/raid1/www/Hosts/bankrupt/TCRAP_Public/240909.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
Monday, September 9, 2024, Vol. 27, No. 181
Headlines
A U S T R A L I A
ACRES RURAL: First Creditors' Meeting Set for Sept. 16
COUTURE BAKES: First Creditors' Meeting Set for Sept. 16
HARVEY TECHNOLOGY: Second Creditors' Meeting Set for Sept. 12
KEYSTONE ASSET: Court Taps Receivers, New Voluntary Administrators
KING ISLAND: Closure Could Impact Island and Parts of Tasmania
MERCEDES CONSTRUCTION: Perth Builder Placed Into Liquidation
MORTGAGE HOUSE 2024-2: S&P Assigns Prelim. B+ Rating on F Notes
PANORAMA AUTO 2024-3: Fitch Assigns 'BB(EXP)' Rating on Cl. E Notes
RESIMAC TRIOMPHE 2024-1: S&P Affirms B(sf) Rating on Class F Notes
S&J MINERAL: First Creditors' Meeting Set for Sept. 16
TELDRAM GROUP: Second Creditors' Meeting Set for Sept. 13
TORRENS TRUST 2022-1: S&P Assigns 'BB+' Rating on Class E Notes
C H I N A
CHINA VANKE: Secures US$1.6 Billion Syndicated Loan
COUNTRY GARDEN: Seeks Extension on 9 Onshore Bonds
HOME CREDIT: JD.com's Fintech Arm to Buy Consumer Lending Firm
JINGBO TECHNOLOGY: Unit Inks Shares Transfer Agreements
WEST CHINA CEMENT: Fitch Lowers IDR to 'B-', On Watch Negative
ZW DATA: Narrows Net Loss to $232,000 in Fiscal Q2
I N D I A
AANANDA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating
ANAND TEKNOW: Liquidation Process Case Summary
BALAJI HATCHERIES: CRISIL Moves D Debt Ratings to Not Cooperating
BN PACK: Insolvency Resolution Process Case Summary
BRANDSHOOTS VENTURES: Voluntary Liquidation Process Case Summary
BYJU'S: Indian Tax Authorities Seek US$101 Million in Unpaid Dues
CIAN RETAIL: Voluntary Liquidation Process Case Summary
DPA TECHNOLOGIES: Voluntary Liquidation Process Case Summary
ENKI RETAIL: Voluntary Liquidation Process Case Summary
GENIE COMMERCIAL: CRISIL Keeps D Debt Rating in Not Cooperating
HIMALAYA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
IIFL FINANCE: Fitch Keeps 'B+' LongTerm IDR on Watch Negative
INDO AUSTRIAN: Voluntary Liquidation Process Case Summary
J. S. GROVER: CRISIL Keeps D Debt Ratings in Not Cooperating
JANAK ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
KOBO BIOTECH: Insolvency Resolution Process Case Summary
MAHARAJA SALT: Insolvency Resolution Process Case Summary
MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating
METALORE OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
MITHRA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
NETSURION TECHNOLOGIES: Voluntary Liquidation Process Case Summary
NETWORK TRADELINK: CRISIL Keeps D Debt Ratings in Not Cooperating
P S MEASUREMENTS: Voluntary Liquidation Process Case Summary
PARSHURAM CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
PINK ROSE: CRISIL Keeps D Debt Ratings in Not Cooperating
POLO HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating
R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHIKA INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
RAJVIR INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAM NATH: CRISIL Keeps D Debt Ratings in Not Cooperating Category
RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
REDHU FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
RICHA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
RUDRA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category
RUSHABH LIFESTYLE: Liquidation Process Case Summary
SAI AMRUT: CRISIL Keeps D Debt Rating in Not Cooperating Category
SANGAM HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
SARVODAY REALITIES: Voluntary Liquidation Process Case Summary
SATYA WAREHOUSE: CRISIL Keeps D Debt Ratings in Not Cooperating
SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
SMFL SERVICES: Voluntary Liquidation Process Case Summary
SS INNOVATIONS: Updates on Audit Process, Stock Market Status
STEELERA ENGINEERS: Liquidation Process Case Summary
TIRUPATHI PROPERTIES: Insolvency Resolution Process Case Summary
VIJAYGROUP HOUSING: Liquidation Process Case Summary
I N D O N E S I A
SORIK MARAPI: Fitch Rates 7.75% Secured Notes Due 2031 'BB+'
N E W Z E A L A N D
A TEAM: Creditors' Proofs of Debt Due on Sept. 29
BOBTHEBUILDER NZ: BDO Tauranga Appointed as Liquidator
LEE + CO LIMITED: Creditors' Proofs of Debt Due on Sept. 27
LIQUORISLAND LIMITED: Court to Hear Wind-Up Petition on Sept. 13
TRUE MACRO: Court to Hear Wind-Up Petition on Sept. 19
P H I L I P P I N E S
COOPERATIVE BANK OF BOHOL: Creditors Can File Claims Until Oct. 14
S I N G A P O R E
CREST OFFSHORE: Creditors' Proofs of Debt Due on Oct. 7
DCRAFT STUDIO: Creditors' Meetings Set for Sept. 27
GRACE OCEAN: MV Dali Ship Set to Depart to China
GRACEWOOD PETROLEUM: Creditors' Meetings Set for Sept. 24
LMC ASIA: Creditors' Meetings Set for Sept. 18
NEW ASIA: Court to Hear Wind-Up Petition on Sept. 27
V I E T N A M
VIETNAM ELECTRICITY: Fitch Affirms 'BB+' LT Foreign Currency IDR
X X X X X X X X
[*] WB OKs US$68MM Cross-Border Bank Lifeline for Pacific Islands
- - - - -
=================
A U S T R A L I A
=================
ACRES RURAL: First Creditors' Meeting Set for Sept. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Acres Rural
Supplies Pty Ltd will be held on Sept. 16, 2024 at 11:30 a.m. at
Level 5 34 East, Street Rockhampton and via Microsoft Teams.
Michael Beck of Worrells was appointed as administrator of the
company on Sept. 4, 2024.
COUTURE BAKES: First Creditors' Meeting Set for Sept. 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Couture
Bakes Pty Ltd will be held on Sept. 16, 2024 at 11:00 a.m. via
online teleconferencing/video facilities only.
Neil McLean and Brodie Hilet of Rodgers Reidy were appointed as
administrators of the company on Sept. 4, 2024.
HARVEY TECHNOLOGY: Second Creditors' Meeting Set for Sept. 12
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Harvey
Technology Pty Ltd has been set for Sept. 12, 2024 at 11:00 a.m. at
the offices of Cor Cordis at Level 29, 360 Collins Street in
Melbourne and via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 11, 2024 at 4:00 p.m.
Barry Wight and Rachel Burdett of Cor Cordis were appointed as
administrators of the company on June 6, 2024.
KEYSTONE ASSET: Court Taps Receivers, New Voluntary Administrators
------------------------------------------------------------------
The Federal Court made orders, on August 27, 2024, appointing Jason
Tracy and Lucica Palaghia of Deloitte as receivers and managers of
the property of Keystone Asset Management Ltd, the responsible
entity for the Shield Master Fund.
The receivers are required to:
* secure the property held by Keystone in its capacity as
responsible entity of Shield and trustee of certain other
funds,
* identify how Shield investor funds were used by Keystone
Recover,
* Shield investor funds, and
* provide a report to the Court within 28 days about the
solvency of Keystone and the likely return to creditors and
investors in the event that Keystone and Shield were to be
wound up.
When handing down his reasons in relation to the appointment of
receivers, Justice Moshinsky stated:
"The extent of Keystone's mismanagement confirms that there is a
need to protect the interests of investors from what appear to be
conflicts of interest and breaches of trusts . . . On the basis of
the material before the Court, I do not have confidence that the
SMF [Shield Master Fund] and ADPF [Advantage Diversified Property
Fund] are being managed in the best interests of investors, or that
Keystone is capable of providing such management . . . there are
real doubts about the status and value of investments in the SMF
and ADPF."
On Aug. 28, 2024, ASIC was notified that the directors of Keystone
had appointed Scott Langdon, Michael Korda and John Mouawad of
KordaMentha as voluntary administrators of Keystone.
On Sept. 5, 2024, on ASIC's application, the Federal Court made
orders removing Scott Langdon, Michael Korda and John Mouawad of
KordaMentha as voluntary administrators and appointed Mr Tracy and
Ms Palaghia of Deloitte as voluntary administrators in addition to
their role as receivers. ASIC made this application because it was
concerned that having two different sets of insolvency
practitioners appointed to Keystone would involve unnecessary
duplication of work and deplete the funds available to investors
and creditors. It was also concerned that there may be
disagreements between the different sets of practitioners about
their powers and responsibilities.
Investors can contact the receivers and voluntary administrators
with any queries by emailing shieldinvestors@deloitte.com.au.
ASIC's investigation is ongoing.
ASIC took action in February 2024 to halt new offers of investments
in Shield. ASIC made interim stop orders on four product disclosure
statements for Shield.
The appointment of the receivers follows initial action taken by
ASIC in June 2024 to secure the assets held within Shield.
On June 26, 2024, Mr Tracy and Ms Palaghia of Deloitte were
appointed by the Court to take control of Shield's bank accounts
and provide a report on the financial position of Shield in July
2024.
On Aug. 30, 2024, ASIC filed an application seeking orders
including:
* that Jason Tracy and Lucica Palaghia of Deloitte be appointed
as provisional liquidators of Keystone, or alternatively
* that Scott Langdon, John Mouawad and Michael Korda of
KordaMentha, the voluntary administrators of Keystone, be
replaced by the receivers, Jason Tracy and Lucica Palaghia of
Deloitte.
On Sept. 5, 2024, Moshinsky J was not satisfied that it was
appropriate to appoint provisional liquidators to Keystone and
instead appointed Mr. Tracy and Ms. Palaghia of Deloitte as
voluntary administrators in addition to their role as receivers.
KING ISLAND: Closure Could Impact Island and Parts of Tasmania
--------------------------------------------------------------
News.com.au reports that locals have warned the shock closure of an
iconic Australian cheese brand could have major impacts on the
community.
Tasmania's King Island Dairy will no longer operate from mid-2025,
parent company Saputo revealed on Sept. 5, news.com.au relates.
According to news.com.au, the dairy giant launched a strategic
review of the facility 10 months ago, making the decision to retire
the brand after it was unable to find a buyer.
About 58 jobs are tipped to be affected in the closure, however
locals have warned the decision could be "devastating" for both
King Island, which has a population of about 1,600, and parts of
Tasmania.
Local farmer David Munday told the ABC the move could drive younger
people to leave the island in search of new work, news.com.au
relays. Local John Smith said "everything" would be affected, the
news source relays.
News.com.au adds that Saputo Dairy Australia president Leanne Cutts
said the decision to close the brand "had not been taken lightly".
"After thoroughly reviewing every possible option, closure of the
facility was determined as the most viable way to strengthen SDA's
competitiveness based on changing industry and market conditions,"
Ms Cutts said.
"As King Island Dairy's historic roots are deeply embedded in the
region, it was hoped the strategic review would identify a
potential buyer for the facility."
MERCEDES CONSTRUCTION: Perth Builder Placed Into Liquidation
------------------------------------------------------------
Business News reports that Perth commercial builder Mercedes
Construction has tumbled into liquidation after moving to wind up
its operations.
Ross Stephen Thomson -- ross@bankruptcyac.com.au -- of Bankruptcy
Advisory Centre was appointed as the company's liquidator on Sept.
3, 2024.
MORTGAGE HOUSE 2024-2: S&P Assigns Prelim. B+ Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage
House Capital Mortgage Trust No.1 - Mortgage House RMBS Osmium
Series 2024-2.
Mortgage House RMBS Osmium Series 2024-2 is a securitization of
residential mortgage loans to Australian residents, nonresidents,
and self-managed superannuation fund borrowers, originated by
Mortgage House of Australia Pty Ltd.
The preliminary ratings reflect the following factors.
S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 1% of the mortgage loan portfolio,
and excess spread.
"We have considered the underwriting standard and centralized
approval process of the seller, Mortgage House of Australia.
"We expect that the various mechanisms to support liquidity within
the transaction, including a liquidity facility equal to 1.5% of
the outstanding balance of the notes and principal draws are
sufficient under our stress assumptions.
"Our ratings also reflect the fixed- to floating-rate interest-rate
swap provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS."
Preliminary Ratings Assigned
Mortgage House Capital Mortgage Trust No.1 –
Mortgage House RMBS Osmium Series 2024-2
Class A1-S, A$125.00 million: AAA (sf)
Class A1-L, A$275.00 million: AAA (sf)
Class A2, A$42.50 million: AAA (sf)
Class B, A$27.50 million: AA (sf)
Class C, A$15.00 million: A (sf)
Class D, A$7.00 million: BBB (sf)
Class E, A$3.75 million: BB (sf)
Class F, A$2.00 million: B+ (sf)
Class G1, A$1.13 million: Not rated
Class G2, A$1.12 million: Not rated
PANORAMA AUTO 2024-3: Fitch Assigns 'BB(EXP)' Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Panorama Auto Trust
2024-3's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd. The notes
will be issued by Perpetual Corporate Trust Limited as trustee for
Panorama Auto Trust 2024-3.
Angle Auto Finance was formed in 2021 through a joint venture
between Cerberus Capital Management, L.P. (80%) and Deutsche Bank
AG, Sydney Branch (20%). Angle Auto Finance acquired Westpac
Banking Corporation's (AA-/Stable/F1+) motor-vehicle dealer finance
and novated leasing business in 2022. The acquisition included
relationships with dealer groups and novated leasing introducers,
as well as the majority of employees in sales, distribution,
credit, underwriting and risk.
Entity/Debt Rating
----------- ------
Panorama Auto
Trust 2024-3
Commission Note LT AAA(EXP)sf Expected Rating
A LT AAA(EXP)sf Expected Rating
B LT AA(EXP)sf Expected Rating
C LT A(EXP)sf Expected Rating
D LT BBB(EXP)sf Expected Rating
E LT BB(EXP)sf Expected Rating
G LT NR(EXP)sf Expected Rating
Transaction Summary
The total collateral pool at the cut-off date was AUD750.0 million
and consisted of 18,257 receivables with a weighted-average (WA)
seasoning of 5.8 months, WA remaining maturity of 52.9 months and
an average contract balance of AUD41,080.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Fitch assigned base-case default
expectations and 'AAAsf' default multiples for the sub-pools of
novated leases, consumer loans and commercial loans. Its base-case
gross-loss expectations and 'AAAsf' default multiples are as
follows:
Novated leases: 1.00% (7.5x)
Consumer loans: 3.50% (5.25x)
Commercial loans: 3.25% (5.5x)
The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. The WA base-case default assumption is
2.3% and the 'AAAsf' default multiple is 5.8x.
Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes during 2022-2023. GDP growth for the year ended March
2024 was 1.1% and unemployment was 4.2% in July 2024. Fitch
forecasts GDP growth of 1.2% for the full year and unemployment of
4.2%. This reflects its expectation that the restrictive monetary
policy and persistent inflation will continue to hinder domestic
demand.
Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component of
the unamortised commission paid to introducers for the origination
of receivables. The note will not be collateralised and will
amortise in line with an amortisation schedule. Its repayment
reduces the availability of excess spread to cover losses, as it
ranks senior in the interest waterfall, above the class B to E
notes.
Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to E notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the G notes will increase as the A to E notes amortise.
Its cash flow analysis incorporates the transaction's structural
features and tests each note's robustness by stressing default and
recovery rates, prepayments, interest-rate movements and default
timing. All notes have passed their relevant rating stresses.
Low Operational and Servicing Risk: All receivables were originated
by Angle Auto Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Servicer disruption risk is
mitigated by back-up servicing arrangements. The nominated back-up
servicer is Perpetual Corporate Trust. Fitch undertook an
operational review and found that the operations of the originator
and servicer were comparable with those of other auto lenders.
No Residual Value Risk: There is no residual value exposure in this
transaction. However, 53.3% of the portfolio by receivable value
has balloon amounts payable at maturity.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.
Downside Sensitivities
Note: Commission / A / B / C / D / E
Expected Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
Rating Sensitivity to Increased Default Rates
Increase defaults by 10%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf
Increase defaults by 25%: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf
Increase defaults by 50%: AAAsf / AA-sf / A-sf / BBBsf / BBsf /
Bsf
Rating Sensitivity to Reduced Recovery Rates
Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf
Recoveries decrease 50%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf
Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates
Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AA-sf / A-sf / BBB-sf / BB-sf
Defaults increase 25%/recoveries decrease 25%: AAAsf / AA+sf / Asf
/ BBBsf / BB+sf / Bsf
Defaults increase 50%/recoveries decrease 50%: AAAsf / A+sf /
BBB+sf / BB+sf / BB-sf / below Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.
Upgrade Sensitivities
The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.
Note: B / C / D / E
Expected Rating: AAsf / Asf / BBBsf / BBsf
Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
RESIMAC TRIOMPHE 2024-1: S&P Affirms B(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings raised its ratings on nine classes of Australian
prime residential mortgage-backed securities (RMBS) transactions
sponsored by RESIMAC Ltd. At the same time, S&P affirmed its
ratings on 65 classes of notes. S&P also removed 44 of the ratings
from under criteria observation (UCO).
The rating actions follow S&P's review of the RMBS transactions
when applying its updated methodology and assumptions for assessing
pools of Australian residential loans.
The transactions have adequate credit support and cash flows at
their respective rating levels, after applying the updated
criteria, which include a revised method of assessing
loan-to-value, the application of changing house price values in
determining default frequency and loss severity, and an estimate of
house price overvaluation (OUV) of 22%. The OUV measure is intended
to reflect how much a market is above or below a longer-term
measure of price to income.
Some ratings are constrained below the level that cash flows alone
support due to other risk considerations such as sensitivities to
the outlook for arrears and the absolute size of credit support.
Ratings Raised And Removed From UCO
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-1
Class D: to AA- (sf) from A+ (sf)
Class E: to A (sf) from BBB+ (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3
Class C: to AA+ (sf) from AA (sf)
Class E: to BBB+ (sf) from BBB (sf)
Class F: to BBB- (sf) from BB+ (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-1
Class E: to A (sf) from BBB+ (sf)
Class F: to A- (sf) from BBB (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-2
Class D: to A+ (sf) from A- (sf)
Class E: to A- (sf) from BBB (sf)
Ratings Affirmed And Removed From UCO
Avoca Series 2019-1 RMBS
Class B1: A (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-1
Class C: AA+ (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3
Class D: A (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-1
Class C: AA+ (sf)
Class D: AA- (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-2
Class B: AAA (sf)
Class C: AA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3
Class B: AA+ (sf)
Class C: A+ (sf)
Class D: BBB+ (sf)
Class E: BB+ (sf)
Class F: B+ (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2022-1
Class B: AA+ (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Class F: B (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2022-2
Class B: AA+ (sf)
Class C: A+ (sf)
Class D: BBB (sf)
Class E: BB (sf)
Class F: B+ (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2023-1
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Class F: B+ (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2024-1
Class A: AAA (sf)
Class AB: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Class F: B (sf)
RESIMAC Triomphe Trust - Warehouse Series No.5
Class A1: AAA (sf)
Ratings Affirmed
Avoca Series 2019-1 RMBS
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-1
Class A1a: AAA (sf)
Class A1b: AAA (sf)
Class A2: AAA (sf)
Class A3: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3
Class A1: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-1
Class A1: AAA (sf)
Class A2: AAA (sf)
Class A3: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-2
Class A: AAA (sf)
Class AB: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2022-1
Class A2: AAA (sf)
Class AB: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2022-2
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2023-1
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
S&J MINERAL: First Creditors' Meeting Set for Sept. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of S&J Mineral
Group Pty Ltd will be held on Sept. 16, 2024 at 2:30 p.m. at the
offices of AL Restructuring at Level 13, 50 Margaret Street in
Sydney and via virtual meeting technology.
Andre Lakomy of AL Restructuring was appointed as administrator of
the company on Sept. 4, 2024.
TELDRAM GROUP: Second Creditors' Meeting Set for Sept. 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Teldram Group
Pty Ltd has been set for Sept. 13, 2024 at 11:00 a.m. via Zoom.
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 Sept. 11, 2024 at 5:00 p.m.
Mathew Gollant of CJG Advisory was appointed as administrator of
the company on Aug. 14, 2024.
TORRENS TRUST 2022-1: S&P Assigns 'BB+' Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of Australian
prime residential mortgage-backed securities (RMBS) transactions.
At the same time, S&P affirmed its ratings on 123 classes of notes.
S&P also removed 75 of the ratings from under criteria observation
(UCO).
The rating actions follow S&P's review of these bank-sponsored RMBS
transactions when applying its updated methodology and assumptions
for assessing pools of Australian residential loans.
The transactions have adequate credit support and cash flows at the
respective rating levels, after applying the updated criteria,
which include a revised method of assessing loan-to-value, the
application of changing house price values in determining default
frequency and loss severity, and an estimate of house price
overvaluation (OUV) of 22%. The OUV measure is intended to reflect
how much a market is above or below a longer-term measure of price
to income.
Some ratings are constrained below the level that cash flows alone
support due to other risk considerations such as sensitivities to
the outlook for yield, arrears, and absolute size of credit
support.
Ratings Raised And Removed From UCO
SMHL Securitisation Trust 2020-1
Class D: to A (sf) from A- (sf)
Class E: to BBB+ (sf) from BB+ (sf)
Ratings Affirmed And Removed From UCO
Apollo Series 2015-1 Trust
Class B1: AA (sf)
Class B2: A+ (sf)
Apollo Series 2017-1 Trust
Class C: AA (sf)
Class D: A+ (sf)
Apollo Series 2017-2 Trust
Class C: AA+ (sf)
Class D: AA- (sf)
Apollo Series 2018-1 Trust
Class B: AA+ (sf)
Class C: AA (sf)
Class D: A+ (sf)
Apollo Series 2022-1 Trust
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Apollo Series 2023-1 Trust
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Apollo Series 2024-1 Trust
Class A: AAA (sf)
Class AB: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Series 2017-1 REDS Trust
Class B: AA+ (sf)
Class C: A+ (sf)
Series 2018-1 REDS Trust
Class B: AAA (sf)
Class C: AA (sf)
Class D: A (sf)
Series 2023-1 REDS Trust
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Series 2024-1 REDS Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
SMHL Securitisation Trust 2020-1
Class B: AAA (sf)
Class C: AA- (sf)
SMHL Series Securitisation Fund 2018-2
Class C: AA- (sf)
Class D: A (sf)
SMHL Series Securitisation Fund 2019-1
Class B: AAA (sf)
Class C: AA (sf)
Class D: A (sf)
Class E: BBB (sf)
TORRENS Series 2015-1 Trust
Class C: AA (sf)
Class D: A (sf)
TORRENS Series 2016-1 Trust
Class B: AAA (sf)
TORRENS Series 2017-2(P) Trust
Class C: AA+ (sf)
Class D: A+ (sf)
TORRENS Series 2017-3 Trust
Class B: AAA (sf)
Class C: AAA (sf)
Class D: AA (sf)
TORRENS Series 2019-1 Trust
Class C: AA (sf)
Class D: A (sf)
TORRENS Series 2019-2 Trust
Class AB: AAA (sf)
Class B: AA+ (sf)
Class C: A+ (sf)
Class D: BBB+ (sf)
TORRENS Series 2021-1 Trust
Class B: AA+ (sf)
Class C: AA (sf)
Class D: A (sf)
Class E: BBB- (sf)
TORRENS Series 2021-2 Trust
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
TORRENS Series 2022-1 Trust
Class AB: AAA (sf)
Class B: AA+ (sf)
Class C: A+ (sf)
Class D: BBB+ (sf)
Class E: BB+ (sf)
Ratings Affirmed
Apollo Series 2015-1 Trust
Class A: AAA (sf)
Class AB: AAA (sf)
Apollo Series 2017-1 Trust
Class A: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
Apollo Series 2017-2 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
Apollo Series 2018-1 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
Apollo Series 2022-1 Trust
Class A: AAA (sf)
Class AB: AAA (sf)
Apollo Series 2023-1 Trust
Class A: AAA (sf)
Class AB: AAA (sf)
Series 2017-1 REDS Trust
Class A1-R: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
Series 2018-1 REDS Trust
Class A1-R: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
Series 2023-1 REDS Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
SMHL Securitisation Trust 2020-1
Class A: AAA (sf)
Class AB: AAA (sf)
SMHL Series Securitisation Fund 2018-2
Class A: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
SMHL Series Securitisation Fund 2019-1
Class A: AAA (sf)
Class AB: AAA (sf)
TORRENS Series 2015-1 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
Class B: AAA (sf)
TORRENS Series 2016-1 Trust
Class A: AAA (sf)
TORRENS Series 2017-2(P) Trust
Class A: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
TORRENS Series 2017-3 Trust
Class A: AAA (sf)
Class AB: AAA (sf)
TORRENS Series 2019-1 Trust
Class A-R: AAA (sf)
Class AB: AAA (sf)
Class B: AAA (sf)
TORRENS Series 2019-2 Trust
Class A: AAA (sf)
TORRENS Series 2021-1 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
TORRENS Series 2021-2 Trust
Class A: AAA (sf)
Class AB: AAA (sf)
TORRENS Series 2022-1 Trust
Class A: AAA (sf)
=========
C H I N A
=========
CHINA VANKE: Secures US$1.6 Billion Syndicated Loan
---------------------------------------------------
Yicai Global reports that real estate giant China Vanke received a
CNY11.5 billion (USD1.6 billion) loan from a syndicated led by Ping
An Bank and Bank of Communications.
Vanke applied for bank loans to meet operational needs, the
Shenzhen-based developer announced on Sept. 4, Yicai relates. Some
of its subsidiaries will provide pledges, mortgages, and guarantees
to secure the financing, while others will act as co-borrowers and
share repayment obligations with the parent firm, it added.
According to Yicai, Vanke secured a loan with a principal of CNY3.5
billion (USD490 million) from the Shenzhen branch of Ping An Bank
with a term of three years and another with a principal of CNY8
billion from the same city branch of Bank of Communications with a
term of five years, it noted.
The total external guarantees of Vanke will reach CNY101.2 billion
(USD14.3 billion) after the latest is completed, accounting for
just over 40 percent of its audited net assets as of the end of
last year, Yicai notes.
Vanke's net loss was CNY9.9 billion in the six months ended June,
according to its latest earnings report, Yicai discloses. Its
revenue tumbled 29 percent to CNY142.8 billion in the period from a
year earlier.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-August, Moody's Ratings has downgraded the corporate family
ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary,
Vanke Real Estate (Hong Kong) Company Limited. Moody's have also
maintained the negative outlooks of the entities.
The TCR-AP reported in mid-June 2024, that S&P Global Ratings
affirmed its 'BB+' long-term issuer credit rating on China Vanke
Co. Ltd. and its 'BB' long-term issuer credit rating on subsidiary
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). At the same
time, S&P affirmed its 'BB' long-term issue ratings on Vanke HK's
senior unsecured notes. The negative outlook on China Vanke
reflects S&P's expectation that the company's contracted sales
could decline further over the next 12 months and its financial
position could weaken if it fails to execute asset disposals amid
China's prolonged property downturn.
The TCR-AP also reported in late May 2024, Fitch Ratings downgraded
China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) to 'BB-', from 'BB+'. The Outlook is
Negative. Fitch also downgraded the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK), to 'B+', from 'BB', and downgraded Vanke HK's senior
unsecured rating and the rating on the outstanding senior notes to
'B+' with a Recovery Rating of RR4, from 'BB'. The ratings have
been removed from Rating Watch Negative.
COUNTRY GARDEN: Seeks Extension on 9 Onshore Bonds
--------------------------------------------------
South China Morning Post reports that Country Garden Holdings is
seeking an extension on nine onshore bond payments, adding to the
mainland Chinese developer's woes amid plunging home sales.
The Post relates that the Foshan-based developer told bondholders
in a statement on Sept. 4 that it plans to postpone for six months
the coupon and principal instalment payments on nine notes that are
due on different dates this month to six months later.
According to the Post, the company said it has not yet raised
sufficient funds to cover the principal and interest of the bonds
because of plunging home sales and restrictions on fund
allocations.
"The sales performance is still under pressure, affected by weak
confidence and demand," the company said in a statement to the
Post. "At present, problems on sales and regulations persist, and
[there] remains uncertainty on the fundraising in the short-term."
The Post notes that the company had previously got extensions on
the onshore bonds last year, with three bonds getting a second
extension on instalment payments again in April.
Country Garden's total contracted sales for the first eight months
of this year plummeted 78 per cent from a year earlier to CNY32.8
billion (US$4.6 billion), the Post discloses citing the company's
filings to the Hong Kong stock exchange.
The Post relates that the company said it hopes to make use of the
extension period to raise funds by selling properties, revitalising
assets and reducing administrative expenses. At the same time, it
also hopes to formulate a holistic debt workout that better matches
the current market cycle and its capital situation through dialogue
with investors.
The company added that it will "fully communicate with investors
during the grace period and comprehensively formulate a package of
plans" as its next step, the Post relays.
About Country Garden Holdings
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.
HOME CREDIT: JD.com's Fintech Arm to Buy Consumer Lending Firm
--------------------------------------------------------------
Caixin Global reports that the fintech arm of internet giant JD.com
Inc. is set to buy Home Credit Consumer Finance Co. Ltd., China's
first wholly foreign-owned consumer finance company, sources with
knowledge of the matter told Caixin.
Caixin relates that the government of Tianjin - where the troubled
consumer finance firm is based - is supporting the deal, which is
pending approval from the National Financial Regulatory
Administration, according to the sources.
Home Credit Consumer Finance, set up in 2010, was once a leading
player in China's consumer finance sector. But it fell behind as it
failed to keep up with the shift to online lending and is deep in
financial trouble, according to Caixin.
JINGBO TECHNOLOGY: Unit Inks Shares Transfer Agreements
-------------------------------------------------------
Jingbo Technology, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on August 27,
2024, Hangzhou Zhuyi Technology Co., Ltd., a wholly-owned
subsidiary of the Company, entered into a shares transfer
agreement, with Qiaofei Li and Haikou Zhuyi Technology Co., a
wholly-owned subsidiary of Hangzhou Zhuyi.
Pursuant to the agreement, Hangzhou Zhuyi transferred all the
equity interest of Haikou Zhuyi to Qiaofei Li for consideration of
$0. Haikou Zhuyi has no material operations before the transfer,
and Hangzhou Zhuyi received a valuation report from a third party
before it entered into the agreement.
On the same date, Hangzhou Zhuyi entered into a shares transfer
agreement with Lili Xu and Yibin Huibo Technology Co., which was
80% owned by Hangzhou Zhuyi. Pursuant to the shares transfer
agreement, Hangzhou Zhuyi transferred all the equity interest it
owned in Yibin to Lili Xu for consideration of $0. Yibin has no
material operations before the transfer, and Hangzhou Zhuyi
received a valuation report from a third party before it entered
into the agreement.
Additionally, Hangzhou Zhuyi entered into a shares transfer
agreement with Changsen Chi and Liangshan Tongfu Technology Co.,
which was 67% owned by Hangzhou Zhuyi. Pursuant to the shares
transfer agreement, Hangzhou Zhuyi transferred all the equity
interest it owned in Liangshan to Changsen Chi for consideration of
$0. Liangshan has no material operations before the transfer, and
Hangzhou Zhuyi received a valuation report from a third party
before it entered into the agreement.
Separately, on August 22, 2024, Hangzhou Zhuyi, the sole
shareholder of Zhejiang Linglingyi Network Technology Co. passed a
shareholder resolution. Pursuant to the resolution, given that
Linglingyi has no material operations, the shareholder has decided
to liquidate Linglingyi. The disposition process will be completed
on September 11, 2024, the last day of announcement period,
pursuant to the applicable laws in China.
About Jingbo
Headquartered in Shoujiang Town, Fuyang District, China, Jingbo
Technology, Inc., initially was in the business platform of
providing application software to a global vendor platform to
connect people to businesses and provide a new shopping experience.
The Company's wholly owned subsidiary, Intellegence Parking Group
Limited, is a multinational technology company, with a smart
parking application software and platform business ecosystem as its
main business venture. Intellegence operates facilities at Xiaoshan
Airport Remote Parking Lot, Tianjin Xinhua International
University, Fuyang People's Hospital, Qilu University Hospital,
Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It
also currently has eight urban parking projects.
Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses during the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.
As of May 31, 2024, Jingbo Technology had $12.63 million in total
assets, $32.41 million in total liabilities, and a total deficit of
$19.78 million.
WEST CHINA CEMENT: Fitch Lowers IDR to 'B-', On Watch Negative
--------------------------------------------------------------
Fitch Ratings has downgraded West China Cement Limited's (WCC)
Long-Term Issuer Default Rating (IDR) to 'B-' from 'B+'. Fitch has
also downgraded its senior unsecured rating and the rating on WCC's
USD600 million senior unsecured notes due July 2026 to 'CCC+' from
'B+'; and placed all ratings on Rating Watch Negative (RWN). The
Recovery Rating on the senior notes is 'RR5'.
The downgrade on the IDR is due to WCC's negative free cash flow
(FCF) in 2024 and heightened business risks in the Ethiopian market
due to the ongoing economic crisis and the local currency's
significant depreciation. The RWN reflects material uncertainties
in the company's ability to convert Ethiopian birr into hard
currency in a timely matter, to successfully ramp up projects in
other high-risk markets, and to obtain external funding ahead of
the 2026 bond maturity.
Key Rating Drivers
Sustained Negative FCF: Fitch expects WCC's FCF to remain negative
in 2024 due to sluggish demand in China, operational challenges in
overseas markets and still-high expansionary capex. This will lead
to slow cash accumulation and further reduce the company's
financial flexibility to address its bond maturity in 2026. Fitch
believes WCC's FCF will not turn positive until 2025, when Fitch
projects EBITDA to improve as overseas production ramps up.
Ethiopia Risk: Fitch believes WCC's operating risks in Ethiopia
have intensified significantly. The government suspended coal
imports in 1H24 and liberalised its exchange rate in late July to
alleviate foreign-reserve shortages, leading to the local
currency's sharp depreciation. Coal imports have resumed, but
uncertainty remains over WCC's ability to raise regulated prices
fully to meet its profit expectations. More importantly, the
company's ability to convert and repatriate funds abroad remains
untested.
Given the material risk, Fitch has discounted the cash held in
Ethiopian birr until the company can provide evidence of smooth
repatriation for debt service. Its base case assumes the government
will allow a moderate hike in regulated prices, although prices
will stay well below 2023 levels, allowing WCC to increase cash in
birr to the equivalent of about CNY300 million by end-2024 and CNY1
billion by end-2025, which Fitch currently treats as restricted.
Cash Management Crucial: Timely refinancing and obtaining of
additional loans will be crucial for WCC to repay the USD600
million bond maturing in July 2026, if management chooses not to
reduce capex and it remains unable to repatriate cash from
Ethiopia. Fitch expects WCC's access to offshore bank funding to
remain open, but weaker-than-expected business performance could
slow financing progress and widen the cashflow shortfall.
Its base case assumes capex of CNY2.4 billion, CNY2.3 billion, and
CNY2.0 billion for 2024, 2025, and 2026, respectively, against
total EBITDA of around CNY3.0 billion, CNY3.9 billion, and CNY4.5
billion. Fitch also expects WCC to raise total debt of close to
CNY8 billion offshore between 2024 and 2026 in order to make timely
repayment. However, a rapid pick up of project-level secured loans
could further increase subordination risk for its senior unsecured
bond.
Recovery Rating RR5: Fitch has included only the EBITDA from
Chinese and Mozambican operations in the going-concern EBITDA for
recovery analysis. This is because Fitch believes that bond
investors may not have access to the assets and cash flow from
other countries in a distressed scenario, due to the presence of
project-level secured loans and unclear regulatory framework.
Accordingly, Fitch has also excluded offshore secured loans from
the cash flow distribution. This results in the lowering of the
senior unsecured notes' Recovery Rating to 'RR5' and downgrading of
the ratings to 'CCC+'.
No Recovery in China: Fitch expects WCC's China operations to
generate around CNY1.4 billion in EBITDA annually up to 2027, down
from CNY1.6 billion in 2023. This decrease is due to continued weak
demand, partially offset by falling raw material costs. WCC holds a
25% market share in Shaanxi and 75% in southern Shaanxi. Fitch does
not expect material capex for its Chinese operations.
Derivation Summary
WCC's business profile is comparable with that of Mongolian Mining
Corporation (MMC, B/Stable), which is a cost leader with a long
mine life, but whose credit profile limited by its small scale,
single product and volatile regulatory environment in Mongolia.
Both companies operate in emerging markets, which have a
significant influence over their financial stability. MMC's
stronger financial profile, with an EBITDA net leverage of less
than 0.5x in 2023 and a strong liquidity position, provides a
buffer against the volatility, while WCC has lower financial
flexibility to counter operating risks.
Both WCC and steelmaker Guangyang Antai Holdings Limited (B/Stable)
have strong business profiles as industry leaders in their
segments. WCC has a wider EBITDA margin and more diversified
funding channels than Guangyang Antai, but Guangyang Antai has
lower leverage and operates in a more stable market with lower
business risks.
Guangyang Antai and MMC do not have large expansionary capex or
capital-market maturity in the near term.
Key Assumptions
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Revenue to decline by a low single-digit rate in 2024, and rise
by the mid-to-high teens in 2025-2026 as overseas projects ramp
up;
- EBITDA margin of 33%-38% over 2024-2026 (2023: 32%);
- Capex of CNY2.4 billion in 2024, CNY2.3 in 2025, and CNY2.0
billion in 2026.
Recovery Analysis
- Fitch has included only the EBITDA from Chinese and Mozambican
operations in the going-concern EBITDA for recovery analysis. This
is because Fitch believes that bond investors may not have access
to the assets and cash flow from other countries in a distressed
scenario, due to the presence of project-level secured loans and
unclear regulatory framework. Accordingly, Fitch has also excluded
offshore secured loans from the cash flow distribution.
- Going-concern EBITDA of CNY2.0 billion;
- Multiplier of 3.4x based on the weighted average of 4x for EBITDA
from China, and 1.5x for Mozambique;
- Offshore senior unsecured debt is structurally subordinated to
onshore secured and unsecured debt;
- 16% administrative claim;
- Fitch estimates the waterfall generated recovery computation on
the offshore senior unsecured debt corresponds to a Recovery Rating
of 'RR5'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- An upgrade is not anticipated due to the company's significant
exposure to high-risk countries and opportunistic management
strategy
- Fitch may remove the RWN and affirm the ratings if there is
evidence of recovery in profitability in the Ethiopian business,
progress in fund repatriation, and demonstration of accumulation of
cash in US dollars to address the 2026 bond maturity.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Slow accumulation of cash in US dollars to address the 2026 bond
maturity;
- Substantially negative FCF due to weaker-than-expected business
performance or high capex.
Liquidity and Debt Structure
2026 Note Maturity Not Addressed: Fitch believes WCC's cash sources
are adequate to repay its short-term debt, as the majority of the
short-term debt are onshore working-capital loans, which Fitch
expects to be rolled over. However, the company's FCF is likely to
remain negative in 2024, and it will need refinancing to address
the maturity of the US dollar notes due in July 2026. The size of
the refinancing required will depend on how much cash can be
accumulated from overseas projects.
Issuer Profile
WCC primarily produces and markets cement and related products. The
company had a total production capacity of 31.8 million tonnes (mt)
per annum as of end-2023, with most of the capacity - 27mt - in
China and the remainder in other countries - 2mt in Mozambique,
1.3mt in Ethiopia and 1.5mt in the Democratic Republic of Congo.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
West China
Cement Limited LT IDR B- Downgrade B+
senior unsecured LT CCC+ Downgrade RR5 B+
ZW DATA: Narrows Net Loss to $232,000 in Fiscal Q2
--------------------------------------------------
ZW Data Action Technologies Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $232,000 on $6.4 million of revenue for the three
months ended June 30, 2024, compared to a net loss of $1.4 million
on $9.8 million of revenue for the three months ended June 30,
2023.
For the six months ended June 30, 2024, the Company reported a net
loss of $1.1 million on $9.95 million of revenue, compared to a net
loss of $2.5 million on $16.1 million of revenue for the same
period in 2023.
As of June 30, 2024, the Company had $10.8 million in total assets,
$5.6 million in total liabilities, and $5.3 million in total
stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/yjv9uc3d
About ZW Data Action Technologies
Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a 'going concern' qualification in its report
dated June 28, 2024, citing that the Company has an accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.
=========
I N D I A
=========
AANANDA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aananda
Lakshmi Spinning Mills Limited (ALSML) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.29 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 10.32 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 4.44 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 1.78 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 2.33 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 4.84 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL Ratings has been consistently following up with ALSML 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 ALSML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALSML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALSML continues to be 'CRISIL D Issuer Not Cooperating'.
ALSML incorporated in 2013 is engaged in manufacturing of cotton,
blended polyster, polyster viscose, blended yarns etc at Bhongir
with a capacity of 40112 Spindles and Production capacity of 20
tons per day. The company manufactures 50 percent of cotton yarn
and 50 percent of polyester. The company is listed on the Bombay
Stock Exchange.
ANAND TEKNOW: Liquidation Process Case Summary
----------------------------------------------
Debtor: Anand Teknow Aids Engineering India Limited
Plot No. 28/8, D-II Block MIDC
Chinchwad, Pune, Pune,
Maharashtra, India 411019
Liquidation Commencement Date: July 30, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Gaurav Ashok Adukia
Anand Bhavan, Jamnadas Adukia Road,
Kandivali West, Mumbai City,
Maharashtra 400067
Email: gauravadukia@hotmail.com
-- and --
Sumedha Management Solutions Private Limited
C-703, Marathon Innova, Lower Parel (West)
Mumbai 400013, Maharashtra
Email: liq.ataeil@gmail.com
Last date for
submission of claims: August 29, 2024
BALAJI HATCHERIES: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Balaji
Hatcheries Private Limited (SHPL; previously known as Sribalaji
Hatcheries Private Limited) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 9 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 1.8 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Rupee Term Loan 4.2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Rupee Term Loan 2.2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated August 09,
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 SHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SHPL to 'CRISIL D Issuer not cooperating'.
Incorporated in April 2013 in Chittoor, Andhra Pradesh, and
promoted by Mr Sundar Naidu, SHPL breeds broiler and layer chicks
(exclusive layer franchise of Venkateswara Hatcheries) and also
processes feed.
BN PACK: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: BN Pack Corrugated Private Limited
A-37 Swasthya Vihar
Delhi, India 110092
Insolvency Commencement Date: August 14, 2024
Court: National Company Law Tribunal, Delhi Bench-VI
Estimated date of closure of
insolvency resolution process: February 10, 2025
Insolvency professional: Harmeet Kaur
Interim Resolution
Professional: Harmeet Kaur
C-10, LGF, Lajpat, Nagar-III
New Delhi 110024
Email: harmeet.kaur@rrrinsolvency.com
Email: bnpackincirp@gmail.com
Last date for
submission of claims: September 1, 2024
BRANDSHOOTS VENTURES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Brandshoots Ventures Private Limited
Flat 6A, Geetanjali
8B Middleton Street
Kolkata, West Bengal
India 700071
Liquidation Commencement Date: August 22, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Nitin Daga
P-68, Sector-A,
Metropolitan Cooperative Housing Society Limited
Police Station - Pragati Maidan
Canal South Road
Kolkata, West Bengal 700105
Mobile: 9874255775
Email: daga.nitin.cs@gmail.com
Last date for
submission of claims: September 1, 2024
BYJU'S: Indian Tax Authorities Seek US$101 Million in Unpaid Dues
-----------------------------------------------------------------
Reuters reports that Indian tax authorities are seeking dues of
$101 million from education-technology company Byju's, once the
country's biggest startup which is now undergoing an insolvency
process, claim documents reviewed by Reuters on Sept. 6 showed.
Backed by General Atlantic, Byju's was valued at $22 billion in
2022, but has seen its fortunes dwindle due to many regulatory
issues and more recently a dispute with U.S. lenders who are
demanding $1 billion in unpaid dues, triggering the company's
insolvency that led to an assets freeze, Reuters says.
Reuters notes that the company is being run by court-appointed
resolution professional Pankaj Srivastava who is inviting lenders,
employees, vendors and government to claim unpaid dues.
India's department of revenue has filed a claim worth $18.7 million
while the tax department of the state of Karnataka, where Byju's is
based, is seeking $82.3 million, Reuters discloses citing documents
on the Insolvency and Bankruptcy Board of India website.
Reuters is first to report the demand numbers, which reveal how
much New Delhi believes Byju's owes it, and come after months of
complaints by the company's employees that their salaries and
mandatory tax deposits to the government have been delayed or
missed.
The claim document described the outstanding amounts as "statutory
dues", without elaborating.
Byju's and Srivastava did not respond to Reuters queries.
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 relayed 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.
CIAN RETAIL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Cian Retail Private Limited
204, Ground F/F Okhla Indl. Estate Ph-III,
New Delhi, South Delhi-110020 India
Insolvency Commencement Date: August 21, 2024
Court: National Company Law Tribunal New Delhi Bench
Liquidator: Sanjay Agrawal
Plot No. 39, Pocket-1, Jasola
New Delhi - 110025
Email: ska9001@gmail.com
Email: ip.cianretail@gmail.com
Mobile No: 9810376790
Last date for
submission of claims: September 20, 2024
DPA TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: DPA Technologies Private
S-1, S/F, Manish Global Mall
LSC-1 Sector-22 Dwarka, South West Delhi
New Delhi, Delhi, India 110077
Liquidation Commencement Date: August 21, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Dinesh Chander Bajaj
E-87, Anand Niketan
New Delhi 110021
Email: dpatech.vliq@gmail.com
Tel: +91 9868203636
Last date for
submission of claims: September 20, 2024
ENKI RETAIL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Enki Retail Solutions Private Limited
204, Ground F/F Okhla Indl. Estate Ph-III
New Delhi,
South Delhi-110020 India
Insolvency Commencement Date: August 21, 2024
Court: National Company Law Tribunal New Delhi Bench
Liquidator: Sanjay Agrawal
Plot No. 39, Pocket-1, Jasola
New Delhi - 110025
Email: ska9001@gmail.com
Email: ip.enkiretail@gmail.com
Mobile No: 9810376790
Last date for
submission of claims: September 20, 2024
GENIE COMMERCIAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures of
Genie Commercial Ventures Private Limited (GCVPL) continues at
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 85.0 CRISIL D (Issuer Not
Debentures- LT Cooperating)
CRISIL Ratings has been consistently following up with GCVPL for
getting information through letter and email dated July 15, 2024,
apart from various 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, limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. 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 GCVPL, thus restricting CRISIL
Ratings ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the rating on GCVPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on the non-convertible
debentures of GCVPL continues to be 'CRISIL D Issuer Not
Cooperating'.
A special-purpose vehicle formed by the Transcon group, GCVPL
executes real estate projects and holds units in Aap Realtors
Limited's (ARL) Tirumala Habitats project. Mr Rishi Todi and Mr
Dharmesh Minawala have equal shareholding in GCVPL, which currently
holds 77,178 square feet in Tirumala Habitats (received in lieu of
the NCDs). The NCD repayment is expected to be met from proceeds of
the sale of units held by GCVPL in Tirumala Habitats.
The NCDs were earlier listed on the Bombay Stock Exchange. They had
a tenure of 36 months. Investors were to be provided with an exit
through sale of the acquired area. These debentures have a
corporate guarantee from ARL. At the end of the tenure, these
debentures have a put option at 20% internal rate of return or
developer buyback value.
HIMALAYA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himalaya Food
International Limited (HIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with HIL 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 HIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
HIL was originally promoted by Mr. Man Mohan Malik (chairman and
chief executive officer) and Mr. Sanjay Kakkar (managing director)
in 1992 as Himalya Cement & Calcium Carbonate Pvt Ltd (HCC) for
manufacturing precipitated calcium carbonate and hydrate of lime.
It was reconstituted as a public limited company with the current
name in 1994. In 1998-99, these operations were discontinued. HIL
now cultivates mushrooms and baby potatoes, and manufactures food
items, such as indigenously processed Italian cheese, paneer,
yoghurt, sweets, snacks, and breaded appetisers (eggplant, cheese,
mushrooms). These products are sold under the Himalya Fresh brand.
The company has manufacturing facilities at Sirmaur in Himachal
Pradesh, and at Mehsana in Gujarat.
IIFL FINANCE: Fitch Keeps 'B+' LongTerm IDR on Watch Negative
-------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
India-based IIFL Finance Limited's Long-Term Issuer Default Rating
(IDR) and medium-term note (MTN) programme rating of 'B+'.
Key Rating Drivers
Ongoing Ratings Downside: The ratings remain on RWN due to ongoing
pressure on IIFL Finance's standalone credit profile, stemming from
a regulatory restriction since March 2024 on new gold-backed
lending - a major segment for the company. Lower loan volumes have
weighed on profitability, and funding access has slowed amid
uncertainty around the duration of restrictions and broader
business implications. That said, these developments are fairly
recent and their rating implications remain fluid.
Declining Loan Book: Loan assets under management (AUM) contracted
by 12% qoq in the first quarter of the financial year ending March
2025 (FY25) due to the run-off of existing gold-backed loans (21%
of AUM; 3QFY24: 32% of AUM), and slower growth or contraction in
several other loan segments. This partly mirrors pockets of softer
growth across the industry. Fitch also attributes the slowdown to
IIFL Finance's efforts to conserve liquidity amid tightened funding
access since the regulatory action. Improved funding volumes in
recent months could boost business growth, but this remains
uncertain.
ESG - Governance: The regulator directed IIFL Finance to halt new
gold-backed lending due to findings of non-compliant practices
within the segment. This points to shortcomings in the governance
and control frameworks that are meant to ensure regulatory
compliance and prudent risk management.
The company states that it has strengthened its oversight structure
- and will continue to do so - and taken corrective steps to
address the findings, which are being reviewed by the regulator.
The effectiveness of these measures remains to be seen through
sustained compliance performance, and will be subject to ongoing
regulatory review.
Elevated Regulatory, Compliance Risk: Fitch believes IIFL Finance
remains exposed to heightened regulatory compliance and
reputational risk based on the regulator's findings. The company
experienced rapid expansion at a CAGR of above 20% in home loans,
gold-backed loans and microfinance over FY20-FY24, which may have
strained risk and compliance practices, leading to the regulatory
action. The quality of risk and compliance standards in other
business lines remains to be tested as existing loans mature.
Emerging Asset Quality Risk: The gross non-performing loan (NPL)
ratio of 2.2% in 1QFY25 (FY23: 1.8%) reflected rising delinquency
rates in segments such as business loans-against-property and
microfinance, along with gold loans. The reported NPL ratio was
partly contained via bad debt sales to asset reconstruction
companies, on partially deferred payment terms. The sales
receivables significantly exceed reported NPLs and are susceptible
to impairment risk.
Pressure on Profitability: Annualised pre-tax profit dropped to
2.9% of average assets in 1QFY25 from 4.5% in FY24 as the declining
loan book generated lower net interest income. Reduced new lending
also led to reversals in loan-assignment revenue. Consolidated
profit was mainly derived from IIFL Finance's housing and
microfinance subsidiaries, offsetting losses at the standalone
finance-company parent. Ongoing loan runoff will continue to place
pressure on profitability if the company is unable to resume
profitable growth or trim costs significantly.
Reduced Leverage: Fitch estimated that debt/tangible equity eased
to below 3.5x in 1QFY25 (FY23: 4.0x) as loan assets and borrowings
declined. The regulatory capital position has improved
concurrently, providing an added buffer to absorb any losses. That
said, weakening profitability may raise the risk of capital
impairment if the deterioration is severe.
Funding Remains Confidence Sensitive: Fitch believes new funding
will remain relatively sensitive to market confidence in the near
term. IIFL Finance's access to multiple funding channels helped to
sustain continued funding inflows to support lending in the past
few months, but in reduced amounts. Fitch estimates that the
company's liquidity buffer continued to cover roughly three months'
debt maturities at end-1QFY25, but sustained lower funding flows
may crimp its ability to grow loans and simultaneously preserve the
liquidity position.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A failure to remediate the gold-loan business or further negative
regulatory action, together with spill-over effects that
significantly diminish non-gold loan growth and profitability
- Sustained deterioration in the funding and liquidity profile, as
indicated by a liquidity buffer of less than three months of
upcoming debt repayments without a clear path to improvement, or
prolonged lower funding mobilisation leading to constraints on
non-gold loan growth
- Weakened profitability, as indicated by pre-tax profit/average
assets of below 1.5% (FY23: 4.3%) for a sustained period
- Fitch estimates that problem exposures, including net security
receipts from sales of legacy construction-finance assets, have
increased. This trend places further pressure on the credit
profile. Further deterioration could lead to negative rating
action.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Positive action is unlikely in the near-term in light of the
regulatory findings and RWN. Fitch will resolve the RWN and affirm
the rating on Stable Outlook if it meets the following
collectively:
- IIFL Finance is able to resolve its regulatory issues without
extended deterioration in its non-gold business
- Four-year average pre-tax profit/average assets expected to
remain above 2%
- Leverage remains below 6x
- Projected liquidity inflows remain adequate to cover short-term
debt maturities under Fitch's stress scenario.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The US dollar senior secured medium-term note (MTN) programme is
rated at the same level as IIFL Finance's Long-Term
Foreign-Currency IDR, in line with Fitch's rating criteria. The
debt of Indian non-bank financial institutions (NBFIs) is usually
secured and Fitch believes non-payment of the senior secured debt
would best reflect the entity's uncured failure. NBFIs can issue
unsecured debt in the offshore market, but such debt is likely to
form a small part of total funding and cannot be viewed as NBFIs'
primary financial obligations. There is no longer any debt
outstanding under the programme.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
Any change in the Long-Term Foreign-Currency IDR would lead to a
corresponding change in the MTN programme rating.
ADJUSTMENTS
The Sector Risk Operating Environment score has been assigned above
the implied score due to the following adjustment reason(s):
Economic performance (positive), Size and structure of economy
(positive).
The Business Profile score has been assigned below the implied
score due to the following adjustment reason(s): Business model
(negative).
The Asset Quality score has been assigned below the implied score
due to the following adjustment reason(s): Non-loan exposures
(negative).
The Funding, Liquidity & Coverage score has been assigned above the
implied score due to the following adjustment reason(s): Funding
flexibility (positive).
ESG Considerations
IIFL Finance has an ESG Relevance Score of '5' for Governance
Structure, due to the implications arising from the regulatory
actions related to the effectiveness of the company's oversight
structure and management of compliance risks. This factor has a
negative impact on the credit profile and is highly relevant to the
rating, resulting in the rating being placed on RWN.
IIFL Finance has an ESG Relevance Score of '4' for Customer Welfare
- Fair Messaging, Privacy & Data Security, due to the regulatory
findings on the company's business practices in gold loans, which
the authorities have characterised as having adverse effects on
customer interests and contributed to the regulatory actions
leading to the RWN. This factor has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.
IIFL Finance has an ESG Relevance Score of '4' for Management
Strategy, as the regulatory findings indicate weaknesses in the
operational implementation of strategy, particularly in the gold
loan business, and there is ongoing exposure to operational
implementation risks as the company seeks to address the
regulator's concerns. This factor has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
IIFL Finance Limited LT IDR B+ Rating Watch Maintained B+
senior secured LT B+ Rating Watch Maintained B+
INDO AUSTRIAN: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Indo Austrian Business Forum
1A-D, Vandhna 11, Tolstoy Marg,
Central Delhi, New Delhi,
Delhi, India 110001
Liquidation Commencement Date: August 20, 2024
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Hardev Singh
101, Plot No. 6, lSC,
Vardhman Rajdhani Plaza,
New Rajdhani Enclave, Delhi 110092
Email: singh_hardev@rediffmail.com
Tel: 9810331425
Last date for
submission of claims: September 19, 2024
J. S. GROVER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J. S. Grover
Constructions (JSGC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 25 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 32.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 17.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JSGC 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 JSGC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSGC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSGC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in May 2010 and based in Pathankot (Punjab), JSGC is a
partnership firm managed by Mr. Sunil Grover and his brother Mr.
Sanjay Grover. The firm is engaged in construction of roads.
JANAK ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Janak
Enterprise (JE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.95 CRISIL D (Issuer Not
Cooperating)
Packing Credit 1.30 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JE 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 JE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JE
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
JE was established in 2004 as a partnership firm by Mr Dhaval
Hasmuklal Shah and Ms Kuntiben Dhaval Shah. The firm manufactures
and exports specialty dyes such as inkjet dyes, digital textile
printing ink dyes and stationery dyes. Its facility is in Narol in
Ahmedabad, Gujarat.
KOBO BIOTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kobo Biotech Limited
Registered Address:
Plot No. 121A/1
Western Hills, Addagutta Society
Opposite JNTU, Kukatpally, Hyderabad
Telagana, India 500072
Corporate Office:
Unit 104, Hyde Park
Saki Vihar Road
Opposite Ansa Industrial Estate
Andheri (E), Mumbai 400072
Factories Address:
Plot No. E-2, Chincholi Industrial Area
Solapur, Maharashtra
Survey No. 18
Yawapur, Sadasivpet (M)
Medak District, Telengana
Insolvency Commencement Date: August 18, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: February 12, 2025
Insolvency professional: Ravindra Chaturvedi
Interim Resolution
Professional: Ravindra Chaturvedi
Parekh Shah & Lodha
31E, Laxmi Industrial Estate
New Link Road, Andheri (W),
Mumbai City, Maharashtra 400053
Email: ravinchaturvedi@hotmail.com
-- and --
BKC Centre
31E, Laxmi Industrial Estate
New Link Road, Andheri (W)
Mumbai 400053
Email: cirp.konobiotech@gmail.com
Last date for
submission of claims: August 30, 2024
MAHARAJA SALT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: The Maharaja Salt Works Company Private Limited
Lavanpurataluka Maliya Miyana,
Lavanpur 363680, Gujarat, India
Insolvency Commencement Date: August 14, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: February 10, 2025
Insolvency professional: Sunil Kumar Kabra
Interim Resolution
Professional: Sunil Kumar Kabra
3rd Floor, Reegus Business Centre,
New Citylight Road,
Above Mercedes Benz Showroom,
BharthanaVesu, Surat 395007
Email: jlnusco@gmail.com
Email: ip.tmswc@gmail.com
Last date for
submission of claims: August 28, 2024
MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megha
Granules Private Limited (MGPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with MGPL 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 MGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in May 2005, MGPL is promoted by Mr Trilok Agarwal and
his son. The company has been manufacturing block-bottom valve bags
since December 2012. Currently, it has an installed capacity of
10,000 tonne per annum at its facility in Guwahati, Assam. The
promoters have various other companies engaged in the manufacturing
of bulk packaging materials and ferroalloys. They have been in this
line of business for the past two decades.
METALORE OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metalore
Overseas Private Limited (MOPL; part of the Metalore group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating.'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.75 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 19.50 CRISIL D (Issuer Not
Exchange Cooperating)
Inland/Import 0.25 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Packing Credit 1.50 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 22.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MOPL 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 MOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MOPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MOPL, KS Impex Ltd (KSIL),
and Shree Kripa Agro (SKA). This is because the three entities,
together referred to as the Metalore group, are in the same line of
business, have operational and financial linkages, and are under
the same promoter group and management.
About the Group
The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.
MITHRA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mithra Cotton
Enterprises (MCE) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.9 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 5.1 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with MCE 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 MCE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCE continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2008, Guntur-based MCE gins and presses raw cotton
and sells cotton lint and seeds. Ms Kondaveeti Siva Kumari is the
promoter.
NETSURION TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Netsurion Technologies Private Limited
Indi Qube Penta, No. 5, 2nd Floor,
Richmond Road, Ashok Nagar,
Richmond Town, Bangalore North,
Karnataka, India, 560025
Insolvency Commencement Date: August 23, 2024
Court: National Company Law Tribunal Bengaluru Bench
Liquidator: Mr. Vighneshwar Bhat
No. 202, A block Sree Laxmi Nivas Apartments
Wilson Garden 13th Cross
Near Wilson Manor Apartments
Bangalore, Karnataka, 560027
Email: bhatvighnesh@gmail.com
Phone: +91-95902-52851
Last date for
submission of claims: September 22, 2024
NETWORK TRADELINK: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Network Tradelink
Private Limited (NTPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NTPL 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 NTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
NTPL, incorporated in 2009 and promoted by Kolkata-based Jhawar
family, trades in, and processes, grey fabric. It procures grey
fabric from across India, and outsources its processing, including
bleaching and dyeing, to job workers in different parts of the
country.
P S MEASUREMENTS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: P S Measurements and Controls Limited
17/A, 4th Floor, Hosur Road
Bangalore Electronics City
Karnataka, India 560100
Liquidation Commencement Date: August 19, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Ravindranath Narayana Rao
Email: ravishendige@gmail.com
Tel: 9842528480
Last date for
submission of claims: September 17, 2024
PARSHURAM CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parshuram
Construction (PC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.83 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.67 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PC 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 PC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PC is a proprietorship firm established by Mr. Nitin Parshuram
Warghade in 2005-06 (refers to financial year, April 1 to March
31). The firm undertakes civil construction contracts for roads,
footpaths, and laying of drainage pipes for the Pune Municipal
Corporation.
PINK ROSE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pink Rose
Lingerie Private Limited (PRLPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PRLPL 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 PRLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PRLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PRLPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PRLPL is a private limited company incorporated in 2008. The
company is engaged in manufacturing of women's lingerie
undergarments in woven, knitted and hosiery fabric under its own
brands 'Laavian' and contract manufacturing for other leading
brands in the country. The group is promoted by Bangalore based Mr
Santosh Kumar and has been in the business for over past 2 decade.
The registered office of the company is Bangalore where its
manufacturing facility is located.
POLO HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Polo Hotels
Limited (PHL) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 30 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with PHL 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 PHL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PHL continues to be 'CRISIL D Issuer Not Cooperating'.
PHL was established in 1984 as Polo Estates Hotels and Investments
Pvt Ltd by Mr. Vikas Garg. It was reconstituted as a public limited
company and was renamed PHL in 1989. It was listed on the Bombay
Stock Exchange in 1992. The business, however, was taken over by
its present promoter, Mr. A R Dahiya, in 1998. PHL presently owns
and operates a three-star hotel named Hotel North Park in Sector
32, Panchkula (Haryana). It was previously leased out to Hot
Million Food Products Pvt Ltd, a chain of fast food restaurants,
from 2001 to February 28, 2015. The company is developing a new
hotel in Panchkula.
R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. S.
Enterprises (Ludhiana) (RSE) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Foreign Exchange 3 CRISIL D (Issuer Not
Forward Cooperating)
Proposed Long Term 2.95 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.05 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RSE 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 RSE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSE continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
RSE was established in 2001 as a proprietorship concern in Ludhiana
(Punjab) by Mr. Rachit Tuli. The firm manufactures textiles and
trades in fabric and has a knitting capacity of 8 tonnes per day.
The proprietor's family has over six decades of experience in the
textiles industry.
RADHIKA INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Radhika Infra
Estate Private Limited (RIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 13.54 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RIPL 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 RIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RIPL continues to be 'CRISIL D Issuer Not Cooperating'.
RIPL was incorporated in 2009 by Mr. Manoj Kumar Jain, Mr. Arvind
Agarwal, and Mr. Prashant Kumar Saxena. It is currently undertaking
a real estate project, Maple Tree, at the airport bypass road, near
RGPV University, Bhopal.
RAJVIR INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajvir
Industries Limited (Rajvir) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with Rajvir 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 Rajvir, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Rajvir is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Rajvir continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Rajvir was set up in 2004 by Mr. U K Agarwal, Mr. Ritesh Kumar
Agarwal, and their family members. The company manufactures cotton
yarn, synthetic yarn, blended yarn, and melange yarn. It is based
in Hyderabad, Telangana.
RAM NATH: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Nath
Memorial Trust Society (RNMTS) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest 3.55 CRISIL D (Issuer Not
Term Loan Cooperating)
Term Loan 16.30 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RNMTS 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 RNMTS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RNMTS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RNMTS continues to be 'CRISIL D Issuer Not Cooperating'.
RNMTS, established in 1998 and managed by the Singhal family
operates an institute in Meerut, Uttar Pradesh, and offering
Bachelor of Education, Master of Education, and Bachelor of
Physical Education courses.
RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RDC
Automobile Private Limited (RDC) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 3.6 CRISIL D (Issuer Not
Overdraft Facility Cooperating)
Electronic Dealer 15.0 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
CRISIL Ratings has been consistently following up with RDC 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 RDC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RDC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RDC continues to be 'CRISIL D Issuer Not Cooperating'.
RDC, incorporated in 2015, is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also own RDC
Motors Pvt Ltd (an authorised dealer for cars of Fiat India
Automobiles Ltd) in Chennai and Vellore (both in Tamil Nadu). The
operations are managed by Mr Chandrasekar.
REDHU FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Redhu Farms
Private Limited (RFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.32 CRISIL D (Issuer Not
Cooperating)
Funded Interest 1.01 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 16.67 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with RFPL 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 RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFPL continues to be 'CRISIL D Issuer Not Cooperating'.
RFPL, which was set up in 2002, is engaged in the poultry and
hatchery business, and sells day-old chicks and eggs. The hatchery
units and broiler farms are located at Jind (Haryana) and Chirawa
(Rajasthan). RFPL is owned and managed by Mr Mohinder Singh &
family.
RICHA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Richa
International (RI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Packing Credit 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RI 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 RI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Richa International, a partnership firm, was set up in 1993 by Mr.
Anil Dani in Mumbai. The firm exports agricultural commodities,
mainly maize, rice, and sugar. It also exports commodities such as
millet, sorghum and turmeric occasionally.
RUDRA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rudra Agro
(RA) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RA 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 RA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RA
continues to be 'CRISIL D Issuer Not Cooperating'.
RA, set up as a partnership firm by Mr. Pankaj Sharma and Mr. Sunil
Kumar in 2016, started commercial operations in August 2016. The
firm mills and processes basmati rice. Its production facilities at
Alipur in New Delhi have a milling and sorting capacity of 8 tonne
per hour.
RUSHABH LIFESTYLE: Liquidation Process Case Summary
---------------------------------------------------
Debtor: M/s. Rushabh Lifestyle Private Limited
102, Mahim United Industrial Estate,
Mogul Lane, Mahim West,
Mumbai, Maharashtra, India, 400016
Insolvency Commencement Date: August 2, 2024
Court: National Company Law Tribunal Mumbai Bench-II
Liquidator: Mr. Gaurav Ashok Adukia
Anand Bhavan, Jamnadas
Adukia Road, Kandivali West,
Mumbai City, Maharashtra, 400067
Email: gauravadukia@hotmail.com
Email: liq.rlpl@gmail.com
Last date for
submission of claims: September 1, 2024
SAI AMRUT: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sai Amrut
Murali Enterprises Private Limited (SMEL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 5.62 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMEL 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 SMEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMEL continues to be 'CRISIL D Issuer Not Cooperating'.
SMEL, incorporated in 2008, manages a three-star hotel, The Temple
View, in Shirdi, Maharashtra, as well as a restaurant and
pay-and-park business in Shirdi. The company is managed by the
Gondakar family who have been in the hospitality industry for 30
years.
SANGAM HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sangam Health
Care Products Limited (SHCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Funded Interest 2.84 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Long Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital 17.16 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL Ratings has been consistently following up with SHCPL 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 SHCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHCPL continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1993 as a private company, SHCPL is engaged in
manufacturing of healthcare equipments like IV sets, disposable
Syringes, etc. SHCPL is promoted by Mr. Addepalli Balagopal.
SARVODAY REALITIES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Sarvoday Realities Private Limited
Saraogi House
Jawahar Nagar
Raipur, Chhattisgarh
India 492001
Liquidation Commencement Date: August 16, 2024
Court: National Company Law Tribunal, Cuttack Bench
Liquidator: Deepak Kumar Jain
Purnima, D-356/5 Tagore Nagar
Raipur, Chhattisgarh 492001
Email: deepak1760@yahoo.com
Mobile: +91-9826250720
Last date for
submission of claims: September 15, 2024
SATYA WAREHOUSE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satya
Warehouse (SATYA) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 4.83 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.67 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Satya 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 Satya, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Satya
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Satya continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2012, Satya is a partnership firm promoted by Mr. Ram
Kumar Yadav, Mr. Ashok Yadav, and their friends. The firm has
constructed a warehouse with capacity of 70,000 tonne for
agricultural products in Hisar (Haryana). It has signed a 10-year
offtake agreement with HAFED.
SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Savute
Textiles Private Limited (STPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with STPL 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 STPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPL continues to be 'CRISIL D Issuer Not Cooperating'.
Started in 2012, Kerala based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company's day to
day operations are managed by its director Mr. Stephen Logan and Mr
Gopinathan.
SMFL SERVICES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: SMFL Services Limited
8th Floor No.2, South Tower, KRM Plaza
Harrington Road, Chetpet, Chennai,
Egmore, Nungambakkam
Tamilnadu, India-600031
Liquidation Commencement Date: August 16, 2024
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Anil Kumar Khicha
184, Poonamallee High Road,
6-FF, Golden Enclave, Kilpauk,
Chennai, Tamilnadu 600010
Email: knpchennai@gmail.com
Last date for
submission of claims: September 15, 2024
SS INNOVATIONS: Updates on Audit Process, Stock Market Status
-------------------------------------------------------------
SS Innovations International, Inc. on August 30 2024, issued an
update to its shareholders and the investment community on the
status of its audit process and the trading market for its common
stock.
As previously reported in its Securities and Exchange Commission
filings, in May 2024, the Securities and Exchange Commission
entered an order barring BF Borgers CPA PC, the Company's then
independent registered public accounting firm, from appearing or
practicing before the SEC as an accountant. As a result, Borgers
could no longer act as the independent registered public accounting
firm for the Company (or several hundred other public companies who
had also engaged Borgers). Consequently, the Company terminated the
engagement of Borgers and retained BDO India as its independent
registered public accounting firm.
Given the circumstances giving rise to Borgers' dismissal, the
Company asked BDO to re-audit the Company's financial statements as
of and for the years ended December 31, 2023 and December 31, 2022,
and contemporaneously therewith undertook an internal review of
certain accounting policies and internal controls and procedures.
In the course of this internal review and while BDO is performing
the reaudit, the Company determined and reported in an August 14,
2024 Form 8-K filing with the SEC that, among other items, it would
restate its audited financial statements for the years ended
December 31, 2023 and December 31, 2022 and its interim unaudited
financial statements for the quarters ended March 31, 2023, June
30, 2023, September 30, 2023 and March 31, 2024.
The Company is working diligently with BDO to complete the audit
and the restated financial statements and file the required
amendments to its SEC reports. Moreover, as further reported by the
Company in its August 14, 2024 Form 8-K filing, the Company's Form
10-Q Quarterly Report for the quarter ended June 30, 2024 would not
be filed on a timely basis.
As the Company was not able to meet the filing deadline, OTC
Markets, Inc. moved the Company's common stock from the OTC Pink
Tier of the over-the-counter market to the Expert Market Tier.
The Expert Market is an extremely limited market for OTC companies
that are not current in their filing requirements. It is used by
broker-dealers to publish quotes from customer limit orders. The
public cannot access such quotes, which are only available to
broker-dealers. Accordingly, the Expert Market has extremely
limited liquidity and we do not believe that the quotations on the
Expert Market are reflective of the Company's market value.
As previously noted, the Company is moving with all diligence to
complete the reaudit, filing the necessary amended SEC reports and
as soon as practicable, becoming current with its SEC reporting
requirements. When it does, the Company's common stock will be
automatically restored to quotation on the OTC Pink Tier of the
over-the-counter market and the Company will continue its efforts
to complete an uplisting of its common stock.
It is important to note that the unfortunate consequences of the
Borgers SEC sanctions in no way have adversely impacted the
Company's operations and growth as disclosed in its SEC reports and
press releases. Moreover, as reported in a Form 8-K filing on
August 22, 2024, two new independent directors have recently joined
SSi's board of directors – Dr. Frederic H. Moll, a pioneer
executive in the surgical robotics field with 30 years of
experience who founded and co-founded multiple surgical robotics
companies, including Intuitive Surgical, Inc, a world leader in
surgical robotics and Timothy P. Adams, a well-known and highly
regarded healthcare executive with over 30 years of hospital
operations experience.
About SS Innovations International
SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user-friendly,
and cost-effective surgical robotic solutions.
Lakewood, Colo.-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
March 22, 2024, citing recurring losses from operations that raise
substantial doubt about the Company's ability to continue as a
going concern.
On May 13, 2024, SS Innovations dismissed BF Borgers CPA PC as its
independent registered public accounting firm after the firm and
its owner, Benjamin F. Borgers, were charged by the Securities and
Exchange Commission with deliberate and systemic failures to comply
with PCAOB standards in audits and reviews included in over 1,500
SEC filings from January 2021 through June 2023. The charges
included false representations of compliance with PCAOB standards,
fabrication of audit documentation, and false statements in audit
reports. Borgers agreed to a $14 million civil penalty and a
permanent suspension from practicing before the Commission.
On May 29, 2024, SS Innovations engaged BDO India LLP as its new
independent registered public accounting firm. This engagement was
approved by the Company's board of directors through unanimous
written consent in lieu of a meeting dated May 23, 2024.
STEELERA ENGINEERS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Steelera Engineers Private Limited
Plot No. 67 Ward 2-B,
Kachchh Adipur-370205,
Gujarat, India
Insolvency Commencement Date: August 14, 2024
Court: National Company Law Tribunal Ahmedabad Bench
Liquidator: Mr. Jigar Tarunkumar Bhatt
1010, Shilp-Zaveri,
Shyamal Cross Road, Satellite,
Ahmedabad-380015 Gujarat
Email: jigarb.jigarb@gmail.com
Email: liquidation.steelera@gmail.com
Last date for
submission of claims: September 22, 2024
TIRUPATHI PROPERTIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Tirupathi Properties and Investment Privatelimited
8/1 Middleton Row, 3rd Floor
Kolkata, West Bengal, India 700071
Insolvency Commencement Date: August 13, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: February 9, 2025
Insolvency professional: Vasudeo Agarwal
Interim Resolution
Professional: Vasudeo Agarwal
5 Fancy Lane, 3rd Floor, Room No-9
Kolkata, West Bengal 700001
Email: vdainfo@gmail.com
Email: tpipl.cirp@gmail.com
Last date for
submission of claims: August 27, 2024
VIJAYGROUP HOUSING: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Vijaygroup Housing Private Limited
205, Marine Chambers,
43, New Marine Lines,
Mumbai - 400020
Insolvency Commencement Date: August 14, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Ram Ratan Kanoongo
708, Raheja Centre,
Nariman Point, Mumbai - 400021
Email: rrkanoongo@gmail.com
Email: cirp.vhpl@gmail.com
Last date for
submission of claims: September 13, 2024
=================
I N D O N E S I A
=================
SORIK MARAPI: Fitch Rates 7.75% Secured Notes Due 2031 'BB+'
------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to the USD350
million 7.75% senior secured notes due 2031 issued by PT Sorik
Marapi Geothermal Power (SMGP). The Outlook is Stable.
RATING RATIONALE
The rating reflects the credit profile of SMGP, which is 95% held
by OTP Geothermal, ultimately owned by Kaishan Group Co.,Ltd. SMGP
benefits from long-term power purchase agreements (PPAs) for the
sale of electricity from its geothermal power plant with Indonesian
state-owned power company, PT Perusahaan Listrik Negara (Persero)
(BBB/Stable). The payment mechanism under the PPA is based on a
take-or-pay (TOP) basis for 90% of the latest unit rated capacity
(URC), which will be tested annually or as needed. The fixed-price
PPAs with escalation and TOP mechanism effectively insulate the
project from merchant revenue risk.
SMGP uses innovative technology in geothermal power generation,
which differs from conventional centralised power plant technology
at other Indonesian geothermal sites. The technology has been in
commercial use at another geothermal project in Alaska, US, since
2014.
The rating also reflects the cost-plus nature of SMGP's operations
and maintenance (O&M) contracts, the limited stable operating
record of its plant, a potential production decline, refinancing
risk from the partially amortising structure of the senior secured
notes and SMGP's reliance on mandatory cash sweeps (MCS).
Refinancing risk will rise if the MCS do not materialise.
Another execution risk stems from PLN's contractual right to
terminate the PPA for Unit 5 if it is not commissioned by 5
November 2024. According to management, construction of Unit 5 is
substantially complete, and the next step will be well testing
activities. However, connection to the grid is not expected until
December 2024. Despite this, the termination risk is deemed
manageable due to the near completion of construction and the
delays being beyond the company's control.
Fitch assesses the financial profile using the debt service
coverage ratio (DSCR) over the life of the notes and refinancing
period, which ends in 2041. The DSCR during the refinancing period
assumes that outstanding principal will be refinanced on maturity
by fully amortising debt until the capacity-weighted economic life
of 20 years from each unit's commercial operation date. The DSCR
over the note tenor and refinancing period averages 2.8x and 2.9x,
respectively, under its rating case.
The achieved DSCRs are commensurate with a stronger credit profile,
but the rating is hampered by the limited record of stable
operations, the uncertain timing, amount and success of the
drilling programme and uncertain revenue from a potential
production decline.
KEY RATING DRIVERS
Innovative Technology, Cost-Plus Nature O&M - Operation Risk -
Weaker
SMGP employs a cutting-edge but commercially proven technology and
is operated by a skilled in-house team, complemented by
shareholder-provided technical consultancy services. The support
encompasses training for personnel and the provision of spare parts
for the Organic Rankine Cycle and steam expanders. However, the
cost-plus framework of O&M arrangement leaves the plant prone to
potential cost overruns and the possibility of operational
underperformance.
In addition, the potential decline in the geothermal reservoir's
productivity requires continuous capex, adding uncertainty to plant
operations. The risk is alleviated by the major maintenance reserve
account, to be credited annually with 25% of total make-up well
capex for 2027-2029 over 2025-2028 and with 33% of total make-up
well capex for 2032 over 2029-2031. The plant is also exposed to
geological risks, such as earthquakes and landslides, which are
common challenges for geothermal facilities in Indonesia. These
additional considerations further constrain its operational risk
assessment to 'Weaker.'
Inherent Resource Volatility, Limited Curtailment Risk - Revenue
Risk - Volume - Midrange
The geological complexities of geothermal reservoirs result in only
estimated geographic output, posing long-term supply risk.
Simulations by an independent technical advisor showed that the
project can be maintained at a power output level of 173 megawatts
electric (MWe) until 2035 and 135 MWe until 2051, with appropriate
reservoir maintenance. Over-extraction, droughts, earthquakes or
improper maintenance could accelerate decline rates and shorten the
resource's economic life. The historical power decline rate is
6%-7%. This improved to 2% in the past few months, but the record
is limited.
SMGP projects a long-term decline rate of 2.5%, supported by a
capex plan developed with the independent technical advisor. This
estimate relies on the success of drilling in the reservoir's
undrilled margin and will be recalibrated over time, introducing
uncertainty. The PPA allows for adjustment in TOP terms based on
URC instead of installed capacity. The URC can be adjusted as
needed without penalty, but a lower URC will reduce generation and
consequently revenue. The risk of generation curtailment is
mitigated by the TOP structure of the PPA.
Supportive Long-Term PPA, Indexed Price - Revenue Risk - Price -
Stronger
All power generation is eligible to be dispatched under the
fixed-price PPA with an investment-grade offtaker, insulating the
project from merchant price fluctuation, while 25% of the power
tariff is tied to the US Producer Price Index, allowing it to
adjust in line with inflation. The value of the adjusted portion
almost mirrors operating costs, providing insulation from inflation
risk. Meanwhile, the tariff is denominated in US dollars, which
alleviates foreign-currency risk. These attributes lead to a
'Stronger' revenue price assessment.
Partially Amortising Debt, Manageable Refinancing Risk - Debt
Structure - Midrange
The security package includes the issuer's capital stock, security
over project accounts, assignment of shareholder loans and
fiduciary security over SMGP's insurance proceeds and its movable
assets and 110 plots of land. However, regulations restrict project
contracts, such as the PPA, from the package. Noteholders benefit
from a lock-up test at a backward-looking graded DSCR. Additional
debt is only permissible if projected DSCR exceeds 1.6x, with a
loan basket cap of USD15 million. There is also partial
amortisation of 6% over the note tenor, while a 54.3% MCS mitigates
refinancing risk.
Financial Profile
Fitch assesses the financial profile using the DSCR during the note
tenure and the refinancing period. The DSCR during the refinancing
period assumes the note's outstanding principal will be refinanced
on maturity by long-term amortising debt over the Fitch assumed
remaining project economic life until 2041.
Its base-case includes a steady decline rate of 3.0% from the
second half of 2025, against SMGP's 2.5% estimate, an O&M contract
with Kaishan at 5.0% of revenue, instead of the current contracted
rate of 3.5%, and a 1.5% stress on the refinancing interest rate
before withholding tax, as assumed by the issuer. This results in
an average DSCR of 3.0x over the note's life and 3.4x during the
post-note refinancing period.
Its rating-case assumes a higher steady decline rate of 4.5% from
the second half of 2025 and a 15% rise in opex and capex. This
results in an average DSCR of 2.8x during the note term and 2.9x
during the post-note refinancing period.
PEER GROUP
Fitch regards Star Energy Geothermal (Salak-Darajat) Restricted
Group (SEGSD RG, senior secured rating: BBB-/Stable) as a
comparable peer. Both companies operate geothermal power plants in
Indonesia under long-term PPAs with a TOP structure. However, the
higher rating on SEGSD RG's notes is supported by its longer
operating history, larger economic scale, greater predictability of
energy production backed by a robust capex plan and a lack of
refinancing risk due to its fully amortising debt structure.
SMGP's metric of a 2.9x DSCR during the refinancing period under
its rating case is significantly stronger than SEGSD RG's 1.64x,
but SMGP's credit profile is constrained by long-term production
uncertainty and refinancing risk associated with its partially
amortising structure with MCS. SEGSD RG also benefits from
economies of scale and diversification across nine generation units
at two sites, with total capacity of 648MW. In comparison, Fitch
expects SMGP to operate five units at a single site, with total net
installed generation capacity of around 182MW and currently with
net capacity of 159MW for the existing four units.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The average annual DSCR in its rating case dropping below 1.45x
for a sustained period.
- An adverse material environmental, social or governance issue
will trigger a negative event review or action.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fitch does not expect an upgrade in the near term, due to the
limited record of steady operation and the uncertain capacity
decline rate.
TRANSACTION SUMMARY
The US-dollar note was issued by SMGP directly, with the proceeds
used to repay existing bank loans, a shareholder loan and accounts
payable from Kaishan, accounts payable to third parties, to fund
capital expenditure, to fund the DSRA and to address other
financial needs.
ESG Considerations
SMGP has an ESG Relevance Scores of '4' for Management Strategy and
for Human Rights, Community Relations, Access & Affordability, due
to gas leakage issues during 2021 that sparked opposition among the
local community. The company has implemented countermeasures,
including enhanced occupational health and safety policies,
installation of a hydrogen sulfide abatement system, gas control
training, community compensation, improved evacuation procedures
and better risk management, but the issue still has a negative
impact on the credit profile and is relevant to the note rating in
conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
PT Sorik Marapi
Geothermal Power
PT Sorik Marapi
Geothermal Power/
Senior Secured
Debt/1 LT LT BB+ New Rating BB+(EXP)
=====================
N E W Z E A L A N D
=====================
A TEAM: Creditors' Proofs of Debt Due on Sept. 29
-------------------------------------------------
Creditors of A Team Tiling Limited are required to file their
proofs of debt by Sept. 29, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 29, 2024.
The company's liquidators are:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
BOBTHEBUILDER NZ: BDO Tauranga Appointed as Liquidator
------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on
Sept. 2, 2024, were appointed as liquidators of Bobthebuilder NZ
Limited.
The liquidators may be reached at:
c/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
LEE + CO LIMITED: Creditors' Proofs of Debt Due on Sept. 27
-----------------------------------------------------------
Creditors of Lee + Co Limited are required to file their proofs of
debt by Sept. 27, 2024, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Kieran Jones and Steven Khov
of Khov Jones as liquidators on Aug. 30, 2024.
LIQUORISLAND LIMITED: Court to Hear Wind-Up Petition on Sept. 13
----------------------------------------------------------------
A petition to wind up the operations of Liquorisland Limited will
be heard before the High Court at Auckland on Sept. 13, 2024, at
10:00 a.m.
The Commissioner of Inland Revenuefiled the petition against the
company on July 18, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
TRUE MACRO: Court to Hear Wind-Up Petition on Sept. 19
------------------------------------------------------
A petition to wind up the operations of True Macro Limited will be
heard before the High Court at Christchurch on Sept. 19, 2024, at
10:00 a.m.
New Zealand Couriers Limited filed the petition against the company
on Aug. 8, 2024.
The Petitioner's solicitor is:
Catherine Louise Waugh
c/- Credit Consultants Group NZ Limited
Level 6, 15 Willeston Street
Wellington Central
Wellington 6011
=====================
P H I L I P P I N E S
=====================
COOPERATIVE BANK OF BOHOL: Creditors Can File Claims Until Oct. 14
------------------------------------------------------------------
All creditors of the closed Cooperative Bank of Bohol have until
Oct. 14, 2024, to file their claims against the assets of the
closed bank either by e-mail, mail, or personal filing.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Cooperative Bank of Bohol and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000. The Philippine Deposit
Insurance Corporation (PDIC) said that creditors may file their
claims through any of the following:
1. E-mail at cbbohol-pad@pdic.gov.ph;
2. Mail addressed to the PDIC Public Assistance Department,
Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue,
Makati City 1231. Claims filed by mail must have a
postmark date no later than Oct. 14, 2024; or
3. Personal filing at the PDIC Public Assistance Center
(PAC) located on the Ground Floor, PDIC Chino Bldg.,
2228 Chino Roces Avenue, Makati City, from Monday to
Friday, from 8:00 AM to 5:00 PM. For visits to the PAC,
clients are highly encouraged to request an appointment
by calling the Public Assistance Hotline during office
hours at (02) 8841-4141 or at Toll-Free number
1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an
e-mail request to cbbohol-pad@pdic.gov.ph, or by
sending a request through private message at PDIC's
official Facebook page at www.facebook.com/OfficialPDIC.
The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.
Claims filed after Oct. 14, 2024, shall be disallowed. PDIC, as
Receiver, shall notify creditors of the denial or disallowance of
claims through mail. Claims denied or disallowed by the PDIC may be
filed with the liquidation court within 60 days from receipt of
final notice of denial or disallowance of claim or within 20 days
from the date of publication of the Order setting the Petition for
Assistance in the Liquidation Proceeding for the initial hearing,
whichever is later.
In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of Oct. 14, 2024, are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.
PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.
Cooperative Bank of Bohol was ordered closed by virtue of Monetary
Board Resolution No. 818.B dated July 18, 2024. It is a four-unit
rural bank with Head Office located at 0126 CPG East Avenue, Brgy.
Poblacion I, Tagbilaran City, and branches in Dauis-Panglao,
Inabanga, and Candijay, all in Bohol.
All requests and inquiries relating to Cooperative Bank of Bohol
shall be addressed to the PDIC Public Assistance Department through
e-mail at cbbohol-pad@pdic.gov.ph, or through telephone number (02)
8841-4141. Creditors outside Metro Manila may call the PDIC Toll
Free Hotline during office hours at 1-800-1-888-PDIC (7342).
Inquiries may also be sent as a private message to the PDIC's
official Facebook page at www.facebook.com/OfficialPDIC.
=================
S I N G A P O R E
=================
CREST OFFSHORE: Creditors' Proofs of Debt Due on Oct. 7
-------------------------------------------------------
Creditors of Crest Offshore Marine Pte. Ltd. are required to file
their proofs of debt by Oct. 7, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 29, 2024.
The company's liquidators are:
Chek Khai Juat
c/o Tricor Singapore
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
DCRAFT STUDIO: Creditors' Meetings Set for Sept. 27
---------------------------------------------------
Dcraft Studio Pte Ltd will hold a meeting for its creditors on
Sept. 27, 2024, at 10:00 a.m., at.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
Chee Fung Mei of Chee FM & Associates was appointed as provisional
liquidator of the company on Aug. 29, 2024.
GRACE OCEAN: MV Dali Ship Set to Depart to China
------------------------------------------------
In the case In re Grace Ocean Private Limited and Synergy Marine
Pte Ltd, (D. Md. Docket No. 1:24-cv-00941), Laine M. Goodhue -
laine.m.goodhue@usdoj.gov - on behalf of the U.S. Department of
Justice has informed U.S. District Judge James K. Bredar that the
DOJ, along with other claimants, has arranged with Petitioners
Grace Ocean Private Limited and Synergy Marine PTE Ltd., to conduct
inspections and testing on the M/V DALI.
These activities started on Sept. 5, 2024, and may continue until
Sept. 14, 2024, if needed. This is before the monition period
closes on September 24th.
Under these circumstances, the parties have been working in good
faith to reach an agreement on inspections and testing to be
completed before the vessel departs for international waters, Ms.
Goodhue informed the District Court.
DALI, which is currently located in Norfolk, Virginia, will set
sail to China on or about Sept. 17, 2024.
Singaporean companies Grace Ocean Private Limited and Synergy
Marine Pte Ltd are the owner and manager of MV Dali.
On March 26, 2024, the Dali catastrophically allided with the
Francis Scott Key Bridge, precipitating its immediate downfall,
claiming lives, ravaging local property, and crippling economic
lifeline at the Baltimore Harbor. Since the disastrous allision,
commercial activities in and around Baltimore have virtually come
to a standstill. It could take several years for the area to
recover fully.
The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco
River at the outer crossing of the Baltimore Harbor.
GRACEWOOD PETROLEUM: Creditors' Meetings Set for Sept. 24
---------------------------------------------------------
Gracewood Petroleum (Singapore) Pte Ltd will hold a meeting for its
creditors on Sept. 24, 2024, at 9:30 a.m. at 13A Mackenzie Road, in
Singapore.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
Mr. Lim Yeong Seng of KLP LLP was appointed as Provisional
Liquidator of the company on Sept. 3, 2024.
LMC ASIA: Creditors' Meetings Set for Sept. 18
----------------------------------------------
LMC Asia Pacific Pte Ltd will hold a meeting for its creditors on
Sept. 18, 2024, at 4:00 p.m. via electronic means.
Agenda of the meeting includes:
a. to present a Statement of the Company’s affairs showing in
respect of assets the method and manner in which the
valuation of the assets was arrived at, together with a list
of the creditors and the estimated amount of the claims;
b. to consider the nomination of the Liquidators for the
Company and on the appointment of Mr Ong Shyue Wen and
Mr Saw Meng Tee as the Liquidators of the Company; and
c. to appoint a Committee of Inspection if deemed necessary.
Mr. Saw Meng Tee and Mr. Ong Shyue Wen, care of EA Consulting Pte
Ltd (a subsidiary of EisnerAmper PAC) were appointed as provisional
liquidators of the company on Aug. 20, 2024.
NEW ASIA: Court to Hear Wind-Up Petition on Sept. 27
----------------------------------------------------
A petition to wind up the operations of New Asia Logistic Services
Pte Ltd will be heard before the High Court of Singapore on Sept.
27, 2024, at 10:00 a.m.
Ledcare LLC filed the petition against the company on Sept. 2,
2024.
The Petitioner's solicitors are:
Chow Ng Partnership
151 Chin Swee Road
#12-14 Manhattan House
Singapore 169876
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V I E T N A M
=============
VIETNAM ELECTRICITY: Fitch Affirms 'BB+' LT Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity's (EVN) Long-Term
Foreign-Currency Issuer Default Rating at 'BB+'. The Outlook is
Stable.
EVN's rating is equalised with the Vietnamese sovereign rating
(BB+/Stable) under Fitch's Government-Related Entities (GRE) Rating
Criteria, reflecting a very high likelihood that EVN, as an
integrated state utility, would receive government support, if
needed.
EVN's 'bb' Standalone Credit Profile (SCP) reflects its position as
the owner and operator of Vietnam's electricity transmission and
distribution network, and its 37% share of Vietnam's power
generation capacity as of end-2023. Fitch expects EVN's financial
profile to be stronger relative to its SCP assessment. The SCP is
constrained by the uncertainty associated with timely review of
tariffs and cost pass-through mechanism under the regulatory
framework.
Fitch has affirmed and withdrawn the senior unsecured rating of
'BB+', because it is no longer relevant to the agency's coverage.
EVN is not planning to issue senior unsecured notes in the upcoming
year.
Key Rating Drivers
Responsibility to Support
'Very Strong' Decision-Making and Oversight: Fitch evaluates the
sovereign's involvement in EVN's decision-making and oversight as
'Very Strong'. The state fully owns EVN, appoints its board and
senior management, directs investments and approves tariff hikes in
excess of 5%.
'Strong' Precedents of Support: Fitch assesses the precedents of
support from the sovereign as 'Strong', as EVN has received
guarantees, step-down loans, loans from state-owned banks at
preferential rates, project subsidies and tax incentives.
Incentive to Support
'Strong' Preservation of Government Policy: Fitch views EVN's role
in preservation of government policy as 'Strong'. A default by EVN
would affect power supply across the country, thereby severely
disrupting continued provision of a key public service.
'Very Strong' Contagion Risk: Fitch assesses the contagion risk of
an EVN default to be ' Very Strong'. A default by EVN this would
significantly affect the availability and cost of domestic and
foreign financing options for the state and other GREs because EVN
is one of Vietnam's key borrowers.
Controlled Tariff Increase Constrains SCP: An upward revision of
EVN's SCP is contingent on consistent application of electricity
regulatory reforms, including a record of timely tariff adjustments
that reflect cost changes, while EBITDA net leverage remains below
5.0x. Fitch believes that the government's socio-political
considerations will continue to influence tariff adjustments. EVN's
EBITDA remained low at VND58.5 trillion in 2023 (2022: VND57.9
trillion), against VND82.7 trillion in 2021, driven by delays in
tariff hikes to pass increased fuel costs to support economic
recovery amid inflationary pressures.
EVN's financial profile can deteriorate more rapidly than its peers
without timely tariff revisions, as it relies on volatile
hydropower and high foreign-currency debt. EVN does not hedge
foreign-currency risk as it lacks hedging policies and guidance
from the government. The regulatory mechanism also allows the
pass-through of foreign-exchange fluctuations, subject to timely
tariff adjustments. EVN's automatic tariff rises are limited to
3%-5% while any tariff increases of 5%-10% require Ministry of
Industry and Trade approval. Tariff hikes above 10% require the
prime minister's approval.
Sufficient Headroom in SCP: Fitch expects in SCP headroom to remain
healthy, despite the impact on its financial profile from the delay
in and inadequate tariff hikes, as EVN's EBITDA net leverage will
remain stronger than required for its SCP in the medium term. Fitch
expects the company to generate around VND70 trillion in
operational cash flow a year over 2024-2026. However, it is likely
to generate marginally negative free cash flow (FCF) due to high
capex plans. The company will fund the capex through a mix of
internal accruals and additional borrowings.
Power Demand Rebound: Fitch expects electricity demand to increase
by 9.2% in 2024 (2023: 4.3%). Fitch expects electricity demand to
remain high at about 7% in the medium term, underpinned by the
country's strong economic growth. Vietnam's electricity demand rose
by 14.1% yoy in 1H24 (1H23: 4.6%), as poor hydrological conditions
affected hydropower generation in 2023, resulting in power
shortages in Vietnam.
Leverage to Moderate: Fitch expects EVN's EBITDA net leverage to
decrease to around 3x in 2024 (2023: 3.9x) due to the full-year
impact of the two tariff hikes in 2023 - 3% in May and 4.5% in
November - along with relatively lower cost of fuels. Fitch expects
EBITDA net leverage to remain below 3.0x in 2025-2027 on an
increase in EVN's EBITDA to VND90 trillion by 2026, from VND 58.5
trillion in 2023, despite EVN's large investment plans.
Energy Transition Drives Higher Capex: Fitch expects EVN's capex to
rise to an average of around VND68 trillion a year over 2024-2026
(2023: VND48 trillion). The government's Power Development Plan 8,
requires EVN to prioritise enhancing its transmission and
distribution infrastructure to accommodate new capacity additions
from renewable segments over the next few years.
Fitch expects independent power producers to drive the majority of
renewable capacity additions. According to EVN, its new capacity
addition pipeline for generation will focus mainly on gas, hydro
extensions, pumped storage and offshore wind, in line with the
government's direction towards carbon neutrality by 2050. Fitch
expects EVN to have flexibility in adjusting investments in case
demand growth is softer than EVN's expectation.
Derivation Summary
EVN's ratings are equalised with those of its parent, the
Vietnamese sovereign, and will remain equalised even if its SCP
falls by multiple notches, below the sovereign rating, or if
Fitch's 'Very Strong' assessment for both decision-making and
oversight and contagion risk factors changes to 'Strong'. Fitch
sees likelihood of these changes, a remote prospect in the medium
term.
EVN assessment is similar to PT Perusahaan Listrik Negara (Persero)
(PLN, BBB/Stable) and Korea Electric Power Corporation (KEPCO,
AA-/Stable), which have comparable state linkages. EVN and PLN have
'Very Strong' assessments for decision-making and oversight, as
they are wholly state-owned entities and their strategies,
operations and investment are subject to a very high degree of
government control and influence. KEPCO is assessed as 'Strong',
reflecting sovereign ownership of around 51% and less involvement
in business and policy decisions.
EVN is assessed 'Strong' on precedents of support as it has
received guarantees, step-down loans, loans from state-owned banks
at preferential rates, project subsidies and tax incentives. In
comparison, PLN is assessed 'Very Strong', as the Indonesian
government supports PLN through various mechanisms, including
subsidy reimbursements for electricity sold under the state's
public-service obligation mandate.
The 'Strong' assessment of EVN's preservation of government policy
role considers a default could disrupt continued provision of
electricity availability in the country, a key public service.
PLN's and KEPCO's 'Very Strong' assessment reflect their
significant majority in electricity generation in their respective
country in addition to owning the entire transmission and
distribution network, hence their default would severely disrupt
the entire energy value chain in respective countries.
The 'Very Strong' assessment of contagion risks, for all three
entities, reflects its expectation that a default would affect the
availability and cost of financing for the state and other GREs, as
all three companies are key borrowers in their respective
countries.
Key Assumptions
Fitch's Key Assumptions Within the Rating Case for the Issuer:
- Installed generation capacity of EVN to increase to 33GW by
end-2026, from 30GW in 2023;
- System losses of around 7% (2023: 6.6%);
- Electricity sales volume to increase by 9% in 2024, and by 7%
from 2025 (2023: 4.3%);
- Average electricity tariffs to increase by 4.2% to VND2,036/kWh
in 2024 and by 2% a year 2025 and 2026;
- Capex to increase to around VND68 trillion a year during
2024-2026 (2023: VND48 trillion);
- Dividends paid to average around VND3 trillion in the medium term
(2023: VND1.7 trillion).
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Positive rating action on the sovereign.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Negative rating action on the sovereign.
For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in its Rating Action Commentary of 28 June
2024:
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
Public Finances: Crystallisation of contingent liabilities on the
sovereign's balance sheet or a sustained period of higher fiscal
deficits, which would lead to a failure to stabilise government
debt over the medium term.
External Finances: A sustained decline in foreign-exchange reserves
associated with pressure on the exchange rate that would contribute
to a weaker net external creditor position.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
Macroeconomic Policy and Performance: Sustained high growth,
without the creation of economic vulnerabilities, that reduces the
GDP per capita gap with rating peers, and improvements in the
economic policy framework to include enhanced transparency.
Public Finances: Significant reduction in risks associated with
contingent liabilities, including through better accounting of such
risks and more clarity on government commitments to address them if
they materialise.
Liquidity and Debt Structure
Sufficient Liquidity: EVN had VND81 trillion of cash at end-2023,
against current debt maturities of VND47 trillion. Fitch estimates
EVN will generate an average of VND70 trillion of operational cash
flow a year during 2024-2026 (2023: VND52 trillion). Fitch expects
EVN's cash generation to be sufficient to manage its debt
maturities, which will not exceed VND50 trillion a year over the
next three years.
However, Fitch expects FCF to be negative due to high capex plans
over the next three years. EVN is likely to use a mix of internal
funds and external borrowings to fund its capex. Fitch believes
that EVN can secure adequate funding, because of its close linkages
to the sovereign.
Issuer Profile
EVN is a monopoly in the electricity transmission, distribution and
supply sectors, owning 37% of Vietnam's electricity generating
capacity as of end-2023. Its electricity transmission business is
via a fully owned subsidiary, National Power Transmission
Corporation (BB+/Stable, SCP: bb+). It distributes power via five
wholly owned, 'BB+'/Stable rated distributions companies with 'bb'
SCPs.
Public Ratings with Credit Linkage to other ratings
The ratings of EVN are directly linked to the credit quality of its
parent, the sovereign. A change in Fitch's assessment of the credit
quality of the parent will result in a change in the rating on
EVN.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Vietnam Electricity LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed BB+
senior unsecured LT WD Withdrawn BB+
===============
X X X X X X X X
===============
[*] WB OKs US$68MM Cross-Border Bank Lifeline for Pacific Islands
-----------------------------------------------------------------
Reuters reports that the World Bank's board has approved a $68
million programme to prevent Pacific Island nations from being cut
off from the international financial system that underpins tourism,
trade and aid flows, the lender's President Ajay Banga said on
Sept. 5.
Access to the global financial system is paramount for several
small island economies at risk of losing access to U.S. dollars and
euros as Western banks exit the region, Reuters says.
According to Reuters, Banga met the leaders of Tonga, Fiji, Nauru,
Marshall Islands and Federated States of Micronesia in Suva. He is
the first World Bank chief to visit Fiji in 50 years.
"The first phase is making sure we can continue to provide
correspondent banking by subsidising the cost of doing so, but we
have to get past the subsidy to a business rationale for it,"
Reuters quotes Banga as saying in the meeting.
"That can only happen with scale: Together you have scale,
separately it will be a problem," he added.
Reuters relates that the funding includes $9 million each to eight
Pacific Island countries to establish a service that steps in to
keep cross- border transactions flowing if a country loses its last
international banking relationship.
Reuters says Nauru and Marshall Islands face the imminent exit of
the last international bank in their small economies.
In many Pacific Island countries, remittances sent home from
workers overseas in Australia, the United States and New Zealand
contribute over 40 per cent of gross domestic product, Reuters
notes.
These remittances, as well as trade, tourism and disaster relief
flows would be at risk if cross border transactions were stopped,
the World bank said.
According to Reuters, Pacific Islands Forum secretary-general Baron
Waqa said "de-banking" had become a serious issue for the region,
which between 2011 and 2022 lost 60% of its correspondent banking
relationships, where Western banks hold deposits on behalf of a
local one to make payments in international currencies.
"We have banks leaving some of our smaller Pacific countries
because we are too small and unprofitable," Tonga's Prime Minister
Siaosi Sovaleni said in the meeting.
Under the World Bank deal, countries would also be assisted to
comply with international financial standards, including money
laundering regulations, one of the factors that has led to the exit
of risk-averse Western banks, Reuters states.
Reuters adds that the World Bank said the funding programme was a
step towards creating a long-term market solution for the island
states that would aggregate payments across small countries.
Banga, a former chief executive of global payments company
Mastercard, said he would draw on his financial services experience
to help, but also urged the Pacific Islands to work together. The
Pacific Islands Forum, the region's diplomatic bloc, will
administer the program, with commercial banks bidding to run the
emergency facility, Reuters notes.
*********
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
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*** End of Transmission ***