/raid1/www/Hosts/bankrupt/TCRAP_Public/241107.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 7, 2024, Vol. 27, No. 224
Headlines
A U S T R A L I A
ALL AREAS: First Creditors' Meeting Set for Nov. 13
AMWAGER HOLDINGS: First Creditors' Meeting Set for Nov. 13
COASTAL DAIRY: First Creditors' Meeting Set for Nov. 13
FIRSTMAC MORTGAGE 2024-5PP: S&P Assigns B (sf) Rating to F Notes
KGM ASSETS: Second Creditors' Meeting Set for Nov. 12
LUXOTIC PTY: First Creditors' Meeting Set for Nov. 14
RELEAF GROUP: Cor Cordis Appointed as Receivers and Managers
C H I N A
AGILE GROUP: Chairman Sells Hong Kong Flat at 62% Below Cost
AGILE GROUP: Presales Down More Than 60% in October
COUNTRY GARDEN: Contracted Sales Drop 31% in October
SUNAC CHINA: Restructures Project Deal with Zhangtai Group
I N D I A
AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating
ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
ASCEND GREEN: ICRA Keeps D Debt Rating in Not Cooperating
COMPUAGE INFOCOM: CARE Keeps D Debt Ratings in Not Cooperating
EAGLE STEELS: CARE Keeps D Debt Ratings in Not Cooperating
EXPO GAS: CRISIL Reaffirms B- Rating on INR13.11cr Cash Loan
FUTURE LIFESTYLE: CRISIL Moves D Debt Ratings to Not Cooperating
GOWRI INFRAENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
IIFL FINANCE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
JRA INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
LAKSHMI INFRASTRUCTURE: CARE Cuts Rating INR450cr ST Loan to C/A4
LALCHAND BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
LATA EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category
MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating Category
QUIPPO OIL: CARE Keeps C Debt Ratings in Not Cooperating Category
RASHMI ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
SARNA MARBLES: CARE Keeps D Debt Rating in Not Cooperating
SHAMBHU TEXTILES: CARE Keeps C Debt Rating in Not Cooperating
SHRIVIDYA EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
SHUBHGRAH METALS: CARE Keeps C/A4 Debt Ratings in Not Cooperating
SINHA SQUARE: CARE Keeps D Debt Rating in Not Cooperating Category
SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating
SOFTEL OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
[*] IBBI Proposes Vendors to Try Mediation Before CIRP Filing
M A L A Y S I A
ANDELI SOLAR: Aimflex Sues for Outstanding Payment for Project
N E W Z E A L A N D
3 BROTHERS: Creditors' Proofs of Debt Due on Nov. 29
AAA DRIVEWAYS: Creditors' Proofs of Debt Due on Jan. 6
NURTURE ME: Court to Hear Wind-Up Petition on Nov. 14
PHORMIUM CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 11
RJP DRAINAGE: Creditors' Proofs of Debt Due on Dec. 2
S I N G A P O R E
ALTERA SHUTTLE: Creditors' Proofs of Debt Due on Dec. 4
EAST WELLSUM: Court Enters Wind-Up Order
LA MEXICANA: Court Enters Wind-Up Order
LOGITEL OFFSHORE: Creditors' Proofs of Debt Due on Dec. 4
S O U T H K O R E A
KAKAO PAY: Net Loss Widens in Q3 on One-Off Factor
T A I W A N
CONCORD SECURITIES: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
ORIENTAL SECURITIES: Fitch Affirms 'BB+' IDR, Outlook Negative
- - - - -
=================
A U S T R A L I A
=================
ALL AREAS: First Creditors' Meeting Set for Nov. 13
---------------------------------------------------
A first meeting of the creditors in the proceedings of All Areas
Access Group Pty Ltd (trading as "All Areas Access International")
will be held on Nov. 13, 2024, at 11:00 a.m. via virtual meeting.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Nov. 3, 2024.
AMWAGER HOLDINGS: First Creditors' Meeting Set for Nov. 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Amwager
Holdings Limited will be held on Nov. 13, 2024, at 11:00 a.m. at
the offices of Bernardi Martin at 195 Victoria Square in Adelaide.
Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of the company on Nov. 1, 2024.
COASTAL DAIRY: First Creditors' Meeting Set for Nov. 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Coastal
Dairy Supplies Pty Ltd will be held on Nov. 13, 2024, at 1:00 p.m.
at the offices of RSM Australia Geraldton Office at 1/12 Bayly
Street in Geraldton.
Jerome Mohen and Greg Dudley of RSM Australia Partners were
appointed as administrators of the company on Nov. 4, 2024.
FIRSTMAC MORTGAGE 2024-5PP: S&P Assigns B (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of prime residential mortgage-backed securities (RMBS)
to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-5PP.
The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 19.6% of the loan portfolio.
The rated notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes--and ultimate repayment of
principal under the rating stresses. Key rating factors are the
level of subordination provided, the LMI cover, the liquidity
reserve, the principal draw function, the interest-rate swap, and
the provision of an extraordinary expense reserve. S&P's analysis
is on the basis that the notes are fully redeemed by their legal
final maturity date, and we do not assume the notes are called at
or beyond the call date.
S&P's ratings also take into account the counterparty exposure to
Westpac Banking Corp. as bank account provider and National
Australia Bank Ltd. as interest-rate swap provider. The transaction
documents for the facilities include downgrade language consistent
with our counterparty criteria.
S&P also have factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.
Preliminary Ratings Assigned
Firstmac Mortgage Funding Trust No.4 Series 2024-5PP
Class A1-G, A$240.00 million: AAA (sf)
Class A1-B, A$1,080.00 million: AAA (sf)
Class A2, A$105.00 million: AAA (sf)
Class B, A$35.00 million: AA (sf)
Class C, A$17.80 million: A (sf)
Class D, A$7.20 million: BBB (sf)
Class E, A$7.00 million: BB (sf)
Class F, A$2.80 million: B (sf)
Class G, A$5.20 million: Not rated
KGM ASSETS: Second Creditors' Meeting Set for Nov. 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of KGM Assets Pty
Ltd has been set for Nov. 12, 2024 at 11:00 a.m. at the offices of
Vincents at Level 34, 32 Turbot Street in Brisbane and 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 Nov. 11, 2024 at 4:00 p.m.
Nick Combis of WLP Restructuring was appointed as administrator of
the company on Oct. 8, 2024.
LUXOTIC PTY: First Creditors' Meeting Set for Nov. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Luxotic Pty
Ltd and LPL Online Pty Ltd will be held on Nov. 14, 2024, at 10:00
a.m and 10:30 a.m. respectively, via virtual meeting.
Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrator of the company on Nov. 4, 2024.
RELEAF GROUP: Cor Cordis Appointed as Receivers and Managers
------------------------------------------------------------
Daniel Juratowitch and Shaun Matthews of restructuring advisory
firm Cor Cordis have been appointed Receivers and Managers of
Releaf Group Limited (trading as Releaf Pets, Releaf Clinics,
Clinican, Mull Cafe & Releaf Clinics and Dispensaries) and related
entities on Oct. 29, 2024:
* Releaf (Vic) Pty Ltd
* Releaf Clinic St Kilda Pty Ltd
* Releaf Franchising Pty Ltd
* Releaf Wholesale Pty Ltd
* Releaf Dispensaries Pty Ltd
Due to current economic challenges and working capital issues,
Receivers and Managers have been appointed to restructure the
financial affairs of Releaf Group.
Through the receivership and management process, Cor Cordis is
urgently assessing the Releaf Group's business operations and
exploring all options to restructure or recapitalise the company.
Additionally, Cor Cordis is conducting an urgent expressions of
interest campaign and assessing solutions to stabilise the business
in the short term.
The Receivers and Managers have commenced an urgent review of
Releaf Group's financial position and set up an email address for
customers, employees, and creditors. "We ask customers for their
patience as we conduct an urgent sale of business and
recapitalisation process for the Releaf Group. We will provide
regular updates to all stakeholders as we work through this
process."
Releaf Group Ltd is Australia's leading cannabis franchise group,
operating in Australia, New Zealand, and the United Kingdom. The
company has a vertically integrated business model with several
wholly owned subsidiaries ranging from multidisciplinary clinics,
retail and pharmacies, research & development, training &
education, wholesale and distribution.
=========
C H I N A
=========
AGILE GROUP: Chairman Sells Hong Kong Flat at 62% Below Cost
------------------------------------------------------------
South China Morning Post reports that Chen Zhuolin, the chairman of
distressed mainland Chinese developer Agile Group, has sold a
residential property in Hong Kong at a 62 per cent discount to his
purchase price six years ago, according to government records.
The 62-year tycoon sold a 872 sq ft three-bedroom flat at Hamburg
Villa on Eastbourne Road in Kowloon Tong for HK$8 million (US$1.03
million) on November 1, according to the city's Land Registry. Chen
is the sole director of Joint Smart Development, which paid HK$21.4
million for the flat in 2018 before the market peaked in 2021.
Chen earlier sold another flat in Hamburg Villa in August for
HK$14.3 million, or 54 per cent below his purchase price, the Post
discloses citing official records.
According to the Post, the fire sales showed the slump in Chinese
property stocks over the past four years has eroded the personal
fortunes of local and mainland tycoons, while draining others in
extreme cases like executives at China Evergrande. Other
high-profile casualties include the family of Ho Shung-pun and the
family of late retail magnate Tang Shing-bor.
Chen and his spouse Luk Sin Fong, through a family trust, control
58 per cent of Agile, whose shares have slumped 92 per cent over
the past five years.
Individuals linked to Agile have borrowed against more than one
Hong Kong property. Luk, its former vice-chair, had taken an
undisclosed amount of loans, using her luxury residence in Repulse
Bay as collateral, an industry source said in February. She had
been shopping for a HK$500 million loan, the source added.
Before the city's latest revival measures last month, Hong Kong's
property market had suffered under years of losses. Since the
market peaked in mid-2021, home prices had declined 26.6 per cent,
while prices of offices, factories and retail premises tumbled by
17.5 per cent, 11.8 per cent and 13 per cent, respectively.
Agile Group separately owns some of the developments in Kowloon,
according to its annual report. The company has an 82 per cent
share of the 6 Eastbourne Road site, and a 23 per cent share of the
site on 8-10 Eastbourne Road.
It also listed a project on King's Road and Mount Parker Road in
Quarry Bay among its assets, which has since been put up for sale
by receivers. Agile paid about HK$3.3 billion for the two adjacent
sites in 2017 and 2022, according to Savills, which brokered the
deals.
Like many peers, the Guangzhou-based developer also struggled with
liquidity. It failed to pay interest on a US$483 million bond
maturing in 2025 in May. The firm was seeking to refinance a HK$894
million loan facility, using the Quarry Bay asset as collateral,
sources earlier said.
About Agile Group
China-based Agile Group Holdings Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Agile Group Holdings also provides property management and
educational services.
As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, Moody's Ratings has downgraded Agile Group Holdings
Limited's corporate family rating to Ca from Caa2 and the company's
senior unsecured rating to C from Caa3/Ca. Moody's has also
maintained the negative outlook.
"The downgrade of Agile's ratings and the negative outlook reflect
the company's weak liquidity with an interest payment default, as
well as Moody's expectation of weak recovery prospects for the
company's bondholders," says Daniel Zhou, a Moody's Assistant Vice
President and Analyst.
AGILE GROUP: Presales Down More Than 60% in October
---------------------------------------------------
The Standard reports that Agile Group announced presales of CNY1.39
billion (HK$1.52 billion) in October, more than 60 percent down
from a year ago and CNY430 million less than the CNY1.82 billion
recorded in September.
The company's aggregated presale value dropped 65.8 percent to
CNY13.56 billion in the first 10 months of the year, The Standard
discloses.
About Agile Group
China-based Agile Group Holdings Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Agile Group Holdings also provides property management and
educational services.
As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, Moody's Ratings has downgraded Agile Group Holdings
Limited's corporate family rating to Ca from Caa2 and the company's
senior unsecured rating to C from Caa3/Ca. Moody's has also
maintained the negative outlook.
"The downgrade of Agile's ratings and the negative outlook reflect
the company's weak liquidity with an interest payment default, as
well as Moody's expectation of weak recovery prospects for the
company's bondholders," says Daniel Zhou, a Moody's Assistant Vice
President and Analyst.
COUNTRY GARDEN: Contracted Sales Drop 31% in October
----------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co.'s sales
slump moderated in October, a sign of improving industry prospects
following China's stimulus blitz that include measures for property
developers.
Contracted sales for October declined 31% from a year earlier to
CNY4.3 billion ($610 million), according to corporate filings,
notes the report. That narrowed from a 41% on-year drop in
September. Its October sales also gained 20% from the September
total.
In September, China began introducing a series of measures to
jumpstart the economy and property sector, including cutting
borrowing costs and relaxing buying curbs in big cities and
downpayment requirements, Bloomberg notes. Improving sales at the
distressed company - once China's largest builder by contracted
sales - may temporarily soothe investor concerns over its liquidity
given that it's counting on more transactions to fight off
liquidation.
A creditor filed a petition against Country Garden in February
after the builder defaulted on US dollar debt a year ago. The
company is in talks with creditors for a debt overhaul. But it has
already missed a self-imposed target date for getting key creditor
support for terms of its restructuring plan, Bloomberg reported
last month.
Its wind-up hearing in Hong Kong has been adjourned until late
January, Bloomberg notes.
The Foshan-based developer still lags peers in sales. The value of
new-home sales from the 100 biggest real estate companies in
October rose 7.1 per cent from a year earlier to CNY435.5 billion,
reversing from a 37.7 per cent slump in September, Bloomberg
discloses citing preliminary data from China Real Estate
Information.
About Country Garden
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.
SUNAC CHINA: Restructures Project Deal with Zhangtai Group
----------------------------------------------------------
The Standard reports that Sunac China announced a restructuring of
'target projects' with Zhangtai Group and the two sides will
develop these projects independently.
Sunac Southwest Group, a subsidiary of Sunac, formed a joint
venture with Zhangtai Group in 2021 to cooperate in the development
of 53 projects of which 52 projects, the 'target projects' being
restructured, are yet to be fully developed, according to The
Standard.
The Standard relates that the filing showed Sunac Southwest Group
is no longer required to pay the outstanding consideration of
CNY6.41 billion, with related guarantee obligations being
released.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.
Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.
U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.
Sidley Austin is the Legal Counsel to China Sunac.
=========
I N D I A
=========
AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aaryaman
Recreation Club Limited (ARCL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 06,
2023, placed the rating(s) of ARCL under the 'issuer
non-cooperating' category as ARCL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ARCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 22, 2024,
August 1, 2024, August 11, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Surat-based (Gujarat), Aaryaman Recreaction Club Limited (ARCL) is
a closely held company, incorporated in 2014 is promoted by
Mr.Vimal Kalsariya, Mr.Ishwarlal Gehi , Mr. Kanaiyalal Gehi, Mr.
Vipul Kalsariya, Mr. Alpesh Ambaliya, Mr. Jayantilal Ambaliya and
Mr. Jayantilal Godhadara. ARCL is setting up a project to establish
a Recreational club. The club will have various amenities such as
follows Theatres, Eateries, Beauty salon/Spa/Wellness centre, Guest
rooms, Conference hall, Party hall. The project will be executed in
two phases wherein three buildings namely Ruby, Sapphire and
Emerald will be constructed. In the first phase, ARCL is
constructing Ruby building for which the estimated cost is INR16.76
crore and the same is expected to completed by September 2019. The
Sapphire and Emerald will be constructed in the second phase which
is envisaged to start from October 2019 and expected to be
completed by March, 2021. Total cost of project is INR29.93 crore
which will be funded through term loan of INR7.50 crore, equity
capital of INR3.20 crore, unsecured loans of INR0.44 crore and the
rest amount will be obtained through membership fees.
ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Abir Infrastructure Private
Limited (AIPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 96.95 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 50.86 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 186.05 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with AIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available
information.
Abir Infrastructure Private Limited (AIPL), earlier known as Abir
Constructions Private Limited, was incorporated in 2005 as an
engineering and construction company to execute construction
projects on contractual basis. It was started by a group of
professionals and entrepreneurs who had experience in the
construction field. AIPL is primarily engaged in the construction
of civil and structural works for hydro power projects including
roads, bridges, head race tunnels, dams, underground power houses
and other infrastructure works. In addition, the company also
undertakes civil and infrastructural work for thermal power
projects.
ASCEND GREEN: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of Ascend Green Homes (AGH) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 9.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with AGH, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Ascend Green Homes (AGH) is a partnership firm founded in September
2011 by Mr. IVRK Varma. The firm is engaged in the business of
executing civil contractual works for private entities and
government departments in Andhra Pradesh as a subcontractor.
COMPUAGE INFOCOM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Compuage
Infocom Limited (CIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 450.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 510.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers:
CARE Ratings Ltd. had, vide its press release dated August 9, 2023,
placed the rating(s) of CIL under the 'issuer non-cooperating'
category as CIL had failed to provide information for monitoring of
the rating. CIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 14, 2024, July 9, 2024, July 4, 2024,
and June 24, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Consolidated
CARE has considered the consolidated financials of CIL for
analytical purposes owing to financial and operational linkages
between the company and its subsidiary. Consolidation includes
CIL's wholly owned Singapore based subsidiary, Compuage Infocom (S)
Pte Ltd. However, there were minimal operations in Compuage Infocom
(S) Pte Ltd. in FY22.
Detailed description of the key rating drivers:
At the time of last rating on August 9, 2023, the following were
the rating weaknesses (updated for the information available from
stock exchange filings):
Key weaknesses:
* Ongoing delay in debt servicing: There have been ongoing delays
in debt servicing.
Compuage Infocom Limited (CIL) with CIN L99999MH1999PLC135914 and
listed on BSE is promoted by Mr. Atul Mehta, in 1987, is a
distributor of IT products. CIL's traded product portfolio
comprises of 5 different verticals namely- PCs components &
peripherals; Mobility products; Physical safety and security
products.
EAGLE STEELS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Eagle
Steels Rolling Mills Private Limited (ESRMPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2023, placed the rating(s) of ESRMPL under the 'issuer
non-cooperating' category as ESRMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ESRMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
28, 2024, September 7, 2024 and September 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Incorporated in June 2012, Eagle Steels Rolling Mills Private
Limited (ESRMPL) (erstwhile Eagle Steels, a partnership firm
established in 2001) is engaged in the manufacturing of structural
steel rolled products viz. beams, channels and angles, which find
application mainly in the power transmission, telecommunication,
wind power generation and construction industries respectively.
ESRMPL has its manufacturing plant located at Taloja, Maharashtra.
Status of non-cooperation with previous CRA: Brickwork continues to
categorize rating assigned to the bank facilities of ESRMPL under
non-cooperation category vide PR dated February 6, 2024 on account
of its inability to carry out a rating surveillance in the absence
of the requisite information from the company.
Infomerics continues to categorize rating assigned to the bank
facilities of ESRMPL under non-cooperation category vide PR dated
November 06, 2023 on account of its inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
EXPO GAS: CRISIL Reaffirms B- Rating on INR13.11cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank loan facilities of Expo Gas Containers Limited
(EGCL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.74 CRISIL A4 (Reaffirmed)
Cash Credit 13.11 CRISIL B-/Stable (Reaffirmed)
Letter of Credit 0.50 CRISIL A4 (Reaffirmed)
Overdraft Facility 8.77 CRISIL B-/Stable (Reaffirmed)
Overdraft Facility 4.88 CRISIL B-/Stable (Reaffirmed)
The ratings reflect the working capital-intensive operations, below
average debt protection metrics and susceptibility of the operating
performance to the inherent risks faced by the companies in tender
based businesses. These weaknesses are partially offset by the
extensive experience of the promoters.
CRISIL Ratings vide its rationale dated October 11, 2024, had
upgraded its rating on bank facilities of EGCL to 'CRISIL
B-/Stable/CRISIL A4 from 'CRISIL D/CRISIL D'.
Analytical Approach
Unsecured loans from the promoters of INR5.60 crore as on March 31,
2024, have been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Working capital-intensive operations: Gross current assets are
sizeable at 326 days as on March 31, 2024, driven by high inventory
of 253 days. Inventory days continue to remain high due to sizeable
work in progress. This has resulted in high utilization of its
fund-based bank limits. Operations are expected to remain working
capital intensive over the medium term.
* Below average debt protection metrics: EGCL's debt protection
metrics continues to remain below average as indicated by the
interest cover and net cash accrual to adjusted debt (NCAAD) of
1.31 and 0.03 times respectively as on March 31, 2024. The debt
protection is expected to improve with the increase in scale of
operations and profitability over the medium term.
* Susceptibility of operating performance to tender based nature of
operations along with cyclicality in capital expenditure patterns
in end-user industry: Although the revenue of the company had
increased by over 70% in fiscal 2022 the operations continue to
remain modest, also the operating performance of the company
remains vulnerable to tender based nature of business and cyclical
demand from its major end user industries namely oil, gas and
petrochemical industries.
Strengths:
* Extensive experience of the promoters and reputed clientele: The
promoters have around 4 decades of experience in the fabrication
and Engineering, procurement, and construction (EPC) industry
resulting into better understanding of the industry dynamics and
established track record for manufacturing wide range of process
plant equipment's leading to better relations with clients.
Liquidity Poor
The liquidity is driven by expected net cash accruals of
INR1.39-1.5 crores in fiscal 2025 and fiscal 2026 against the
repayment obligation of INR0.60-0.68 crores annually. The bank
limits are utilized at 94% on average for the past 12 months ending
August 2024. Current ratio remains at 1.36 times as on March 2024.
Outlook: Stable
CRISIL Ratings believes EGCL will continue to benefit from the
extensive experience of its promoters and their established
relationships with customers.
Rating Sensitivity Factors
Upward factors
* Improvement in debt protection metrics with interest coverage
above 1.5 times
* Improvement in the working capital cycle, leading to better
liquidity
Downward factors
* Further stretch in working capital cycle leading to gross current
assets higher than 350 days
* Large debt funded capex weakening the financial risk profile
EGCL was established in 1982 and is promoted by Mr Murtuza S
Mewawala and Mr Hasanain S. Mewawala. The company manufactures a
wide range of process plant equipment such as coded pressure
vessels and deaerators and undertakes turnkey projects and in-plant
piping. It is based in Mumbai.
FUTURE LIFESTYLE: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated its ratings on the bank facilities and
non-convertible debentures of Future Lifestyle Fashions Limited
(FLFL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Non Convertible 500 CRISIL D (ISSUER NOT
Debentures COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with FLFL through
letters and emails dated September 5, 2024, August 1, 2024 and July
12, 2024, for obtaining information. 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 FLFL, which restricts CRISIL
Ratings ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the information available
on FLFL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated its ratings on
the bank facilities and non convertible debentures of FLFL to
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Analytical Approach
CRISIL Ratings has combined the business and financial risk
profiles of FLFL and all its subsidiaries, given their common
business. Also, the company's networth has been adjusted for
revaluation reserve.
Incorporated in 2012, FLFL is the retail apparel venture of the
Future group. It was established by combining the retail apparel
formats and fashion brands that were demerged from Pantaloon Retail
India Ltd and Future Ventures India Ltd, respectively.
GOWRI INFRAENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gowri
Infraengineers Private Limited (GIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 95.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 17.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of GIPL under the 'issuer
non-cooperating' category as GIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 5, 2024,
August 15, 2024, August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Incorporated in 2010, Gowri Infra Engineers Pvt Ltd. (GIPL) is
promoted by Mr C.P Umesha. The Company is into the business of
construction of commercial and residential complexes for Karnataka
Slum Development Board (KSDB) and Bangalore Development Authority
(BDA). It majorly focuses on pre-cast concrete houses and
Monolithic Structures for low cost and speedy construction. Its
operations are concentrated in Karnataka especially around the
region of Bengaluru.
IIFL FINANCE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed India-based IIFL Finance Limited's
Long-Term Issuer Default Rating (IDR) and medium-term note
programme rating at 'B+', and removed the ratings from Rating Watch
Negative. The Outlook on the IDR is Stable.
This follows the company's announcement that the Reserve Bank of
India had lifted regulatory restrictions on IIFL Finance's
gold-backed lending business in late September 2024, and the
receipt of information indicating a gradual return of funding to
support new disbursements in gold-backed loans and other products.
Key Rating Drivers
Gradual Business Stabilisation: The affirmation and Stable Outlook
reflect its expectation that IIFL Finance's franchise will
gradually stabilise now that the regulatory ban on new gold-backed
lending has been lifted. Funding towards the gold-backed lending
entity remains tentative, which could continue to restrain growth
in the product. Nonetheless, funding volume for the housing finance
and microfinance subsidiaries has been more resilient, which should
support the credit profile of the consolidated group, even if it
does not quickly regain its past scale and scope.
Lifted Sanctions, Improved Compliance: The removal of the
regulatory embargo suggests that IIFL Finance has adequately
addressed the Reserve Bank of India's concerns on its gold-backed
lending practices. Risk and compliance standards are therefore
likely to have improved. The company has also introduced new risk
and compliance personnel, which may further strengthen controls and
oversight.
Nonetheless, Fitch believes corporate risk culture takes time to
develop and overall risk and compliance standards may not yet be
commensurate with that of the highest-rated local peers rated by
Fitch.
Moderate Asset Quality Pressure: Fitch expects ongoing weakness in
the SME and microfinance sectors to exert further pressure on the
group's asset quality. Higher impairments in the two segments led
to an uptick in the reported gross non-performing asset ratio, to
2.4% in the second quarter of the financial year ending March 2025
(FY25) (FY24: 2.3%).
Ongoing Impairment Risk: IIFL Finance's moderate reported
non-performing assets ratio partly reflects its practice of
disposing of problem loans through bad debt sales. Nonetheless, the
group retains exposure to the credit risk, as the sales are on
deferred payment terms, with receivables linked to underlying
recoveries and reported as investment assets. The problem asset
ratio, including such receivables, remains elevated and poses
impairment risk. The company incurred a INR5.9 billion provision on
some problem-asset receivables in 2QFY25, equivalent to 1.3% of
ending on-book loans.
Profitability Hinges on Loan Stabilisation: Profitability should
gradually recover if lending volume strengthens. Pre-tax profit
remained positive in 1HFY25, at around 1.0% of average assets on an
annualised basis, despite a quarterly net loss in 2QFY25 on
depressed lending volume and large problem-asset provisions.
Sustained profitability in the housing finance and microfinance
subsidiaries should underpin group profitability if the gold-backed
lending business does not recover meaningfully.
Capitalisation Supports Loss Absorption: IIFL Finance's improved
capitalisation amid a declining loan portfolio underpins its
capacity to absorb unexpected losses. This helps to offset the
impairment risk from weakening microfinance and SME asset quality
as well as legacy problem assets.
The standalone Tier 1 regulatory capital ratio of 20.1% remained
meaningfully above the 10% regulatory minimum, while moderate
debt/equity of 2.9x at end-2QFY25 represented acceptable asset
coverage of liabilities. Nonetheless, capital buffers could reduce
if the company expands aggressively to recapture its diminished
loan portfolio.
Funding Remains Confidence Sensitive: Funding volumes remain below
pre-regulatory ban levels, despite some improvement in key business
lines, particularly the housing finance and microfinance
subsidiaries. Ambitious growth ahead of funding volumes would
pressure the liquidity buffer, as seen by the 2QFY25 decline in
liquid assets as the company deployed funds to new lending.
Adequately Match Asset-Liability Maturities: IIFL Finance's
positive asset-liability maturity position supports its ability to
meet upcoming debt maturities and provides some surplus for new
lending. Fitch expects IIFL Finance to manage its liquidity
position carefully as it ramps up loan disbursals.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Further significant regulatory or operational events that weaken
market confidence in the company
- Prolonged pressure on the liquidity buffer as the company resumes
gold-back lending, such that available liquid assets continue to
fall short of three months' upcoming debt repayments without a
clear path to improvement
- Sustained weakened funding access, such that
loans-under-management continue to decline over the next one to two
years
- Persistent earnings pressure, such that Fitch projects pre-tax
profit/average assets to remain below 1.5% (FY23: 4.3%) for a
sustained period
- Excessive growth, particularly towards riskier loan profiles, or
a significant deterioration in problem loan exposures
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Positive action is unlikely in the near-term in light of the recent
regulatory findings. In the longer term, positive action may be
possible with the following:
- Significant progress in resolving the problem asset portfolio and
tightened management of loan delinquencies, such that Fitch expects
the problem asset portfolio to remain below 5% of gross loans and
other credit exposures
- A liquidity buffer consistently in excess of three months'
upcoming debt repayments, and projected liquidity inflows remaining
sufficient to cover 12 months' upcoming debt maturities under
Fitch's stress scenario
- Fitch expecting the four-year average pre-tax profit/average
assets to remain above 2%, with debt/tangible equity to remain
below 6x
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The US-dollar senior secured medium-term note 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 the 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 medium-term note programme rating.
ADJUSTMENTS
The sector risk operating environment score has been assigned above
the implied score due to the following adjustment reasons: 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: business model
(negative).
The asset quality score has been assigned below the implied score
due to the following adjustment reason: non-loan exposures
(negative).
The funding, liquidity and coverage score has been assigned above
the implied score due to the following adjustment reason: funding
flexibility (positive).
Report of Issuer's Appeal
The issuer appealed the decision of the original rating committee.
In accordance with Fitch's policies, the issuer's request was
reviewed by an appeal review panel, which determined that an appeal
committee was warranted due to the availability of new
information.
Relative to the original rating committee, the appeal committee
updated Fitch's assessment of the following key rating drivers:
business profile outlook to stable, from negative, and funding,
liquidity and coverage outlook to stable, from negative. The
updates were of sufficient magnitude to affect the rating outcome.
The outcome of the appeal committee, as detailed within this rating
action commentary, was different to the original rating committee
outcome.
ESG Considerations
IIFL Finance has an ESG Relevance Score of '4' for Customer Welfare
- Fair Messaging, Privacy & Data Security, due to the recent
history of regulatory findings on the company's customer-related
practices in gold loans, which may pose lingering reputation risk
for IIFL Finance. 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 Fitch believes the company's operations and franchise
remain sensitive to management's ability to maintain sound
implementation of internal controls and return the business to
adequate profitability now that sanctions have been lifted. 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 Governance
Structure, which is revised down from '5', as the lifting of
regulatory restrictions imply that the incidences of non-compliance
have been adequately addressed, and as such, the factor is no
longer a key rating driver. Nonetheless, as the recent regulatory
actions imply a record of gaps in the oversight structure and
management of compliance risks that may continue to pose
reputational risks for the company, the factor is scored at '4'.
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+ Affirmed B+
senior secured LT B+ Affirmed B+
JRA INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JRA
Infrastructure Limited (JIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 6,
2023, placed the rating(s) of JIL under the 'issuer
non-cooperating' category as JIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JIL continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 22, 2024,
August 1, 2024, August 11, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Deesa (Gujarat)-based, JIL was established in 1989 by Mr
Jugalkishor R. Agrawal. JRAIPL is engaged in engineering,
procurement and construction (EPC) of roads and bridges. The
company has changed its name to JRA Infrastructure Limited (JIL)
from June 21, 2019. The company also has a 'AA' class contractor
certificate and Special Category I certificate from the Road &
Building department (R&B), Government of Gujarat (GoG) which makes
the company eligible for tendering for the
works of roads and building department, irrigation department and
public health engineering department in the Gujarat state. The
entity generates significant portion of revenue through road work
and bridge work such as new road construction, patch work,
resurfacing, construction of bridges executed in the state of
Gujarat. JIL secures all its government contracts through
open bidding process of R&B department of Gujarat.
LAKSHMI INFRASTRUCTURE: CARE Cuts Rating INR450cr ST Loan to C/A4
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lakshmi Infrastructure and Developers India Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE BB+; Stable
Long Term/ 450.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE BB+;
Stable/CARE A4+
Rationale and key rating drivers
The ratings have been revised on account of default grade rating
assigned to the company by other CRA, although CARE has verified
with bankers that there have been no delays or default in
facilities rated by CARE. This is in line with CARE's default
recognition policy which requires placement of the facility (not in
default) to near default grade given the issuer's outstanding
rating is in default grade (unaccepted) from other CRA. CARE has
rated company's bank facilities availed from Union Bank of India
and Punjab National Bank. For Union Bank of India, the lender has
confirmed that the conduct is satisfactory with no instances of
overdrawals in rated cash credit account and no instances of BG
invocation over the last 12 months whereas the facilities
sanctioned by Punjab National Bank were not renewed in March 2024.
In the absence of no due certificate/no objection certificate from
PNB, the ratings were not withdrawn. Information for completing the
surveillance of facilities rated by CARE Ratings' remains
unavailable resulting into continuation of ratings under ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Initially established as a partnership firm by the name "Lakshmi
Constructions" in 2004, in Vijayawada, Andhra Pradesh; the company
is involved in civil engineering construction activities in the
road & highways sector. Subsequently, the firm was incorporated as
Lakshmi Infrastructure and Developers India Private Limited
(LIDIPL) in 2014. The company was founded by Mr Ravi Kiran who has
about two decades of experience in the civil construction sector.
Mr Ravi Kiran, Ms Lakshmi Prasanna and Mr V Suresh are the
directors of the entity, who are also the promoters.
LALCHAND BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lalchand
Builders Private Limited (LBPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.44 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of LBPL under the 'issuer
non-cooperating' category as LBPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LBPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 5, 2024,
August 15, 2024, August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
LBPL incorporated in December, 1996, was promoted by the Hans
family of Bhubaneswar, Odisha for leasing out commercial space. The
company, after remaining dormant till March 2013, started
developing a mid-scale shopping mall at Vani Vihar, Bhubaneswar
(Odisha). The company has developed the shopping mall at a total
cost of INR24.12 crore, funded at debt equity of 1.64x and the mall
became operation from March 2016. The shopping mall is spread over
0.5 acre of land and comprises of G+3 building. The total leasable
area of the shopping mall is 45,900 square feet. The company has
leased out its entire commercial space to the Future Lifestyle
Fashion Limited (FLFL). The company had entered into lease out
agreement with FLFL for a period of 9 years effective from the date
of commencement of the shopping mall (i.e. March 2016).
LATA EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lata
Export Apparels Private Limited (LEAPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2023, placed the rating(s) of LEAPL under the 'issuer
non-cooperating' category as LEAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LEAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
28, 2024, September 7, 2024 and September 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Incorporated in 1996 by the Karthikeyan family, Lata Exports
Apparels Private Limited (LEAPL) is engaged into manufacturing of
ready-made garments and uniforms for men, women and children. LEAPL
has its manufacturing facility at Bhiwandi.
MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Momai
Foods Private Limited (MFPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.64 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 25,
2023, placed the rating(s) of MFPL under the 'issuer
non-cooperating' category as MFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 10, 2024,
August 20, 2024, August 30, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Rajkot-based (Gujarat), Momai Foods Private Limited (MFPL) is a
private limited company established in 2013 by Mr. Bhaveshbhai
Khatra, Mr. Mehulbhai Khatra and Mr. Chandubhai Khatra. The company
is engaged in business of manufacturing of ice cream. The company
sells its products in state of Gujarat, Rajasthan and Madhya
Pradesh. The company has installed capacity of 1.2 crore liters of
ice cream per annum. The company sells its product under the brand
name 'MOMAI'. The company sells its ice cream through its network
of 40 distributors and 6 retail outlets. The company has ISO
22000:2005 certification for food safety management system.
QUIPPO OIL: CARE Keeps C Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Quippo Oil
& Gas Infrastructure Limited (QOGIL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.50 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 35.00 CARE C/CARE A4; ISSUER NOT
Short Term Rating continues to remain
Bank Facilities under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking monthly NDS & surveillance
information from QOGIL to monitor the rating(s) vide email
communications/letters dated June 22, 2024, July 2, 2024, and July
12, 2024, and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite NDS and
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on Quippo Oil & Gas Infrastructure Limited's
bank facilities will now be denoted as CARE C; ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
The ratings are constrained by ongoing delay in repayment of loan
outstanding from Srei Equipment Finance Ltd (bank facility not
rated by CARE), moderate capital structure with moderate debt
coverage indicators post one-time restructuring, working capital
intensive nature of operations, tender based business and risk of
non-renewal of contracts along with high exposure to exchange rate
fluctuation. However, the rating draws comfort from increase in
operating income albeit reduced profitability, asset light model
with increase in rigs deployed and reputed clientele of the
company.
Detailed description of the key rating drivers
At the time of last rating on August 7, 2023, the following were
the rating strengths and weaknesses (updated for the information
received from MCA website).
Key Weaknesses
* Default in loan facilities (not rated by CARE): There is an
ongoing delay in repayment of loan facilities not rated by CARE.
However, the company is timely servicing its debt facilities rated
by CARE.
* Moderate capital structure and moderate debt protection metrics
post onetime restructuring: The total debt stood at INR386.01 crore
as on March 31, 2022, as against INR399.15 crore as on March 31,
2021. Debt has decreased due to repayment of term loan and lesser
utilization of Working capital loan. The company has restructured
its debt obligations with SEFL of INR282 crore wherein the term
debt of INR200 crores has been converted into Redeemable cumulative
optionally convertible preference shares (payable in 2 tranches at
the end of 7th and 8th year) and INR82 crore debt to be repaid in
two annual tranches of 50% in March 2023 and March 2024. The
company has already prepaid INR9 crore term loan in March 2022. The
balance amount of INR33 crore would be paid through a mix of free
FDs, release of BG margin and remaining from internal cash
accruals. Overall gearing has been negative, because of negative
net worth. The debt coverage indicators also remained moderate with
interest coverage being comfortable at 1.92x and TD/GCA being
negative due to negative GCA. Total debt as on Mar 31, 2023, stood
at INR205.8 crore.
* Working capital intensive nature of operations: Operating cycle
has increased to 170 days in FY22 vis-à-vis 162 days in FY21.
Despite improvement in inventory and debtor days, WC cycle has
moderated due to reduction in creditor days. As on Mar 31, 2022,
the company has debtors amounting to INR93.56 crore (Rs 101.40
crores as on March 31, 2021) of which INR30.27 crore is under
arbitration and of the same INR12.01 provision has been made. The
company has initiated discussion with one of its counter-parties
for out of court settlement for debtors under arbitration and
expect to realize the amount in current FY.
* Exposure to exchange rate fluctuation: The tenders for drilling
work issued by OIL and ONGC are all global tenders which are
invoiced and paid in US dollars. Accordingly, the company's
revenues are mostly in USD (except for revenue from Vedanta which
is settled in INR), against which the company has a very small
percentage of imports in foreign currencies in relation to stores
and spares. As a result, the company is exposed to exchange rate
fluctuations to a major extent. The company has no formal policy
for hedging of its foreign currency exposures. As on March 31, 2022
the company had net unhedged foreign currency exposure of 6.89 mil
USD (Rs.52.29 crore) by way of export receivables. The company
incurred forex losses of INR1.90 crores in FY21, however earned a
profit of INR6.00 crore in FY22.
* Tender based business and risk of non-renewal of contracts: The
company is exposed to the risk of tender based business and
non-renewal of contracts as the average contract period for
deployment of rigs is three years.
Key rating strengths
* Moderate financial performance: The income from operation of the
company grew from INR287.90 crore in FY21 to INR332.13 crore in
FY22 due to increase in drilling services since all the 12 rigs
taken on lease were deployed. However, despite increase in revenue
PBIDT margin moderated from 13.72% in FY21 to 8.18% in FY22 due to
major increase in fuel cost, increase in repairs of Plant and
machinery, mobilization and demobilization expenses. All except one
of the current contracts are fixed price in nature. The company has
also booked a loss of INR9.88 crore against a profit of INR9.10
crore due to exceptional prior period expenses of INR21.42 crore.
However, the management has articulated that preparation of FY23
financials is in progress. In FY23, the company's total operating
income stood at INR300.52 crore.
* Increase in rigs deployed and asset light model: The company
started the operations in 2005. QOGIL started the operations with 2
on-shore rigs and as on date the company has expanded its fleet to
12 on-shore rigs. Over the span of 15 years, the company has
drilled more than 200 wells in India and overseas. The company
operates on the in-chartering model, i.e., it acquires all the rigs
on lease instead of owning them. This helps mitigate the financial
risk associated with asset ownership in case of non-deployments.
Presently, 8 rigs are on lease from SEFL, 4 from Natural Oil & Gas
Services Limited (NOGSL).
* Reputed clientele: QOGIL has reputed clientele base to which it
provides equipment rental services. The clientele includes
companies like ONGC, Oil India Limited (OIL), Vedanta Limited, etc.
The rigs are contracted for an average tenure of 18-36 months.
Analytical approach: Standalone
Environment, social, and governance (ESG) risks: Not Applicable.
QOGIL, which began operations in 2005, is in the business of
renting of infrastructure equipment servicing the construction, oil
& gas, telecom and energy sectors. QOGIL is an Onshore Rig Service
provider. QOGIL's primary focus is on providing drilling rigs
equipped with the latest technology, equipment, and world class
crew. Most of the rigs are equipped with top drives to undertake
highly specialized drilling operations in technically challenging
environment.
RASHMI ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rashmi
Enterprises - Delhi (RED) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 3,
2023, placed the rating(s) of RED under the 'issuer
non-cooperating' category as RED had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RED continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 18, 2024,
August 28, 2024 and September 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Delhi based; Rashmi enterprises (RED) is a proprietorship concern
established in March, 1980 by Mr. Vinod Kumar Bahety. Rashmi
Enterprises (RED) is engaged in wholesale trading of Kraft Paper
and Paperboard.
SARNA MARBLES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarna
Marbles Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 20,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 4, 2024,
September 14, 2024 and September 24, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Jaipur (Rajasthan) based Sarna Marbles Private Limited (SMPL) was
incorporated in 2006 by Mr Bajrang Lal Khetan and Mr Ramchandra
Khetan. Later on, the management was acquired by Mr Arvind Khetan,
son of Mr Bajrang Lal Khetan. The company is engaged in the
business of manufacturing of High-Density Polyethylene (HDPE) and
Rigid PVC pipes and sells its product in the brand name of
"Khetan".
SHAMBHU TEXTILES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shambhu
Textiles Mills Private Limited (STMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.75 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of STMPL under the 'issuer
non-cooperating' category as STMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. STMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
5, 2024, August 15, 2024, August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Ahmedabad-based (Gujarat) STMPL was incorporated in September, 1996
by Mr. Anil Agrawal and Mr.Nilesh Agrawal. STMPL is primarily
engaged in the business of cotton and polyester fabric processing
(bleaching, printing and dyeing) and trading of grey fabric. The
fabrics processed by STMPL are used for making saree and dress
material for ladies garments. The company has a capacity of 285Lakh
Meters Per Annum for processing of fabric at its sole processing
unit located in Ahmedabad (Gujarat). Under fabric processing
operations, customers supply the grey cloth, while STMPL mainly
performs job-work activities like dyeing, printing & embroidery job
work on the same. Further, it is also into trading of grey cloth.
SHRIVIDYA EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shrividya Education
Foundation (SEF) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 88.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term- 52.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SEF, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available
information.
Shrividya Education Foundation (SEF) is an education trust
established in 2008 in Mangalore, Karnataka. The trust was
initially formed as Vidya Education Trust and was later renamed as
Shrividya Education Foundation in April 2013. SEF's first education
institute "Brilliant Pre-University College" was set up in 2010 at
Mangalore. However, the trust was reconstituted in July, 2016 and
the activities were separated into two different trusts.
Subsequently, "Brilliant Pre-University College" was transferred
under a new trust. Currently SEF managesa new institution "Pana
P.U. College"which became operational from AY2016. Going forward
the trust also plans to start Graduate courses, Pre-school,
International school and Design school.
SHUBHGRAH METALS: CARE Keeps C/A4 Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shubhgrah
Metals Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 6.62 CARE C; Stable/CARE A4; ISSUER
Short Term NOT COOPERATING; Rating
Bank Facilities continues to remain under
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 20,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 4, 2024,
September 14, 2024 and September 24, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Udaipur (Rajasthan) based Shubhgrah Metals Private Limited (SMPL),
incorporated in October 2012, was promoted by Mr. Babulal Motawat,
Mr. Rohit Motawat and Mr. Pankaj Kothari. SMPL was set up to
primarily engage in the trading of aluminium scrap and commenced
its commercial operations from December 2012 onwards.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SMPL into Issuer Not
Cooperating category vide press release dated June 10, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
SINHA SQUARE: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sinha
Square (SS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.42 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 10,
2023, placed the rating(s) of SS under the 'issuer non-cooperating'
category as SS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 25, 2024, September 4,
2024, September 14, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Mr. Anirudh Kumar is setting up a modern and luxury hotel under the
name "Sinha Square" in Deoghar, Jharkhand. The hotel has proposed
to provide services like multi-cusine restaurant, banquet, swimming
pool and conference hall. The hotel is expected to comprise of 60
double bed rooms. The total cost of the project is INR14.75 crore
and the same is funded by proprietor contribution of INR4.75 crore
and term loan of INR10.00 crore. The project is expected to be
completed by March 2019 and the commercial operations expected to
start from April 2019. The firm has already invested INR14.00 crore
towards land & site development, building, civil works etc. till
November 29, 2018 which is met through proprietor's contribution
and term loan from bank. The financial closure of the aforesaid
term loan has already been achieved. Mr. Anirudh Kumar has three
decades of experience in different business-like civil
construction, mining and roadways. He is proposed to look after the
overall management of the hotel, with adequate support from a team
of experienced personnel.
SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Skypoint
Multitrade Private Limited (SMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.48 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.05 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 28, 2024,
September 7, 2024 and September 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Incorporated in 2011 by Mr. Masiar Rahaman and Mr. Mijanur Rahaman,
Skypoint Multitrade Private Limited (SMPL, erstwhile Skypoint
Mercantile Private Limited) is engaged in trading of various
agro-commodities like basmati rice, boiled rice, parboiled rice,
raw rice, chana dal, moong dal, soya beans, raw cashew-nuts, yellow
corn, etc.
SOFTEL OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Softel
Overseas Private Limited (SOPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 25,
2023, placed the rating(s) of SOPL under the 'issuer
non-cooperating' category as SOPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SOPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 10, 2024,
August 20, 2024, August 30, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
SOPL, incorporated in December 2004, is engaged in trading of
commodity polymers (plastic granules), engineering plastics and
ferrous & non-ferrous metals (zinc, lead & steel coil & sheets,
etc.). Its warehousing facility is located at Shalimar Road,
Howrah, West Bengal. SOCL mainly operates in the state of West
Bengal. The company imports 100% of its trading materials from
overseas markets. The day-to-day operations of SOPL are looked
after by Mr. Pratik Didwania (Director).
[*] IBBI Proposes Vendors to Try Mediation Before CIRP Filing
-------------------------------------------------------------
Livemint.com reports that the Insolvency and Bankruptcy Board of
India (IBBI) has proposed that operational creditors such as
vendors and service providers, which account for the largest number
of admitted cases, should have the option of exploring mediation
with a defaulting company before dragging them to overburdened
tribunals.
If mediation fails, the operational creditors may approach a
tribunal, the bankruptcy rule-maker said in a discussion paper
brought out on Nov. 5, Livemint.com relates. A non-settlement
report by the mediator should be annexed to the application seeking
initiation of corporate insolvency resolution, it said.
According to Livemint.com, IBBI's suggestion is aimed at enabling
businesses to settle commercial disputes outside the bankruptcy
courts, reducing the burden on the judiciary and expediting cases
that have already been admitted. Mediation for disputes of
commercial nature must be in accordance with the provisions of the
Mediation Act of 2023, IBBI said.
Operational creditors are distinct from financial creditors,
Livemint.com notes. The Insolvency and Bankruptcy Code (IBC)
defines operational debt as a claim for the provision of goods or
services, including employment. A financial creditor means any
person to whom a financial debt is owed.
Almost 48% of the over 7,800 bankruptcy petitions admitted in the
National Company Law Tribunal as of the end of June 2024 under the
IBC were filed by operational creditors, followed by 46% by
financial creditors. The rest were initiated by the companies
themselves.
A large number of cases initiated by operational creditors have a
default amount of less than INR1 crore, Livemint.com notes citing
data from IBBI.
Livemint.com adds that the board noted in its paper that bankruptcy
petitions involving disputes between operational creditors and
companies usually entail disagreements over the quality or
performance of goods or services, contract terms, and discrepancies
over the amount owed or claims of setoffs or damages. These are
time-consuming issues and burden the limited judicial capacity,
IBBI said.
Operational creditors are more interested in the repayment of their
money claims than in getting the debtor admitted for resolution at
the corporate level, IBBI said.
The regulator cited data from the tribunals to show that about 85%
of the bankruptcy petitions filed by operational creditors were
settled before the admission stage, Livemint.com relays. Also, the
settlement rate was higher at the pre-admission stage than at any
other stage.
At the end of April this year, 21,466 bankruptcy petitions were
disposed of in the pre-admission stage and 3,818 cases were
admitted, IBBI said. The tribunals are required to conduct hearings
before accepting or rejecting a bankruptcy petition and the process
often becomes time-consuming, IBBI said.
"Thus, in order to resolve disputes between the operational
creditor and the corporate debtor at the earliest stage and
facilitate faster admission by the adjudicating authority
(tribunal), mediation as an option may be considered as an
effective tool," IBBI, as cited by Livemint.com, said.
IBBI published a draft of the amendment to its regulations
proposing mediation between defaulting companies and their
operational creditors in the discussion paper and sought public
feedback by November 24, Livemint.com relays.
"An operational creditor may undergo mediation with the corporate
debtor for resolving the disputes of commercial nature in
accordance with the provisions of the Mediation Act, 2023," the
proposed amendment read.
===============
M A L A Y S I A
===============
ANDELI SOLAR: Aimflex Sues for Outstanding Payment for Project
--------------------------------------------------------------
The Malaysian Reserve reports that Aimflex Bhd has initiated legal
action against Kong Yeng Kein to claim the outstanding payment of
MYR3.95 million for a large-scale solar (LSS) project in Perak.
Its wholly-owned subsidiary Aimflex Solutions Sdn Bhd has filed a
writ of summons and statement of claim against Kong who stood as a
guarantor for payments from Andeli Solar Sdn Bhd, according to the
report.
The Malaysian Reserve relates that the Skudai, Johor-based
manufacturing test and automation company initiated the lawsuit
after a prolonged series of payment disputes regarding a 9.99 MW
solar farm project in Manjung, Perak.
The basis of the claim stems from a letter of appointment (LOA)
signed on March 1, 2021, where Andeli Solar appointed Aimflex
Solutions to carry out engineering procurement, construction, and
commissioning (EPCC) work for the project, according to Aimflex's
exchange filing on Nov. 5.
The MYR10.9 million contract specified that Aimflex would be paid
based on funds Andeli Solar received from Coral Power Sdn Bhd, the
project's main employer, or six months after the project's
commercial operation date, whichever sooner.
To secure the contract, Kong provided a personal guarantee on
Andeli's behalf, ensuring Aimflex's payment for the work done.
After completing its work, Aimflex invoiced Andeli Solar in March
2021, with an outstanding balance of MYR7.95 million confirmed by
an audit at the end of 2021.
Partial payments from Coral Power totalling MYR4 million were
disbursed to Andeli Solar and subsequently transferred to Aimflex
between January and February, 2022.
However, the balance of MYR3.95 million remained unpaid as of early
February 2022.
It said the sum was due within six months of the project's
operation date on May 29, 2023, putting the final payment deadline
at Nov. 29, 2023, the report relates.
=====================
N E W Z E A L A N D
=====================
3 BROTHERS: Creditors' Proofs of Debt Due on Nov. 29
----------------------------------------------------
Creditors of 3 Brothers Equity Holding Limited and DBB Limited are
required to file their proofs of debt by Nov. 29, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2024.
The company's liquidator is:
Victoria Toon
Corporate Restructuring Limited, Chartered Accountants
PO Box 10100
Dominion Road
Auckland 1446
AAA DRIVEWAYS: Creditors' Proofs of Debt Due on Jan. 6
------------------------------------------------------
Creditors of AAA Driveways Tauranga (BOP) Limited are required to
file their proofs of debt by Jan. 6, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 4, 2024.
The company's liquidators are:
Lynda Smart
Derek Ah Sam
Rodgers Reidy
PO Box 39090
Harewood
Christchurch 8545
NURTURE ME: Court to Hear Wind-Up Petition on Nov. 14
-----------------------------------------------------
A petition to wind up the operations of Nurture Me Education
Limited will be heard before the High Court at Auckland on Nov. 14,
2024, at 10:00 a.m.
The Commissioner of Inland Revenue, filed the petition against the
company on Aug. 1, 2024.
The Petitioner's solicitor is:
Cloete van der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PHORMIUM CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 11
---------------------------------------------------------------
Creditors of Phormium Construction Limited are required to file
their proofs of debt by Dec. 11, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 30, 2024.
The company's liquidator is:
Andrew Marchel Oorschot
Ashton Wheelans Chartered Accountant
PO Box 13042
Christchurch
RJP DRAINAGE: Creditors' Proofs of Debt Due on Dec. 2
-----------------------------------------------------
Creditors of RJP Drainage & Earthmoving Limited are required to
file their proofs of debt by Dec. 2, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 4, 2024.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
=================
S I N G A P O R E
=================
ALTERA SHUTTLE: Creditors' Proofs of Debt Due on Dec. 4
-------------------------------------------------------
Creditors of Altera Shuttle Loading Pte. Ltd. are required to file
their proofs of debt by Dec. 4, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2024.
The company's liquidators are:
Sam Kok Weng
Lie Kok Keong
c/o 7 Straits View
Marina One East Tower, Level 12
Singapore 018936
EAST WELLSUM: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of East Wellsum Industries (S) Pte. Ltd.
The Hongkong And Shanghai Banking Corporation Limited filed the
petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
LA MEXICANA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of La Mexicana Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
LOGITEL OFFSHORE: Creditors' Proofs of Debt Due on Dec. 4
---------------------------------------------------------
Creditors of Logitel Offshore Pte. Ltd. and Logitel Offshore Rig II
Pte. Ltd. are required to file their proofs of debt by Dec. 4,
2024, to be included in the company's dividend distribution.
The companies commenced wind-up proceedings on Oct. 31, 2024.
The companies' liquidators are:
Sam Kok Weng
Lie Kok Keong
c/o 7 Straits View
Marina One East Tower, Level 12
Singapore 018936
=====================
S O U T H K O R E A
=====================
KAKAO PAY: Net Loss Widens in Q3 on One-Off Factor
--------------------------------------------------
Yonhap News Agency reports that Kakao Pay, the online payment unit
of Korean social media giant Kakao, said on Nov. 6 its net loss
widened in the third quarter from a year earlier due to a one-off
factor sparked by massive payment delays by e-commerce platforms
earlier this year.
Its net loss for the July-September period reached KRW27.5 billion
($20 million), compared with a loss of KRW8.2 billion a year ago,
the company said in a regulatory filing.
Its operating loss came to KRW7.5 billion, compared with a loss of
KRW9.5 billion, while sales rose 17.2 percent on-year to KRW186.2
billion, Yonhap discloses.
According to Yonhap, the company said its revenue increased thanks
to robust performance by its securities and insurance subsidiaries,
but its net loss deepened due to unexpected costs tied to the
liquidity crisis in TMON and WeMakePrice.
Earlier this year, the two e-commerce platforms filed for
rehabilitation as it failed to deliver timely payments to their
vendors due to liquidity issues.
Following the incident, Kakao Pay used KRW31.2 billion to help its
users who made payments on the platforms via Kakao Pay make
cancellations or get refunds.
Kakao Pay Corp. (KRX:377300) -- https://www.kakaopay.com/ --
operates a mobile payment system in South Korea. It offers
financial services, such as payment, money transfer, bill payment,
authentication, and investment services. Kakao Pay Corp. is a
subsidiary of Kakao Corporation.
===========
T A I W A N
===========
CONCORD SECURITIES: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Concord Securities Co.,
Ltd.'s Long-Term Issuer Default Rating (IDR) at 'BB+' and National
Long-Term Rating at 'A-(twn)'. The Outlook on both ratings is
Stable. Fitch has also affirmed the Short-Term IDR at 'B' and the
National Short-Term Rating at 'F2(twn)'.
Key Rating Drivers
Moderate Franchise: Concord Securities' ratings are underpinned by
the company's stable yet moderate presence in Taiwan's securities
sector and its adequate capital profile. The ratings also take into
account the company's business model, which has a greater reliance
on volatile capital-market activities than that of other larger and
more diversified financial institutions in Taiwan.
Stable Operating Environment: Fitch anticipates that Taiwan's
steady economic growth prospects and prudent regulatory oversight
will sustain stable operating conditions for the financial sector,
despite global economic headwinds and market volatility.
Strong investor interest in the technology sector has boosted
equity market activity in 2024, with robust equity financing demand
and stock-market average daily turnover surging by 51% in 9M24 from
2023. This was nonetheless offset by a decline in corporate bond
issuance amid higher domestic financing costs. Equity market
activity should moderate in the next year, but continued economic
growth and expansion outside of China should bolster Taiwanese
corporate financing demand in 2025.
Variable Profitability: Earnings expanded significantly in 1H24,
similar to the rest of the industry, as stronger equity market
activity enhanced brokerage-related and trading income. The
company's annualised operating profit/average equity doubled to
18.8%, from 9.3% in 2023.
Fitch expects Concord Securities' return profile to remain
volatile, driven by market trading volume in the medium term,
similar to its peers. Earnings in 2025 should moderate as domestic
equity-market turnover eases from the record levels in 2024,
although this could be offset by US and domestic interest rate
cuts, which would bolster the performance of its fixed-income
investments.
Adequate Capitalisation: Fitch believes Concord Securities will
maintain an adequate capital buffer despite its relatively modest
absolute capital base. Net tangible leverage increased slightly to
4.2x by end-1H24, from 3.8x at end-2023. This was mainly due to
higher settlement-related and investment assets on improved
capital-market sentiment in 1H24. Fitch expects Concord's capital
position to remain adequate, as local regulatory capital
requirements and the company's strict margin maintenance ratios and
risk limits should ensure it has adequate capital to withstand
potential market shocks.
Reliance on Wholesale Funding: Concord Securities, similar to
peers, is exposed to funding market volatility due to its reliance
on wholesale funding and the use of repurchase agreements (repos)
for short-term financing of its bond investments. It mitigates the
risks by maintaining adequate underlying collateral for its repo
transactions, primarily consisting of government, financial
institution and corporate bonds of sufficient credit quality. It
also maintains adequate liquid assets to cover short-term repayment
needs. Liquidity risks are further tempered by Taiwan's typically
steady funding conditions.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Concord Securities' ratings would face downward pressure if intense
market competition results in a sustained deterioration in its
market position, or if business growth significantly weakens its
capital, funding, or liquidity buffers.
Indications of an increased risk appetite, such as higher
balance-sheet exposure to market risk or greater revenue
sensitivity from trading activities, would place downward pressure
on the ratings. In addition, operational or risk-management lapses
that result in unexpected substantial losses and pressure the
capital position would be credit negative.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A rating upgrade is less likely given Concord Securities' moderate
franchise compared with local competitors. However, a substantial
improvement in business diversity and earnings quality — such as
increased contributions from segments with more stable and
recurring income streams — would be positive for the credit
profile.
ADJUSTMENTS
The capitalisation and leverage score has been assigned below the
implied score for the following adjustment reason: size of capital
base (negative).
The funding, liquidity and coverage score has been assigned below
the implied score for the following adjustment reason: funding
flexibility (negative).
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
----------- ------ -----
Concord Securities
Co., Ltd. LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
Natl LT A-(twn)Affirmed A-(twn)
Natl ST F2(twn)Affirmed F2(twn)
ORIENTAL SECURITIES: Fitch Affirms 'BB+' IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Oriental Securities Corporation's 'BB+'
Long-Term Issuer Default Rating (IDR) and 'A-(twn)' National
Long-Term Rating with a Negative Outlook. Fitch has also affirmed
the Short-Term IDR at 'B' and National Short-Term Rating at
'F1(twn)'.
Key Rating Drivers
Competition Pressures Business Profile: Oriental Securities'
ratings reflect its moderate company profile, characterised by a
modest share of domestic brokerage volume and other capital-market
activities, as well as a business model focused on volatile
brokerage and proprietary trading income.
The ratings also consider the company's lower risk appetite
compared with standalone securities firms of similar size, and the
franchise benefits derived from its association with the Far
Eastern Group. Nonetheless, the Negative Outlook signifies rising
challenges to Oriental Securities' market position amid escalating
competition from securities subsidiaries of large financial holding
companies.
Stable Operating Environment: Fitch anticipates that Taiwan's
steady economic growth prospects and prudent regulatory oversight
will sustain stable operating conditions for the financial sector,
despite global economic headwinds and market volatility.
Strong investor interest in the technology sector has boosted
equity market activity in 2024, with robust equity financing demand
and stock-market average daily turnover surging by 51% in 9M24
compared to 2023. This was nonetheless offset by a decline in
corporate bond issuance amid higher domestic financing costs.
Equity market activity should moderate in 2025, but continued
economic growth and expansion outside of China should bolster
Taiwanese corporate financing demand.
Variable Profit Profile: The firm's profitability is volatile and
may remain below the sector-average due to its small market share
and competition from larger peers. Fitch expects sector
profitability to moderate in 2025 as market turnover eases,
although revaluation gains on fixed-income securities may offer
some relief as US and domestic interest rates are cut. Potential
regulatory relaxation allowing cross-sector partnerships may
provide an opportunity to tap distribution synergies with other Far
Eastern group companies, but the timing and scope for this remains
uncertain.
Adequate Capital Position: Fitch anticipates that Oriental
Securities will maintain an adequate capital position, despite its
modest absolute capital base, as local regulatory capital
requirements and the company's strict maintenance of ratios and
risk limits should ensure adequate capital to withstand potential
market shocks. Net tangible leverage remained moderate at 3.1x in
1H24, despite a capital return in the prior year. The regulatory
capital adequacy ratio of 373% remained significantly above the
regulatory minimum of 150%.
Stable Liquidity Profile: Fitch expects Oriental Securities to
maintain a stable funding and liquidity profile, with sufficient
short-term liquidity coverage. The company's adequate capital
position and links to the domestically well-regarded Far Eastern
Group supports its funding flexibility relative to peers. Fitch
also believes Taiwan's typically steady funding environment further
mitigates liquidity risk.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Oriental Securities' ratings may be downgraded if the company is
unable to restore its market position to the levels prior to the
Covid-19 pandemic, while maintaining a consistent risk appetite and
solid financial profile. Four-year average operating profit
consistently below 3% of average equity would also indicate weaker
earnings capacity relative to the current ratings.
Indications of an increased risk appetite, such as higher
balance-sheet exposure to investment risk or greater revenue
sensitivity from trading activities, would place downward pressure
on the ratings.
Operational or risk-management lapses that result in large
unexpected losses and pressure the capital position would also be
credit negative.
Furthermore, the ratings could be downgraded if Fitch perceives
weakening ties with the Far Eastern Group. This could occur if the
major shareholder significantly reduces its stake in the company or
ceases to channel its capital market-related activities through the
securities firm.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A rating upgrade is less likely due to the company's modest
franchise and the Negative Outlook on its ratings. An improved
business profile - such as a recovering market share, more
diversified business mix or increased contribution from segments
with more stable and recurring income streams - would support the
business profile and could result in Fitch revising the Outlook to
Stable.
ADJUSTMENTS
The business profile score has been assigned above the implied
score due to the following adjustment reason: group benefits and
risks (positive).
The earnings and profitability score has been assigned above the
implied score due to the following adjustment reasons: portfolio
risk (positive), historical and future metrics (positive).
The capitalisation and leverage score has been assigned below the
implied score due to the following adjustment reason: size of
capital base (negative).
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 to 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
----------- ------ -----
Oriental Securities
Corporation LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
Natl LT A-(twn)Affirmed A-(twn)
Natl ST F1(twn)Affirmed F1(twn)
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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