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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 22, 2024, Vol. 27, No. 169
Headlines
C H I N A
CBAK ENERGY: Swings to $6.02 Million Net Income in Fiscal Q2
I N D I A
JAI GURUDEV: CARE Keeps B- Debt Rating in Not Cooperating Category
JBF INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
K. RADHAKRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
KANYAKA CORPORATION: ICRA Keeps B Debt Ratings in Not Cooperating
MADHU OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating
MATRIBHUMI RICE: CARE Keeps B- Debt Rating in Not Cooperating
TIRUAL BORTIMON: CARE Keeps D Debt Rating in Not Cooperating
TIRUPATI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
VINIT KNITTINGS: CARE Keeps D Debt Rating in Not Cooperating
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=========
C H I N A
=========
CBAK ENERGY: Swings to $6.02 Million Net Income in Fiscal Q2
------------------------------------------------------------
CBAK Energy Technology, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net income of $6.02 million on $47.8 million of net revenues for
the three months ended June 30, 2024, compared to a net loss of
$2.94 million on $42.4 million of net revenue for the three months
ended June 30, 2023.
For the six months ended June 30, 2024, the Company reported a net
income of $15.6 million on $106.6 million of net revenue, compared
to a net loss of $5.1 million on $84.8 million of net revenue for
the same period in 2023. As of June 30, 2024, the Company had cash
and cash equivalents of $20.1 million. Total current assets were
$123.4 million and total current liabilities were $144.6 million as
of June 30, 2024, resulting in a net working capital deficit of
$21.2 million.
As of June 30, 2024, the Company had an accumulated deficit of
$118.1 million. "We had an accumulated deficit from recurring net
losses incurred for the prior years and significant short-term debt
obligations maturing in less than one year as of June 30, 2024,"
the Company said.
The Company's plan for continuing as a going concern included
improving its profitability, and obtaining additional debt
financing, loans from existing directors and shareholders for
additional funding to meet its operating needs. There can be no
assurance that the Company will be successful in the plans
described above or in attracting equity or alternative financing on
acceptable terms, or if at all.
Yunfei Li, Chairman and Chief Executive Officer of the Company,
commented, "We are thrilled to share with our shareholders and
investors that we have achieved a remarkable 55% increase in net
revenues from our battery business, reaching $80.4 million for the
first half of the year. This significant growth is particularly
notable given the broader industry challenges and declining sales
volumes faced by our competitors. Our strategic pivot towards
residential energy solutions and diverse energy storage
applications has been a key driver of this success, with the bulk
of our revenue increase coming from these sectors. Our major
clients remain highly satisfied with the performance of our
products and continue to show strong loyalty. We are confident that
this exceptional sales momentum will continue to drive our success
in the future."
Jiewei Li, Chief Financial Officer and Secretary of the Board of
the Company, added, "In addition to the remarkable surge in net
revenues from our battery business, we are thrilled to report an
impressive gross margin of 39% for the first half of the year. This
outstanding performance not only highlights our efficiency but also
places us ahead of all our competitors in battery manufacturing.
Consequently, our net income from the battery sector has reached
$19.6 million, surpassing the figures from the previous fiscal
year. We are confident that our gross margin will remain robust due
to high client satisfaction with our battery products, and we
anticipate continued growth in net income in the upcoming quarters.
Furthermore, we are engaged in discussions with several private
equity investors regarding both our sodium and lithium battery
segments. These investors are showing interest in contributing
capital at a significantly higher valuation. We expect to finalize
these transactions and deliver positive news to the market."
As of June 30, 2024, the Company had $279,617,029 in total assets,
$153,090,080 in total liabilities, and $126,526,949 in total
equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2ku4nysv
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.
CBAK Energy Technology reported a net loss of $8.54 million for the
year ended Dec. 31, 2023, compared to a net loss of $11.33 million
for the year ended Dec. 31, 2022.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2023. All these factors raise substantial doubt
about its ability to continue as a going concern.
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I N D I A
=========
JAI GURUDEV: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Gurudev
Ginning and Pressing Industries (JGGPI) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.21 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 JGGPI under the 'issuer non-cooperating'
category as JGGPI had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. JGGPI 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).
Established in April 2013 by Mr. Chandrashekhar Thote, Mr. Sachin
Kawale and Mrs. Sharada Thote, Jai Gurudev Ginning and Pressing
Industries (JGGPI) is engaged into cotton ginning & pressing at its
plant located at Kalambm, Yavatmal, Maharashtra.
JBF INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JBF
Industries Limited (JBF) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 426.83 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1,600.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE has been seeking information from JBF to monitor the rating(s)
vide e-mail communications dated July 22, 2024, July 12, 2024, and
July 2, 2024. However, despite repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant of SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on JBF's bank facilities will continue to be
denoted as CARE D, ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating continues to take into account ongoing delays in
interest servicing related to the term loans and NPA classification
of account by lenders.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
At the time of last rating on March 28, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from audited financial available from Stock Exchange
fillings)
Key weaknesses
Ongoing delays in debt servicing: Delays in servicing of debt
obligation by the company due to its weakened liquidity position.
Established in 1982, JBF Industries Limited (JBF) was founded by
Mr. Bhagirath Arya as a Yarn Texturising company, since then it has
established and expanded capacities into Polyester Chips (textile
grade, bottle grade and film grade), Partially Oriented Yarn (POY)
and Polyester (BOPET) film. It also manufactures Fully Drawn Yarn
(FDY) and Polyester Texturised Yarn (PTY). Today, JBF is one of the
leading Polyester value chain company not only in India but
globally. On a standalone basis, JBF is predominantly polyester
chips (textile grade & bottle grade) and POY player. Having
established itself in the domestic market, JBF ventured into
overseas markets by setting up a packaging-grade polyester chips
plant, JBF RAK LLC in the emirate of Ras AI Khaimah in 2005.
Further, it also commissioned a Polyester (BOPET) film plant at
Bahrain in 2014 and bottle grade Polyester chips plant at Geel,
Belgium in 2014. The manufacturing facilities of JBF are located in
Silvassa, Vapi, UAE, Bahrain and Belgium. JBF became a public
limited company in 1986 and is listed on NSE as well as BSE.
K. RADHAKRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K.
Radhakrishna Naik (KRN) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.02 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.36 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 29, 2023,
placed the rating(s) of KN under the 'issuer non-cooperating'
category as KN had failed to provide information for monitoring of
the rating. KN continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 14, 2024, May 24, 2024, June 3, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
K.Radhakrishna Naik (KN) is a proprietorship firm established in
1978 by Mr K. Radhakrishna Naik in Udayagiri, Karnataka. The firm
is a class I civil contractor for Public Works Department (PWD),
Karnataka for undertaking civil constructions of buildings, roads
etc. Over the last two years, KRN has constructed roads and bridges
in Bantwal and Mangalore regions of Karnataka for Karnataka Rural
Road Development Agency (KRRDA) and Public Works Department,
Karnataka. The firm subcontracts 30% of its labour work to various
other contractors.
KANYAKA CORPORATION: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Kanyaka
Corporation in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING/[ICRA]A4
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.85 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 1.15 [ICRA]B (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Kanyaka Corporation, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Kanyaka Corporation is a proprietorship firm incorporated in the
year 2009 by Mr. Subhrahmanyam. The firm is engaged in trading
chemicals and solvents used largely in pharmaceutical industry,
followed by printing and packaging industry, agro, and textile
industry. The firm sells its products in Telangana and Andhra
Pradesh state only. The firm has its head office in Hyderabad, a
branch office in Visakhapatnam, followed by a godown in Hyderabad
and Visakhapatnam. The firm is authorized dealer for Grasim
Industries.
MADHU OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Madhu
Overseas (MO) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 13, 2023,
placed the rating(s) of MO under the 'issuer non-cooperating'
category as MO had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MO 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, Madhu Overseas (MOS) is a proprietorship firm
established in 2012 by Mr. Kuldeep Maan after taking over the
business of the partnership firm-M/s Madhu Overseas (established
since 2006), which dissolved in the same year. The firm is
engaged in trading of PVC products, plywood's and laminates, door
skins (i.e. furniture related products used for manufacturing of
furniture. Most of the sales are order backed. The firm is also
engaged in trading of rice & wheat. The firm sells the products to
wholesalers and furniture manufacturers domestically. MOS purchases
products from plywood and door skins manufacturers located in the
country and imports from countries like China, Malaysia, Turkey and
Romania etc.
MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahavir
Foods (MF) continue 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
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 13, 2023,
placed the rating(s) of MF under the 'issuer non-cooperating'
category as MF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MF 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).
Mahavir is a partnership concern established in 1998. Mr. Suresh
Kumar and Mr. Amit Kumar are the partners with equal profit-sharing
ratio in the firm. The partners have two decades of experience in
process sing of rice. The firm is engaged in the
business of milling, processing and trading of rice. The processing
facility of the firm is located at Taraori, Karnal (Haryana).
MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manaf P.B.
(MPB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MPB for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MPB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPB continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MPB was set up as a proprietorship firm at Aluva (Kerala) in 2004.
The firm undertakes civil contracts for the PWD of Kerala. Daily
operations are managed by the proprietor, Mr PB Manaf.
MATRIBHUMI RICE: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Matribhumi
Rice Mills LLP (MRML) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.30 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 16, 2023,
placed the rating(s) of MRML under the 'issuer non-cooperating'
category as MRML had failed to provide information for monitoring
of the rating. MRML continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 1, 2024, May 11, 2024, May
21, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Matribhumi Rice Mills LLP (MRML) was constituted as a limited
liability partnership firm on May 17, 2017 by Mr. Pritam Paul and
Mr. Rajkumar Paul with an objective to enter into rice milling and
processing business in Hooghly, West Bengal. Currently, the firm is
setting up a modern rice milling and processing plant at Nagarpara,
in the district of Hooghly, West Bengal.
TIRUAL BORTIMON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirual
Bortimon Tea Estates Private Limited (TBTEPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.51 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 14, 2023,
placed the rating(s) of TBTEPL under the 'issuer non-cooperating'
category as TBTEPL had failed to provide information for monitoring
of the rating. TBTEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 29, 2024, May 9, 2024,
May 19, 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).
TBTEPL was incorporated in 1973 by Mr. Laxminath Hanue. Mr Bhaskar
Baruah acquired TBTEPL in 2006. TBTEPL was initially engaged in
production of green leaf and manufacturing of black tea (CTC).
TBTEPL is based out of Johrat, Assam, and currently has four tea
garden and four plants for processing of green tea leaves to
produce black tea (CTC) located at Nakachari, Sapekati, Borhulla
and Dibrugarh having an installed capacity of 2500 MTPA. The
company sells through auction, agent and private brokers of Assam.
Mr. Bhaskar Baruah (Managing Director) who has more than two
decades of experience looks after the day to day operation of the
company. He is also supported by other directors Mr. Apurba Baruah,
and Mrs. Angshumali Bruah along with a team of experience
professional who are having long experience in similar line of
business.
TIRUPATI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Industries (TI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.47 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 17, 2023,
placed the rating(s) of TI under the 'issuer non-cooperating'
category as TI had failed to provide information for monitoring of
the rating. TI continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 1, 2024, June 11, 2024, June 21,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gujarat based Tirupati Industries was set up in May 2014 as a
partnership firm and is engaged in processing of groundnut deoiled
cake for cattle feed and various other applications. TI had an
installed capacity of 300 metric ton (MT) per day of oil cake as on
March 31, 2019. Along with this, TI is also engaged in
opportunity-based trading of other agri commodities including
de-oiled rice bran (DORB). The firm is presently managed by seven
partners, principal amongst them being Mr. Ashish Talaviya.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of TI to 'Issuer Not
Cooperating' category vide press release dated August 23, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
VINIT KNITTINGS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vineet
Knittings Private Limited (VKPL) 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 June 27, 2023,
placed the rating(s) of VKPL under the 'issuer non-cooperating'
category as VKPL had failed to provide information for monitoring
of the rating. VKPL 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).
Delhi based Vineet Knittings Private Limited (VKPL) was established
in December, 1993 as a Private Limted company and is currently
managed by Shri Sudama Arora, Shri Vaneet Arora, Shri Manoj Arora
and Smt. Rachna Arora. The firm is engaged in
the manufacturing of knitted fabrics which is used in purse and
cushion covers.
*********
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