura Road, New Delhi - 110044
Insolvency Commencement Date: May 29, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 25, 2024
Insolvency professional: Chetan Gupta
Interim Resolution
Professional: Chetan Gupta
604-605, PP City Centre, Road No. 44,
Pitampura, Delhi - 110034
Email: chetan.gupta@apacanassociates.com
-- and --
Imperia Wishfield Private Limited
A-25, Mohan Co-operative Industrial Estate
Mathura Road, New Delhi - 110044
Email: elvedor.cirp@imperiawishfield.com
Last date for
submission of claims: July 4, 2024
JAWAHAR SAHAKARI: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jawahar Sahakari
Soot Girni Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR286.26 mil. Bank Loan maintained in non-cooperating category
with IND D(ISSUER NOT
COOPERATING) rating;
-- INR90 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating; and
-- INR25 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Jawahar Sahakari Soot Girni
Ltd. while reviewing the rating. Ind-Ra had consistently followed
up with Jawahar Sahakari Soot Girni Ltd. over emails, apart from
phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Jawahar Sahakari Soot
Girni Ltd. on the basis of best available information and is unable
to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Jawahar Sahakari Soot Girni
Ltd.'s credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Jawahar Sahakari Soot Girni was established in 1991 to manufacture
cotton yarn.
JAYPEE HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jaypee Healthcare Limited
Registered Address:
Sector 128, Noida
Uttar Pradesh, India 201304
Insolvency Commencement Date: June 14, 2024
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: December 11, 2024
Insolvency professional: Bhuvan Madan
Interim Resolution
Professional: Bhuvan Madan
A-103 Ashok Vihar Phase 3
(Behind Laxmi Bai College)
New Delhi 110052
Office Address:
808, Padma Tower I
Rajendra Place
New Delhi 110008
Email: madan.bhuyan@gmail.com
Email: cirpjhl.claims@gmail.com
Last date for
submission of claims: July 1, 2024
JAYSHRI GAYATRI: Ind-Ra Affirms BB+ LongTerm Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jayshri Gayatri
Food Products Private Limited's (JGFPPL) Long-Term Issuer Rating as
follows:
-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects the ongoing investigation into the fraud
committed by the erstwhile chief executive officer (CEO). The
ratings are also constrained by environmental compliance challenges
and the impact of the same on the business, and intense competition
in the dairy industry. However, the ratings are supported by the
rise in JGFPPL's revenue, increase in the EBITDA margins, and
improvement in the credit metrics in FY24 (provisional numbers).
Detailed Description of Key Rating Drivers
Ongoing Investigation Into Fraud Committed by Erstwhile CEO: As per
the audit report of FY23 and public information, an alleged fraud
of INR150 million was committed by the CEO of the company and
several other individuals. Accordingly, the CEO was terminated, and
the matter was reported to the police, whereby a first information
report dated 29 August 2023 was registered against the CEO and the
other accused. The matter is under investigation by the police.
Also, an income tax raid was conducted on multiple offices of
JGFPPL in June 2022. The assessment of income in pursuance thereof
was yet to be completed as per the audit report for FY23. The
company declared a sum of INR80 million as undisclosed income
during the income tax search. Of this, INR30 million was recorded
in FY22 and INR50 million in FY23.
Environmental Compliance Challenges and Business Impact: In
response to villagers' complaints about chemical waste in the
Seewan River, the Madhya Pradesh Pollution Control Board (MPPCB)
had issued a closure directive to JGFPPL on January 19, 2022. This
was followed by Madhya Pradesh's electricity board disconnecting
the company's power on February 26, 2022 due to non-compliance. The
MPPCB had imposed environmental compensation of INR12.5 million on
JGFPPL, which has been paid by the company. Despite these
challenges, the company resumed operations with a business
continuation order from the MPPCB on March 16, 2022. JGFPPL's
ongoing commitment to comply with pollution control norms is
crucial for the sustained operations of the business.
Intense Competition in Dairy Industry: JGFPPL has been facing the
risk of volatility in milk prices due to demand-supply dynamics,
and the unpredictable nature of monsoon, which affects cattle feed,
and thus milk production. The company has also been facing
competition from established players such as Anand Milk Union
Limited (AMUL), Mother Dairy Fruit & Vegetable Pvt. Ltd., SMC Foods
Limited ('IND A'/Negative). JGFPPL has been focusing on
institutional sales and exports of dairy products to navigate these
competitive challenges. In FY23, exports accounted for 17.65% of
JGFPPL's revenue (FY22: 23.92%).
Medium Scale of Operations; Growth in Revenue; JGFPPL's revenue
increased to INR4,798.06 million in FY24 (FY23: INR4,641.56
million; FY22: INR3,353.57 million), led by an increase in the
overall sales to B2B customers. The revenue grew at a CAGR of
20.41% during FY21-FY24. Ind-Ra expects the revenue to improve
further on a yoy basis in FY25 and believes it would continue to
grow over the medium term, backed by the addition of customers in
the B2B segment.
Healthy EBITDA Margins: In FY24, JGFPPL's EBITDA margin increased
to 15.21% (FY23: 14.47%; FY22: 14.04%), driven by better absorption
of fixed cost due to revenue growth. The ROCE was 21.8% in FY24
(FY23: 28.20%; FY22; 28.0%). Ind-Ra expects the margin to remain at
similar levels in FY25 and over the medium term due to similar
nature of operations.
Comfortable Credit Metrics: The overall metrics improved during
FY24, led by an increase in the absolute EBITDA to INR729.99
million (FY23; INR671.47 million; FY22: INR470.74 million). The
interest coverage (EBITDA/gross interest expense) was 5.16x in
FY24 (FY23: 4.42x; FY22: 7.34) and the net leverage (Total Net
Debt/EBITDA) was 2.01x (2.21x; 1.78).Furthermore, Ind-Ra expects
the metrics to continue to improve in the medium term due to a
decline in debt owing to due to scheduled repayments, and the
consequent fall in interest expenses, and average growth in overall
profitability, backed by revenue growth.
In FY23, despite an increase in the EBITDA, JGFPPL's credit metrics
had deteriorated due to a rise in the total debt to INR1,540.18
million (FY22: INR847.60 million) and gross interest expense to
INR151.95 million (INR64.16 million).
Liquidity
Stretched: JGFPPL's average utilization of the fund-based limit was
around 99.17% for the 12 months ended April 2024, with two
instances of overutilization. The fund-based working capital has
been enhanced by INR200 million since February 2024 to fund the
increase in the scale of operations. The company's cash flow from
operations turned negative at INR442.61 million in FY23 (FY22:
INR170.06 million) but it is likely to have turned positive in FY24
on account of favorable movement in other current assets. The net
working capital cycle elongated to 109 days in FY23 (FY22: 50
days), mainly on account of an increase in inventory days to 91 (40
days). The working capital cycle is likely to have deteriorated
further in FY24 on account of lower creditor days. At FYE24, the
cash and cash equivalents stood at INR82.30 million (FYE23:
INR57.73million; FYE22: INR11.37 million). JGFPPL has repayment
obligations of INR102.5 million and INR84.5 million in FY25 and
FY26, which are likely to be met via internal accruals.
Rating Sensitivities
Negative: Any deterioration in the revenue or liquidity position or
weakening in profitability, adversely affecting its credit metrics,
could lead to a negative rating action.
Positive: Sustaining the scale of operations and credit metrics and
an improvement in the liquidity profile and internal controls, all
on a sustained basis, could lead to a positive rating action.
About the Company
Established in 2013, JGFPPL is a dairy product manufacturer based
out of Madhya Pradesh, India. The entity caters to B2B, B2C and the
export market. The manufacturing facility is located in Sehore,
Madhya Pradesh, which manufactures various value-added dairy
products such as cottage cheese, butter, clarified butter, cheese,
and skimmed milk powder.
K.N. SRINIVASA: CRISIL Moves Ratings on Bank Debts to B
-------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, migrated its ratings on the bank facilities of K.N.
Srinivasa (KNS) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing the information, necessary for conducting a comprehensive
review of the ratings. Consequently, CRISIL Ratings is migrating
the ratings to 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.0 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Overdraft Facility 8.5 CRISIL B/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
The ratings continue to reflect the small scale of operations,
below-average financial risk profile and exposure to intense
competition and risks related to the tender-based nature of
business. These weaknesses are partially offset by the extensive
experience of the proprietor in the civil construction business and
his funding support.
Key Rating Drivers & Detailed Description
Weaknesses:
* Small scale of operations and exposure to intense competition and
risks related to the tender-based nature of business: The
construction industry has several unorganised entities executing
small projects. Low entry barriers have led to intense competition.
Revenue and profitability entirely depend on the ability to win
tenders. Entities in this segment face intense competition, thus
requiring them to bid aggressively to get contracts, which
restricts operating margin. Given the cyclicality inherent in the
construction industry, the ability to maintain profitability
through operating efficiency becomes critical. Scale of operations,
as reflected in revenue of INR7.5 crore estimated for fiscal 2024,
remains small amidst exposure to intense competition, geographical
concentration and limited participation in the road construction
segment.
* Below-average financial risk profile: Networth and gearing are
estimated at INR14.5 crore and 1.15 times, respectively, as on
March 31, 2024. Interest coverage and net cash accrual to total
debt ratios are estimated at 1.46 times and 0.02 time,
respectively, for fiscal 2024.
Strength:
* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor, Mr Srinivasa, in the civil
construction business has helped the firm get regular orders from
government authorities, maintain healthy relationships with
suppliers and customers, and enter into the sub-contracting
segment.
Liquidity: Stretched
Bank limit utilisation was moderate, averaging around 87.35% for
the 12 months ended June 30, 2024. Expected cash accrual of
INR0.50-INR0.70 crore should suffice to cover the term debt
obligation of INR0.12 crore over the medium term. Further, the
promoters are likely to extend support through unsecured loans to
cover the working capital expenses and debt obligation, in case of
exigencies
Outlook: Stable
CRISIL Ratings believes KNS will continue to benefit from the
extensive experience of its proprietor.
Rating Sensitivity Factors
Upward factors:
* Sustained growth in revenue (by 25%) and stable operating margin,
leading to higher cash accrual
* Improvement in working capital cycle
Downward factors:
* Decline in revenue and/or operating margin, leading to lower cash
accrual
* Substantial increase in working capital requirement, with gross
current assets of more than 500 days, weakening the financial risk
profile and liquidity
KNS was formed as a proprietorship in 1987, by Mr KN Srinivasa.
Since inception, the firm has undertaken contracts in the civil
construction field, related to roads and water drainage systems for
state government agencies.
KALINGA BHARATI: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kalinga Bharati
Foundation's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.
The detailed rating action is:
-- INR55 mil. Bank Loan maintained in non-cooperating category
with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Kalinga Bharati Foundation
while reviewing the rating. Ind-Ra had consistently followed up
with Kalinga Bharati Foundation over emails, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Kalinga Bharati
Foundation on the basis of best available information and is unable
to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Kalinga Bharati Foundation's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
About the Company
Established in 1995 in Bhubaneswar, Kalinga Bharati Foundation is a
charitable society which manages four institutes- a nursing
college, nursing school, a college and a school.
M A SUSTAINABLE: CRISIL Reaffirms B+ Rating on INR11.4cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of M A Sustainable Recycling
LLP (MASRL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Exchange
Forward 2 CRISIL A4 (Reaffirmed)
Letter of Credit 76 CRISIL A4 (Reaffirmed)
Proposed Short Term
Bank Loan Facility 0.6 CRISIL A4 (Reaffirmed)
Standby Line
of Credit 11.4 CRISIL B+/Stable (Reaffirmed)
The ratings reflect MASRL's exposure to the cyclical and fragmented
nature of the ship-breaking industry and to the regulatory and
environment hazard risk. These weaknesses are partially offset by
the extensive industry experience of the partners and location of
yard at Alang (Gujarat), which has unique geographical features
suitable for ship-breaking operations.
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to the cyclical and fragmented nature of the
ship-breaking industry: The industry is cyclical in nature and the
viability of ship-breaking business is inversely correlated with
the international freight index. If the freight index is low,
revenue earned by ships declines, and therefore, it is more
profitable to dispose old ships, thus, improving the prospects for
the ship-breaking industry. When the freight index is high, old
ships become costly. Therefore, entities in this segment undertake
ship breaking activities based on the viability of the business in
a particular year, which, in turn, depends on the price of old
ships and steel scrap prices.
The counter-cyclical nature of the business implies that
shipbreaking remains highly susceptible to periods of high economic
activity and results in irregular cash flows. Entities in this
segment must compete with other players when the availability of
vessels is low. The players are also competing with ship breakers
in China, Bangladesh, and Pakistan. Consequently, the availability
of ships and the viability of the business during an uptrend in
global economic activity remains uncertain.
* Exposure to regulatory and environment hazard risk: The
ship-breaking industry is highly regulated with strict working and
safety standards to be maintained by the shipbreakers for their
labourers and environmental compliance. Furthermore, the Government
of India enacted the Recycling of Ships Act, 2019 (Act). The
preamble of this Act mentions that it is an Act to provide for the
regulation of recycling of ships by setting certain standards and
laying down the statutory mechanism for enforcement of such
standards and related matters. Thus, any adverse circumstances or
event may affect business operations of entities.
Strengths:
* Extensive industry experience of the partners: The partners' over
two decades of experience in the ship breaking industry; strong
understanding of market dynamics and healthy relationships with
customers and suppliers should continue to support the business.
The partners have established links with cash buyers of ships and
ship-owners, and this will help them to ramp-up operations in this
entity. Further, the firm's group company's yard is Class LR
(Lloyd' Register - UK) certified in addition to Class NK (Nippon
Kaiji Kyokai - Japan) certification, which enables it to bid for
ships at competitive rates.
* Location of yard at Alang, which has unique geographical features
suitable for ship-breaking operations: The unit operates in Alang
ship recycling yard, which already has many re-rolling mills and
steel profile cutters and therefore, has a ready market for its
products. Also, Alang constitutes nearly 90% of India's
ship-breaking activities and is the country's largest ship-breaking
cluster. The unique geographical features of the area include a
high tidal range, wide continental shelf, adequate slope, and a mud
free coast. These conditions are ideal for a wide variety of ships
to be beached easily during high tide. It accommodates nearly 140
plots spread over 10 kilometre (km) stretch along the coast of
Alang.
Liquidity: Stretched
The bank limit remained unutilised over the 12 months ended May
2024. In the absence of debt obligation, expected cash accrual of
INR0.28-1.13 crore will support liquidity.
Outlook: Stable
CRISIL Ratings believes MASRL will benefit from the extensive
experience of its partners.
Rating Sensitivity factors
Upward factors:
* Increase in revenue and profitability, leading to net cash
accrual of more than INR3 crore.
* Improvement in the financial risk profile.
Downward factors:
* Rise in leverage to over 3 times or losses on account of low
scrap realisation or volatile foreign exchange rates.
* Significantly low cash accrual during the initial phase of
operations.
* Increase in working capital requirements weakening the financial
risk and liquidity profiles.
Established in December 2022, MASRL is owned and managed by Mr
Riyazhusen Sabbirali Masani, Mr Asfaqhusen Sabbirali Masani and Mr
Mohamed Asfaqhusain Masani. MASRL is into ship-breaking and supply
of reconditioning equipment. It operates a shipbreaking plot in
Alang ship breaking yard, which was recently acquired by the Masani
family.
MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mandeep
Industries (MI) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 40.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 5.94 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.06 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Mandeep Industries (MI) was established as a partnership firm in
1973 by Talaviya family. It is engaged in the crushing of ground
nut and soyabean to produce oil and oil cake, and solvent
extraction of oil cake to produce oil and de-oiled cake. The
manufacturing unit of the firm is located at Upleta in Gujarat with
input capacity of 310 MT per day of groundnut and 225 MT per day of
oil cake. The DOC is used as cattle feed, poultry feed and aqua
feed. The groundnut oil is sold locally under the brand name of
"Ganesh". Moreover, MI is also involved in trading of groundnut oil
cake, groundnut de-oiled cake and cotton seed oil depending on the
crop season.
MRC MILLS: CRISIL Assigns B Rating to INR32.28cr Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of MRC Mills Pvt Ltd (MRCMPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term
Loan 7.22 CRISIL B/Stable (Assigned)
Secured Overdraft
Facility 10.50 CRISIL B/Stable (Assigned)
Term Loan 32.28 CRISIL B/Stable (Assigned)
The rating reflects the weak financial risk profile and modest
scale of operations amidst intense competition. These weaknesses
are partially offset by the extensive experience of the promoters
in the textile processing industry.
Analytical Approach
CRISIL Ratings has treated unsecured loan of INR17.06 crore,
extended by the promoters as 75% equity and 25% debt, as the loan
is subordinate to bank debt and expected to remain in the business
over the long term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Weak financial risk profile: Financial risk profile is marked by
a leveraged capital structure and modest debt protection metrics.
Gearing and total outside liabilities to adjusted networth
(TOL/ANW) ratios were high at 17.07 times and 24.50 times,
respectively, as on March 31, 2024, while networth was modest at
INR2.8 crore. Debt protection metrics are modest, as reflected in
interest coverage ratio and net cash accrual to total debt ratios
of 1.27 times and 0.03 time, respectively, for fiscal 2024.
* Modest scale of operations in a competitive industry: Revenue was
modest around INR60 crore in fiscal 2024. Intense competition from
several small and a few large, organised players limits the pricing
flexibility and profitability of players in the textile processing
business.
Strength:
* Extensive experience of the promoters: The four-decade-long
experience of the promoters in the textile processing industry,
their strong understanding of market dynamics and established
relationships with suppliers and customers, will continue to
support the business risk profile.
Liquidity: Stretched
Bank limit utilisation was high averaging around 96.58% for the 13
months ended May 31, 2024. Expected cash accrual of over INR3.5
crore will be insufficient to cover the term debt obligation of
INR5.28 crore in fiscal 2025. The shortfall will be met through
infusion of unsecured loans by the promoters. Current ratio was
modest at 0.99 time as on March 31, 2024. The promoters are likely
to extend support through unsecured loans to cover the working
capital requirement and debt obligation.
Outlook: Stable
CRISIL Ratings believes MRCMPL will continue to benefit from the
extensive experience of its promoters and their established
relationships with clients.
Rating Sensitivity factors
Upward factors
* Sustained growth in revenue and operating margin, leading to cash
accrual of more than INR5.5 crore
* Improvement in financial risk profile and liquidity
Downward factors
* Decline in revenue and operating margin (to less than 6%),
leading to low net cash accrual
* Large debt-funded capital expenditure weakening the capital
structure
MRCMPL was incorporated in 2010. The company undertakes textile
printing and processing at its facilities in Karur and Cuddalore
(both in Tamil Nadu).
Operations are managed by the promoter, Mr K Chinnasamy and his
family members.
MY BOX: Ind-Ra Keeps BB Loan Rating in NonCooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained My Box
Technologies Pvt. Ltd.'s instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND BB/Negative
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR150 mil. Fund/Non-Fund Based Working Capital Limit
maintained in non-cooperating category with IND BB/Negative
(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with My Box Technologies Pvt.
Ltd. while reviewing the rating. Ind-Ra had consistently followed
up with My Box Technologies Pvt. Ltd. over emails, apart from phone
calls..
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of My Box Technologies Pvt.
Ltd. on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect My Box Technologies Pvt.
Ltd.'s credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 2008, MBT is a government-recognized research and
development house, engaged in the designing and selling of digital
set-top boxes to several major cable and satellite operators across
India.
N. SATISH: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N. Satish
Exports Private Limited (NSEPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 10 CRISIL B/Stable (Issuer Not
Credit Cooperating)
Export Packing 2.5 CRISIL B/Stable (Issuer Not
Credit Cooperating)
Post Shipment 15 CRISIL A4 (Issuer Not
Credit Cooperating)
Post Shipment 2.5 CRISIL B/Stable (Issuer Not
Credit Cooperating)
Proposed Long Term 6 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with NSEPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NSEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSEPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
NSEPL was set up in 1977 as a partnership firm - N Satishkumar & Co
' by Mr. Narendra Shah and Mr. Ramniklal Shah; it was reconstituted
as a private limited company and got its current name in 2011. The
company is engaged in cutting and polishing of diamonds. The
company is headquartered in Mumbai (Maharashtra) and its processing
facility is in Surat (Gujarat).
NAUVATA ENGINEERING: CRISIL Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nauvata
Engineering Private Limited (NEPL) continues to be 'CRISIL
B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital 9 CRISIL B-/Stable (ISSUER NOT
Term Loan COOPERATING)
CRISIL Ratings has been consistently following up with NEPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NEPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Nauvata is a leading engineering and project management company. It
mainly provides engineering, designing, and project management
services to oil and gas companies worldwide. It is privately owned
and is based in Bengaluru. The company was originally set up in
2005 by Mr. Ashwin D Raikar and his wife Ms. Meghana Raikar as
Silicon Designs (M) India Pvt Ltd. In 2008, this company was
renamed; 2008-09 (refers to financial year, April 1 to March 31)
was Nauvata's first year of operations.
NAVKAR BUILDCON: ICRA Maintains 'B-' Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Navkar Buildcon (NB) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 15.00 [ICRA]B- (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
As part of its process and in accordance with its rating agreement
with NB, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2011, Navkar Buildcon (NB) is a partnership firm
engaged in development of a residential cum commercial real estate
project –Navkar Plaza in Ratnagiri, Maharashtra. The firm is a
joint venture between the Ratnagiri based Padmavatee Group and
Panvel based Neel Group. The Padmavatee Group, being managed Mr.
Mahendra Jain and his two sons, Mr. Abhay Jain and Mr. Pravin Jain.
The Neel Group, being managed by Mr. Vilas Kothari was formed in
1985 as LPG cylinder distributors in Panvel and then the Group
diversified into the real estate sector.
NET CHECK: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Net Check
Solutions India Private Limited (NCSPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Bank 1 CRISIL A4 (Issuer Not
Guarantee Cooperating)
CRISIL Ratings has been consistently following up with NCSPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NCSPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Incorporated in 2003 and based in Pune, NCSPL, is engaged in cable
networking services for creating communication and intranet
networks. It is promoted Mr. Mohan Pasalkar, Arvind Pasalkar, Mr.
Vaishali Pasalkar, Mr. Laxmanrao Pasalkar and Mr. Subhadra
Pasalkar.
NEW WIN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Win Win
Feeds Private Limited (NWW) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.29 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.05 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.93 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.73 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NWW for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NWW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NWW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NWW continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, NWW manufactures poultry feed, and has
capacity of 3000 tonne per month. It also undertakes broiler
chicken farming on contract. Promoters Mr Amarnath Saha and Mr
Debnath Saha look after operations.
PADMABHUSHAN KRANTIVEER: Ind-Ra Keeps B Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Padmabhushan
Krantiveer Dr. Nagnathana Nayakawadi Hutatma Kisan Ahir Sahakari
Sakhar Kharkhana Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B/Stable (ISSUER
NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR2.0 bil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
B/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Padmabhushan Krantiveer Dr.
Nagnathana Nayakawadi Hutatma Kisan Ahir Sahakari Sakhar Kharkhana
Ltd. while reviewing the rating. Ind-Ra had consistently followed
up with Padmabhushan Krantiveer Dr. Nagnathana Nayakawadi Hutatma
Kisan Ahir Sahakari Sakhar Kharkhana Ltd. over emails, apart from
phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Padmabhushan Krantiveer
Dr. Nagnathana Nayakawadi Hutatma Kisan Ahir Sahakari Sakhar
Kharkhana Ltd. on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Padmabhushan Krantiveer Dr.
Nagnathana Nayakawadi Hutatma Kisan Ahir Sahakari Sakhar Kharkhana
Ltd.'s credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Padmabhushan Krantiveer Dr. Nagnathana Nayakawadi Hutatma Kisan
Ahir Sahakari Sakhar Kharkhana Ltd., also known as Hutatma Sugar is
a co-operative society, incorporated in 1984 with a total of 8,138
cane producing members. The sugar manufacturing plant is situated
in Walva (Sangli) with a total cane crushing capacity of 3,500 tons
per day. The company also owns a distillery unit with a total
capacity of 30KLPD.
PIONEER MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pioneer
Motors (Kannur) Private Limited (PMPL) continue to be 'CRISIL C
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL C (Issuer Not
Cooperating)
Inventory Funding 3 CRISIL C (Issuer Not
Facility Cooperating)
Long Term Loan 0.4 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMPL continues to be 'CRISIL C Issuer Not Cooperating'.
PMPL, incorporated in 1997, is an authorised dealer of vehicles and
spare parts manufactured by Piaggio and HMSI. Wayanad Vehicles, a
subsidiary of PMPL, is one of the dealers for Piaggio vehicles. The
group is based in Kannur (Kerala).
PRETTY JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pretty
Jewellery Private Limited (PJPL, Part of Araska Group (AG))
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Documentary 5 CRISIL D (Issuer Not
Bills Purchase Cooperating)
Packing Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Short Term 5.3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PJPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PJPL continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has consolidated the business and financial risk
profile of ADPL and Pretty Jewellery Private Limited (PJPL). PJPL
is a wholly owned subsidiary of ADPL. Additionally, both the
companies are engaged in a similar line of business and have
operational and financial linkages amongst them and henceforth will
be referred to as AG.
Incorporated in 2007, ADPL is engaged in trading of polished
diamonds mainly exports. The company derives around 90% of its
revenues through export trading of polished diamonds while diamond
studded jewellery contribute 10% of the revenues. It was
established as a proprietorship firm in 1976 under the name of S.
R. Diamond.
Incorporated in 2002, PJPL is engaged in manufacturing and
exporting of gold and diamond studded jewellery. The company
derives 100% of its revenues from exports. The firm has its
manufacturing facility in Seepz, Mumbai with a total strength of
120-125 artisans.
QUALIT AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Qualit Agro
Processors (QAP) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Line of Credit 13 CRISIL D (Issuer Not
Cooperating)
Packing Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with QAP for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of QAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QAP continues to be 'CRISIL D Issuer Not Cooperating'.
QAP is a proprietorship firm engaged in the processing and trading
of agro commodities. The firm is based out of Rajapalayam, TN. It
was established in 2009 by Mr. Valliyin selvan.
RADIANT TEXTILES: Ind-Ra Keeps BB Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Radiant Textiles
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB/Stable (ISSUER NOT COOPERATING)' on
the agency's website.
The detailed rating actions are:
-- INR800 mil. Fund based limits maintained in non-cooperating
category with IND BB/Stable
(ISSUER NOT COOPERATING) rating; and
-- INR400 mil. Fund-based working capital limit maintained in
non-cooperating category with IND
BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Radiant Textiles Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Radiant Textiles Limited over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Radiant Textiles Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Radiant Textiles Limited's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
About the Company
RTL was incorporated in 2005 as a closely held limited company at
Samana, Patiala (Punjab). It started its commercial operations in
January 2008. The company has a production capacity of 14,000
metric tons per annum, with 52,800 cotton ring spindles. The
company has a spinning unit for manufacturing cotton yarn for
exports and domestic sales. The company is promoted by Ramesh
Kumar, Mohan Lal, Gian Chand, Rajesh Goyal and Varun Kumar.
RAJ BREEDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Breeders
and Hatcheries Private Limited (RBHPL; part of the Raj group)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18.3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.1 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.35 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.90 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RBHPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RBHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RBHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RBHPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RBHPL and Raj Chick Farms
Pvt Ltd (RCFPL). This is because both these companies, together
referred to as the Raj group, are under the same management, and
have considerable operational and financial linkages with each
other.
The Raj group, which comprises RBHPL (up in 1998) and RCFPL (2002),
is promoted by Mr. O P Khurana and his family. Both entities are is
in the poultry farming business.
RAJENDRA SINGH: Ind-Ra Keeps BB+ Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajendra Singh
Kiledar Constructions Pvt Ltd.'s instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND BB+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR20 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
BB+/Stable (ISSUER NOT COOPERATING) rating;
-- INR305 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR0.97 mil. Term loan maintained in non-cooperating category
with IND BB+/Stable (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Rajendra Singh Kiledar
Constructions Pvt Ltd while reviewing the rating. Ind-Ra had
consistently followed up with Rajendra Singh Kiledar Constructions
Pvt Ltd over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Rajendra Singh Kiledar
Constructions Pvt Ltd on the basis of best available information
and is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect Rajendra Singh Kiledar
Constructions Pvt Ltd.'s credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
About the Company
Established as a proprietorship firm in 1977 by Rajendra Singh,
RSKCPL was reconstituted as a private limited company in 2003.The
company undertakes civil works such as construction of roads and
highways for state and local government authorities. The company,
which has its registered office in Betul, Madhya Pradesh, is
promoted by Rajendra Singh Kiledar, Shivendra Singh Kiledar and
Raghavendra Singh Kiledar
RAJESH BUSINESS: NCLT Dismisses Resolution Plan; Orders Rerun
-------------------------------------------------------------
RealtyNXT reports that the National Company Law Tribunal (NCLT) has
dismissed the resolution plan proposed for Rajesh Business &
Leisure Hotels, a subsidiary of real estate developer Rajesh
Lifespaces, citing non-compliance with statutory requirements and
procedural discrepancies.
According to RealtyNXT, the corporate insolvency resolution process
(CIRP) for Rajesh Business & Leisure Hotels, overseen by a
resolution professional (RP), had seen competing proposals from
consortiums led by Sankalp Consortium and Rare ARC-Shree Naman
Developers. Initially, the committee of creditors (CoC) had
selected the resolution plan put forward by Rare ARC and Shree
Naman Developers. However, this plan was ultimately rejected due to
procedural flaws and failure to meet statutory norms.
RealtyNXT relates that key issues raised during the tribunal
proceedings included allegations of irregularities in the CIRP's
conduct and insufficient information disclosure to stakeholders.
Counsel Nausher Kohli, representing Sankalp Recreation, opposed the
resolution plan's approval, highlighting significant procedural
irregularities, RealtyNXT says. Advocate Rohit Gupta, representing
the company's original promoters, argued that both the resolution
plan and the approval process violated legal standards.
According to RealtyNXT, NCLT members Anil Rajchellan and Kuldip
Kumar, in their ruling, identified several lapses, such as delays
in providing essential documents to the former directors and
failure to comply with stipulated information dissemination
timelines. Despite the resolution plan's initial valuation of
INR479.14 crore plus equity shares and its promise of substantial
financial returns to creditors, the tribunal found it lacking in
documentation and procedural transparency.
Promoters of Rajesh Business & Leisure Hotels contested the
approval process, alleging procedural lapses and bias towards the
consortium led by Rare ARC and Shree Naman Developers, RealtyNXT
relays. They argued that the delayed disclosure of crucial
information hindered their effective participation in the CIRP.
RealtyNXT says the tribunal's decision underscores that while the
commercial wisdom of the CoC is critical, it must strictly adhere
to statutory provisions and ensure fair treatment of all
stakeholders. Legal experts highlight this ruling as a significant
precedent in insolvency proceedings, emphasizing the importance of
procedural adherence and transparency under the Insolvency and
Bankruptcy Code (IBC).
As a result of the dismissal, the RP and CoC have been granted
permission to restart the resolution process in strict compliance
with IBC and CIRP regulations, RealtyNXT states. Additionally, a
four-month extension of the CIRP period has been provisionally
approved to allow for a thorough re-evaluation and reconsideration
of resolution proposals.
This case's outcome is expected to impact future insolvency
proceedings, underscoring the necessity for meticulous adherence to
statutory norms and procedural fairness throughout the CIRP,
RealtyNXT notes. All involved parties are expected to comply with
the tribunal's directives as they proceed with the next phase of
this contentious insolvency resolution.
Rajesh Business & Leisure Hotels Private Limited owns and operates
a hotel.
RAJESHWARI COTSPIN: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Rajeshwari Cotspin Limited (RWCL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RWCL for
obtaining information through letter and email dated June 7, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RWCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RWCL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RWCL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in February 2013, RWCL undertakes cotton ginning and
spinning to manufacture cotton yarn in multiple counts, which is
used in products such as bedsheets, terry towels, suiting, shirting
and hosiery. Its facility is located at Dahegam. Mr Maheshbhai
Bachubhai Patel and Mr Pravinbhai Nagjibhai Khunt are the
promoters.
RAMESHWAR PRASAD: Ind-Ra Keeps BB- Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rameshwar Prasad
Sharma Contractor's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB-/ Stable
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR75 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR75 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Rameshwar Prasad Sharma
Contractor while reviewing the rating. Ind-Ra had consistently
followed up with Rameshwar Prasad Sharma Contractor over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Rameshwar Prasad Sharma
Contractor on the basis of best available information and is unable
to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Rameshwar Prasad Sharma
Contractor's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
RPSC, established in 1997, is AA class road construction contractor
that executes projects for Rajasthan State Road Development and
Construction Corporation Limited (debt rated at 'IND A-'/Stable),
public works department, urban improvement trust and various
development authorities in Rajasthan. It is managed by Rameshwar
Prasad Sharma, Anil Sharma and Geeta Sharma.
RATHINAM ARUMUGAM: Ind-Ra Keeps BB Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rathinam
Arumugam Research And Educational Foundation's instrument(s) rating
in the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency through emails and phone calls. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
BB/Stable (ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR163 mil. Bank Loan maintained in non-cooperating category
with IND BB/Stable (ISSUER NOT
COOPERATING) rating; and
-- INR20 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
BB/Stable (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Rathinam Arumugam Research
And Educational Foundation while reviewing the rating. Ind-Ra had
consistently followed up with Rathinam Arumugam Research And
Educational Foundation over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Rathinam Arumugam
Research And Educational Foundation on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Rathinam
Arumugam Research And Educational Foundation's credit strength. If
an issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
About the Company
Incorporated in January 2009, Rathinam Arumugam Research And
Educational Foundation manages a school, an engineering college and
an architecture college (established in the academic year 2017-18).
It also operates a techno park with leased area of 78,982 square
feet, which is fully occupied by five tenants.
RR HOLIDAY: Ind-Ra Assigns BB+ Term Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated RR Holiday Homes
Private Limited's (RRHHPL) term loans at 'IND BB+'. The Outlook is
Stable.
The detailed rating action is:
-- INR620.00 mil. Term loan due on April 30, 2031 assigned with
IND BB+/Stable rating.
Detailed Rationale of the Rating Action
The rating reflects RRHHPL's small scale of operations, stretched
liquidity and business seasonality of the hotel industry. However,
the rating is supported by healthy operating margins and
comfortable credit metrics.
Detailed Description of Key Rating Drivers
Small Scale of Operations: According to the provisional financials
of FY24, RRHHPL's revenue increased to around INR966.48 million
(FY23: INR828.87 million), on account of a continuous increase in
the footfall in the state as well as the commencement of full
operations of Uday Backwater Resort. Its flagship hotel, Uday
Samudra Leisure Beach Hotel, contributed around 50% (INR510
million) to the total revenue of RRHHPL in FY24. Room rent formed
50.08% of the total revenue in FY24 (FY23:49.9%), followed by food
and beverages 42.26% (43.21%) and convention, and spa and other
services 7.66% (6.89%). Ind-Ra expects the revenue to improve in
FY25, led by an improved occupancy rate and an average room rate.
Intense Competition; Business Seasonality: The hospitality industry
faces intense competition, particularly in the high-end segment,
with the entry of several new players and the expansion by existing
players. The hotel industry's demand depends upon the prevailing
economic conditions. With the cyclicality experienced in major
industries, the same could be reflected in demand for hotels. The
industry, particularly those catering to leisure travel, is
seasonal in nature, which could impact occupancy levels, room rate
realization and cash flows generation of hotels.
Stretched Liquidity: RRHHPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The company has scheduled debt repayments of
INR61.9 million and INR79.5 million for FY25 and FY26,
respectively. RRHHPL's net working capital cycle reduced to two
days in FY24 (FY23: 6), due to a reduction in the debtor days to 13
(15) and inventory days to 12 (10). The company's average maximum
utilization of the fund-based limits was 87.56% during the 12
months ended April 2024. The cash flow from operations improved to
INR316.55 million in FY24 (FY23: INR225.16 million), due to an
increase in EBITDA to INR362.25 million (INR297.13 million).
However, the free cash flow decreased to negative INR3.7 million in
FY24 (FY23: INR53.58 million), due to capex of INR320.25 million
towards the renovation of the hotel. The cash and cash equivalents
stood at INR20.63 million at FYE24 (FYE23: INR67.97 million).
Healthy Operating Margins: RRHHPL's EBITDA margins increased to
37.48% in FY24 (FY23: 35.85%), because of an increase in absorption
of fixed costs on the back of increased occupancy and average room
rent. The return on capital employed increased to 23.4% in FY24
(FY23: 22.3%). Ind-Ra expects the EBITDA margins to remain in the
similar levels over the medium term, supported by an improvement in
the overall footfall for the established hotels.
Comfortable Credit Metrics: In FY24, RRHHPL's credit metrics
improved due to the increase in the EBITDA. The gross interest
coverage (operating EBITDA/gross interest expense + rents)
increased to 6.25x in FY24 (FY23: 3.41x), supported by its revenue
expansion and better cost efficiencies along with lower interest
expenses on the backdrop of loan repayments, while the net adjusted
leverage (adjusted net debt/operating EBITDA) reduced to 1.68x
(1.98x). Ind-Ra expects the credit metrics to remain in the similar
level over the medium term, on the back of the repayment of its
long-term debt, improvement in EBITDA along with planned capex of
INR98 million to be funded through INR64 million term loan.
Long Operational Track Record; Experienced Promoters: RRHHPL's
promoter-director Rajasekharan Nair has considerable experience in
the hospitality business. Over the past three decades, he has
successfully created brands in the hotel and tourism industry. He
is further supported by an experienced management team in running
the operations.
Liquidity
Stretched: The company has scheduled debt repayments of INR61.9
million and INR79.5 million for FY25 and FY26, respectively.
RRHHPL's net working capital cycle reduced to two days in FY24
(FY23: 6), due to a reduction in the debtor days to 13 (15) and
inventory days to 12 (10). The company's average maximum
utilization of the fund-based limits was 87.56% during the 12
months ended April 2024. The cash flow from operations improved to
INR316.55 million in FY24 (FY23: INR225.16 million), due to an
increase in EBITDA to INR362.25 million (INR297.13 million).
However, the free cash flow decreased to negative INR3.7 million in
FY24 (FY23: INR53.58 million), due to capex of INR320.25 million
towards the renovation of the hotel.
Rating Sensitivities
Negative: Any substantial decline in the scale of operations or
operating margins, leading to deterioration in the overall
liquidity profile and the credit metrics will be negative for the
ratings.
Positive: Maintaining the scale of operations and the credit
metrics with the net leverage remaining below 3.5x along with an
improvement in the financial risk profile and the liquidity
profile, on a sustained basis, will be positive for the ratings.
About the Company
Incorporated in May 1995, RRHPL is engaged in hospitality,
restaurant, flight catering, and travel and tour businesses. The
company has a flagship hotel named Uday Samudra Leisure Beach Hotel
with total occupancy of 227 rooms. The brand also has two more
hotels under the name Uday Backwater Resort and Uday Suites, a
convention center named Uday Palace Convention Centre. The company
also provides flight catering services under the name of Uday Sky
Kitchen.
RUCKMONI MEMORIAL: Ind-Ra Keeps D Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ruckmoni
Memorial Charitable Educational Health Trust's instrument(s) rating
in the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency through emails and phone calls. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR29.66 mil. Bank Loan maintained in non-cooperating category
with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR50 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Ruckmoni Memorial Charitable
Educational Health Trust while reviewing the rating. Ind-Ra had
consistently followed up with Ruckmoni Memorial Charitable
Educational Health Trust over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Ruckmoni Memorial
Charitable Educational Health Trust on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Ruckmoni
Memorial Charitable Educational Health Trust's credit strength. If
an issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
About the Company
Ruckmoni Memorial Charitable Educational Health Trust was formed in
2002 and registered as a public charitable trust. The trust is an
educational organization recognized under the Travancore Cochin
Literacy Scientific and Charitable Act, 1955.
SAMDARIYA ABHUSHAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Samdariya Abhushan Pvt Ltd
(SAPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2004, Samdariya Abhushan Pvt. Ltd. (SAPL) is a
private limited company promoted by the Samdariya family of
Jablpur, Madhya Pradesh. The company is engaged in retailing of
gold, diamond and studded jewellery in Jabalpur and Katni region of
Madhya Pradesh under its brand 'Samdariya Abhushan'. With over 150
years of experience in this business, the brand enjoys a good
reputation in the market over the organized players. The company
manufactures and also outsources the manufacturing of jewellery
from various suppliers. In terms of designing, given the company's
experience and understanding of its market the company makes
designs and sources designs from its suppliers. The major
operations of the company are looked after by Mr. Piyush Samdariya.
The company operates two outlets in Jabalpur and an outlet also in
Katni region, this apart the company also operates two other
outlets in other SPV.
SARATHY AUTOCARS: Ind-Ra Keeps BB- Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sarathy
Autocars' instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on
the agency's website.
The detailed rating actions are:
-- INR120.55 mil. Term loan due on June 30, 2022 maintained in
non-cooperating category with IND
BB-/Stable (ISSUER NOT COOPERATING) rating; and
-- INR474 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sarathy Autocars while
reviewing the rating. Ind-Ra had consistently followed up with
Sarathy Autocars over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Sarathy Autocars on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Sarathy Autocars' credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
About the Company
Kollam (Kerala)-based Sarathy Autocars, established in 1999 as a
partnership firm, is an authorized dealer of Maruti Suzuki India
Limited. It operates 15 showrooms and 17 service centers across the
state.
SARAVANA INDUSTRIES: Ind-Ra Keeps B+ Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Saravana
Industries Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR45 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR205 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with
IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Shri Saravana Industries
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Shri Saravana Industries Private Limited over
emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Shri Saravana Industries
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Shri Saravana Industries
Private Limited's credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Founded as a proprietorship firm in 1986 by S Kandasamy,
Madurai-based SSIPL undertakes hydromechanical operations, which
involve the design, procurement, fabrication, manufacture,
installation, testing and commissioning of complete
hydro-mechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts and gates. SSIPL imports hydro
component from China and designs of valves from Italy.
SHIVAANI ALLOYS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Shivaani Alloys Steel Castings Limited
Plot No. 17
Shanti Shikhara Apartments
R.N. Road, Somajiguda
Hyderabad 500082
Liquidation Commencement Date: June 14, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Madasa Kumar
Global Insolvency Professionals Private Limited
No. 2, 8-2-248/A/5/16, Plot No. 717, Road No. 2
Journalist Colony Road
Banjara Hills, Hyderabad 500034
Email: kumarmadas@gmail.com
Phone: 9866512519
Last date for
submission of claims: July 14, 2024
SHIVASHAKTI SUGAR: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shivashakti Sugars
Limited's (SSL) bank facilities as follows:
-- INR200 mil. Term loan due on February 2028 affirmed with IND
BB+/Stable rating;
-- INR3.470 bil. Term loan due on September 2034 assigned with IND
BB+/Stable rating; and
-- INR3.0 bil. Fund-based working capital limits affirmed with IND
BB+/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects substantial deterioration in SSL's credit
metrics in FY24 coupled with restricted access to the additional
capacity installed by the company in FY24, for which it had
borrowed substantial debt. Ind-Ra believes the restrictive access
to the additional capacity will potentially impact the growth in
scale of operations. Further, being in an industry where margins
are range-bound, SSL's debt servicing ability can be impacted
considering there has been a significant increase in the overall
debt size in the last two years. However, the ratings remain
supported by an improvement in the margins, although will remain in
modest in the near-to-medium term.
Detailed Description of Key Rating Drivers
Restriction on Additional Capacity to Impact Growth in Scale of
Operations: In FY24, SSL increased its cane crushing capacity to
17,000 tons per day (TCD) from 10,000TCD. However, the company was
able to receive environmental clearance for only 4,000 TCD from the
central government. Ind-Ra believes the capacity restriction will
impact growth in SSL's scale of operations, which is likely to
remain moderate in the near-to-medium term.
Further, the company derived around 54% of its revenue in FY24 from
sale of sugar (FY23: 81.94%), 26% from sugar syrup (nil) and 8%
from molasses (10.23%). The change in the revenue mix is mainly
because the company started selling sugar syrup to its related
entity Hermes Distillery Pvt Ltd in FY24 for manufacturing ethanol
at arm's length price. Additionally, SSL sells B-heavy molasses to
Hermes Distillery for ethanol production.
In FY24, SSL's revenue declined to INR7,914.45 million (FY23:
INR10,143.80 million) because lower allotment of quotas as well as
the ban on sugar exports imposed in FY24. Ind-Ra expects the
revenue to grow marginally in the near-to-medium term considering
the regulated nature of the sugar industry. Further, clearances
with regards to the remaining 3,000TCD will help the SSL to improve
its scale of operations. FY24 financials are provisional.
Lower Operational Performance to Impact Debt Servicing: The total
estimated project cost of INR1,593 million for capacity expansion
was funded by term loan of INR1,000 million, equity infusion from
promoters of INR100 million and the balance through internal
accruals. However, since SSL was able to secure approval to operate
only 14,000 TCD, the company utilized INR638.24 million of INR1,000
million sanctioned debt taken from Karnataka Bank Limited. Further,
the lower operational capacity approval will impact the EBITDA
(FY24: INR955.92 million, FY23: INR1,081.78 million) in the
near-to-medium term.
The total debt increased to INR8,717.30 million at FYE24 (FYE23:
INR5,961.60 million) to fund the capex, higher utilization of
fund-based limits and principal obligations of about INR573.6
million and INR556.9 million in FY25 and FY26, respectively. Ind-Ra
believes the lower operational performance will impact its debt
servicing capability in the near-to -medium term considering there
was a sizeable increase in the term debt, which stood at
INR3,665.97 million in FY24 (FY23: INR2,671.9 million).
Deterioration in Credit Metrics in FY24; Likely to Remain Modest:
The interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.88x in FY24 (FY23 1.94x) and net leverage to
8.74x (5.42x) on account of the decline in EBITDA and an increase
in the overall net debt. Ind-Ra expects the credit metrics to
remain at similar levels in the near-to-medium term on account of
sizeable debt. However, SSL does not have any major planned capex
in the near-to-medium term.
Susceptibility of Business to Regulatory Risks in Sugar Industry:
The sugar industry is regulated and vulnerable to government
policies as it is classified as an essential commodity. Besides
setting quotas for the domestic sale of sugar and restricting sugar
exports, the government has implemented various regulations such as
fixing the raw material prices in the form of fair and remunerative
prices as well as implementing restrictions on the diversion of
sugar syrup in the ensuing sugar season (2024-25). All these
factors impact the production and sales of sugar and ethanol,
posing significant uncertainty risks on SSL's scale of operations.
Moderate Range-bound EBITDA Margins; Likely to Remain Modest:
Despite the decline in EBITDA, the margins increased to 12.08% in
FY24 (FY23: 10.66%) mainly on account of higher sugar realization.
The return on capital employed was 8.7% in FY24 (FY23: 11.9%).
Ind-Ra expects the EBITDA margins to remain range bound at 12%-13%
in the near-to-medium term, considering the regulation for pricing
of sugar.
Liquidity
Stretched: SSL had an unencumbered cash balance of INR365.80
million at FYE24 (FYE23: INR98.30 million). The cash flow from
operations turned negative to INR1,193.21 million in FY24 (FY23:
INR1,854 million) mainly due to unfavorable changes in working
capital. This, along with the total capex of INR 811.93 million
which includes capex undertaken for capacity expansion in FY24
(FY23: INR622.5 million, caused the free cash flow to turn negative
to INR2,005.14 million (INR1,232 million). The net working capital
cycle elongated to 259 days in FY24 (FY23: 125 days) mainly due to
an increase in the inventory holding period to 241 days (101 days)
due to higher inventory build-up, particularly B-heavy molasses due
to lower demand of ethanol by oil manufacturing companies. Further,
the receivable period increased to 90 days in FY24 (FY23: 40 days),
while the payable period increased to 72 days (16 days). The
average use of the fund-based limit stood at 43.71% for the 12
months ended March 2024 and is likely to have remained at similar
levels over April to June 2024.
Rating Sensitivities
Negative: Any deterioration in liquidity or profitability or credit
metrics, on a sustained basis, could result in a negative rating
action.
Positive: An overall improvement in liquidity and credit metrics on
a sustained basis could result in a positive rating action.
About the Company
SSL was set up in 1995 by Dr. Prabhakar B Kore. and was issued
license for setting up a sugar manufacturing unit in 1995; however,
it was unable to launch the project till 2000 for various reasons.
Subsequently, SSL was acquired by KPR Sugar Mills Pvt Ltd (part of
KPR group, Coimbatore) in early 2000. The company was reacquired by
Dr. Kore in April 2010. Initially, the company set up a sugar plant
with an installed capacity of 3,500TCD and a bagasse-based 15 MW
co-generation capacity, As of FY24, SSL had a sugar production
capacity of 14,000TCD and 37MW of co-generation capacity.
SHREE SAI: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Shree Sai Krupa Ispat Private Limited
Registered Address:
Plot No. 9, New Darukhana
Mumbai, Maharashtra,
India 400010
Insolvency Commencement Date: May 17, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 11, 2024
Insolvency professional: Kiran Martin Golla
Interim Resolution
Professional: Kiran Martin Golla
Flat No. 1704, T-3
Raheja Tipco Heights
Rani Sati Marg, Malad-E
Mumbai - 400097, Maharashtra
Email: ip.kirangolla9@gmail.com
Email: saiispat.ibc@gmail.com
Last date for
submission of claims: July 2, 2024
SIDDHI VINAYAK: Ind-Ra Affirms BB Term Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Siddhi
Vinayak Trust's (SSVT) term loan rating as follows:
-- INR970.00 mil. Term loans due on December 2033 affirmed with
IND BB/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects the continued fluctuations in the student
headcount and dependence on debt to fund the construction of the
medical college in Sambhal district, which has led to escalation in
the leverage metrics. However, the rating derives comfort from the
trust's improved scale of operations in FY24 (provisional numbers),
attributed to the yearly fee hike coupled with a substantial jump
in the hospital revenue. Furthermore, the EBITDAR levels have been
improving steadily, and the interest coverage ratio is comfortable.
Ind-Ra expects SSVT's performance to gradually improve over the
medium term owing to the likely commencement of the new medical
college and revenue contribution from hospital operations.
Detailed Description of Key Rating Drivers
Fluctuating Headcount: Ind-Ra expects the student headcount to grow
in the medium term with commencement of the new medical college. A
continuous decline in the student headcount was witnessed during
FY20-FY22, due to the general decline in the interest of students
towards engineering or polytechnic courses. The student headcount
improved to 3,000 during FY23, but it declined marginally by 1.8%
yoy to 2,947 in FY24 owing to a fall in the student enrolments
under polytechnic and nursing courses.
Of the total 2,947 students in FY24, about 20.2% of the students
were from engineering (FY23: 19.3%), 21.6% were from polytechnic
(33.8%) and 40.7% were from management courses (32.7%). The balance
of around 17.5% in FY24 pertained to the nursing, paramedical and
pharmacy courses. The share of management courses in the overall
student headcount grew to 40.7% in FY24 from 26.8% in FY20.
Escalation in Leverage in FY24; Comfortable Coverage: Ind-Ra
expects the debt to remain high in the near term as SSVT plans to
rely on unsecured loans from related parties for funding the
capacity expansion of its newly set-up hospital to 630 beds from
330 beds. In FY24, despite an increase of 17.9% yoy in the EBITDAR
to INR141.04 million, the net leverage (net debt including
rent/EBITDAR) deteriorated to 6.6x (FY23: 2.5x) due to a
substantial increase in the total debt. The aggregate term loan and
unsecured loans from trustees increased to INR1,116.56 million in
FY24 (FY23: INR348.91 million). The interest coverage
(EBITDAR/interest expenses) increased slightly to 4.5x in FY24
(FY23: 4.4x) on account of higher absolute EBITDAR levels in FY24
and almost flat interest expenses.
Reliance on Debt-funded capex: Ind-Ra expects the trust to expand
the hospital capacity in Sambhal district to 630 beds, which is
likely to be funded through further infusion of unsecured loans.
Under phase 1, SSVT along with the government of Uttar Pradesh has
undertaken major capex amounting to INR1,560.00 million to set up a
medical college and an attached hospital by FY25 under the private
public partnership model. The capex is being funded through 67%
debt and remaining through internal accruals and unsecured loans
from managing trustees. The government of Uttar Pradesh has signed
a concession agreement with SSVT to provide support in the form of
interest subsidy (5% subject to a maximum of INR10 million per
year), and assistance of INR0.5 million per seat per year for the
first and second batches of students joining the medical college.
The trust had already incurred capex of INR1,102.70 million as on
31 March 2024, which was funded through term debt of INR782.50
million and internal accruals/loans from related parties of
INR320.20 million. The project has been running on time and the
hospital became operational from April 2023 in a phased manner. The
medical college is in the process of obtaining all approvals and
plans to start the admission process from July 2024 academic year
(commercial operation date: March 2025).
Regulatory Risk: The education sector in India is highly regulated
and the SSVT's operations could be impacted in case of any adverse
regulatory changes in the central/state government policies and
regulations. The key courses offered by the university are namely
engineering, management and courses related to medicine. Any
regulatory action causing a downward revision in the fees charged
for such courses could impact SSVT's revenue.
Revenue Tailwinds: Ind-Ra expects the top-line to grow year-on-year
over the medium term, largely on the back of a yearly increase in
the tuition fees, coupled with a hike in the hospital revenue.
SSVT's revenue grew 43.2% yoy to INR388.58 million in FY24, largely
on the back of the yearly hike in tuition fees and commencement of
a new hospital in Sambhal district in April 2023. SSVT's portfolio
is diversified as it manages hospitals, engineering colleges,
management courses, nursing, polytechnic college. In addition, the
trust also provides services to Tata Consultancy Services (TCS),
wherein it offers computers and staff for conducting of various
exams.
The hospital receipts rose by 140.7% yoy to INR190.60 million in
FY24 (FY23: INR79.20 million), and constituted 49.1% of the overall
revenues during the year. The tuition fees increased by 18.3% to
INR181.11 million (FY23: INR153.10 million). However, the rental
income remained almost flat at INR15.22 million (FY23: INR15.26
million).
Comfortable EBITDAR Margins: Ind-Ra expects the EBITDAR margin to
remain comfortable in the near term. SSVT reported strong EBITDAR
margins of above 34.0% during FY20-FY24. In FY24, the EBITDAR
margin contracted to 36.3% (FY23: 44.1%), as the commencement of
the new hospital led to a substantial jump in expenses. The staff
cost went up by 32.8% yoy and other operating expenses were up by
91.6% yoy in FY24.
However, in FY24, SSVT reported net surplus of INR82.24 million
(FY23: INR61.12 million) and net cash accruals of INR109.59 million
(INR92.59 million).
Liquidity
Stretched: Ind-Ra expects the liquidity position to remain
stretched in the near-to-medium term owing to debt-funded capex.
The cash flow from operations turned positive at INR208.97 million
in FY24 (FY23: negative INR162.56 million) owing to a decline in
capital advances coupled with other loans and advances. During
FY23, the capital advances were provided to various suppliers and
contractors for establishing the medical college in Sambhal
district. The capex for the same project had achieved 70.7%
financial progress as on 31 March 2024. After the completion of
phase 1, the trust plans to expand the hospital capacity to 630
beds from existing 330 beds. The capex is likely to be funded
through internal accruals and unsecured loans from related parties.
The repayment obligations and capex in FY24 were largely funded
through internal accruals, term loan proceeds and unsecured loans
from trustees. Furthermore, the company has debt servicing
obligation of around INR1.8 million in FY25 pertaining to vehicle
loan, and INR12.40 million in FY26 for existing loans, as the
repayment for the Sambhal project starts from December 2025, which
Ind-Ra expects to be met comfortably by the trust's EBITDAR.
SSVT's available funds were moderate at INR190.81 million in FY24
(FY23: INR60.03 million), which was 16.9% (17.0%) and 74.2% (38.3%)
of debt and operating expenditure, respectively.
Rating Sensitivities
Negative: Events that may, individually or collectively, lead to a
negative rating action are:
-- a 10% yoy fall in student strength for two consecutive years,
-- the EBITDAR margin reducing below 30%,
-- significant stress in the liquidity position, and
-- significant delays in completion of the capex
Positive: Events that may collectively lead to a positive rating
action are:
-- a sustained increase in the student headcount, and
-- a sustained improvement in the scale of operations
-- a decrease in the external debt levels and improvement in
EBITDAR, resulting in the net leverage falling below 3.50x on
sustained basis
About the Company
SSVT is a not-for-profit trust registered under The Indian Trust
Act, 1872. The trust was registered in December 2007. It is
promoted by Shri Siddhi Vinayak group of companies, which is a
large, diversified business house based out of Bareilly. SSVT has
established several institutes in Bareilly area, which include Shri
Siddhi Vinayak Institute of Technology, Shri Siddhi Vinayak
Institute of Management, Shri Siddhi Vinayak Polytechnic, Shri
Siddhi Vinayak School of Nursing, and Shri Siddhi Vinayak Institute
of Paramedical Studies. Since 2019, SSVT has also managed a
hospital - Vinayak Hospital. SSVT has been selected by the Uttar
Pradesh government for the establishment of a medical college along
with a 330-bed hospital in Sambhal district. The hospital has been
operational from April 2023, though the medical college is yet to
start.
SNEHA MACTCS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sneha MACTCS
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term 0.69 CRISIL D (Issuer Not
Bank Facility Cooperating)
Proposed Long Term 0.31 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Sneha MACTCS
for obtaining information through letter and email dated June 19,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Sneha MACTCS, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Sneha MACTCS is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Sneha MACTCS continues to be 'CRISIL D Issuer Not
Cooperating'.
Sneha Mutually Aided Cooperative Thrift and Credit Society Ltd.
(MACTCS), located at Ibrahimpatnam village of Ranga Reddy district
and known as Mahila Bank, was formed by more than 459 SHGs
constituting 2405 active members. This organisation was started in
the year 2000, and now operating with 13 branches in Ranga Reddy
district of Telangana. Society has 15 director who look after the
lending to SHG groups, these 15 directors have an operational
period of 3 years; after every 3 years, there is rotation of board
of directors. Society has been operating in MFI segment for more
than 2 decades with loan portfolio of INR3.6 crore.
STATUS CLOTHING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Status Clothing Company
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Status Clothing Company Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Status Clothing Company Limited was set up in 1996 as a partnership
firm. In July 2011, the firm was converted into a private limited
company and the name was changed to its current name. It is engaged
in manufacturing and trading of greige fabric i.e. fabric for
shirting and suiting. The registered office and manufacturing plant
of the company is located in Tarapur, Thane. The manufacturing
plant is spread over an area of 45,000 square feet with installed
capacity of 5.60 lakh meters per month. The company primarily sells
greige fabric mainly to exporters and local traders. It is also an
outsourcing house for other branded finished fabric players. The
company has an in-house design team and also manufactures as per
customer's design specifications.
SULTANPURE TEXTILE: Ind-Ra Keeps B+ Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sultanpure
Textile Mills Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR120 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR68.5 mil. Term loan due on April 30, 2027 maintained in
non-cooperating category with IND
B+/Stable (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sultanpure Textile Mills
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Sultanpure Textile Mills Private Limited over
emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Sultanpure Textile Mills
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Sultanpure Textile Mills
Private Limited's credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Established in 1994, Ichalkaranji, Maharashtra-based STMPL is
engaged in the designing and manufacturing of industrial fabrics
for use in laminated, pharmaceutical, abrasive and self-adhesive
tapes. Gajanan Sultanpure and Tushar Sultanpure are the promoters.
SUPER PSYLLIUM: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Super Psyllium
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 8.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Super Psyllium, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established as a partnership firm in 2005, Super Psyllium is
promoted by members of the Patel family, who have extensive
experience in the agro-commodity business. The firm manufactures
psyllium husk from psyllium seeds (Isabgol), and also trades in
agro-commodities. The firm currently has an installed capacity for
processing 6,750 MTPA of psyllium seeds. The partners are also
associated with Satnam Psyllium Industries and Eastmade Spices &
Herbs Pvt. Ltd., which are also involved in the agri-commodities
business. In FY2020, the firm reported a net profit of INR1.0 crore
on an operating income of INR51.2 crore compared to a net profit of
INR1.2 crore on an operating income of INR61.0 crore in FY2019.
SWAMI YOGANAND: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swami Yoganand
Charitable Trust's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR30 mil. Fund/Non-Fund Based Working Capital Limit maintained
in non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating; and
-- INR49.5 mil. Term loan maintained in non-cooperating category
with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Swami Yoganand Charitable
Trust while reviewing the rating. Ind-Ra had consistently followed
up with Swami Yoganand Charitable Trust over emails, apart from
phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Swami Yoganand Charitable
Trust on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Swami Yoganand Charitable
Trust's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
The trust was established in 2002. It runs two boarding schools
under the name Vatsalya International School in Anand, Gujarat.
SWARGIYA BHIKAM: Ind-Ra Keeps BB Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swargiya Bhikam
Singh Smriti Samaj Kalyan Sansthan's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND BB/Stable
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR74.28 bil. Bank Loan maintained in non-cooperating category
with IND BB/Stable (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Swargiya Bhikam Singh Smriti
Samaj Kalyan Sansthan while reviewing the rating. Ind-Ra had
consistently followed up with Swargiya Bhikam Singh Smriti Samaj
Kalyan Sansthan over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Swargiya Bhikam Singh
Smriti Samaj Kalyan Sansthan on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Swargiya
Bhikam Singh Smriti Samaj Kalyan Sansthan's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
About the Company
Swargiya Bhikam Singh Smriti Samaj Kalyan Sansthan was established
in 1998 under the Societies Registration act, 1973 in Gwalior,
Madhya Pradesh. It manages two colleges and offers nursing,
computer application and business administration courses. The
society also has a 350-bed hospital.
SWAYAMPRABHA UDYAM: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Swayamprabha
Udyam & Company (Swayamprabha) in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 9.25 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Swayamprabha, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2000, Swayamprabha is a partnership firm managed by
Mr. Ajith Kamath and his wife Mrs. Anasooya Kamath. It processes
RCNs and converts them into kernels. It imports RCNs primarily from
the African countries like Guinea Bissau, Tanzania and Ivory Coast.
The processed kernels are graded, packed and sold in the domestic
and international market. The firm's manufacturing facility is
located in Karkala. As per provisional results for FY2020, the firm
reported a net profit of INR0.1 crore on an operating income (OI)
of INR27.0 crore, as against a net loss of INR0.3 crore on an OI of
INR48.7 crore in FY2019.
TECHNICO INDIA: Ind-Ra Keeps BB- Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Technico (India)
Pvt Ltd.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND BB-/Stable (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR80 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND
BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR270 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR100 mil. Term loan due on February 28, 2030 maintained in
non-cooperating category with
IND BB-/Stable (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Technico (India) Pvt Ltd
while reviewing the rating. Ind-Ra had consistently followed up
with Technico (India) Pvt Ltd over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Technico (India) Pvt Ltd
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Technico (India) Pvt Ltd.'s credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
About the Company
Incorporated in 1979, TIPL is located in Kolkata and primarily
undertakes turnkey contracts for setting up fire detection and
protection systems. TIPL's operations comprise designing,
manufacturing, installing and maintaining of fire detection and
protection systems, primarily industrial units.
VENKATACHALAPATHY TEXTILES: ICRA Keeps B+ Ratings in Not Coop.
--------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Sre
Venkatachalapathy Textiles (SVT) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 2.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 5.08 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 0.42 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SVT, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite Information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Sre Venkatachalapathy Textiles (SVT) was started by late Mr.
Venkataswamy Naidu in 1988 as a sole proprietorship and was
converted into a partnership firm in 1999. The firm started its
operations as a manufacturer of cotton yarn in 40s count and has
expanded to sale of grey fabric and dyed fabric the last few years.
The firm currently operates with 16,500 spindles. While the firm
utilizes its in-house capacity for yarn manufacturing, it
outsources weaving and dyeing activities.
YASHWANT DUGDH: Ind-Ra Keeps D Rating in NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Yashwant Dugdh
Prakriya Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR90 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating; and
-- INR8.9 mil Term loan due on December 31, 2021 maintained in
non-cooperating category with IND
D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Yashwant Dugdh Prakriya
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Yashwant Dugdh Prakriya Limited over emails, apart
from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Yashwant Dugdh Prakriya
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Yashwant Dugdh Prakriya
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 2008, YDPL processes milk in Shirala, Sangli. It
has an installed capacity of 200,000 liters per day.
=====================
N E W Z E A L A N D
=====================
ACE DIGITAL: Creditors' Proofs of Debt Due on Aug. 9
----------------------------------------------------
Creditors of Ace Digital NZ Limited and Drive Smart Limited are
required to file their proofs of debt by Aug 9, 2024, to be
included in the company's dividend distribution.
Ace Digital NZ Limited commenced wind-up proceedings on July 11,
2024.
Drive Smart Limited commenced wind-up proceedings on July 9 2024.
The company's liquidator is:
Simon Dalton
Gerry Rea Partners
PO Box 3015
Auckland
ACTURA NEW ZEALAND: Goes Into Liquidation
-----------------------------------------
Stuff.co.nz reports that a company that organises study trips for
high school students to Nasa has gone into liquidation.
Larissa Logan of Fixity Limited confirmed to Stuff on July 17 that
Actura New Zealand has been placed into liquidation and she had
been appointed liquidator as of 2:00 p.m.
The move follows its Australian parent company, Actura Australia
Pty Ltd, which went into liquidation last month.
The company ran educational trips for school pupils to locations
including Nasa in the United States and Australia's Great Barrier
Reef.
Stuff contacted Actura NZ via email and received a reply stating:
"Thank you for your email. Unfortunately Actura has ceased all
operations. This inbox is no longer monitored."
The website has since been taken offline, Stuff notes.
It's estimated about 100 kiwi families were affected after Actura
Australia collapsed, according to Stuff.
Stuff relates that Eva Niehorster, whose daughter was due to travel
to Nasa in the US in December, said her family has lost over
NZD10,000.
She said the family was offered the opportunity to pay the full
trip cost earlier in the year, with the incentive of a discount.
Ms. Niehorster described the situation as "absolutely
devastating".
Stuff says space company Rocket Lab has since stepped in with an
offer to school students whose dreams of visiting Nasa have been
dashed.
According to the NZ Companies Office website, Actura NZ's director
is Tin Chung Chung of New South Wales, Australia.
FACING IT: Creditors' Proofs of Debt Due on Aug. 16
---------------------------------------------------
Creditors of Facing It Aesthetics Limited are required to file
their proofs of debt by Aug. 16, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2024.
The company's liquidator is:
Ryan Eathorne
InSolve Partners
PO Box 24366
Wellington
INDUSTRIE KITCHEN: Court to Hear Wind-Up Petition on July 30
------------------------------------------------------------
A petition to wind up the operations of Industrie Kitchen Limited
will be heard before the High Court at Rotorua on July 30, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 21, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
KENON TRUCKING: Creditors' Proofs of Debt Due on Aug. 8
-------------------------------------------------------
Creditors of Kenon Trucking & Civil Limited are required to file
their proofs of debt by Aug. 8, 2024, to be included in the
company's dividend distribution.
The High Court at Auckland appointed Mohammed Tazleen Nasib Jan of
Liquidation Management as the company's liquidator on May 24,
2024.
MULTITRACK PROJECTS: Court to Hear Wind-Up Petition on Aug. 9
-------------------------------------------------------------
A petition to wind up the operations of Multitrack Projects Limited
will be heard before the High Court at Auckland on Aug. 9, 2024, at
10:45 a.m.
Body Corporate 189252 filed the petition against the company on
June 14, 2024.
The Petitioner's solicitor is:
Wilson Harle
64 Fort Street
Auckland
=================
S I N G A P O R E
=================
ASIA MARINE: Court to Hear Wind-Up Petition on July 26
------------------------------------------------------
A petition to wind up the operations of Asia Marine Logistics 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 5, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
BIOMEDICS LABORATORY: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Biomedics Laboratory Pte Ltd, on July 4, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Tan Wei Cheong
Lim Loo Khoon
Deloitte & Touche LLP
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
FISCHER TECH: Commences Wind-Up Proceedings
-------------------------------------------
Members of Fischer Tech International Pte Ltd on July 9, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Cosimo Borrelli
Jason Aleksander Kardachi
Kroll Pte. Limiteda
10 Collyer Quay
#05-04/05 Ocean Financial Centre
Singapore 049315
GP M&E: Creditors' Proofs of Debt Due on Aug. 16
------------------------------------------------
Creditors of GP M&E Pte. Ltd. are required to file their proofs of
debt by Aug. 16, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 10, 2024.
The company's liquidators are:
Mr. Don M Ho
Mr. David Ho Chjuen Meng
M/s DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
M & C SERVICES: Creditors' Proofs of Debt Due on Aug. 16
--------------------------------------------------------
Creditors of M & C Services Private Limited are required to file
their proofs of debt by Aug. 16, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 10, 2024.
The company's liquidator is:
Farooq Ahmad Mann
c/o Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
=====================
S O U T H K O R E A
=====================
TERRAFORM LABS: Sets August 9 Deadline for Bankruptcy Claims
------------------------------------------------------------
Coinspeaker reports that Terraform Labs has announced an important
deadline for filing claims in its Chapter 11 bankruptcy cases. The
company set August 9, 2024, at 5:00 p.m. (ET) as the General Bar
Date for creditors to submit their claims.
This announcement is crucial for those affected by the financial
turmoil following the collapse of the TerraUSD and Luna tokens in
2022.
According to Coinspeaker, the General Bar Date pertains to claims
against Terraform Labs Pte Ltd (TFL) that arose before January 21,
2024, and against Terraform Labs Limited (TLL) for claims before
July 1, 2024. Terraform Labs emphasized that meeting this deadline
is essential for ensuring that claims are considered in the
bankruptcy proceedings. Claimants who miss this deadline risk
having their claims excluded from the process.
Coinspeaker relates that Terraform Labs also clarified that the
General Bar Date does not apply to certain "Excluded Crypto
Claims". These claims, defined in the official bar date notice,
will have a different deadline established later. The company
assured that those with such claims would receive specific
notifications regarding their filing deadlines. This
differentiation is important for managing various types of claims
efficiently within the bankruptcy framework.
About Terraform Labs
Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.
Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.
The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.
Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.
Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.
The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.
On February 29, 2024, the U.S. Trustee for Region 3 appointed an
official committee to represent unsecured creditors in the Chapter
11 case of Terraform Labs Pte. Ltd. The committee hires McDermott
Will & Emery LLP as counsel. Force Ten Partners, LLC as financial
advisor. Genesis Credit Partners LLC as financial advisor.
David M. Klauder was appointed as the fee examiner in this Chapter
11 case. The fee examiner tapped Bielli & Klauder, LLC as his legal
counsel.
===============
T H A I L A N D
===============
ENERGY ABSOLUTE: Shares Drop to Lowest in Decade Amid Fraud Probe
-----------------------------------------------------------------
Bloomberg News reports that Energy Absolute Pcl shares plunged by
the 30% daily limit after the founder and chief executive quit over
a fraud probe and its credit rating was slashed to junk.
According to Bloomberg, Energy Absolute fell to a 10-year low of
THB9.2 when it resumed trading July 16, after revealing it has
THB19.5 billion ($539 million) of debt due in 2024 and is seeking
one or more strategic partners. Its disclosure followed a one-day
share suspension ordered by the Stock Exchange of Thailand, which
demanded the renewables company explain its financials and the
impact of a fraud probe.
Energy Absolute has lost more than 79% this year, partly on concern
at its aggressive expansion into everything from power generation
and batteries to autos and the assembly of trains, ferries and
buses, Bloomberg says. Founder Somphote Ahunai, who has now lost
his billionaire status, resigned as CEO at the weekend after the
Securities and Exchange Commission said it was investigating him
and other executives for possible fraud. He denies wrongdoing.
Bloomberg relates that the company is "in the process of
negotiating and considering the selection of strategic partner(s)"
to boost its strength, repay debt and develop a sustainable
business. It also intends to roll over short-term loans and said it
still has about 1 billion baht of revenue each month from power
plants, according to its filing on July 15.
But TRIS Rating, a strategic partner of S&P Global, said in a
separate statement that the downgrade to "BB+" from "BBB+" reflects
"heightened liquidity risk" for the company in the near term,
according to Bloomberg.
"TRIS Rating views that the corporate governance issue is likely to
severely impact creditors' and investors' appetite on EA credit
risk, leading to heightened refinancing risk of its near-maturing
debenture obligations," it said.
Thai authorities are now considering new and stricter measures to
supervise listed companies and to prevent fraud and corruption by
executives, Lavaron Sangsnit, permanent secretary at the finance
ministry who is also a member of SEC board, told reporters on July
16, Bloomberg relays. The SEC needs to clean up problems "that have
been under the rug" for some time, he said.
While the probe into Energy Absolute is still ongoing, some
analysts are already raising concerns, Bloomberg states. Banks, for
instance, may have to set extra provisions against the company's
debt, according to Citi.
"Although EA may still be able to repay its debt, the weakness of
its EV-related business and the loss of management credibility
might cause banks to classify EA as stage 2 or 3 and set extra
provisions," analyst Rawisara Suwanumphai wrote in a note.
According to Bloomberg, Thanachart Securities Pcl now recommends
investors sell the stock, and UOB Kay Hian ended coverage, warning
Energy Absolute's ongoing and future projects could face delays,
while the fraud allegations will likely have "severe repercussions
for the company's ability to issue bonds and manage debt
repayment."
"EA's new bond sales scheduled this month will probably be delayed
indefinitely," Bloomberg quotes Saravut Tachochavalit, an analyst
at RHB Securities (Thailand) Pcl, as saying in a report on July
15.
Still, Energy Absolute said in a press briefing July 15 that it
will proceed with plans to sell as much as THB5.5 billion of green
bonds on July 23-25.
About Energy Absolute
Energy Absolute Public Company Limited (BKK:EA) --
https://www.energyabsolute.co.th/ -- together with its
subsidiaries, engages in the manufacturing and distribution of
crude palm oil, biodiesel products, and glycerol in Thailand. The
company provides phase change materials, as well as electric bus,
car, and ferry; and development, manufacture of lithium-ion
batteries for applications such as electric automobiles and energy
storage systems. It produces and distributes solar and wind
electric power from renewable energy. In addition, the company
involves in construction projects consulting; research and
development of electricity equipment, biodiesel, battery, and
electric vehicle; hire purchase of electric vehicles, shore tank
rental, and crude palm oil pipeline transport services; and
operates charging stations.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***