/raid1/www/Hosts/bankrupt/TCRAP_Public/240816.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 16, 2024, Vol. 27, No. 165
Headlines
A U S T R A L I A
BASSI EARTHWORKS: First Creditors' Meeting Set for Aug. 22
KRTM PTY: Second Creditors' Meeting Set for Aug. 21
MACRODATA PEOPLE: First Creditors' Meeting Set for Aug. 21
MALIVER PTY: Court OKs AUD4.25MM Additional Payment to Investors
PROSPER EDUCATION: Second Creditors' Meeting Set for Aug. 21
REX AIRLINES: Government Will Cover Any Refund Carrier Cannot Pay
S&W SEED: Australia Unit Insolvency Triggers Defaults, CIBC Waiver
SELINA HOLDING: First Creditors' Meeting Set for Aug. 20
TANGO CARAVANS: Collapses Into Liquidation
I N D I A
AGARWAL AUTO: CARE Keeps B Debt Rating in Not Cooperating Category
AKSHAR SPINTEX: CARE Lowers Rating on INR16.92cr LT Loan to D
ASHISH IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
ASIA HOME: CARE Keeps B- Debt Rating in Not Cooperating Category
AVIS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
BHAGWATI ENTREPRISES: CARE Keeps B- Debt Rating in Not Cooperating
BYJU'S: SC Stays NCLAT Order That Set Aside Insolvency Case
CI CAPITAL: CARE Lowers Rating on INR20cr LT Loan to B+
DORMANN DOORS: CARE Keeps D Debt Rating in Not Cooperating
HILTON INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
INCHEON MOTORS: Ind-Ra Hikes Bank Loan Rating to BB+
INDERA ETHNICS: CARE Keeps C Debt Rating in Not Cooperating
INDERPAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating
K K POLYCOLOR: CARE Keeps D Debt Ratings in Not Cooperating
KARTICK CHANDRA: CARE Keeps C Debt Rating in Not Cooperating
KESAR MULTIMODAL: CARE Keeps D Ratings in Not Cooperating Category
MAA SHITALA: CARE Keeps B+ Debt Rating in Not Cooperating Category
MAGTORQ PRIVATE: Ind-Ra Affirms BB+ Bank Loan Rating
MANGALAGIRI TEXTILE: Insolvency Resolution Process Case Summary
MITHRA YARNS: CARE Lowers Rating on INR5.50cr LT Loan to D
NEW BABA: CARE Keeps B- Debt Rating in Not Cooperating Category
OTTATHINGAL INDIA: Ind-Ra Keeps B Rating in NonCooperating
PARTH THREAD: CARE Keeps B- Debt Rating in Not Cooperating
PIPAVAV SHIPYARD: Emerges From Bankruptcy; To Resume Operations
POMMYS GARMENTS: Ind-Ra Keeps D Rating in NonCooperating
PREMIER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
R R DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating
RASBIHARI COTTON: CARE Keeps B- Debt Rating in Not Cooperating
RELIABLE SPACES: CARE Keeps B- Debt Rating in Not Cooperating
RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
SAI TOBACCOS: CARE Keeps B- Debt Rating in Not Cooperating
SHIVOHUM TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating
SIMPLEX CASTINGS: Ind-Ra Keeps D Rating in NonCooperating
SONIC CERAMIC: CARE Keeps D Debt Ratings in Not Cooperating
T.R. MEGA: CARE Keeps B- Debt Rating in Not Cooperating Category
TERA SOFTWARE: Ind-Ra Keeps B- Rating in NonCooperating
TIRUMALA DALL: CARE Keeps D Debt Rating in Not Cooperating
TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating Category
WAVIN INDUSTRIES: Ind-Ra Cuts Bank Loan Rating to BB
ZENITH PRECISION: CARE Keeps D Debt Rating in Not Cooperating
M A L A Y S I A
ZELAN BHD: Fills CEO Role After Over a Year
N E W Z E A L A N D
AASE LIMITED: Creditors' Proofs of Debt Due on Sept. 11
ALLWORX CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 10
CLOUGH TRANSPORT: Creditors' Proofs of Debt Due on Sept. 6
R L CREATIONS: Court to Hear Wind-Up Petition on Sept. 10
TOPGUNZ LIMITED: Court to Hear Wind-Up Petition on Aug. 23
P H I L I P P I N E S
DITO CME: Cleared to Launch PHP4.2 Billion Follow-On Offering
DITO CME: Posts PHP18.1BB Net Loss for Q2 Ended June 30
S I N G A P O R E
BOB TX: Court to Hear Wind-Up Petition on Aug. 30
SUPREME EXIMP: Court to Hear Wind-Up Petition on Aug. 30
TAKASINO CORPORATION: Court to Hear Wind-Up Petition on Aug. 30
VALULOGISTICS PTE: Court to Hear Wind-Up Petition on Aug. 30
VALUSPORTS PTE: Court to Hear Wind-Up Petition on Aug. 30
- - - - -
=================
A U S T R A L I A
=================
BASSI EARTHWORKS: First Creditors' Meeting Set for Aug. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bassi
Earthworks Pty Ltd will be held on Aug. 22, 2024 at 3:00 p.m. at
Level 5, Suite 6, 350 Collins Street in Melbourne.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on Aug. 13, 2024.
KRTM PTY: Second Creditors' Meeting Set for Aug. 21
---------------------------------------------------
A second meeting of creditors in the proceedings of KRTM Pty Ltd
has been set for Aug. 21, 2024 at 2:00 p.m. via teleconference
only.
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 Aug. 20, 2024 at 4:00 p.m.
Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on July 17, 2024.
MACRODATA PEOPLE: First Creditors' Meeting Set for Aug. 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Macrodata
People Co Pty Ltd will be held on Aug. 21, 2024 at 10:30 a.m. at
the offices of SV Partners Brisbane at 22 Market Street in
Brisbane.
Matthew Charles Hudson and Abdul Chambal of SV Partners were
appointed as administrators of the company on Aug. 9, 2024.
MALIVER PTY: Court OKs AUD4.25MM Additional Payment to Investors
----------------------------------------------------------------
News.com.au reports that the victims of fraudster Melissa Caddick
will be paid more than AUD4 million after the Federal Court
approved the biggest distribution yet to those swindled by her
dodgy investment scheme.
News.com.au relates that the repayment comes following the sale of
a slew of her assets and luxury items, with Justice Brigitte
Markovic on Aug. 7 making orders that AUD4.25 million be
distributed to fleeced investors.
It represents an increase of 18 cents on the dollar distributed to
every wronged investor, and takes the total distribution to
investors so far to 32 cents on the dollar.
A AUD3 million initial distribution payment, to be shared between
55 investors, was announced last year by accounting firm Jones
Partners, news.com.au recalls.
According to news.com.au, receivers have sold many of Ms. Caddick's
assets, including cars, designer jewellery and two
multimillion-dollar homes.
Much of the AUD4.25 million distribution comes from the sale of her
Edgecliff apartment in March.
The luxury eastern suburbs penthouse was sold for an undisclosed
sum, after being initially listed for auction at AUD5.5 million.
As well, a 2016 Audi R8 and 2016 Mercedes CLA45 fetched AUD295,000
and AUD66,250 at auction respectively.
Her luxury AUD9.8 million Dover Heights home, where she was last
seen in November 2021, was last year sold for AUD9.8 million.
A final distribution of money from the sale of Ms. Caddick's assets
is expected towards the end of the year - although that is only
expected to represent about one cent on the dollar per investor.
News.com.au says more money is also expected to be distributed
following the liquidation of Ms. Caddick's company, Maliver.
Caddick operated Maliver without an Australian Financial Services
licence, and as part of her scheme she made fictitious taxation
returns, which the liquidators are seeking to recoup, news.com.au
notes.
News.com.au notes that Caddick vanished in November 2020, a day
after the Australian Securities and Investments Commission raided
her Dover Heights over her multimillion-dollar Ponzi scheme which
she used to fund a luxurious lifestyle.
While posing as a financial adviser, she fleeced in excess AUD23
million from more than 50 investors, many of whom were family and
friends.
A coroner last year found that Ms. Caddick was dead but could not
determine her manner or cause of death after a foot washed up on
the NSW south coast three months after the fraudster went missing.
As reported in the Troubled Company Reporter-Asia Pacific,
following a successful Australian Securities and Investments
Commission application, the Federal Court on Dec. 15, 2020, ordered
the appointment of receivers to the property of Melissa Louise
Caddick and provisional liquidators to Maliver Pty Ltd.
The federal court previously ruled that Ms. Caddick was operating
her financial services firm Maliver without having an Australian
financial services license.
PROSPER EDUCATION: Second Creditors' Meeting Set for Aug. 21
------------------------------------------------------------
A second meeting of creditors in the proceedings of Prosper
Education Pty Ltd has been set for Aug. 21, 2024 at 10:00 a.m. by
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 Aug. 20, 2024 at 4:00 p.m.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on July 19, 2024.
REX AIRLINES: Government Will Cover Any Refund Carrier Cannot Pay
-----------------------------------------------------------------
News.com.au reports that Rex Airlines customers will be able to fly
with confidence after the federal government agreed to guarantee
ticket fares while the regional airline tries to battle its way out
of administration.
Announced on Aug. 15, the federal government will cover the cost of
Rex tickets where no flight alternative is offered and Rex itself
cannot pay a refund if a flight cannot go ahead, news.com.au
relates.
Regional Express, better known as Rex, went into voluntary
administration two weeks ago, grounding its Boeing 737 flights
between the capital cities.
Flights to and from regional cities on smaller planes have
continued while administrators comb through the books and look for
a buyer.
On Aug. 15, the government stepped in, guaranteeing consumers'
money tied up with the uncertain future of the airline, news.com.au
notes.
If a Rex flight is cancelled and not rescheduled, and no
alternative service is available, the government will cover the
refund or chargeback if Rex cannot pay the money back, according to
the report.
In parliament, Transport and Regional Development Minister
Catherine King said the guarantee was a backing for regional
Australians "so nobody is left behind," news.com.au relates.
The guarantee is for all regional flight bookings with Rex made
after the moment it entered voluntary administration at 9:31 p.m.
on July 30, 2024, news.com.au notes.
Rex flies 41 passenger and freight routes to regional and remote
airstrips, including 21 routes where they are the sole provider.
News.com.au adds Ms. King reiterated the government expected the
Rex administrators to prioritise entitlements for its 1,200
employees.
Rex's administrator, Sam Freeman, said it was unlikely a Rex flight
would not be delivered going forward.
"The federal government's flight booking guarantee will give
Australians confidence to continue booking to or from a regional
destination on Rex, ensuring that in the unlikely event that their
service is not delivered - they will be entitled to receive a full
refund," the report quotes Mr. Freeman as saying.
News.com.au adds the government backing would also help the
administrators rejuggle the books.
"The guarantee will help Rex to keep flying while we undertake the
recapitalisation of the airline and secure its future," Mr. Freeman
said.
"We're currently undertaking a process to find an investor
committed to a sustainable commercial regional network.
"We have experienced first-hand the importance of Rex's regional
services to the communities the airline serves and would like to
express our gratitude to the federal government for stepping in
with this support."
About Rex Airlines
Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales. It operates scheduled
regional and domestic services. It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia. It is the primary subsidiary of Regional
Express Holdings.
On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:
* Regional Express Holdings Limited;
* Regional Express Pty Limited;
* Rex Airlines Pty Ltd;
* Rex Investment Holdings Pty Limited; and
* Air Partners Pty Ltd.
S&W SEED: Australia Unit Insolvency Triggers Defaults, CIBC Waiver
------------------------------------------------------------------
S&W Seed Company disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that S&W Seed Company Australia
Pty Ltd, a wholly-owned subsidiary of the Company, adopted a
voluntary plan of administration on July 24, 2024 based on its
determination that S&W Australia is likely to become "insolvent"
within the meaning of section 436A(1) of Australia's Corporations
Act 2001.
S&W Australia's entry into voluntary administration constituted an
event of default and automatic acceleration of S&W Australia's
obligations under the Amended and Restated Finance Agreement with
National Australia Bank Limited, effective November 17, 2023. S&W
Australia's entry into voluntary administration also constituted an
event of default under the Company's Amended and Restated Loan and
Security Agreement with CIBC Bank USA dated December 26, 2019, as a
result of a cross-default provision in the CIBC Loan Agreement that
is triggered by the event of default under the NAB Finance
Agreement. On August 5, 2024, the Company received a waiver for the
Event of Default from CIBC. The waiver stipulates that the
occurrence of any of the following shall constitute an immediate
event of default under the CIBC Loan Agreement, without notice or
demand of any kind:
(i) Any notice of default and/or demand for payment is issued
by NAB to the Company under that certain Corporate Guarantee dated
as of April 21, 2015, executed and delivered by the Company to NAB
(the "Parent Guarantee"), which provides an unsecured guarantee by
the Company of certain loan obligations of S&W Australia owing to
NAB;
(ii) The institution of any legal proceedings by NAB against
the Company; and
(iii) NAB takes any other judicial or non-judicial action under
the Parent Guarantee or otherwise against the Company in connection
with the Parent Guarantee.
In the event that any of events occur, the Company must provide
immediately written notice to CIBC. The Company is also required to
provide written weekly updates, in form and substance satisfactory
to CIBC, addressing S&W Australia's insolvency proceeding and/or
any actions or communications from NAB with respect to S&W
Australia's insolvency proceeding or the Parent Guarantee as well
as any actions or progress in furtherance of a sale of S&W
Australia or all or any material part of its business.
About S&W Seed Co.
Longmont, Colo.-based S&W Seed Company is a global multi-crop,
middle-market agricultural company that is principally engaged in
breeding, growing, processing, and selling agricultural seeds. The
Company operates seed cleaning and processing facilities, which are
located in Texas, New South Wales, and South Australia. The
Company's seed products are primarily grown under contract by
farmers. The Company is currently focused on growing sales of its
proprietary and traited products specifically through the expansion
of Double Team for forage and grain sorghum products, improving
margins through pricing and operational efficiencies, and
developing the camelina market via a recently formed partnership.
As of March 31, 2024, the Company had $133.2 million in total
assets, $76.4 million in total liabilities, and total stockholders'
equity of $51.2 million.
S&W Seed cautioned in its Form 10-Q Report for the quarterly period
ended December 31, 2023, that its operating and liquidity factors
raise substantial doubt regarding the Company's ability to continue
as a going concern. According to the Company, it is not profitable
and has recorded negative cash flows for the last several years.
For the six months ended December 31, 2023, the Company reported a
net loss of $12.5 million. While the Company did report net cash
provided by operations of $1.4 million for the six months ended
December 31, 2023, it expects this to be negative in fiscal 2024.
The positive cash flow in operations for the six months ended
December 31, 2023, was largely due to changes in operating assets
and liabilities. As of December 31, 2023, the Company had cash on
hand of $1.1 million. The Company had $2.4 million of unused
availability from its working capital facilities as of December 31,
2023.
Additionally, the Company's Amended and Restated Loan and Security
Agreement, or the Amended CIBC Loan Agreement, with CIBC Bank USA,
or CIBC, and its debt facilities with National Australia Bank, or
NAB, under the NAB Finance Agreement, contain various operating and
financial covenants. Adverse geopolitical and macroeconomic events
and other factors affecting the Company's results of operations
have increased the risk of the Company's inability to comply with
these covenants, which could result in acceleration of its
repayment obligations and foreclosure on its pledged assets. The
Amended CIBC Loan Agreement as presently in effect requires the
Company to meet minimum adjusted EBITDA levels on a quarterly basis
and the NAB Finance Agreement includes an undertaking that requires
the Company to maintain a net related entity position of not more
than USD $18.5 million and a minimum interest cover ratio at each
fiscal year-end. As of December 31, 2023, the Company was in
compliance with the CIBC minimum adjusted EBITDA covenant as well
as the NAB net related entity position covenant. While the Company
was in compliance with these covenants, there can be no assurance
the Company will be successful in meeting its covenants or securing
future waivers or amendments from its lenders. Currently, the
Company does not expect to meet certain of these covenants in
fiscal 2024. If the Company is unsuccessful in meeting its
covenants or securing future waivers or amendments from its lenders
and cannot obtain other financing, it may need to reduce the scope
of its operations, repay amounts owed to its lenders, or sell
certain assets. Further, if the Company cannot renew or obtain
other financing when its two major debt facilities with CIBC and
NAB expire on August 31, 2024, and March 31, 2025, respectively, it
may need to reduce the scope of its operations.
SELINA HOLDING: First Creditors' Meeting Set for Aug. 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Selina
Holding Australia Pty Ltd, Selina Operations Australia Pty Ltd,
Selina Operation Brisbane Pty Ltd, and Selina Operation St Kilda
Pty Ltd will be held on Aug. 20, 2024 at 1:30 p.m. at the offices
of HLB Mann Judd at Level 5, 10 Shelley Street in Sydney and
virtually via Microsoft Teams.
Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd were
appointed as administrators of the company on Aug. 8, 2024.
TANGO CARAVANS: Collapses Into Liquidation
------------------------------------------
A caravan company has suddenly collapsed, leaving dozens of
customers out of pocket and at least one without a home.
On Aug. 14, Victorian-based Tango Caravans Pty Ltd plunged into
liquidation.
The business manufactured customised caravans and was headquartered
in Somerton, Melbourne.
Tyler Edmunds, a father-of-two, had been fearing the worst for
months after being promised his caravan would be completed by
February – but still with no sign of it
The Albury resident had made the three-hour trek to Tango's
Melbourne head office several times demanding he get what he paid
for, but each time he left empty-handed.
The young dad had been asked to make the full payment – $73,000
– for his caravan, and he is now facing the prospect of losing it
all.
Mr. Edmunds told news.com.au that everyone feels "ripped off".
News.com.au understands at least 30 separate customers have been
impacted, according to a poll posted on a private Facebook group
about Tango Caravans.
One woman had forked out AUD100,000, with plans to travel the
country and use the caravan as her home for the foreseeable
future.
Andrew Yeo of insolvency firm Pitcher Partners is the appointed
liquidator and he has started looking into the company's affairs,
news.com.au discloses.
He said that "many clients" had paid deposits and that the company
ceased trading immediately once he was appointed as liquidator.
In a devastating blow to customers, Mr Yeo said he is not in a
position to refund customers, according to news.com.au.
And on top of that, the liquidator said that Tango doesn't have any
stock on its property and doesn't control any caravans.
"It may be possible that some caravans are presently being
manufactured by external suppliers, and a partial resolution may be
achievable," he added.
News.com.au adds Mr. Yeo also noted there were "significant debts",
mostly from customers paying deposits, but also to other creditors
including the Australian Taxation Office.
=========
I N D I A
=========
AGARWAL AUTO: CARE Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agarwal
Auto & Care Private Limited (AACPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of AACPL under the 'issuer non-cooperating'
category as AACPL had failed to provide information for monitoring
of the rating. AACPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 21, 2024, May 1, 2024,
May 11, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Satna (Madhya Pradesh) based Agarwal Auto & Care Private Limited
(AACPL) was incorporated in February, 2007 by two directors namely
Mr. Naval Agarwal and Ms. Vandana Bansal as an authorized dealer of
ESCORTS Limited and Suzuki Motorcycle India Private Limited. AACPL
has also other 15 distributorship for trading of spare parts as
well as for trading of oil & lubricants and battery etc. Commercial
operations of AACPL were commenced from February, 2007 onwards.
AACPL is an authorized dealer for Tractors of ESCORTS Limited and
two wheelers of Suzuki Motorcycle India Private Limited. The
company is also engaged in sales of spare parts of Tractors,
Motorcycle, oil & lubricants and battery etc. Mr. Naval Agarwal
looks after the entire operations of the company.
AKSHAR SPINTEX: CARE Lowers Rating on INR16.92cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Akshar Spintex Limited (ASL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 16.92 CARE D Revised from CARE BB;
Bank Facilities Stable
Short Term
Bank Facilities 1.35 CARE D Revised from CARE A4
Rationale and key rating drivers
The revision in the rating assigned to the facilities of ASL, takes
into account instances of the delays in servicing debt obligations
on account of poor liquidity position.
Rating sensitivities: Factors likely to lead to rating actions
Positive factor
* Establishing a delay free track record in debt servicing along
with improvement in liquidity.
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Delays in debt servicing: As per the bank statements received,
there have been multiple instances of delays in debt servicing in
the term loan account.
Liquidity: Poor
ASL has poor liquidity as marked by almost full fund-based working
capital utilisation and low cash and bank balance resulting in
delay in the debt servicing. Average and maximum utilization of
fund-based limits remained 96% and 100% respectively during past 12
months ended June 2024.
Jamnagar, Gujarat based, Akshar Spintex Limited (ASL) was
incorporated as a private limited company in June 2013 by Mr. Amit
Gadhiya and Mr. Ashok Bhalala. Then in December 2017, the company
converted into a public limited company and got listed on BSE in
the same year. ASL manufactures carded, combed and compact cotton
yarn of finer quality ranging between 16s to 44s counts having
24,480 spindles with an installed capacity of 6,000 Metric Tons Per
Annum (MTPA) as on March 31, 2024, and operates from its sole
manufacturing facility located at Haripar, Jamnagar, Gujara.
ASHISH IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashish
Impex (AI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2024, June 5, 2024 and June 15, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ashish Impex (AI) was established in 2000 as a partnership firm by
Mr. Sanjay Bhai M Gabani, Mr. Vallabh Bhai M Gabani and Mr. Mukesh
Bhai R Gabani. The firm is engaged in processing and trading of cut
& polished diamonds.
ASIA HOME: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asia Home
Furnishing (AHF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.32 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 19, 2023,
placed the rating(s) of AHF under the 'issuer non-cooperating'
category as AHF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AHF continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 3, 2024, June 13, 2024 and June 23, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Asia Home Furnishing (AHF) was established in February, 2015 as a
partnership firm, however, commenced its business operations in
October, 2016. The firm is currently being managed by Mr. Brij
Bhushan Garg, Mr. Rishab Gupta, Mr. Varun Goel and Mrs. Chanchal
Mittal as its partners sharing profit and losses equally. AHF is
engaged in manufacturing of mink blankets at its manufacturing
facility located in Karnal, Haryana.
AVIS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Avis India
(AI) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 27, 2023,
placed the rating(s) of AI under the 'issuer noncooperating'
category as AI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2024, June 21, 2024 and July 1, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
AI is Pune (Maharashtra) based firm established in 1995 by Late Mr.
Vijay Narayan Kulkarni. In May 2018, after the demise of proprietor
his wife Mrs. Aarti Vijay Kulkarni took over as proprietor. The
firm is engaged in the construction of sugar plants and
distilleries and has a group company namely Avis Projects And
Infrastructure Private Limited (APPL) engaged in similar line of
operations.
BHAGWATI ENTREPRISES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagwati
Entreprises (BE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.25 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 26, 2023,
placed the rating(s) of BE under the 'issuer non-cooperating'
category as BE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. BE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 10, 2024, June 20, 2024 and June 30, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bhagwati Entreprises (BE) was established in June, 2016 as a
partnership firm and is currently being managed by Ashok Kumar and
Rajinder Kumar, sharing profit and losses equally. BE is setting up
a 4-star hotel in Kapurthala, Punjab. The hotel will span over
~19,000 square meters with the build -up area of 8,100 square
meters and will comprise of 26 rooms (standard, twin, executive and
suite), 2 banquet hall, 2 kitty halls, restaurant, tea lounge,
health club & spa, swimming pool, massage room,
steam & sauna and parking area for 50-60 cars.
BYJU'S: SC Stays NCLAT Order That Set Aside Insolvency Case
-----------------------------------------------------------
The Economic Times reports that the Supreme Court on Aug. 14 stayed
the National Company Law Appellate Tribunal's (NCLAT) order, that
approved the settlement deal between edtech major Think & Learn Pvt
Ltd, the parent of online educational services company BYJU's, and
the Board of Control for Cricket in India (BCCI).
A bench headed by Chief Justice D Y Chandrachud, while issuing
notice to Think & Learn, its co-founder Byju Raveendran and BCCI,
also stayed the NCLAT order that set aside the insolvency
proceedings against Byju's and restored the board of the
debt-ridden firm, ET says.
ET relates that the apex court also asked the cricket board to keep
Rs 158 crore, realised in the settlement, in a separate escrow
account. The court will hear the matter next on August 23.
According to ET, the order came on an appeal by US lender GLAS
Trust Co LLC, the trustee for lenders owed $1.2 billion, which
opposed the settlement arrived at between the edutech firm and BCCI
alleging the money paid by Byju Raveendran's brother Riju Ravindran
was tainted.
Senior counsel Shyam Divan, appearing for Glas Trust submitted that
the appellate tribunal had wrongfully allowed the settlement
"merely by relying upon a vague undertaking given by Riju
Ravindran, despite the express objections that the source of funds
for such settlement are questionable," ET relays.
"Both directors are fugitives and defaulters of the government
money. There is an Enforcement Directorate probe against Byju and a
lookout notice against him, and he is living in Dubai and Riju is
in London," he argued.
Solicitor General Tushar Mehta, appearing for the BCCI, opposed the
stay. "Kindly don't stay the judgement, let it remain...we are not
heard. We have an answer to everything," he said.
Even senior counsel AM Singhvi, representing Byju's, supported
Mehta, saying putting on hold the appellate tribunal's decision
would revive the entire insolvency proceedings.
However, the CJI clarified that it was only asking the amount to be
kept in an escrow account and not to be deposited in the court, ET
says.
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 in
mid-July 2024, Byju's will face insolvency proceedings for failure
to pay $19 million in dues to the country's cricket board. Reuters
said 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.
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. CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.
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.
The TCR-AP on Aug. 5, 2024, reported that the National Company Law
Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement
between Byju Raveendran and the Board of Control for Cricket in
India (BCCI), thus removing Byju's parent Think and Learn from the
insolvency resolution process.
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.
CI CAPITAL: CARE Lowers Rating on INR20cr LT Loan to B+
-------------------------------------------------------
CARE Ratings has revised the rating on certain bank facilities of
CI Capital Private Limited (CICPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bank facilities- 20.00 CARE B+; Stable Rating removed
Fund based/non- from ISSUER NOT COOPERATING
Fund based- category and Revised from
long term CARE B-; Stable
Rationale and key rating drivers
The rating of facilities of CICPL is constrained by modest
profitability and high geographical concentration and exposure to
unsecured loan portfolio. CICPL's ability to raising adequate
amount of capital for its growth plans would also be crucial from a
credit perspective. However, the rating factors in moderate
improvement in scale of operations and promotors experience of more
than three decades.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Increasing scale of operation while maintaining asset quality.
* Improving profitability profile.
Negative factors
* Deteriorating asset quality profile with gross non-performing
asset (GNPA) of over 5%.
* Declining asset under management (AUM).
Analytical approach: Standalone
Outlook: Stable
CARE Ratings Limited (CARE Ratings) expects CICPL to continue
growing its loan book while maintaining asset quality.
Detailed description of key rating drivers:
Key weaknesses
* Small scale of operations: CICPL began active lending from July
2018 and its scale of operations remained relatively small. As on
March 31, 2024, the loan portfolio stands at INR9 crore, which
further increased to INR19 crore as on June 30, 2024, as against
INR8 crore as on March 31, 2023. Around 88% of CICPL's loan
portfolio as on March 31, 2024, comprises business and personal
loans. The balance 8% is towards vehicle loan and 4% towards loan
against property (LAP). The company is expecting infusion of INR7
crore by the end of FY25. Since FY21, there has been no infusion by
promoters. However, future growth in the loan portfolio will
require additional capital support from promoters, as availability
of debt capital at a reasonable rate to fund asset growth will
remain restricted due to the company's small scale and limited
track record in lending operations.
* Geographical concentration of portfolio: CICPL's operations are
currently restricted to customers of its group entities, which have
business operations in Bhopal (Madhya Pradesh) and hence its
operations are regionally concentrated and going forward are likely
to be concentrated in Bhopal itself.
Key strengths
* Experienced management: CICPL's promoter, Rakesh Malik, has over
three decades of experience across business segments through group
entities of the C.I. Group. He is well-supported by Anju Malik and
other directors, who have an overall experience of more than
decades in the automobile dealership industry through the group
entities and are mainly involved in administrative and strategic
decision making of companies.
* Modest earning and profitability profile: The company has
reported rise in profit after tax (PAT) with INR0.24 crore in FY24
up from INR0.11 crore in FY23 and further reported INR0.12 crore
PAT in June quarter. The earnings profile improved with rise in
return on total assets (ROTA) to 1.97% in FY24 and further to 2.79%
in Q1FY25 as against 1.05% in FY23. With improved yields due to
rising share of high yield generating product (business loan and
personal loan), net interest margins (NIMs) improved to 13.95% in
FY24 and further to 14.74% in Q1FY24 from 12.95% in FY23. However,
Opex/average total assets remain high at 9.46% in FY24 as compared
to 7.58% for FY23 due to increase in employee expenses. Going
forward, the company's ability to improve profitability, while
reducing opex cost, remains a key monitorable.
Liquidity: Adequate
CICPL has cash and cash equivalent of INR2.99 crore as on March 31,
2024, comprising cash in hand of INR0.71 crore, fixed deposits (FD)
with ICICI bank of INR0.12 crore and INR2.16 crore amount in banks.
Cash and cash equivalent reduced to INR0.52 crore as on June 30,
2024.
Incorporated in 1996, as Penny Care Leasing and Finance Private
Limited, CICPL is registered with Reserve Bank of India (RBI) as a
non-deposit taking non-banking financial company (NBFC-ND). In
2017, Rakesh Malik of the CI group, Bhopal, took over the company
and rechristened it to its present name. The company commenced
regular lending operations from July 2018. CICPL operates in
Bhopal, Madhya Pradesh and is primarily engaged in providing
vehicle finance (mainly for used car), personal loan, business
loans and LAP.
DORMANN DOORS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dormann
Doors Private Limited (DDPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 13, 2023,
placed the rating(s) of DDPL under the 'issuer non-cooperating'
category as DDPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. DDPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2024, June 7, 2024 and June 17, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, Dormann Doors Private Limited (DDPL) was incorporated
in July 2013 as a private limited company. Currently the company is
managed by Mr. Kuldeep Mann, Mr. Sudhir Kumar Mann and Ms. Madhu
Mann who hold an experience for more than a decade in this
industry. The company is engaged in trading of PVC products,
plywoods and laminates, doors skins (i.e. furniture related
products used for manufacturing of furniture).
HILTON INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hilton
Infrastructure (HI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.91 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 10, 2023,
placed the rating(s) of HI under the 'issuer non-cooperating'
category as HI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. HI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 25, 2024, June 4, 2024 and June 14, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 2009, Hilton Infrastructure (HI) is engaged into
development of residential and commercial projects in Mumbai.
INCHEON MOTORS: Ind-Ra Hikes Bank Loan Rating to BB+
----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following actions
on Incheon Motors Private Limited's (IMPL) bank loans:
-- INR159.9 mil. Term loans due on FY25 upgraded with IND
BB+/Stable rating;
-- INR572.5 mil. Fund-based working capital limits Long-term
upgraded; Short-term affirmed with IND BB+/Stable/IND A4+
rating;
-- INR489.1 mil. Term loans due on FY29 assigned with IND
BB+/Stable rating;
-- INR1.530 bil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating; and
-- INR480.9 mil. Proposed fund-based/non-fund based working
capital limits assigned with IND BB+/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The upgrade reflects IMPL's large scale of operations along with a
modest interest coverage and EBITDA margin in line with industry
peers. Ind-Ra's expects them to improve in the near to medium term.
Detailed Description of Key Rating Drivers
Weak Credit Metrics; Likely to Improve from FY25: LMPL's net
adjusted leverage (net debt including promoter loans/EBITDA)
increased slightly to 5.8x in FY24 (FY23: 5.7x; FY22: 5.2x) due to
additional debt taken for setting up facilities. The promoters have
extended interest-free unsecured loans to IMPL, and the company
benefits from flexibility regarding its repayment. As of FY24, the
promoter's loan stood at INR191 million out of the total debt of
INR1,935 million. The net leverage excluding promoter loans reduced
to 5.1x in FY24 (FY23: 5.2x; FY22: 4.5x). The company's net
short-term debt/net working capital ratio reduced to 0.96x in FY24
(FY23: 1.5x, FY22: 1.4x). The gross interest coverage ratio
(EBITDA/gross interest expenses) improved to 2.7x in FY24 (FY23:
2.3x; FY22: 2.7x). IMPL's performance has largely remained in line
with the industry peers and Ind-Ra expects the credit metrics to
gradually improve from FY25 on account of the likely improvement in
the EBITDA, leading to the net leverage (excluding promoter loan)
to reduce to 4.5x-5.0x and the interest coverage ratio remaining
above 2.0x.
Geographical Concentration Risk: As the company operates only in
Kerala, it would remain exposed to the geographical concentration
risk in case any new dealer enters the market. The management has
no plans to expand the business to any other geography apart from
Kerala, exposing it to changes in demand within the state. Apart
from that, IMPL's revenue is entirely dependent on demand for Kia
vehicles. Hence, the company is also exposed to the risk of
original equipment manufacturers inducting other dealers to scale
up their operations in India.
Improvement in Scale of Operations; Likely to Increase Further:
IMPL's revenue grew 6% to INR8,412 million in FY24 (FY23: INR7,942
million; FY22: INR5,057 million), driven by higher volumes and new
models launches. The company had 10 facilities at FYE24 and is
planning to set up five-to-six more facilities in Kerala over
FY25-FY26. Out of the 10 facilities, two are owned by the
promoters. Ind-Ra expects the company's revenue to be INR9,000
million-9,500 million in FY25 and INR9,500 million -10,500 million
in FY26.
Improvement in EBITDA: IMPL's EBITDA improved to INR287 million in
FY24 (FY23: INR209 million; FY22: INR150 million), owing to the
increased scale and better cost control. Ind-Ra expects the EBITDA
growth to continue over the near- to-medium term as the company
scales up its operations. However, its EBITDA margins remained at
2%-4% over FY21-FY24, primarily on the account of the dealership
model and the revenue being concentrated in the sales of vehicles.
Ind-Ra expects the EBITDA margins to be 3%-4% over FY25-FY26, aided
by the business support income, new models launch, increased
service revenue having high margin and the setup of more
facilities. Furthermore, the agency takes comfort from IMPL being a
part of KIA Corporation network as these original equipment
manufacturers take care of their ecosystem by providing support as
and when needed.
Strong Promoter Group: The ratings are supported by the experience
and expertise of its promoters. IMPL is directly managed by Shada
Moopan and Naeem Shahul, Babu Moopan and Seba Moopan who are the
directors of the company. Babu Moopan has over 25 years of
experience in the same line of business. Although the company
operates as a separate entity, the promoters extend support to IMPL
in the form of interest-free unsecured loans as and when required.
Any deficit will be covered by the fund infusion by the promoters.
Liquidity
Stretched: IMPL's average maximum monthly utilization the
fund-based limits of INR2,102.5 million was 86% for the 12 months
ended June 2024. The company's unencumbered cash balance stood at
INR285 million at FY24 (FYE23: INR120 million; FY22: INR197
million). IMPL's free cash flows turned negative at INR1,430
million in FY24 (FY23: INR56 million), owing to the negative
changes in working capital. Ind-Ra believes the free cash flow to
turn positive in FY25, owing to the company planning a modest capex
for its facility expansion coupled with its improved EBITDA levels.
The working capital cycle increased to 46 days in FY24 (FY23:29
days; FY22: 11 days), primarily due to an increase in inventory
days to 49 days (FY23: 33 days) owing to stocking of test drive
vehicles. The management expects the company's working capital
cycle to moderate over the medium term. The company incurred capex
of INR220 million in FY24 and is planning to incur another capex of
INR120 million in FY25, mainly to expand its facilities in Kerala.
IMPL has repayment obligations of INR91 million in FY25 and INR108
million in FY26 to be met through its internal accruals. Apart from
a comfortable debt service coverage ratio (FY24: 2.4x; FY23: 2.1x)
and interest coverage, the agency derives comfort on IMPL's
liquidity position with it having ample cash balances and fair
amount of support extended by its promoter group along with the
visibility on the EBITDA margins in the near to medium term.
Rating Sensitivities
Negative: Lower-than-expected profitability, leading to further
weakening of the credit metrics and the liquidity profile, on a
sustained basis, will be negative for the ratings.
Positive: An improvement in the overall scale of operations with
the interest coverage remaining above 2.5x while maintaining
adequate liquidity, along with the company's ability to raise funds
from the promoters, could lead to a positive rating action.
About the Company
IMPL was incorporated in 2018 and is an authorized dealer of Kia
Motors. The activities of the company comprise purchase and sales
of Kia passenger vehicles, spare parts and providing after-sales
services to the vehicles. It is directly managed by Shada Moopan
and her husband Naeem Shahul. IMPL has eight showrooms and one
certified pre-owned car showroom across six districts in Kerala.
The company's showrooms span over 2,00,000 square feet to
accommodate over 60 cars for display, and over 80 workshop bays.
INDERA ETHNICS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indera
Ethnics and Designs Private Limited (IEDPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 09, 2023,
placed the rating(s) of IEDPL under the 'issuer non-cooperating'
category as IEDPL had failed to provide information for monitoring
of the rating. IEDPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 24, 2024, May 4, 2024,
May 14, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in April 2005, Indera Ethnics and Designs Private
Limited (IEDPL) was promoted by the Singh family of Rourkela,
Odisha. The company is into retailing of sarees (mill made &
handloom cloth), readymade garments (men, women & kids), hosiery
goods, optical jewellery, artificial jewellery, plastic items,
linens & accessories for door mats, table covers and cushion covers
along with tailoring services through its showrooms. The company
presently operates through 2 owned showrooms under the
name 'Indera Textiles' located at Rourkela, Odisha. The company
deals in both branded and non-branded readymade apparels.
INDERPAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Inderpal
Singh Bhatia (ISB) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 10, 2023,
placed the rating(s) of ISB under the 'issuer non-cooperating'
category as ISB had failed to provide information for monitoring of
the rating. ISB continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 25, 2024, June 4, 2024, June 14,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
M/s Inderpal Singh Bhatia was set up as a proprietorship firm by
Mr. Inderpal Singh Bhatia in the year 2007. Since its inception,
the firm has been engaged in trading of petrol, diesels, coals and
sarees. The firm is also engaged in road transportation services
from where it derives around 20% of total revenue in FY18
Provisional. The firm procures petrol and diese ls from Indian Oil
Corporation Limited.
K K POLYCOLOR: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K K
Polycolor Asia Limited (KKPAL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.04 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 9, 2023,
placed the rating(s) of KKPAL under the 'issuer non-cooperating'
category as KKPAL had failed to provide information for monitoring
of the rating. KKPAL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 24, 2024, May 4, 2024,
May 14, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
K K Polycolor Asia Limited (KKPAL) was incorporated during May 2009
to be engaged in manufacturing of plastic based products like
calcium compounds and color masterbatch. The company set up its
manufacturing unit at Alampur in Howrah district of West Bengal.
The manufactured products are used as major raw materials in
plastic products manufacturing units for coloring and flexibility.
The day-to-day affairs of the company are looked after by Mr.
Kishore Kumar Ladha, Managing Director, with adequate support from
the other two directors and a team of experienced personnel.
KARTICK CHANDRA: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kartick
Chandra Agro Products Private Limited (KCAPPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.14 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 09, 2023,
placed the rating(s) of KCAPPL under the 'issuer non-cooperating'
category as KCAPPL had failed to provide information for monitoring
of the rating. KCAPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 24, 2024, May 4, 2024,
May 14, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kartick Chandra Agro Products Private Limited (KCAPPL),
incorporated in the year 2015, is a West Bengal based company,
promoted by Mr. Arun Ghosh and Mr. Tarun Kanti Ghosh. KCAPPL is
engaged in the business of providing cold storage services
to potato growing farmers and potato traders on a rental basis in
Burdwan district of West Bengal. Mr. Arun Ghosh, having more than
three decades of experience in the cold storage industry, looks
after the overall management of the company along with the other
directors Mr. Tarun Kanti Ghosh and supported by the team of
experienced professionals.
KESAR MULTIMODAL: CARE Keeps D Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kesar
Multimodal Logistics Limited (KMLL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 99.11 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 22, 2023,
placed the rating(s) of KMLL under the 'issuer non-cooperating'
category as KMLL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. KMLL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 7, 2024, May 17, 2024 and May 27, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Consolidated
Consolidated financials of Kesar Terminals and Infrastructure
Limited (KTIL) along with its subsidiary KMLL has been considered
for analysis purpose. KTIL has extended corporate guarantee to the
bank facilities availed by KMLL.
Outlook: Not applicable
Incorporated on September 2011, Kesar Multimodal Logistics Limited
(KMLL) is a project SPV created to set up a composite logistic hub
on a land area of 88.3 acres provided by Madhya Pradesh State
Agricultural Marketing Board (Mandi Board) on design, build,
finance, operate and transfer (DBFOT) basis. The company is a part
of Kilachand group having a track record of more than seven decades
in various business segments such as sugar, distillery, storage and
other agro products. The two main companies of the group are Kesar
Enterprises Ltd (KEL) which is involved in the manufacture and sale
of sugar, industrial alcohol, extra neutral alcohol (ENA) and
country liquor and Kesar Terminals and Infrastructure Ltd (KTIL)
which is involved in handling of bulk liquid storage at Kandla Port
for three decades. Kesar Terminals and Infrastructure Ltd (KTIL)
was incorporated in 2008 to take over the storage division of Kesar
Enterprises Ltd (KEL; rated CARE D; Issuer Not Cooperating). The
storage division was demerged from KEL with the intention to expand
the business. KEL is engaged in manufacturing of sugar and also has
a distillery unit. KTIL in association with KEL has set up a
Special Purpose Vehicle named “Kesar Multimodal Logistics
Limited” (KMLL) in FY12 to execute its project of setting up a
Composite Logistic Hub on an area of 88.3 acres of leased land
provided by Madhya Pradesh State Agricultural Marketing Board
(Mandi Board) on design, build, finance, operate and transfer
(DBFOT) basis. With effect from Feb 16 2018, KMLL has become wholly
owned subsidiary of KTIL.
MAA SHITALA: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa Shitala
Agro Private Limited (MSAPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.74 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 12, 2023,
placed the rating(s) of MSAPL under the 'issuer non-cooperating'
category as MSAPL had failed to provide information for monitoring
of the rating. MSAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 27, 2024, May 7, 2024,
May 17, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in September 2009, Maa Shitala Agro Private Limited
(MSAPL) was promoted by Mrs. Supriya Purkait and Mr. Saumitra
Purkait. The company has been engaged in milling and processing of
rice. The plant of the company is located at Raidighi, West Bengal
with an installed capacity of 60000 metric ton per annum. The
company procures paddy from local farmers at Raidighi and after
processing, the final products are sold to dealers and wholesalers
in West Bengal. Apart from own milling and processing of rice, the
company is also engaged in custom milling for Government
departments like West Bengal Essential Commodities Supply
Corporation Limited, West Bengal State Cooperative Marketing
Federation Ltd. and Food and Supply Department of West Bengal.
MAGTORQ PRIVATE: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Magtorq Private
Limited's (MPL) bank facilities as follows:
-- INR140 mil. Fund-based working capital limits affirmed with
IND BB+/Stable/IND A4+ rating;
-- INR60 mil. Non-fund-based working capital limits affirmed with
IND A4+ rating;
-- INR200 mil. Proposed term loan assigned with IND BB+/Stable
rating;
-- INR30 mil. Proposed bank facility assigned with IND BB+/Stable
rating; and
-- INR20 mil. Fund-based working capital limits assigned with IND
BB+/Stable/IND A4+ rating.
Analytical Approach
Ind-Ra continues to take a standalone view of MPL to arrive at the
ratings.
Detailed Rationale of the Rating Action
The affirmation reflects MPL's continued small scale of operations,
modest EBITDA margin and average credit metrics. In FY25, Ind-Ra
expects the EBITDA margin to be range bound and the credit metrics
to improve on account of an increase in the EBITDA level and an
improvement in the scale of operations. The ratings are, however,
supported by the company's experienced promoters.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations despite Improvement in Revenue
in FY24: The revenue increased to INR609.74 million in FY24 (FY23:
INR531.91 million) owing to receipt of new orders and faster
execution of existing orders. The EBITDA also improved to INR59.96
million in FY24 (FY23: INR56 million) on the back of execution of
higher margin orders. During 1QFY25, MPL booked revenue of INR115
million. As of July 2024, it had orders in hand worth INR537.2
million, to be executed by end-FY25. Ind-Ra expects the revenue to
increase further in FY25 backed by the orders in hand.
Continued Average Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) improved to 2.81x in FY24 (FY23:
2.54x) and the net leverage (total adjusted net debt/operating
EBITDAR) to 4.40x (5.82x) due to the improvement in the EBITDA to
INR59.96 million (INR56 million). Ind-Ra expects the credit metrics
to continue to improve in FY25 on account of a likely improvement
in the EBITDA and further over the medium term due to scheduled
repayment of long-term loans.
EBITDA Margin Remains Modest: The EBITDA margin was modest at 9.83%
in FY24 (FY23: 10.53%) with a return on capital employed of 10.9%
(11.7%). The marginal decline in the EBITDA margin in FY24 was due
to a change in the product mix. The agency expects the EBITDA
margin to remain at similar levels in FY25 because of a likely
similar nature of work orders.
Stretched Liquidity: MPL's working capital cycle remained elongated
at 539 days in FY24 (FY23: 735 days), although improved largely on
account of a reduction in the inventory holding period to 588 day
(774 days). The company's average maximum utilization of the
fund-based and non-fund-based limits was 98.35% and 63.68%,
respectively, during the 12 months ended June 2024.
Experienced Promoters: MPL's promoters have nearly 33 years of
experience in the manufacturing of gear boxes. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.
Liquidity
Stretched: MPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. The cash flow from operations improved to INR55.38
million in FY24 (FY23: INR11.77 million) owing to favorable changes
in working capital. Consequently, the free cash flow turned
positive to INR43.66 million in FY24 (FY23: negative INR7.94
million). The company had cash and cash equivalents of INR3.84
million at FYE24 (FYE23: INR0.36 million). It has scheduled
repayments of INR22.2 million in FY25 and INR41 million in FY26.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a negative rating action.
Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics and an
improvement in the liquidity position, all on a sustained basis,
could lead to a positive rating action.
About the Company
Incorporated in 1989, MPL is engaged in the designing, development
and manufacturing of customized gear boxes at its facility at State
Industries Promotion Corporation of Tamil Nadu. It mostly supplies
end-products to the defense sector. It also caters to industries
such as sugar and material handling.
MANGALAGIRI TEXTILE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mangalagiri Textile Mills Private Limited
China Kakani Village, Mangalagiri Mandal
Guntur, Andhra Pradesh, India 522503
Insolvency Commencement Date: July 25, 2024
Court: National Company Law Tribunal, Amaravati Bench
Estimated date of closure of
insolvency resolution process: January 21, 2025
Insolvency professional: Immaneni Eswara Rao
Interim Resolution
Professional: Immaneni Eswara Rao
#40-26-22, Mohiddin Street
Chandramoulipuram
Opposite BSNL Telephone Exchange
MG Road, Vijayawada
NTR District, Andrah Pradesh 520010
Email: ip.caier@gmail.com
Last date for
submission of claims: August 14, 2024
MITHRA YARNS: CARE Lowers Rating on INR5.50cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mithra Yarns Private Limited (MYPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 19, 2023,
placed the rating(s) of MYPL under the 'issuer non-cooperating'
category as MYPL had failed to provide information for monitoring
of the rating. MYPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 4, 2024, May 14, 2024, May
24, 2024, August 7, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MYPL have been
revised on account of delays in debt servicing recognised from
Audit report of FY23 available from registrar of companies as well
as publicly available information. i. e. CIBIL check as well as
NCLT order.
Mithra Yarns Private Limited (MYPL) was incorporated in the year
2017 as a private limited company by Mr. Sandeep Kumar (Managing
Director) and Mrs. Jyothi (Director) having its registered office
at Secunderabad, Telangana with an object to carry on the
manufacturing of cotton yarns, threads and fiber related products.
The promoters of the company have experience of more than a decade
in textile Industry.
NEW BABA: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Baba
Rice Mill (NBRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.80 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 27, 2023,
placed the rating(s) of NBRM under the 'issuer non-cooperating'
category as NBRM had failed to provide information for monitoring
of the rating. NBRM continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 12, 2024, May 22, 2024,
June 1, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Karnataka based, New Baba Rice Mill (NBRM) was established in 2013
and promoted by Mr. H. Basha and his family members. The firm has
four partners i.e. Mr. H. Basha, Mr. H. Peerasab, Mr. H.
Shaikshavali and Mr. H. Yusuf Sab. All the partners have more than
two decades of experience in the same line of business. NBRM is
engaged in processing and selling of rice. The rice processing unit
of the firm is located at Sindhanur road, Siruguppa, Ballari,
Karnataka. Apart from rice processing and selling, the firm is also
engaged into selling off by-products such as broken rice and rice
bran. The main raw material, paddy, is majorly procured from paddy
merchants and farmers located in Andhra Pradesh, Telangana and
Karnataka region. The firm sells rice and other by-products to the
rice dealers located in Bangalore, Mysore, Goa and Mumbai. The
installed capacity of the firm is 900 tonnes of rice per day.
OTTATHINGAL INDIA: Ind-Ra Keeps B Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ottathingal
India 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:
-- INR35.2 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND B/Stable (ISSUER NOT
COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;
-- INR65.4 mil. Non-Fund Based Working Capital Limit maintained
in non-cooperating category with IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR279.4 mil. Term loan 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 Ottathingal India Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Ottathingal India Private Limited over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Ottathingal India 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 Ottathingal India 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
Based out of Kerala, OTPL is a partnership firm registered in 1998.
Incorporated in 2018, the company was initially involved in the
marketing of paints in Malappuram and Calicut districts. From 2012,
it has started marketing white ordinary portland cement. The
company is setting up a 300TPD white cement manufacturing unit in
SIPCOT, Thirunalveli.
PARTH THREAD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Parth
Thread Private Limited (PTPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.41 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 5, 2023,
placed the rating(s) of PTPL under the 'issuer non-cooperating'
category as PTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2024, May 30, 2024 and June 9, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Parth Thread Private Limited (PTPL) was incorporated in 2006, by
Mr. Ambika Prasad Pandey, is based out of Kanpur (Uttar Pradesh) &
engaged in the manufacturing of cotton yarn, polyester fiber yarn,
staple fiber yarn, acrylic yarn, polyester viscose (P/V) blended
yarn, acrylic polyester blended yarn (A/P) and cotton viscose
blended yarn (C/V). The company also manufactures fancy yarns and
dyed yarn in P/V, A/P and C/V. The manufacturing facility is
located at Memrejpur, Ambedkar Nagar at Lucknow, Uttar Pradesh.
PIPAVAV SHIPYARD: Emerges From Bankruptcy; To Resume Operations
---------------------------------------------------------------
Baird Maritime reports that Pipavav Shipyard is scheduled to resume
its business operations under a new management team and after
emerging from bankruptcy.
According to Baird Maritime, the yard's first project after
reopening will be the repair of an Indian Coast Guard vessel. Also,
discussions with an undisclosed shipping company are ongoing with
the aim of finalising contracts for the construction of new large
bulk carriers.
Pipavav Shipyard is now majority co-owned by Mumbai-based Swan
Energy through a special purpose vehicle (SPV), which acquired the
shipyard.
The company was established in 1997 and eventually became one of
India's largest privately owned shipbuilders. A debt restructuring
program saw the yard being acquired by local conglomerate the
Reliance Group in 2016, Baird Maritime notes.
Baird Maritime says the shipyard then operated under the name
Reliance Naval and Engineering (RNaval). However, it incurred debts
amounting to US$1.2 billion, forcing its lenders to initiate
bankruptcy proceedings in 2019.
With operations at the yard now set to resume, the new management
is focusing its operations on restoring the existing facilities.
The works will also include dredging of the adjacent channel to
allow opening of the drydock gate.
POMMYS GARMENTS: Ind-Ra Keeps D Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Pommys Garments
(India) 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:
-- INR745 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR100 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR399.1 mil. Term loan due on March 31, 2028 maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
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 Pommys Garments (India)
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Pommys Garments (India) Limited over emails, apart
from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Pommys Garments (India)
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 Pommys Garments (India)
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 1998, Pommys is headed by A. Inico Inbaraj and K.
Raja. The company manufactures and distributes nightwear garments.
It has a cutting unit with an installed capacity of 15,000 pieces
per day.
PREMIER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Premier
Enterprises (PE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE had failed to provide information for monitoring of
the rating. PE continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 26, 2024, June 5, 2024, June 15,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Premier Enterprises was initially established in 2004 as a
partnership firm by Mr.Hironya Kumar Saikia and Mr.Jibeswar Saikia
(Relative of Mr.Hironya Kumar Saikia). But, later on April 1, 2013,
the firm was converted into a proprietorship entity upon retirement
of Mr.Jibeswar Saikia. Since inception; the entity has been engaged
in supply, erection, commissioning of transmission lines for Assam
Power Distribution Company Ltd. (APDCL). The entity procures its
orders through participating in tender in the state of Assam. Apart
from execution of contracts it is also involved in manufacturing of
PSC Poles. The manufacturing facility of the unit is located at
Kothiatoli, Dist: Nagaon, Assam, having an installed capacity of
272 pieces per day.
R R DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R R
Distributors Private Limited (RRDPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 3, 2023,
placed the rating(s) of RRDPL under the 'issuer non-cooperating'
category as RRDPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RRDPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2024, May 28, 2024 and June 7, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, R.R. Distributors Private Limited was incorporated in
August, 1998 as a private limited company with the purpose of
trading of writing, printing paper and paperboards. The company is
managed by Mr. R.K. Gupta and his son Mr. Aman Gupta.
RASBIHARI COTTON: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Rasbihari Cotton Industries (SRCI) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.60 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 27, 2023,
placed the rating(s) of SRCI under the 'issuer non-cooperating'
category as SRCI had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SRCI continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2024, June 21, 2024 and July 1, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SRCI is a Chandrapur based firm promoted by Mrs. Anandi Ramkishor
Sarda and Mrs. Premlata Vivek Gonpalliwar and was established in
February 2018. The firm is in the business of cotton ginning and
pressing at its manufacturing facility locate d at Gondpipari
(Dist.-Chandrapur, Maharashtra).
RELIABLE SPACES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliable
Spaces Private Limited (RSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 170.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 13, 2023,
placed the rating(s) of RSPL under the 'issuer non-cooperating'
category as RSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2024, June 7, 2024 and June 17, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Reliable Space Private Limited [RSPL - formerly known as Reliable
Informatics Park Pvt. Ltd.] is promoted by Sequeira family. During
FY14, the business of Reliable Spaces Private Limited was merged
into Reliable Informatics Park Pvt. Ltd.; consequent to
amalgamation the name was changed in FY15 to Reliable Spaces
Private Limited. The company has two commercial buildings viz.
Reliable Plaza and Reliable Liberty Tower located in Navi Mumbai
which are presently leased out to corporates on leave and license
basis.
RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rutu
Enterprises (RE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 26.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 24.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 21, 2023,
placed the rating(s) of RE under the 'issuer non-cooperating'
category as RE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2024, June 15, 2024 and June 25, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rutu Enterprises was established in 2011 and undertakes turnkey
project services & contracts in construction of roads, laying
pipelines, civil and other construction works. Furthermore, the
firm has also ventured into electrical contracts and has also
undertaken railway contracts.
SAI TOBACCOS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Sai
Tobaccos (SST) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 31, 2023,
placed the rating(s) of SST under the 'issuer non-cooperating'
category as SST had failed to provide information for monitoring of
the rating. SST continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 15, 2024, June 25, 2024, July 5,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh based, Sri Sai Tobaccos (SST) was established in the
year 2011 as a proprietorship concern by Mrs. Sudanagunta
Venkayamma. She has more than two decades experience in trading of
tobacco. She is supported by her husband Mr. Narayana Rao. The firm
is an authorized licensed holder from Government of Andhra Pradesh
for processing and selling of Virginia tobacco. SST is mainly
engaged in selling of Virginia tobacco. The firm procures tobacco
from Reethu tobacco traders, Vamsi enterprises and Sri Annapurna
enterpirses among others. The firm selling its products to various
clients naming few ITC Limited Ethinic Tobacco India Ltd and VST
Industries Ltd, who are into the business of selling cigarettes and
exporting tobac co related products. Ongole is located in the major
tobacco growing area in Andhra Pradesh.
SHIVOHUM TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivohum
Textiles (ST) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.40 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 21, 2023,
placed the rating(s) of ST under the 'issuer non-cooperating'
category as ST had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. ST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2024, June 15, 2024 and June 25, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ST based out of Solapur, Maharashtra, is a partnership concern,
promoted by Mrs. Sunayana Samandariya and Mr. Shreyas Gokul Marda,
established in the year 2015. ST proposes to set up a terry towel
manufacturing plant and plant was expected to commence its
operations by March 2018.
SIMPLEX CASTINGS: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Simplex Castings
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:
-- INR350 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR370 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR84.6 mil. Term Loan due on March 31, 2025 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 Simplex Castings Ltd while
reviewing the rating. Ind-Ra had consistently followed up with
Simplex Castings Ltd over emails, apart from phone calls..
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Simplex Castings 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 Simplex Castings 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
SCL was established in 1970 and reconstituted as a private limited
company in 1980. In 1993, it became a public limited company and
was listed on the BSE Ltd. The company manufactures iron and steel
casting products, which are used in various industries such as
railways, steel and defense, at its two manufacturing units, one
each in Bhilai and Tedsara.
SONIC CERAMIC: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sonic
Ceramic Private Limited (SCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.84 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 7, 2023,
placed the rating(s) of SCPL under the 'issuer non-cooperating'
category as SCPL had failed to provide information for monitoring
of the rating. SCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 22, 2024, May 2, 2024,
May 12, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Morbi (Gujarat) based SCPL was incorporated in October 2007 as a
private limited company by six promoters to undertake a green field
project for manufacturing of wall tiles. SCPL recently completed
its project in Morbi (Gujarat) with installed capacity of 52800
Metric Tonnes of wall tiles Per Annum (MTPA). The company has
completed project and commenced operations from April 2018 onwards.
The promoters of the company have long experience in the ceramic
industry through their association with different established
entities. These entities are engaged in manufacturing of vitrified
tiles, wall tiles and floor tiles. These associate concerns of SCPL
are Suzlon Ceramic, Shubham Ceramic, Mega Vitrified Private Limited
and Armano Vitrified LLP.
T.R. MEGA: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of T.R. Mega
Foods and Beverages LLP (TMFBL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 12, 2023,
placed the rating(s) of TMFBL under the 'issuer non-cooperating'
category as TMFBL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TMFBL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 27, 2024, June 6, 2024 and June 16, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
T.R. Mega Food and Beverages LLP (TMFBL) was constituted as a
Limited Liability Partnership on July 12, 2018. The firm is
currently being managed by Mr. Sham Sunder Goyal, Mr. Harsh Kumar,
Mr. Aman Goyal, Mrs. Ashima Goyal as its partners. The firm is
setting up an Agro Processing Cluster (Food Park) in district
Firozpur, Punjab. The project has been allotted by MOFPI (Ministry
of Food Processing Industries). The firm is expected to derive
income from leasing/ sale of the plots and providing associated
services in the food park to the potential food processing units.
The Firm has also proposed to set-up Compressed Biogas (CBG) Units
in Kotkapura and Zira, Punjab.
TERA SOFTWARE: Ind-Ra Keeps B- Rating in NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Tera Software
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:
-- INR430 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
-- INR880 mil. Non-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 Tera Software Limited while
reviewing the rating. Ind-Ra had consistently followed up with Tera
Software Limited over emails, apart from phone calls..
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Tera Software 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 Tera Software 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
Hyderabad-based TSL provides hardware and software services through
long-term contracts on a build-own-operate-transfer basis to
government organizations. It provides services in three business
segments: projects, technical services and systems integration.
TIRUMALA DALL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirumala
Dall Udyog (TDU) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 21, 2023,
placed the rating(s) of TDU under the 'issuer non-cooperating'
category as TDU had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. TDU continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2024, June 15, 2024 and June 25, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
TDU based out of Nagpur, Maharashtra is a proprietorship concern
promoted by Mrs Vijayalaxmi Bholla was established in March 2003.
The entity is engaged in the business of processing of pulses
(Chana Dall and Daliya) with its processing facility located at
Nagpur, Maharashtra.
TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tuscan
Agrow (TA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 28, 2023,
placed the rating(s) of TA under the 'issuer non-cooperating'
category as TA had failed to provide information for monitoring of
the rating. TA continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 13, 2024, May 23, 2024, June 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tuscan Agrow (TA) was established in the year 2014 as a partnership
firm by Mr. Sathyamoorthy Vasudevan and Mrs. Priya Vasudevan. The
commercial operations of the firm were started from 2015. The
entity has its registered and administrative office located at
Bangalore and is engaged in growing of coffee seeds and allied
products, and yielding about 300 tons of coffee and 30MT of pepper
along with other allied crops every year.
WAVIN INDUSTRIES: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Wavin Industries
Limited's bank facilities' ratings to 'IND BB/Negative (ISSUER NOT
COOPERATING)' from 'IND BBB+/Negative(ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The detailed rating actions are:
-- INR874 mil. Fund-based working capital limits downgraded with
IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR255.87 mil. Term loans due on March 2026 downgraded with
IND BB/Negative (ISSUER NOT COOPERATING) rating.
NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The downgrade and the Negative Outlook is in accordance with
Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the
guidelines, if an issuer has an investment grade rating outstanding
while being noncooperative for more than six months with Ind-Ra,
then Ind-Ra will necessarily downgrade such rating to the
non-investment grade, while maintaining the Issuer Not Cooperating
status.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with WIL while reviewing the
ratings. Ind-Ra had consistently followed up with the company over
emails since June 24, 2024, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of WIL, as the agency does not have adequate
information to review the ratings. Hence, the current outstanding
rating might not reflect the company'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.
The company has been non-cooperative with the agency since February
20, 2024.
About the Company
WIL manufactures plastic water tanks, polypropylene random
copolymer piping systems, polyvinyl chloride and chlorinated
polyvinyl chloride piping systems, plastic pipe fittings,
polyethylene manholes and various kinds of plastic molded articles
for agricultural and household purposes.
ZENITH PRECISION: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Zenith
Precision Private Limited (ZPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.69 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of ZPPL under the 'issuer non-cooperating'
category as ZPPL had failed to provide information for monitoring
of the rating. ZPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 21, 2024, May 1, 2024,
May 11, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bangalore based Zenith Precision Private Limited (ZPPL) was
incorporated in 1986 as a Private Limited Company by Mr J.F. Pinto.
The company is engaged in the manufacturing of precision components
and sub-assemblies which find application in variety of industries
such as locomotive, automobile, medical components and aerospace
industries. The company has three manufacturing units located in
the suburbs of Bangalore of which 2 units manufacture aerospace
components. The company has diversified revenue base with majority
of sales (about 90%) being exports (to USA) and deemed exports. It
procures its raw materials domestically from Karnataka. Currently,
Mr. Deepak Pinto, the Managing Director of the company looks after
the day to day operations.
===============
M A L A Y S I A
===============
ZELAN BHD: Fills CEO Role After Over a Year
-------------------------------------------
The Star reports that PN17 company Zelan Bhd has appointed Mohd
Ariff Abd Samat, 42, as its chief executive officer (CEO), after
terminating the contract of its previous CEO, Hazimi Baharum, in
June last year.
In a filing with Bursa Malaysia, Zelan said Mohd Ariff was group
chief operating officer at Sarawak Consolidated Industries Bhd
until July 2023, prior to joining Zelan, The Star relates.
"Mohd Ariff has over 18 years in key positions of internal audit,
accounts and reporting and business planning and budgeting in the
oil and energy industry during his tenure with PETRONAS, UMW Corp
Sdn Bhd, Boustead Petroleum Marketing Sdn Bhd and KPMG Malaysia."
Zelan Berhad -- http://zelan.com/-- is an investment holding
company. The Company's business focus is on engineering and
construction projects, and public private partnership projects,
mainly in Malaysia.
Zelan was categorised as a PN17 company in May 2023 after its
external auditor Nexia SSY PLT expressed a disclaimer of opinion on
its audited financial statements for the financial year ended Dec.
31, 2022.
=====================
N E W Z E A L A N D
=====================
AASE LIMITED: Creditors' Proofs of Debt Due on Sept. 11
-------------------------------------------------------
Creditors of Aase Limited are required to file their proofs of debt
by Sept. 11, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 7, 2024.
The company's liquidator is Ryan Eathorne.
ALLWORX CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 10
----------------------------------------------------------------
A petition to wind up the operations of Allworx Construction
Limited will be heard before the High Court at Wellington on Sept.
10, 2024, at 10:00 a.m.
Phillip Silverman filed the petition against the company on July
24, 2024.
The Petitioner's solicitor is:
Kevin Smith
Kevin Smith Law Limited
Level 3/191 Thorndon Quay
Wellington 6011
CLOUGH TRANSPORT: Creditors' Proofs of Debt Due on Sept. 6
----------------------------------------------------------
Creditors of Clough Transport Limited are required to file their
proofs of debt by Sept. 6, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 7, 2024.
The company's liquidators are:
Trevor Edwin Laing
Emma Margaret Laing
Laing Insolvency Specialists Limited
PO Box 2468
Dunedin 9044
R L CREATIONS: Court to Hear Wind-Up Petition on Sept. 10
---------------------------------------------------------
A petition to wind up the operations of R L Creations Limited will
be heard before the High Court at Rotorua on Sept. 10, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 22, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
TOPGUNZ LIMITED: Court to Hear Wind-Up Petition on Aug. 23
----------------------------------------------------------
A petition to wind up the operations of Topgunz Limited will be
heard before the High Court at Gisborne on Aug. 23, 2024, at 9:30
a.m.
Body Corporate 385226 filed the petition against the company on
July 9, 2024.
The Petitioner's solicitor is:
Clinton Baker
Collette Robinson
c/- Price Baker Berridge
Level 2, 87 Central Park Drive
Henderson
Auckland 0618
=====================
P H I L I P P I N E S
=====================
DITO CME: Cleared to Launch PHP4.2 Billion Follow-On Offering
-------------------------------------------------------------
Bilyonaryo.com reports that DITO CME Holdings Corp., led by
businessman Dennis Uy, has obtained the Securities and Exchange
Commission's approval for its plan to raise up to PHP4.2 billion
through a follow-on offering.
According to its registration statement, DITO will issue a total of
1.95 billion common shares at PHP1 to PHP2.15 per share, contingent
on the company meeting certain remaining requirements,
Bilyonaryo.com relates.
At the maximum price, DITO expects to raise up to PHP4.12 billion
from the offering. The proceeds will be used to fund the commercial
rollout of the telco's network expansion and for general corporate
purposes.
The offering will take place from September 5 to 12, with the
shares scheduled to list on the main board of the Philippine Stock
Exchange on September 20, according to the latest timeline
submitted to securities regulators, Bilyonaryo.com relays.
BDO Capital & Investment Corporation is the sole underwriter for
the transaction.
About DITO CME
Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.
DITO CME Holdings, which owns 44% of DITO Telecommunity, reported
losses of PHP19.6 billion in 2023, which bring its total red ink to
PHP68 billion since 2020.
DITO CME: Posts PHP18.1BB Net Loss for Q2 Ended June 30
-------------------------------------------------------
Philstar.com reports that DITO CME reported a Q2 net loss of
PHP18.1 billion, down 624% y/y from its Q2/23 net loss of PHP2.5
billion, and down 81% q/q from its Q1/24 net loss of PHP10.1
billion.
According to Philstar.com, the primary driver of DITO's H1 net loss
of PHP28.2 billion is the PHP12.4 billion in foreign currency
exchange losses that it recognized on its loans, which is up 67%
y/y from DITO's H1/23 forex loss of PHP7.4 billion. DITO's H1
interest expense on those loans also increased, up 132% to PHP9.3
billion.
Operationally, DITO reported having 11.3 million subscribers with
an average revenue per user (ARPU) of PHP126/month. H1 revenues
were up 54% y/y to PHP7.6 billion, and DITO narrowed its operating
loss by 2% to PHP6.5 billion, Philstar.com relates.
DITO's H1 EBITDA increased 282% to PHP0.4 billion, up from H1/23's
negative EBITDA of PHP0.2 billion. EBITDA excludes forex losses,
depreciation, amortization, interest expense, and tax expense,
Philstar.com discloses.
About DITO CME
Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.
DITO CME Holdings, which owns 44% of DITO Telecommunity, reported
losses of PHP19.6 billion in 2023, which bring its total red ink to
PHP68 billion since 2020.
=================
S I N G A P O R E
=================
BOB TX: Court to Hear Wind-Up Petition on Aug. 30
-------------------------------------------------
A petition to wind up the operations of Bob TX Food Empire Pte Ltd
will be heard before the High Court of Singapore on Aug. 30, 2024,
at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on Aug. 5,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
SUPREME EXIMP: Court to Hear Wind-Up Petition on Aug. 30
--------------------------------------------------------
A petition to wind up the operations of Supreme Eximp Pte Ltd will
be heard before the High Court of Singapore on Aug. 30, 2024, at
10:00 a.m.
The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on Aug. 7, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
TAKASINO CORPORATION: Court to Hear Wind-Up Petition on Aug. 30
---------------------------------------------------------------
A petition to wind up the operations of Takasino Corporation Pte
Ltd will be heard before the High Court of Singapore on Aug. 30,
2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Aug. 5, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
VALULOGISTICS PTE: Court to Hear Wind-Up Petition on Aug. 30
------------------------------------------------------------
A petition to wind up the operations of Valulogistics Pte Ltd will
be heard before the High Court of Singapore on Aug. 30, 2024, at
10:00 a.m.
RHB Bank Berhad filed the petition against the company on Aug. 5,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
VALUSPORTS PTE: Court to Hear Wind-Up Petition on Aug. 30
---------------------------------------------------------
A petition to wind up the operations of Valusports Pte Ltd will be
heard before the High Court of Singapore on Aug. 30, 2024, at 10:00
a.m.
RHB Bank Berhad filed the petition against the company on Aug. 5,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
*********
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 ***