/raid1/www/Hosts/bankrupt/TCRAP_Public/241111.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, November 11, 2024, Vol. 27, No. 226
Headlines
A U S T R A L I A
ASSET FINANCE: First Creditors' Meeting Set for Nov. 13
BLACKWATTLE NO.5: S&P Assigns B (sf) Rating to Class F Notes
DE SECURITY: First Creditors' Meeting Set for Nov. 13
I HAUL: First Creditors' Meeting Set for Nov. 14
LIBERTY SERIES 2022-2: Moody's Ups Rating on Cl. F Notes to Ba2
MEDIMIND TECHNOLOGY: First Creditors' Meeting Set for Nov. 14
METIGY: Ex-CEO Charged With Misleading Investors and Dishonesty
RED ANALYTICS: First Creditors' Meeting Set for Nov. 15
T&R INTERNATIONAL: Online Retailer Calls in Liquidators
C H I N A
HOPSON DEVELOPMENT: In Talks With Temasek Unit for New Loan
KAIXIN HOLDINGS: Financial Strain Raises Going Concern Doubt
LUOKUNG TECHNOLOGY: MRI Moores Rowland Raises Going Concern Doubt
I N D I A
ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
ADITHI AUTOMOTIVES: CRISIL Keeps D Ratings in Not Cooperating
AGNI INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
AL-AYAAN FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANTECH CONSTRUCTION: Ind-Ra Cuts Bank Loan Rating to D
ATITHYA INN: Ind-Ra Cuts Bank Loan Rating to BB-
BILT GRAPHIC: Ind-Ra Keeps D Bank Loan Rating in NonCooperating
CAPITOL HILL: CRISIL Keeps D Debt Ratings in Not Cooperating
CHEMM FINANCE: Ind-Ra Moves BB Loan Rating to NonCooperating
CORPORATE FASHION: CRISIL Keeps D Debt Ratings in Not Cooperating
CYIENT DLM: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating
DEVI ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
DIAN BIOFUELS: Ind-Ra Assigns BB Bank Loan Rating
DYNAMIC FINE: CRISIL Keeps B Debt Ratings in Not Cooperating
ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category
HERO ELECTRIC: CRISIL Moves D Debt Ratings to Not Cooperating
HINDUSTAN PREFAB: Ind-Ra Cuts Bank Loan Rating to B+
INCI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
INDSIL HYDRO: Ind-Ra Withdraws D Bank Loan Rating
JAGDAMBA LIQUIFIED: CRISIL Keeps D Ratings in Not Cooperating
JAI MAA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
JAY DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
JAYAHO AGRI: CRISIL Keeps D Debt Rating in Not Cooperating
JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
JEEVISHA FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KALYANALAKSHMI SHOPPING: Ind-Ra Keeps B- Rating in NonCooperating
LAXAI LIFE: Ind-Ra Withdraws B- Bank Loan Rating
LOKMANGAL SUGAR: Insolvency Resolution Process Case Summary
MARUT CREATIVE: Insolvency Resolution Process Case Summary
NUFUTURE DIGITAL: Insolvency Resolution Process Case Summary
PAYABHI PAYMENTS: Insolvency Resolution Process Case Summary
POSITIVE ELECTRONICS: Insolvency Resolution Process Case Summary
RELIANCE POWER: Banned From Clean Energy Tenders for 3 Years
S. R. S. MEDITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
SARASWATI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
SRS THERMAX: CRISIL Keeps D Debt Ratings in Not Cooperating
ULTRA DENIM: Ind-Ra Keeps BB Loan Rating in NonCooperating
I N D O N E S I A
ABM INVESTAMA: Moody's Affirms 'B1' CFR, Outlook Remains Stable
JAPFA COMFEED: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
SRITEX: Lawmakers Consider House Committee on Bankruptcy Ruling
N E W Z E A L A N D
ALLONE LANDSCAPE: Creditors' Proofs of Debt Due on Dec. 13
BARAVI PROPERTIES: Creditors' Proofs of Debt Due on Dec. 2
EMMITT CONSULTANTS: Grant Bruce Reynolds Appointed as Liquidator
PET NUTRITION: BDO Christchurch Appointed as Receivers
TE WERO: Court to Hear Wind-Up Petition on Nov. 22
[*] NZ Company Liquidations Hit Highest Monthly Level in 10 Years
S I N G A P O R E
AUZANA INDUSTRIES: Creditors' Proofs of Debt Due on Dec. 4
BIGV PTE: Court Enters Wind-Up Order
CAEG SPECIALIST: Court Enters Wind-Up Order
KORN FERRY: Creditors' Proofs of Debt Due on Dec. 5
PLAN B: Court Enters Wind-Up Order
S O U T H K O R E A
[*] South Korea Construction Firms See 50% Increase in Bankruptcies
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A U S T R A L I A
=================
ASSET FINANCE: First Creditors' Meeting Set for Nov. 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Asset
Finance Systems Pty Ltd will be held on Nov. 13, 2024 at 10:00 a.m.
via virtual meeting.
Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Nov. 1, 2024.
BLACKWATTLE NO.5: S&P Assigns B (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee for Blackwattle Series RMBS Trust No.5.
Blackwattle Series RMBS Trust No.5 is a securitization of prime
residential mortgage loans originated by Sintex Consolidated Pty
Ltd.
The ratings assigned 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 is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread. Our assessment of credit risk takes into account Sintex's
underwriting standards and approval process, the servicing quality
of Sintex, and the support provided by the LMI policies on 0.3% of
the loan portfolio.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
interest-rate swap, the loss reserve, the liquidity facility, the
principal draw function, 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 it assumes
the notes are not called at or beyond the call-option date.
S&P said, "Our ratings also consider the counterparty exposure to
Westpac Banking Corp. as interest-rate swap provider, bank account
provider, and liquidity facility provider. An interest-rate swap
will be provided to hedge the mismatch between any fixed-rate
mortgage loans and the floating-rate obligations on the notes (as
of closing, there are no fixed rate loans in the portfolio). The
transaction documents for the swap and facilities include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Blackwattle Series RMBS Trust No.5
Class A1-S, A$150.00 million: AAA (sf)
Class A1-L, A$275.00 million: AAA (sf)
Class A2, A$41.00 million: AAA (sf)
Class B, A$12.00 million: AA (sf)
Class C, A$11.25 million: A (sf)
Class D, A$5.25 million: BBB (sf)
Class E, A$2.50 million: BB (sf)
Class F, A$1.00 million: B (sf)
Class G, A$2.00 million: Not rated
DE SECURITY: First Creditors' Meeting Set for Nov. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of DE Security
Solutions Pty. Ltd. will be held on Nov. 13, 2024 at 11:30 a.m. via
virtual facilities only.
Graeme Beattie of Worrells was appointed as administrator of the
company on Nov. 1, 2024.
I HAUL: First Creditors' Meeting Set for Nov. 14
------------------------------------------------
A first meeting of the creditors in the proceedings of I Haul
Freight Pty Ltd will be held on Nov. 14, 2024 at 11:00 a.m. by Zoom
only.
Nicholas David Cooper and Yulia Petrenko of Oracle Insolvency
Services were appointed as administrators of the company on Nov. 4,
2024.
LIBERTY SERIES 2022-2: Moody's Ups Rating on Cl. F Notes to Ba2
---------------------------------------------------------------
Moody's Ratings has upgraded ratings on nine classes of notes
issued by two Liberty Series RMBS.
The affected ratings are as follows:
Issuer: Liberty Series 2022-1
Class B Notes, Upgraded to Aaa (sf); previously on Apr 11, 2022
Definitive Rating Assigned Aa1 (sf)
Class C Notes, Upgraded to Aa1 (sf); previously on Apr 11, 2022
Definitive Rating Assigned Aa3 (sf)
Class D Notes, Upgraded to Aa3 (sf); previously on Apr 11, 2022
Definitive Rating Assigned A2 (sf)
Class E Notes, Upgraded to Baa1 (sf); previously on Feb 16, 2023
Upgraded to Baa2 (sf)
Issuer: Liberty Series 2022-2
Class B Notes, Upgraded to Aaa (sf); previously on Jul 28, 2023
Upgraded to Aa1 (sf)
Class C Notes, Upgraded to Aaa (sf); previously on Jul 28, 2023
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to Aa3 (sf); previously on Jul 28, 2023
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on Sep 2, 2022
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on Sep 2, 2022
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the transactions
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the collateral performance to
date.
The fully-funded and non-amortising Guarantee Fee Reserve Account
provides credit support of 0.3% of the original note balance to the
deals (currently 0.6% and 0.8% of closing note balances for Liberty
Series 2022-1 and Liberty Series 2022-2, respectively). The account
can be used to cover charge-offs against the notes and liquidity
shortfalls that remain uncovered after drawing on the liquidity
facility and principal.
No actions were taken on the remaining rated classes in these
transactions as credit enhancement remains commensurate with the
current rating for the respective notes.
Liberty Series 2022-1
Following the October 2024 payment date, note subordination
available for Class B, Class C and Class D Notes has increased to
7.8%, 5.8% and 4.4%, respectively, from 5.5%, 4.1% and 3.1% at
closing. Note subordination available for Class E Notes has
increased to 2.6% from 1.8% at the time of the last rating action
for these notes in February 2023. Principal collections have been
distributed on a pro-rata basis since the May 2024 payment date
among all notes, except Class A1b Notes.
As of end-September 2024, 2.8% of the outstanding pool was 30-plus
day delinquent and 0.4% was 90-plus day delinquent. Current
outstanding pool balance as a percentage of the closing pool
balance was 55%. The deal has not incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's have updated its expected loss assumption to 0.6% of the
original pool balance (equivalent to 1.2% of the outstanding pool
balance) from 0.8% at the time of the last rating action for these
notes in February 2023. Moody's have updated its MILAN CE to 4.2%
from 6.3%.
Liberty Series 2022-2
Following the October 2024 payment date, note subordination
available for Class B, Class C, and Class D Notes has increased to
8.1%, 6.5%, and 4.8%, respectively, from 7.6%, 5.9%, and 4.2% at
the time of the last rating action for these notes in July 2023.
Note subordination for Class E and Class F Notes has increased to
1.9% and 1.4%, respectively, from 1.0% and 0.5% at closing.
Principal collections have been distributed on a pro-rata basis
among the rated notes since closing.
As of end-September 2024, 3.4% of the outstanding pool was 30-plus
day delinquent and 1.4% was 90-plus day delinquent. Current
outstanding pool balance as a percentage of the closing pool
balance was 37%. The deal has not incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's have updated its expected loss assumption to 1.3% of the
current pool balance (equivalent to 0.5% of the original pool
balance) from 1.5% at the time of the last rating action for these
notes in July 2023. Moody's have decreased its MILAN CE to 4.7%
from 5.2%.
The transactions are Australian RMBS originated and serviced by
Liberty Financial Pty Ltd, an Australian non-bank lender. A small
portion of the portfolios consists of loans extended to borrowers
with impaired credit histories or loans made on an alternative
documentation basis.
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.
MEDIMIND TECHNOLOGY: First Creditors' Meeting Set for Nov. 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Medimind
Technology Pty Ltd will be held on Nov. 14, 2024 at 10:00 a.m. via
teleconference only.
David Ross of I & R Advisory was appointed as administrator of the
company on Nov. 1, 2024.
METIGY: Ex-CEO Charged With Misleading Investors and Dishonesty
---------------------------------------------------------------
David Fairfull, former CEO of Metigy, has appeared in the Downing
Centre Local Court to answer charges following an Australian
Securities & Investments Commission (ASIC) investigation alleging
he provided false statements to investors and used his position as
a director to gain an advantage for himself.
Mr. Fairfull has been charged with five counts of making false and
misleading statements contrary to s 1041E(1) of the Corporations
Act 2001 and one count of dishonestly using his position as a
director to gain an advantage contrary to s 184(2) of the
Corporations Act 2001.
During the period 2018 to 2021, the Metigy group of companies
developed a software product designed to harness advances in
artificial intelligence to assist small to medium businesses with
digital marketing strategies.
ASIC alleges that while obtaining funding for the business, Mr
Fairfull provided false information about the revenue and income of
the companies to potential investors and further used his position
as a director to obtain a loan for his own personal benefit.
ASIC Deputy Chair Sarah Court said, 'ASIC took this case as
directors' duties are an enduring priority for us. Company
directors play an integral role in overseeing governance in
addition to both performance and compliance and as such have a
responsibility to act with integrity and honesty.'
The matter will return to the Downing Centre Local Court on Dec.
10, 2024.
The matter is being prosecuted by the Office of the Director of
Public Prosecutions (Cth) following a referral from ASIC.
About Metigy
Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based
Metigy provided an all-in-one marketing platform tailored for the
needs of SMEs. The Metigy platform includes video creation and
image editing systems, a live ad creation tool, and a 'marketing
command center' providing "recommendations tailored to your
brand".
Simon Cathro and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on July 29, 2022.
On Sept. 2, 2022, Metigy's creditors voted to put the company into
liquidation.
RED ANALYTICS: First Creditors' Meeting Set for Nov. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Red
Analytics Pty Ltd will be held on Nov. 15, 2024 at 10:30 a.m. via
Microsoft Teams.
Christopher Johnson and Andrew McCabe of Wexted Advisors were
appointed as administrators of the company on Nov. 6, 2024.
T&R INTERNATIONAL: Online Retailer Calls in Liquidators
-------------------------------------------------------
News.com.au reports that Australian online retailer T&R
International has collapsed owing millions of dollars to
customers.
T&R International, which sells sports and exercise equipment from
abroad at discount prices, has called in liquidators.
News.com.au, citing A Current Affair, relates that the company owes
around AUD7 million to creditors and AUD4.5 million to customers
who are yet to receive their products.
The online business also ran Sports Leisure and Bike Scooter Hub.
According to news.com.au, liquidators said there was only AUD18,000
left in the bank but other assets could be sold to reimburse
customers.
When ACA went to the company's warehouse there was no sign of staff
and websites have been shut down.
News.com.au notes that the dramatic closure comes after NSW Fair
Trading received 397 complaints about all three retailers under T&R
International's control and the watchdog had launched an
investigation into possible breaches in consumer law.
The programme highlighted the company's motto was "too good to be
true" has been misspelled in some of the marketing merchandise.
A number of customers had appeared on the show last month saying
they had been refused refunds while others claimed to have been
sold defective products.
The company's three factories in Sydney, Melbourne and Brisbane
stand abandoned.
"They pulled up with trucks and took what they could," one Sydney
local said.
One customer who drove to the factory after chasing his order for
months said: "I don't have much money to lose, AUD3,000."
News.com.au says the company blamed "cash flow challenges" for the
collapse and said the business had been damaged by ACA's initial
report last month.
"We have lost almost everything we built over the past 14 years,
and the emotional and financial burden has been overwhelming," a
company spokesperson said.
The internet is awash with hundreds of negative reviews of the
website over the past 12 months, news.com.au adds.
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C H I N A
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HOPSON DEVELOPMENT: In Talks With Temasek Unit for New Loan
-----------------------------------------------------------
Bloomberg News reports that Hopson Development Holdings Ltd. is in
talks for a new private loan to refinance an expired bridge
facility that backed the purchase of some property in Hong Kong,
according to people familiar with the matter.
According to Bloomberg, discussions for the new loan with Seatown
Holdings Pte Ltd., a subsidiary of Singaporean sovereign fund
Temasek Holdings Pte, are ongoing, the people said. Earlier this
year, Hopson, whose projects include high-end residential and
commercial properties in Beijing and Guangzhou, received a four
month bridge loan of around $100 million to $115 million from
Seatown.
Seatown has not asked for immediate repayment for the bridge loan,
which was due in September, and instead both parties are engaged in
negotiating a new facility, the people said, Bloomberg relays.
The new loan will include different pricing, the people added. It
is unclear what the size will be.
Like many Chinese developers, Hopson has faced slumping sales as
the country remains mired in a years-long property crisis.
While the government has rolled out stimulus measures recently,
risks for builders remain high. At least 20 Chinese developers have
faced wind-up petitions, according to data compiled by Bloomberg.
Hopson's bridge loan was to extend the maturity of a US$165 million
2023 loan from Seatown that was used to fund Hopson's acquisition
of two floors and four carpark spaces at The Center, located in
Hong Kong's Central Business District, according to Bloomberg.
Hopson had total assets of HK$287.5 billion as at June 30,
according to its interim report.
About Hopson Development
Hopson Development Holdings Ltd is an investment holding company
principally engaged in property development and infrastructure
business.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
22, 2024, Fitch has affirmed Hopson Development Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'. The
Outlook is Stable. Fitch has also affirmed the company's senior
unsecured rating at 'B' with a Recovery Rating of 'RR4'.
The affirmation reflects its view that the company faces manageable
refinancing risk, as its liquidity on hand, together with free cash
flow (FCF), should be sufficient to meet near-term debt repayments,
despite the decline in sales. Hopson's access to bank funding also
remains strong, underpinned by its quality asset base.
The TCR-AP reported in early July 2024 that S&P Global Ratings
affirmed its 'B' long-term issuer credit rating on Hopson
Development Holdings Ltd.
The stable outlook reflects S&P's expectation that Hopson's sales
will likely recover in the next six to 12 months, backed by its
high-quality residential projects.
KAIXIN HOLDINGS: Financial Strain Raises Going Concern Doubt
------------------------------------------------------------
Kaixin Holdings disclosed in its Unaudited Consolidated Financial
Statements filed with the U.S. Securities and Exchange Commission
for the first half of 2024 that there is substantial doubt about
its ability to continue as a going concern.
According to the Company, for the six months ended June 30, 2024
and 2023, the Company reported a net loss of approximately $5.4
million and $4.5 million, respectively, and operating cash outflows
approximately $1.4 million and $3.4 million. For the six months
ended June 30, 2024, the Company did not generate revenues. As of
June 30, 2024 and December 31, 2023, the Company reported
accumulated deficits of approximately $341,941 and $336,571,
respectively. These factors raise a substantial doubt about the
Company's ability to continue as a going concern.
As of June 30, 2024, the Company had cash of approximately $0.6
million and due from related parties of approximately $1.4 million,
which were highly liquid. On the other hand, the Company had
current liabilities of approximately $12.2 million. Among the
balance of current liabilities, convertible notes of $1.3 million
would be settled by ordinary shares, and the balance due to related
parties of $2.3 million and other payables of $7.6 million are
payable on demand and may be extended. In addition, two major
shareholders of the Company have agreed to consider to provide
necessary financial support in the form of debt and/or equity to
the Company to enable the Company to meet its other liabilities and
commitments as they become due for at least twelve months from the
issuance date of this consolidated financial statements.
The management believes that the Company will continue as a going
concern in the following 12 months from October 10, 2024, the date
the Company issued the unaudited condensed consolidated financial
statements for the six months ended June 30, 2024.
A full-text copy of the Company's report filed on Form 6-K is
available at:
https://tinyurl.com/2v72u5t8
About Kaixin Holdings
Hangzhou, China-based Kaixin Holdings (formerly known as Kaixin
Auto Holdings) is an auto retail platform for luxury used cars and
imported new cars. The company is actively engaged in the research
and development, design, manufacturing, and sales of electric
vehicles and promotes the innovation of next-generation autonomous
driving and artificial intelligence technologies.
As of June 30, 2024, the Company had $64.6 million in total assets,
$15.4 million in total liabilities, and $49.2 million in total
equity.
LUOKUNG TECHNOLOGY: MRI Moores Rowland Raises Going Concern Doubt
-----------------------------------------------------------------
Luokung Technology Corp. disclosed in a Form 20-F Report filed with
the U.S. Securities and Exchange Commission for the fiscal year
ended December 31, 2023, that its auditor has expressed substantial
doubt about the Company's ability to continue as a going concern.
Anson House, Singapore-based MRI Moores Rowland LLP, the Company's
auditor since 2023, issued a 'going concern' qualification in its
report dated October 22, 2024, citing that the Company incurred
losses for the year ended December 31, 2023, net current
liabilities of the Company amounted to $84,146,605 as of December
31, 2023. These factors raise substantial doubt about the Company's
ability to continue as a going concern.
Luokung reported a net loss of $181,722,229 for the year ended
December 31, 2023, compared to net loss of $50,211,741 for the year
ended December 31, 2022, an increase of $131,510,488 or 261.9%.
The Company intends to meet its cash requirements for the 12 months
after the issuance date of this report through a combination of
debt and equity financing. On March 27, 2023, the Company signed a
shares subscription agreement with a strategic investor, CHINA
ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED, pursuant to which
the Company agreed to issue a total of 5,469,019 restricted
ordinary shares for an aggregate of $220 million of investment. The
closing of the investment is in two tranches. The first tranche of
$22 million is expected be within 30 working days from the date of
the Share Subscription Agreement, and the remaining $198 million is
expected to be within 60 days thereafter. The share subscription
agreement between the Company and strategic investor CHINA ORIENT
SMART ECOTECH INVESTMENT GROUP LIMITED remains valid. The total
subscription amount is expected to decrease from the original $220
million to $50 million, with the subscription price remaining
unchanged. The Company anticipates signing a supplemental agreement
with Orient Asset within the next three months. In addition, the
Company is actively negotiating a debt-to-equity conversion plan
with creditors to reduce the company's debt burden.
As of the reporting date, subsidiaries like Zhong Chuan Shi Xun and
Beijing Luokung have completed a new round of layoffs, and eMapgo
will also complete a new round of layoffs this month.
A full-text copy of the Company's Form 20-F is available at:
https://tinyurl.com/mb88mn5v
About Luokung Technology
Beijing, China-based Luokung Technology Corp. is a holding company
and conduct our operations through our wholly-owned subsidiary
named LK Technology Ltd., a British Virgin Islands limited
liability company, and its wholly-owned subsidiaries, MMB Limited
and its respective subsidiaries, which possess two core brands
"Luokuang" and "SuperEngine". "Luokuang" is a mobile application to
provide Business to Customer (B2C) location-based services and
"SuperEngine" provides Business to Business (B2B) and Business to
Government (B2G) services in connection with spatial-temporal big
data processing.
As of December 31, 2023, the Company had $53,637,742 in total
assets, $106,661,696 in total liabilities, $10,204,326 in mezzanine
equity and $63,228,280 in total shareholders' deficit.
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I N D I A
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ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abdul Rahiman
Engineer & Contractor - Udupi (AREC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Secured Overdraft 7.5 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with AREC for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AREC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AREC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AREC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
AREC, setup in 2005 by Mr. Abdul Rahiman, is engaged in
construction of roads for government departments. The firm is based
out of Udupi (Karnataka).
ADITHI AUTOMOTIVES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adithi
Automotives Private Limited (AAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 6 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with AAPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AAPL continues to be 'CRISIL D Issuer Not Cooperating'.
AAPL is an authorized dealer for Ashok Leyland owned and managed by
Mr. Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. It has 8
showrooms in Hospet, Belgaum and Hubli. Bellary (Karnataka) based,
AAPL was incorporated in the 2012. The company is engaged in
trading, repairing of light commercial vehicles and trading of
spare parts.
AGNI INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agni
Industrial Fire Services Limited (AISL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.00 CRISIL D (Issuer Not
Cooperating)
Proposed Working 2.75 CRISIL D (Issuer Not
Capital Facility Cooperating)
Term Loan 4.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AISL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AISL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AISL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AISL continues to be 'CRISIL D Issuer Not Cooperating'.
Established as a proprietorship concern and reconstituted as a
private-limited company in 2002, AISL supplies, installs, tests,
and commissions fire-fighting systems. Operations are managed by Mr
Debashish Chakraborthy.
AL-AYAAN FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Al-Ayaan Foods
Private Limited (AAFPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AAFPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AAFPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2014 by Mr. Naushad Elahi and Ms. Mumtaz Elahi,
AAFPL trades in livestock (buffalo). The company commenced
operations in December 2014. The company was acquired by Mr.
Mohammed Elahi Qureshi and Mr. Dilshad in 2015.
ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alin Cashews
(AC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 1 CRISIL D (Issuer Not
Purchase Cooperating)
Packing Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AC for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 2006, AC processes raw cashew nuts
and sells cashew kernels. AC operates 7 facilities in Kollam,
Kerala with capacity to process around 10 tonnes of cashew kernel
per day. The operations are managed by the partners Mr Shihanshah
and Mrs Shiny Shihanshah.
ANTECH CONSTRUCTION: Ind-Ra Cuts Bank Loan Rating to D
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Antech
Construction Company's (ACC) bank facilities' ratings to 'IND D
(ISSUER NOT COOPERATING)' from IND B+/Stable (ISSUER NOT
COOPERATING). The issuer did not participate in the rating review
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating.
The detailed rating action is:
-- INR120 mil. Fund-based working capital limits (Long term/Short
term) downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The downgrade reflects delays in debt servicing by ACC. Ind-Ra has
relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.
The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ACC while reviewing the
rating. Ind-Ra had consistently followed up with ACC over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ACC, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 1970, ACC is an engineering, procurement and
construction contractor engaged in government projects. The firm
undertakes civil construction of road, canals, bridges, and dams
with National Highway Authority of India (debt rated at 'IND
AAA'/Stable), Kerala PWD and Kerala Irrigation Department. ACC
operates in Kolenchery, Kerala.
ATITHYA INN: Ind-Ra Cuts Bank Loan Rating to BB-
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atithya Inn
Private Limited's (AIPL) bank facilities' ratings to 'IND BB-/
Negative (ISSUER NOT COOPERATING)' from 'IND BB+/Negative (ISSUER
NOT COOPERATING)'. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the ratings.
The detailed rating actions are:
-- INR960 mil. Term loan due on September 30, 2033 downgraded
with IND BB-/Negative (ISSUER NOT COOPERATING) rating;
-- INR40 mil. Fund-based limits downgraded with IND BB-/Negative
(ISSUER NOT COOPERATING) rating; and
-- INR70 mil. Bank guarantee affirmed with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
Detailed Rationale of the Rating Action
The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with AIPL while reviewing the
ratings. Ind-Ra had consistently followed up with AIPL over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of AIPL on the basis of best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect AIPL's credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. AIPL has been
non-cooperative with the agency since July 27, 2021.
About the Company
Located in Ahmedabad, Gujarat, AIPL is the second hotel project of
the Kanakia Group. The hotel started its operations in November
2013 with 184 keys and is operated by Novotel (Accor group).
BILT GRAPHIC: Ind-Ra Keeps D Bank Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on BILT Graphic Paper Products Limited's (BGPPL) debt
instruments:
-- INR8.50 bil. Non-convertible debentures (NCDs) (Long-term)^^
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR1.955 mil. (reduced from INR8.7 bil.) Fund-based and non-
fund based working capital limits (Long-term/Short-term)#
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR4.760 bil. Term loans (Long-term)*$ maintained in non-
cooperating category and Withdrawn; and
-- INR3.880 bil. Commercial paper (CP) (Short-term)^ is
withdrawn.
^^Details in Annexure
# The rated limit has been reduced based on no objection
certificate or no dues certificate received for rating withdrawal
* Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn
$ Withdrawn basis receipt of the no objection certificate for
rating withdrawal
^ Withdrawn basis issuer confirmation of nil outstanding amount
against the rated limit
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with BGPPL while reviewing the
rating. Ind-Ra had consistently followed up with BGPPL over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of BGPPL on the basis of
best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect BGPPL's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
About the Company
BGPPL is a subsidiary of Bilt Paper B.V. Its manufacturing plants
are located at Bhigwan, Ballarpur and Ashti in Maharashtra with a
total capacity of 6,70,000 million tons per annum.
CAPITOL HILL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Capitol Hill
Hotels Private Limited (CHHPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 CRISIL D (Issuer Not
Cooperating)
Term Loan 25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CHHPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CHHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CHHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CHHPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, CHHPL is developing a four-star deluxe hotel
in Bistupur, Jamshedpur (Jharkhand). The company is promoted by Mr.
Ashwani Bhatia and Mr. Sanjay Bhatia.
CHEMM FINANCE: Ind-Ra Moves BB Loan Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Chemm Finance Limited's (CFL) Long-Term Issuer Rating to Negative
from Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating process and it did not provide the no-default statement for
August and September 2024 despite multiple requests by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will now
appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating actions are:
-- Long-Term Issuer Rating Outlook revised to Negative; migrated
to non-cooperating category with IND BB/Negative (ISSUER NOT
COOPERATING) rating;
-- INR137.06 mil. (reduced from INR185.83 mil.) Non-convertible
debentures (NCDs)* Outlook revised to Negative; migrated to
non-cooperating category with IND BB/Negative (ISSUER NOT
COOPERATING) rating; and
-- INR50 mil. Bank loans Outlook revised to Negative; migrated to
non-cooperating category with IND BB/Negative (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
*Details in annexure
Detailed Rationale of the Rating Action
The Outlook revision to Negative indicates the non-cooperation
could be symptomatic of possible disruption/distress in the
issuer's business. The ratings have been migrated to the
non-cooperating category as the issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls, and has not provided
information about the latest audited financial statement,
sanctioned bank facilities, business plans and projections for the
next three years. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with CFL while reviewing the
rating. Ind-Ra had consistently followed up with CFL over emails,
apart from phone calls, from August 2024. The company has not
provided the no default statement for August and September 2024.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of CFL on the basis of best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect CFL's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The ratings were last reviewed on November 6, 2023.
Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
About the Company
Incorporated in 1993, CFL was registered with the Reserve Bank of
India as a deposit-taking non-banking finance company on February
27, 1998. It mainly provides loans against gold asset collateral,
also in the form of household jewelry. The company, which belongs
to the Chemm Group, has its corporate office in Bengaluru. As of
March 31, 2023, the company's major shareholders were Anoop
Chemmanur (44.9% stake), Megha Anoop (29.1%) and George Chemmanur
(around 21.9%).
CORPORATE FASHION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Corporate
Fashion Private Limited (CFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.54 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1.25 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.25 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.06 CRISIL D (Issuer Not
Cooperating)
Standby Letter 0.90 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with CFPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
CFPL was incorporated in fiscal 2011, promoted by Mr Prateek
Sharma, Mr Vijay Pal Singh, and Mr Prakash Jat. The company, based
in Bhilwara, Rajasthan, manufactures readymade garments, mainly
trousers for men, and also trades in fabric and readymade garments.
Commercial operations began in 2014.
CYIENT DLM: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Cyient DLM
Private Limited's bank loan ratings in the non-cooperating category
and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR940 mil. Fund-based working capital limit# maintained in
non-cooperating category and withdrawn;
-- INR1,586.5 bil. Non-fund based working capital limit*
maintained in non-cooperating category and withdrawn; and
-- INR114.8 mil. Term loan$ due on March 5, 2024 maintained in
non-cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
# Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before
being withdrawn
* Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
$ Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before
being withdrawn
Detailed Rationale of the Rating Action
The ratings have been maintained in the non-cooperating category
before being withdrawn as the issuer did not participate in the
rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statements, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, information on corporate governance, and management
certificate. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders and a
withdrawal request from the company. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Cyient DLM while reviewing
the ratings. Ind-Ra had consistently followed up with Cyient DLM
over emails, apart from phone calls. The issuer has also not been
submitting its monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of Cyient DLM, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 1993, Cyient DLM manufactures high technology and
medium volume electronic products for the domestic and global
defence, medical, telecom, industrial, automotive and aerospace
industries.
DEVI ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devi
Enterprises - Erode (Devi; part of the Astalakshmi group) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 12 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with Devi for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Devi, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Devi
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Devi continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at the ratings CRISIL Ratings has consolidated the
business and financial risk profiles of Devi and Astalakshmi
Agencies as both these entities are in similar lines of business
under a common management.
Setup in 1995 and based out of Chittode (near Erode, Tamil Nadu),
Astalakshmi is involved in trading and refining of edible oil. The
day-to-day operation of the proprietorship firm is managed by the
proprietor Mr. Ramesh Kumaar.
Devi was set up in 1995 by Mr. Ramesh Kumaar and his wife Mrs. Devi
Ramesh and is engaged in the trading and refining of edible oil.
The day-to-day operation of the proprietorship firm is managed by
the proprietor Mr. Ramesh Kumaar.
DIAN BIOFUELS: Ind-Ra Assigns BB Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Dian Biofuels Private
Limited's (DBPL; formerly Daps Infra Private Limited) bank
facilities as follows:
-- INR1.750 bil. Term loan due on September 20, 2032 assigned
with IND BB/Stable rating;
-- INR575 mil. Cash credit assigned with IND BB/Stable rating;
-- INR100 mil. Bank guarantee assigned with IND A4+ rating; and
-- INR125 mil. Fund-based working capital limit assigned with IND
BB/Stable rating.
Detailed Rationale of the Rating Action
The ratings reflect the under-construction stage of DBPL's 250 kilo
liters per day (KLPD) fuel-grade ethanol plant, which exposes the
company to project completion risks. The project is likely to be
completed by June 2025. According to the management, around 5% of
the total project cost has been incurred until mid-October 2024,
although the physical progress has been significantly higher. The
agency, however, derives comfort from the strong demand potential
for fuel-grade ethanol and the company's long-term offtake
agreement with three oil marketing companies (OMCs)- Bharat
Petroleum Corporation Limited (BPCL), Hindustan Petroleum
Corporation Limited (HPCL; 'IND AAA'/Stable), Indian Oil
Corporation (IOCL; 'IND AAA'/Stable), for an annual supply of 75.9
million liters (mnL) of ethanol. Of this, the agreement for
supplying 54.8 mnL of ethanol per annum had a commercial operations
date (COD) of September 2024, which the company is in discussions
to extend further.
The profitability for the grain-based distillery is also
susceptible to fluctuations in feedstock prices given that ethanol
prices are fixed by the OMCs while input prices are market linked.
The company would be eligible for interest subvention scheme of the
central government and other subsidies announced by the Gujarat
government. The multi-feed plant can run on broken rice or maize
depending on the economies and availability. The total project cost
is estimated at INR2,384 million, likely to be funded 73% by bank
debt and the balance by promoters' contribution. Timely infusion of
funds to ensure project completion would be a key rating
monitorable. Although the company's leverage levels could remain
elevated in the initial period, the interest subvention and a
likely escrow mechanism would aid its coverages and debt servicing.
List of Key Rating Drivers
Weaknesses
Under-construction stage of plant; lack of promoters' experience in
ethanol business
Profitability susceptible to fluctuations in grain prices
Leverage likely to be elevated in initial period; interest
subvention to cushion coverages
Strengths
Revenue visibility supported by long-term offtake agreement;
extension possible given demand growth
Debt tied-up; disbursement likely to begin in 3QFY25
Detailed Description of Key Rating Drivers
Under-construction Stage of Plant; Lack of Promoter Experience in
Ethanol Business: DBPL's 250KLPD fuel-grade ethanol plant in
Ahmedabad is under construction. The site work has been started and
the building structure has been partially completed. The management
stated that the commercial operations will commence from June 2025.
The initial contract with the OMCs in January 2022 had envisaged
the COD of January 2024 which was later extended to September 2024
due to a delay in the commencement of the work on the project. DBPL
has entered an engineering, procurement and construction (EPC)
agreement with Regreen Excel EPC India Pvt. Ltd for the
construction of the plant. The total cost of the project is
INR2,384 million, out of which INR1,750 million will be funded
through bank debt, and the balance through promoter contribution
(INR317 million through equity and INR317 million through
preference shares and unsecured loan with the latter not exceeding
INR218 million). While 52% of the physical work has been done,
according to the management, only INR120 million has been incurred
up to mid-October 2024, funded by the promoter contribution and
capital creditors. The timely infusion of the funds and the
completion of the project within the stated cost will be a key
rating monitorable. Any cost overrun will have to be funded by the
promoters.
The promoters have an experience of around three decades in
operating diverse businesses such as real estate, transportation,
waste management, chemicals and pharmaceuticals. They are
undertaking another project of 250KLPD fuel-grade ethanol plant in
Aamanya Organics Pvt Ltd. (debt rated at 'IND BB+'/Stable) which is
also under construction and is likely to commence operations in
1QFY26.These two projects would be their first venture in fuel
grade ethanol.
Profitability Susceptible to Fluctuations in Grain Prices: While
prices of grain-based ethanol are determined by the OMCs, the input
costs are based on the market demand-supply dynamics, making them
inherently volatile unlike a cane-based distillery where cane
prices are also fixed by the government. With the Food Corporation
of India stopping the supply of rice to ethanol units and a sharp
increase in the prices of other feedstocks such as broken rice and
maize, the profitability of grain-based ethanol was hit in
FY23-FY24. The government has also allowed ethanol producers to
participate in Food Corporation of India's e-auction for rice up to
2.3 million tons between August and October 2024, which could
improve the feedstock availability although the auction prices are
higher than the earlier fixed prices.
DBPL's plant would operate on broken rice as the primary feedstock,
according to the techno-economic viability report. The plant is
also designed to operate on maize and the management stated that
feedstock choice would be based on the economies of procurement.
While a steady increase in the ethanol prices is likely to aid
profitability of grain-based distilleries, the profitability would
remain susceptible to fluctuations in raw material prices based on
the adequacy of supply. Furthermore, dried distillers grain solids,
which is a by-product could be a key profit contributor. The plant
would be eligible for goods and services tax, interest subsidies
and raw material incentives announced by the Gujarat government for
ethanol units proposing to use maize (at least 20% procured from
farmers in Gujarat) or other feedstock as permitted under National
Policy on Biofuels 2018.
Leverage likely to be Elevated in Initial Period; Interest
Subvention to Cushion Coverages: The entity is also eligible for
interest subvention of 50% towards the term loan availed for
setting up the distillery as per the central government scheme,
which would reduce the interest cost. However, the limited EBITDA
in the initial year, coupled with high net debt of over INR2
billion may lead to elevated leverage levels in FY26 which would
gradually moderate as the EBITDA increases. The net interest
coverage (operating EBITDA/net interest expense) is, however,
likely to remain above unity in FY26 too, with a gradual
improvement thereafter.
Revenue Visibility Supported by Long-term Offtake Agreement;
Extension Possible Given Demand Growth: The company has entered a
10-year offtake agreement with IOCL, BPCL, and HPCL to supply 54.8
mnL (166KLPD x 330 days) of ethanol per annum to meet the OMCs'
fuel blending requirement as per the central government's ethanol
blending programme, providing revenue visibility over the near- to
medium term. OMCs based on the anticipated delay in the
implementation of the project and on request of the concerned
parties, had extended the time to achieve COD to September 2024
from January 2024. However, under the present proposal the company
is envisaging a scheduled COD of June 2025 and DBPL looks to seek
extension from the OMCs, which is under process.
With the government's target to reach 20% ethanol blending,
requiring around 10 billion liters (bnL) of ethanol by 2026 (11M
ethanol supply year 2024: 13.8%), Ind-Ra believes that a
double-digit annual growth rate is likely with grain being a key
contributor. Given the demand growth and potential in ethanol, an
extension is likely. In case the extension is not granted, the
contract may be terminated which will remain a key monitorable.
Additionally, the company has been allotted additional capacity of
around 21.1mnL (64 KLPD), thereby taking the total offtake to OMCs
to 75.9mnL (229 KLPD, 91.6% of the total capacity). As per the
agreement with OMCs, additional supply of 64 KLPD needs to commence
by March 2026.
Debt Tied-up; Disbursement likely to Begin in 3QFY25: The total
investment for the project is INR2,384 million, out of which
INR1,750 million will be funded through bank debt, INR317 million
each through equity and preference shares/unsecured loans (USL not
exceeding INR217 million). The term loan of INR1,750 million was
sanctioned in June 2024 but the disbursement is likely to start by
end-October 2024. The term loan repayments will start in June 2026
with a moratorium of 23 months and the company has scheduled
repayment of INR240 million in FY27.
Liquidity
Stretched: As of mid-October 2024, the company has incurred INR121
million (about 5% of the total cost), which was funded partially
through unsecured loans and creditors. Any delay in the
disbursement may affect the project progress; any cost overruns
will also need to be funded by the promoters. The company is also
required to maintain a debt service coverage ratio (DSRA)
equivalent to three months of interest and repayment obligations
(about INR100 million) prior to the COD, which will be funded
through the promoter's contribution in addition to which an escrow
mechanism would be in place to service the debt obligations from
the sales collection. The company has been sanctioned a working
capital limit of INR575 million which is likely to be sufficient
for the initial period.
The term loan repayments will start in June 2026 with a moratorium
of 23 months and the company has scheduled repayment of INR240
million in FY27. The successful ramp-up and efficient raw material
procurement would be key determinants of the adequacy of cash flows
to service the obligations though the interest subvention would aid
coverages. The timely infusion of the funds will be a key rating
monitorable.
Rating Sensitivities
Negative: Any material time or cost overrun in the project and/or
weaker-than-expected performance post commercialization, leading to
a deterioration in the liquidity, would be negative for the
ratings.
Positive: The timely commencement and ramp-up of operations leading
to a healthy profitability, liquidity and credit metrics with an
interest coverage of over 1.5x, on a sustained basis, could be
positive for the ratings.
About the Company
Incorporated in September 2016, DBPL was initially promoted by Dia
Infralog group and was engaged in the real estate sector. The
company is setting up a fuel grade ethanol plant of 250 KLPD in
Ahmedabad. DBPL is promoted by Saurin Dilipbhai Shah and Sunny
Dilip Pandya.
DYNAMIC FINE: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dynamic Fine
Paper Mill Private Limited (DFPMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 14.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DFPMPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DFPMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
DFPMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of DFPMPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
DFPMPL was incorporated in 2013. DFPMPL is owned & managed by
Shailendra Kumar Gupta and Madan Mohan Gupta. DFPMPL is engaged in
the manufacturing of Kraft paper. DFPMPL manufacturing facility is
located in Kota, Rajasthan.
ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eco Sand (ES)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft 3.56 CRISIL D (Issuer Not
Facility Cooperating)
Term Loan 8.94 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ES for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ES is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of ES
continues to be 'CRISIL D Issuer Not Cooperating'.
ES was established in 2014 as a partnership firm, promoted by Ms
Sunitha Raghuveer and six others. The firm manufactures sand and
aggregates and has a crushing unit at Chikkaballapur, Karnataka.
HERO ELECTRIC: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Hero
Electric Vehicles Private Limited (HEVPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Fund & Non Fund 72 CRISIL D (ISSUER NOT
Based Limits COOPERATING; Rating Migrated)
Fund & Non Fund 40 CRISIL D (ISSUER NOT
Based Limits COOPERATING; Rating Migrated)
Fund & Non Fund 92 CRISIL D (ISSUER NOT
Based Limits COOPERATING; Rating Migrated)
Non-Fund Based 60 CRISIL D (ISSUER NOT
Limit COOPERATING; Rating Migrated)
Proposed Long Term 50 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 30 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with HEVPL
seeking information via letter and email dated October 9, 2024
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.
'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 the best
available, 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 has not received any information on either the financial
performance or strategic intent of HEVPL. This restricts the
ability to take a forward-looking view on the credit quality of the
entity. CRISIL Ratings believes that the rating action on HEVPL is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
citing inadequate information and lack of management cooperation,
CRISIL Ratings has migrated the ratings on bank facilities of HEVPL
to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
HEVPL is the flagship company of the Hero Eco group (comprising
HEVPL, Hero Exports and Hero Ecotech Ltd [both rated 'CRISIL
BBB+/Stable/CRISIL A2']), held by Mr Vijay Munjal, Mr Naveen Munjal
and Mr Gaurav Munjal. The company started developing electric
vehicles more than a decade ago, and rolled out its first electric
scooter in India in 2007. It targets low- and city-speed segments.
The state-of-the-art manufacturing unit at Ludhiana (Punjab) has an
installed capacity of 2,00,000 units per annum.
HINDUSTAN PREFAB: Ind-Ra Cuts Bank Loan Rating to B+
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hindustan Prefab
Limited's (HPL) bank facility rating to 'IND B+/Negative (ISSUER
NOT COOPERATING)' from 'IND BB/Stable (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.
The detailed rating action is:
-- INR400 mil. Non-fund-based capital limits downgraded with IND
B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating.
NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation.. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to be non-cooperative.
With passage of time and absence of updated information, the risk
of sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with HPL while reviewing the
rating. Ind-Ra had consistently followed up with the company over
emails, apart from phone calls. The issuer has also not been
submitting the monthly no default statement.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Hindustan Prefab Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Hindustan Prefab Limited's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. HPL has been non-cooperative with the agency since
September 26, 2019.
About the Company
HPL is a government-owned CPSE operating under the Ministry of
Housing and Urban Poverty Alleviation.
INCI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of INCI
Construction and Interiors Private Limited (ICIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ICIPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ICIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ICIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ICIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2006, ICIPL undertakes interior designing projects
and construction projects. It is also engaged in manufacturing of
furniture. The company is based out of Chennai and is promoted by
Mr. T Sarvanan.
INDSIL HYDRO: Ind-Ra Withdraws D Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Indsil Hydro
Power and Manganese Limited's (IHPML) bank loan ratings as
follows:
-- The 'IND D' rating on the INR585.30 mil. Fund-based working
capital limit is withdrawn;
-- The 'IND D' rating on the INR95.30 mil. Proposed term loan due
on June 30, 2030 is withdrawn; and
-- The 'IND D' rating on the INR161 mil. Term loan due on March
31, 2029 is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no dues certificate from the lender and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.
About the Company
Incorporated in 1990 and promoted by S N Varadarajan, IHPML
manufactures ferro alloys and hydro power plants. The company
produces low-/medium-/high-grade carbon silicon manganese and ferro
chrome at its Palakkad and Andhra Pradesh plants, respectively.
JAGDAMBA LIQUIFIED: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jagdamba
Liquified Steels Limited (JLSL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit/ 16.25 CRISIL D (Issuer Not
Overdraft facility Cooperating)
Proposed Long Term 0.14 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.83 CRISIL D (Issuer Not
Cooperating)
Working Capital 1.53 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with JLSL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JLSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JLSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JLSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
JLSL, incorporated in 1993, is managed by Ms Usha Lohia, Mr Lokesh
Lohia, Mr Hari Mohan Lohia and Mr Young Singh Bahadur. The company
manufactures safety components such as specialty steel castings.
JAI MAA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Maa
Jagdamba Flour Private Limited (JMJFPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not Cooperating)
Cash Credit 2 CRISIL D (Issuer Not Cooperating)
Cash Credit 4 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with JMJFPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMJFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JMJFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of JMJFPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up as a proprietorship firm in 2003 by Mr. Krishna Murari
Choudhary and reconstituted as a private limited company in 2004,
JMJFPL processes wheat flour, maida, and suji at its mill in
Dhanbad, Jharkhand, which has capacity of 300 tonne per day.
JAY DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jay Durga
Enzymatic Private Limited (JDEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.00 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.41 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.59 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JDEPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JDEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JDEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JDEPL continues to be 'CRISIL D Issuer Not Cooperating'.
JDEPL was incorporated in 2012; operations are handled by Mr
Kailash Prusty and Mr Deepak Prusty. The company manufactures wall
putty and cement paints, and trades in white cement. It is based in
Cuttack, Odisha, and has a production capacity of 10 tonne per day
of cement paints and 3 tonne per day of wall putty.
JAYAHO AGRI: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jayaho Agri
Ventures Private Limited (JAVPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JAVPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JAVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JAVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JAVPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2009 by Mr. Nagothu Sleeva Raju and his family members,
JAVPL trades in tobacco. The company is based in Guntur district,
Andhra Pradesh.
JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jayarathana
Exports (JE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 4.3 CRISIL D (Issuer Not
Credit Cooperating)
Foreign Bill 4.0 CRISIL D (Issuer Not
Discounting Cooperating)
Long Term Loan 0.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JE for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JE
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
JE was set up as a proprietorship firm by Mr Pradeep Shetty in
1992. It manufactures and exports readymade garments. The
manufacturing facilities are in Tirupur, Tamil Nadu.
JEEVISHA FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jeevisha
Foods Private Limited (JFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.93 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.07 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JFPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JFPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
JFPL was established in 2014 at Kaithal (Haryana) by Mr Amarjeet
Singh and his brother Mr Nikhil Chhabra .The firm is engaged into
milling and processing of basmati and non-basmati rice, with
milling and sorting capacities each of around 6 tonne per hour.
Mr Nikhil Chhabra has left the firm and managing the group company
Hari Om Foods - Kaithal. JFPL is now managed by Mr Amarjeet Singh
along with his son Mr Naman Chhabra.
KALYANALAKSHMI SHOPPING: Ind-Ra Keeps B- Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kalyanalakshmi
Shopping Mall's bank facilities in the non-cooperating category.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The detailed rating actions are:
-- INR101.5 mil. Fund-based capital limits maintained in non-
cooperating category with IND B-/Negative (ISSUER NOT
COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR16 mil. Term loan due on November 30, 2024 maintained in
non-cooperating category with IND B-/Negative (ISSUER NOT
COOPERATING) rating.
NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Kalyanalakshmi Shopping Mall
while reviewing the rating. Ind-Ra had consistently followed up
with Kalyanalakshmi Shopping Mall over emails, apart from phone
calls. The issuer has also not been submitting their monthly No
Default Statement (NDS).
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Kalyanalakshmi Shopping
Mall on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Kalyanalakshmi Shopping Mall's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. KSM has been non-cooperative with the agency since
October 27, 2021.
About the Company
KLSM was established in 2011 as a partnership firm. The firm is
engaged in the trading of ready-made garments. It has one outlet in
Warangal, Telangana.
LAXAI LIFE: Ind-Ra Withdraws B- Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Laxai Life
Sciences Private Limited's (LLSSPL) bank loan ratings as follows:
-- The 'IND B-/Negative (ISSUER NOT COOPERATING)' rating on the
INR88.90 mil. Term loan due on March 31, 2025 is withdrawn;
and
-- The 'IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER
NOT COOPERATING)' rating on the INR30 mil. Fund-based working
capital limit is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no dues certificate from the lender and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.
About the Company
Incorporated in 2006, LLSSPL is a contract research company
providing drug discovery and development services to domestic and
international pharmaceutical companies. It has a research and
development unit in Hyderabad, Telangana.
LOKMANGAL SUGAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Lokmangal Sugar Ethenol & Co-Generation
Industries Limited (Under CIRP)
Lokmangal House 8536-A/11 Murarji Peth,
Near Old Poona Naka, Solapur,
Maharashtra, India, 413001
Insolvency Commencement Date: October 15, 2024
Estimated date of closure of
insolvency resolution process: April 13, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: IP Ritesh R Mahajan
B-203 Devgiri, Ganeshmala,
Sinhagad Road,
Pune- 411030, Maharashtra
Email: riteshmahajancs@gmail.com
Email: lokmangalcirp@gmail.com
Last date for
submission of claims: October 29, 2024
MARUT CREATIVE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Marut Creative Infra Private Limited
401-402, Trade Square, A-wing 4th Floor,
Mehra Compound, Near Sakinaka Circle,
Sakinaka, Andheri (E),
Mumbai, Maharashtra India, 400072
Insolvency Commencement Date: October 10, 2024
Estimated date of closure of
insolvency resolution process: April 8, 2025 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Mr. Rajkumar Mahto
Bhatnagar Co-op Housing Society Limited,
S. No 18/7+8B, Flat No 32, Ground Floor,
Kondhwa Khurd, Pune, Maharashtra-411048
Email: cirpmarut@gmail.com
Email: mahrajkumar@gmail.com
Last date for
submission of claims: October 29, 2024
NUFUTURE DIGITAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Nufuture Digital (India) Limited
Office No. 135, Ground Floor,
B Wing, ORM Aarey Road,
Aareymilk Colony, Mumbai,
Goregaon East, Maharashtra,
India, 400065
Insolvency Commencement Date: October 3, 2024
Estimated date of closure of
insolvency resolution process: April 1, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Ritesh Agarwal
Jindal Tower, Block C, Flat No. 301,
1A, Kundan Bye Lane,
Near Silver Jubilee Hospital,
Haora, West Bengal, 711204
Email: ritesagarwal@gmail.com
Email: cirpnufuture@gmail.com
Last date for
submission of claims: October 17, 2024
PAYABHI PAYMENTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Payabhi Payments Pvt. Ltd.
1/425, Gariahat Road,
Jodhpur Park,
Kolkata - 700068
West Bengal, India
Insolvency Commencement Date: October 15, 2024
Estimated date of closure of
insolvency resolution process: April 13, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: CA Santanu Brahma
AH-276, Salt Lake, Sector II,
Kolkata 700091 WB
Email: ip.santanubrahma@gmail.com
Email: payabhi.cirp@gmail.com
Last date for
submission of claims: October 29, 2024
POSITIVE ELECTRONICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Positive Electronics Ltd
Bolai Kutir, 23A/1B,
Justice Dwarkanath Road
Bhowanipure, Kolkata,
Kolkata, West Bengal,
India, 700020
Insolvency Commencement Date: October 17, 2024
Estimated date of closure of
insolvency resolution process: April 15, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Udit Agarwal
"Shyam Lake Garden"
Block – C, Flat No. 519(G),
202, Jessore Road,
Kolkata 700089, West Bengal
Email: uditagarwal15@gmail.com
Kamalia Associates,
11, Old Post Office Street,
1st Floor, Left Gate, Kolkata - 700 001
Email: cirp.positive@gmail.com
Last date for
submission of claims: October 31, 2024
RELIANCE POWER: Banned From Clean Energy Tenders for 3 Years
------------------------------------------------------------
Recharge reports that an Indian state agency has banned Reliance
Power from clean energy tenders for three years after finding it
had used a fraudulent bank guarantee in a bidding process, with the
developer now alleging that it is in fact the victim of a
"conspiracy".
According to Recharge, the Solar Energy Corporation of India (SECI)
said on Nov. 6 it is banning Reliance Power and its units from
tenders for three years after finding it had relied on a "fake"
endorsement of a bank guarantee.
Recharge relates that the tender in question had been for setting
up a 1GW/2GWh battery energy storage project. SECI said that as the
"discrepancy was discovered" after the auction had taken place, it
was forced to annul the process.
SECI said that "as per tender conditions" the submission of a fake
document meant the bidder, a Reliance subsidiary called Reliance NU
BESS, was liable to be banned from future tenders. However, as the
subsidiary acted under the control of Reliance Power, SECI said it
was "imperative" that it ban the parent entity as well, Recharge
relays.
Reliance Power said on Nov. 7 in a stock exchange filing that the
bank guarantee was "arranged by a third party".
"The Company and its subsidiaries acted bonafidely and have been a
victim of fraud, forgery and cheating conspiracy."
A criminal complaint was lodged against the third party last month,
said Reliance Power, adding that it "will take all appropriate
legal steps to challenge the unwarranted action of SECI," Recharge
relays.
About Reliance Power
Based in Mumbai, India, Reliance Power Limited, together with its
subsidiaries, engages in the generation of power in India. Its
portfolio of power projects is based on coal, gas, hydro, wind, and
solar energy. The company also develops and constructs coal mines
in India and Indonesia. In addition, it has an interest in four
coal bed methane blocks.
Reliance Power is a subsidiary of Indian conglomerate Reliance
Group. Its owner Anil Ambani is the brother of Mukesh Ambani, one
of the world's richest men, who owns Indian multinational Reliance
Industries.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
11, 2023, ICRA has retained the ratings for the borrowings of
Reliance Power Limited (R-Power) in the Issuer Not Co-operating
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING. The company remains non-cooperative on fee.
S. R. S. MEDITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. R. S.
Meditech Limited (SML) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.31 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.19 CRISIL D (Issuer Not
Cooperating)
Proposed Letter 0.57 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with SML for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SML continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2010 in Noida and promoted by Mr Syed Askari, SML
commenced commercial operations in 2011. The company manufactures
medical disposable products, such as syringes, IV sets, and other
tubing items under own brands, Sterivan and I Safe.
SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSCPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSCPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2008, SSCPL is engaged in extraction of rice bran
oil. The company has its processing unit located at Berhampur
(Odisha) and has total extraction capacity of 180 tonnes per day.
SSCPL is promoted by Mrs. Jami Nirmala, Mr. Jami Siva Sai, Mr. Jami
Ramesh and Mrs. Jami Kavita who also looks after the operations.
SARASWATI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saraswati
Udyog India Limited (SUIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 26 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 40 CRISIL D (Issuer Not
Cooperating)
Inland/Import 10 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Long Term Loan 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 13 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 2 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with SUIL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SUIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SUIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SUIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SUIL, incorporated in 1991, is engaged in manufacturing of coated
duplex board which are used in packaging. The company manufactures
these boards at its facility located in Namakkal, Tamil Nadu. The
company is being managed by Mr. Balusamy.Anandan.
SRS THERMAX: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SRS Thermax
Limited (SRS) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRS for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRS continues to be 'CRISIL D Issuer Not Cooperating'.
SRS was incorporated in April 2013 and is promoted by the
Gwalior-based Mr Jaidev Sharma and family. The company manufactures
corrugated boxes, partitions, plates and boards used for industrial
packaging. Its manufacturing facility is at Gwalior. Operations are
managed by the promoter-director, Mr Jaidev Sharma.
ULTRA DENIM: Ind-Ra Keeps BB Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ultra Denim
Private Limited's (UDPL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR405 mil. Fund-based working capital limits* maintained in
non-cooperating category and Withdrawn;
-- INR15 mil. Non-fund-based working capital limits** maintained
in non-cooperating category and Withdrawn; and
-- INR433.35 mil. Long-term loans*** due on June 30, 2024
maintained in non-cooperating category and Withdrawn.
* Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
*** Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before
being withdrawn
WD – Rating withdrawn
Detailed Rationale of the Rating Action
The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings. Ind-Ra will no longer provide
analytical and rating coverage for the company.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with UDPL while reviewing the
ratings. Ind-Ra had consistently followed up with UDPL over emails,
apart from phone calls since 2022. The issuer has also not been
submitting the monthly no default statement since May 2022.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of UDPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. UDPL has been
non-cooperative with the agency since May 2, 2022.
About the Company
UDPL was established in 2011 by Bhogibhai L Patel and commenced
commercial operations in 2015. The company manufactures denim
fabric.
=================
I N D O N E S I A
=================
ABM INVESTAMA: Moody's Affirms 'B1' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings has affirmed ABM Investama Tbk (P.T.)'s B1
corporate family rating, along with the B1 rating on its senior
unsecured notes due August 2026, and maintained the stable
outlook.
"The affirmation reflects Moody's expectation that despite
challenging operating conditions during the first half of 2024, ABM
will maintain strong credit metrics and continued access to
domestic bank funding over the next 12-18 months," says Maisam
Hasnain, a Moody's Ratings Vice President and Senior Credit
Officer.
"ABM's access to domestic funding was demonstrated again by its new
$395 million loan to refinance its existing debt including its $160
million outstanding notes," adds Hasnain, who is also Moody's
Ratings' lead analyst for ABM.
RATINGS RATIONALE
On October 30, ABM announced that it will complete the early
repayment of its US dollar notes by November 29 at 103 cents on the
dollar. The company also intends to repay some existing loans
including the acquisition loan ABM raised in 2022 to acquire its
30% stake in Indonesian coal miner, PT Golden Energy Mines Tbk
(GEMS).
The notes and loans repayment is being funded with proceeds from a
new $395 million amortizing loan with Bank Mandiri (Persero) Tbk
(P.T.) (Baa2 stable, baa2) that matures in March 2031.
The proactive debt refinancing highlights ABM's ongoing access to
domestic funding and its prudent liability management, which will
lengthen its debt maturity profile and reduce its interest expense.
The new loan is not secured by any physical assets, and is secured
only by a share pledge in an intermediate holding company under ABM
that holds its 30% stake in GEMS.
ABM's B1 CFR is supported by the stable overburden removal volume
at its coal contract mining subsidiary PT Cipta Kridatama (CK) and
steady dividends received from GEMS, which is one of Indonesia's
largest coal miners, with low operating costs, strong profitability
and rising coal production. GEMS paid ABM $115 million in dividends
during the nine months ended September 2024.
CK's overburden removal volume during 1H 2024 declined 3% from the
previous year to 127 million bank cubic metres (bcm) due to heavy
rainfall at its mining sites. Nonetheless, absent weather related
disruptions, Moody's expect CK to generate an annual overburden
removal volume of around 280 million bcm over the next 1-2 years,
compared to around 200 million bcm in 2022. CK's existing mining
equipment will be sufficient to meet these volumes, and Moody's
therefore expect ABM's annual capital spending to decline to around
$100 million over the next two years.
At the same time, ABM's B1 CFR incorporates uncertainty around its
future coal mining acquisitions, and limited visibility into the
financial health of some of its large mining service customers,
which could weaken during a coal price downturn.
A coal mine acquisition supports ABM's "mine value chain" strategy
whereby mine ownership helps grow ABM's other businesses in its
end-to-end coal value chain. Absent a mine acquisition, Moody's
expect ABM to maintain strong credit metrics with its
Moody's-adjusted debt/EBTIDA around 2.2x and Moody's-adjusted
EBIT/Interest around 2.7x over the next 12-18 months. Such credit
metrics are strong for ABM's B1 CFR.
ABM's short-term loans increased to around $180 million in
September 2024 from $70 million in December 2023 primarily due to a
slight delay in collecting receivables from a large customer, and
payments related to equipment purchases from the previous year.
While these loans are primarily with domestic state-owned banks,
which Moody's expect will remain supportive and continue to roll
over the short-term loans, ABM's inability to reduce its short-term
debt over the next 12-18 months will increase its susceptibility to
liquidity risk.
Nonetheless, pro forma for its new Bank Mandiri loan and subsequent
refinancing, ABM's liquidity will remain adequate over the next
12-18 months. The company's internal cash, operating cash flows and
undrawn credit facilities will be sufficient to meet its scheduled
debt maturities, capital spending and dividend payments over this
period.
OUTLOOK
The stable outlook reflects Moody's expectation that ABM will
maintain stable credit metrics and a conservative investment
approach, while ensuring sufficient internal cash sources to meet
its basic cash needs, and remaining in compliance with its bank
loan covenants.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if ABM continues to grow the
scale of its contract mining services operations, while maintaining
strong credit metrics with good liquidity on a sustained basis.
Credit metrics indicative of an upgrade include Moody's-adjusted
debt/EBITDA below 3.0x, adjusted EBIT/interest above 3.0x and
adjusted (cash from operations [CFO] - dividends)/debt above 25%,
all on a sustained basis.
On the other hand, Moody's could downgrade the ratings if (1) ABM's
liquidity weakens, such that it is unable to meet its basic cash
needs over the next 12-18 months; (2) industry fundamentals
deteriorate, leading to a significant decline in its earnings; or
(3) ABM pursues aggressive financial policies including large
debt-funded investments or elevated shareholder returns.
Credit metrics indicative of a downgrade include adjusted
debt/EBITDA above 4.0x, adjusted EBIT/interest below 2.0x or
adjusted (CFO - dividends)/debt below 20%.
The principal methodology used in these ratings was Mining
published in October 2021.
Listed on the Indonesian Stock Exchange since 2011, ABM Investama
Tbk (P.T.) is an integrated energy company with investments in coal
mining, mining services, engineering and logistics, and power
generation. The Hamami family controls 79% of ABM through PT Tiara
Marga Trakindo (54%) and Valle Verde PTE LTD (25%). The remaining
shares are held by the public.
JAPFA COMFEED: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer and issue
credit ratings on Japfa Comfeed Indonesia Tbk. PT.
The negative outlook reflects the possibility that the company's
liquidity position could deteriorate if it makes limited progress
in refinancing of its March 2026 U.S. dollar notes.
Credit ratios for Japfa Comfeed Indonesia Tbk. PT and its
Singapore-based parent, Japfa Ltd., have improved faster than we
anticipated previously, supported by favorable industry
conditions.
Japfa Comfeed's liquidity buffer remains thin and could deteriorate
as the maturity date of its US$350 million notes due in March 2026
draws closer.
Credit ratios for Japfa Comfeed are rebounding from a low, driven
by favorable industry conditions. S&P affirmed the ratings on
Japfa Comfeed because credit ratios for the company have improved
faster than its anticipated.
S&P forecasts the company's EBITDA margin will expand to about 10%
in 2024 from 6.7% in 2023. Higher poultry prices in the first half
of 2024 provide a strong buffer against a seasonal price decline in
the third quarter of this year.
S&P anticipates the company's funds from operations (FFO) cash
interest coverage will improve to 4.5x-5.0x in 2024 and 2025 from
3.1x in 2023 and its ratio of FFO to debt will increase to 25%-29%
from 15.3% over the same period.
An expanded margin is the main driver of the financial improvement.
For the first 10 months of 2024, average prices for day-old chicks
were 18%-20% higher than in the same period in 2023, while average
broiler prices edged up 1%-3%. In addition, input costs are
declining. In September 2024, the average monthly domestic corn
price declined about 35% from January 2024, while the price of
soybean meal was down about 13%.
S&P expects Japfa Comfeed's EBITDA margin to moderate slightly to
8.5%-9% in 2025, which is close to its midcycle level. While 2024
has been an exceptionally favorable year for Japfa Comfeed, due to
both beneficial poultry prices and input costs, this advantage may
not extend into 2025. This is because poultry prices could remain
volatile amid rebalancing between supply and demand.
Steadily increasing demand will support Japfa Comfeed's midcycle
EBITDA margin. A gradual increase in purchasing power due to an
ease in inflation will drive this. In addition, a lower import
quota for grandparent stock in 2024 will likely ease oversupply in
2025-2026, helping Japfa Comfeed's EBITDA margin stay at a midcycle
level next year.
Japfa Comfeed's liquidity position could weaken further as the
March 2026 maturity date of its U.S. dollar notes draws closers.
The negative rating outlook on Japfa Comfeed now reflects risk of
deterioration in its liquidity because of the looming maturity of
US$350 million in notes due in March 2026. Previously, S&P based
the outlook on anticipation of slow recovery in Japfa Comfeed's
credit ratios, which has become a lesser concern for the existing
'B+' rating given financial improvement of the company.
A timely refinancing or securing of sufficient alternative funding
sources well before maturity of the notes is critical for Japfa
Comfeed to maintain its liquidity position, which has been tight
due to elevated debt for short-term working capital. S&P said,
"That said, we note that the company's short-term debt has reduced
over 2024. We estimate Japfa Comfeed's ratio of liquidity sources
over uses to be 0.9x-1.0x over the next 12 months ending Sept. 30,
2025. This ratio will deteriorate to 0.5x-0.6x by March 2025 if
limited progress is made in refinancing the March 2026 notes."
In S&P's view, investor sentiment toward Japfa Comfeed remains
solid, as reflected in its bond prices trading close to par. The
company has good relationships with domestic banks. That said, the
company lacks a record of securing sizable long-term bank loans
exceeding Indonesian rupiah (IDR) 5 trillion. In addition, a
prolonged "wait and see" approach in anticipation of further rate
cuts could raise execution risk in refinancing initiatives due to a
shorter window to address the maturity.
Japfa Comfeed is actively exploring refinancing options. The
company is closely monitoring offshore funding conditions closely
and is negotiating its loan structure with domestic banks. The
company plans to finalize the refinancing strategy for the notes by
early 2025.
Japfa Ltd.'s credit ratios are improving in line with Japfa
Comfeed's performance. Japfa Comfeed contributes 80%-90% of Japfa
Ltd.'s consolidated EBITDA. Therefore, financial improvement of
Japfa Ltd. largely mirrors Japfa Comfeed's. A concurrent recovery
of Japfa Ltd.'s Vietnam swine operations also underpinned the
financial improvement.
S&P's base case assumes Japfa Ltd.'s EBITDA margin will expand to
10%-11% in 2024 from 5.4% in 2023, before moderating to 8.5%-9% in
2025. The margin expansion will improve Japfa Ltd.'s FFO cash
interest coverage ratio to 4x-4.5x in 2024 and 2025, from 1.9x in
2023. The company's FFO-to-debt ratio is likely to improve above
20% over the same period.
The negative outlook on Japfa Comfeed reflects the possibility that
the company's liquidity position could deteriorate as the March
2026 maturity of US$350 million in senior unsecured notes draws
closer.
S&P may lower the rating on Japfa Comfeed if its liquidity weakens
further with no sign of improvement. This could occur if:
-- It makes limited progress in refinancing the March 2026 U.S.
dollar notes.
-- Cash depletes further or it is unable to roll over working
capital loans or maintain multiyear committed credit facilities.
S&P said, "We may also lower the rating on Japfa Comfeed if Japfa
Ltd.'s credit quality deteriorates, which could happen if Japfa
Ltd.'s EBITDA margin contracts or its capital expenditure (capex)
and working capital needs exceed our expectation. This would cause
FFO cash interest coverage to fall below 3.0x or its FFO-to-debt
ratio to fall below 20% materially.
"We may revise the outlook on Japfa Comfeed to stable if the
company were to complete timely refinancing of the March 2026 U.S.
dollar notes. A revision to stable of the outlook would also
require Japfa Ltd. to maintain its ratio of sources to uses of
liquidity at about 1x."
SRITEX: Lawmakers Consider House Committee on Bankruptcy Ruling
---------------------------------------------------------------
Jakarta Globe reports that several lawmakers are considering the
formation of a special committee to investigate the recent
bankruptcy ruling against Sritex, Indonesia's largest textile
company, which could potentially lead to tens of thousands of job
losses.
Jakarta Globe relates that members of the House of Representatives'
Commission VII on industry and the creative economy revealed the
plan during a visit to Sritex's factory in Sukoharjo Regency,
Central Java, on Nov. 7.
According to the report, Commission Chairman Saleh Partaonan Daulay
said the proposed committee would be responsible for exploring
solutions to support Indonesia's struggling textile industry, with
a particular focus on Sritex.
"Based on suggestions from our colleagues, Commission VII will
establish a special committee to thoroughly investigate the
challenges facing the Indonesian textile industry, especially
companies in distress like Sritex," Jakarta Globe quotes Saleh as
saying during the visit.
He noted the increasingly fierce competition within Indonesia's
textile industry, which is one of the largest globally. "Indonesia
is home to the world's fourth-largest textile industry, with a
substantial domestic market," he said.
The committee would also aim to devise strategies to sustain the
labor-intensive textile sector and identify practical measures to
enhance Indonesia's competitiveness in the global market, according
to Saleh.
According to Jakarta Globe, Sritex CEO Iwan Kurniawan Lukminto
acknowledged that the national textile industry has been facing
severe difficulties over recent years. He expressed hope that the
Supreme Court would accept Sritex's appeal and overturn the
bankruptcy ruling.
The bankruptcy was declared by the Semarang District Court
following a lawsuit from creditor Indo Bharat Rayon over unpaid
debts. The court's ruling also nullified a previous debt
restructuring agreement with Sritex, prompting the company to file
an appeal.
About Sritex
PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.
The Semarang City Commercial Court has granted the request of one
of Sritex's creditors to maintain the continuity of debt payment
obligations (PKPU), thus declaring the textile company bankrupt,
according to Indonesia Business Post.
Semarang City Commercial Court Spokesperson, Haruno Patriadi, said
in Semarang, Central Java, on Oct. 23, 2024, said the decision in
the conference led by Chief Justice Muhammad Anshar Majid granted
the request of PT Indo Bharat Rayon as a debtor of PT Sritex.
=====================
N E W Z E A L A N D
=====================
ALLONE LANDSCAPE: Creditors' Proofs of Debt Due on Dec. 13
----------------------------------------------------------
Creditors of Allone Landscape & Design Limited and The Truck
Company Limited are required to file their proofs of debt by Dec.
13, 2024, to be included in the company's dividend distribution.
Allone Landscape & Design Limited commenced wind-up proceedings on
Nov. 1, 2024.
The Truck Company Limited commenced wind-up proceedings on Nov. 5,
2024.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington, Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
BARAVI PROPERTIES: Creditors' Proofs of Debt Due on Dec. 2
----------------------------------------------------------
Creditors of Baravi Properties 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 Oct. 31, 2024.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
EMMITT CONSULTANTS: Grant Bruce Reynolds Appointed as Liquidator
----------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on Nov. 5,
2024, was appointed as liquidator of Emmitt Consultants Limited and
Emmitt Trustees Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
PET NUTRITION: BDO Christchurch Appointed as Receivers
------------------------------------------------------
Colin Gower and Diana Matchett of BDO Christchurch on Nov. 6, 2024,
were appointed as receivers and managers of Pet Nutrition NZ
Limited Partnership and Vital Petfoods Limited.
The receivers and managers may be reached at:
BDO Christchurch
Awly Building, Level 4
287–293 Durham Street North
Christchurch 8013
TE WERO: Court to Hear Wind-Up Petition on Nov. 22
--------------------------------------------------
A petition to wind up the operations of Te Wero Trustees Limited
will be heard before the High Court at Auckland on Nov. 22, 2024,
at 10:00 a.m.
Body Corporate 116011 filed the petition against the company on
July 26, 2024.
The Petitioner's solicitor is:
Rhonda Margot Graham
Morgan Coakle, Solicitors
Level 9, 41 Shortland Street
Auckland
[*] NZ Company Liquidations Hit Highest Monthly Level in 10 Years
-----------------------------------------------------------------
Gareth Vaughan at interest.co.nz reports that business credit
defaults and liquidations are rising sharply, credit bureau Centrix
said.
interest.co.nz, citing the latest monthly Centrix Credit Indicator,
discloses that company liquidations rose 25% in September
year-on-year, reaching 306. That's the highest monthly total in a
decade. The previous biggest months for liquidations this year were
March, when 238 were recorded, and 233 in May.
For the September quarter, the biggest portion of liquidations came
from the construction sector with 199, or 28%.
"Over the past year, property operators, residential building
construction and cafes/takeaway food companies have been the most
likely to be placed in liquidation," Centrix said, notes the
report. "Looking at the hospitality sector, the last 12 months has
seen a 34% increase in company liquidations from this sector, with
cafes, coffee shops, restaurants, pubs, and clubs particularly
badly hit."
Centrix said hospitality businesses are more than two times more
likely to fail than the typical New Zealand business,
interest.co.nz relays. With more than 30,000 registered companies,
hospitality businesses comprise 4% of all registered NZ companies.
Over the last 12 months there were 212 hospitality companies placed
into liquidation, up from 158 for prior equivalent 12 months.
Centrix said, however, hotels, accommodation, and catering services
are showing small signs of improvement, with lower levels of credit
defaults and company insolvencies in recent months.
Business credit defaults, meanwhile, are higher across the board,
up 16% year-on-year, interest.co.nz relates.
"The transport industry is the worst affected, with credit defaults
up 35% year-on-year, closely followed by the construction sector
with credit defaults up 33%. The retail industry is faring the best
out of the industries measured, with credit defaults up 3%
year-on-year," said Centrix, the report relays.
In terms of consumer debt arrears, Centrix said the number of
people behind on payments dropped 3,000 month-on-month in September
to 458,000. That's equates to 12.12% of the credit active
population, is 3.5% higher year-on-year, and just above 2018
levels. The number of consumers with loans 30+ days past due is
156,000, of which 74,000 are 90+ days in arrears.
Mortgage arrears rose slightly in September, with 21,200 home loans
- or 1.41% - past due. At 21,200, it's a 13% year-on-year increase,
Centrix, as cited by interest.co.nz, said.
=================
S I N G A P O R E
=================
AUZANA INDUSTRIES: Creditors' Proofs of Debt Due on Dec. 4
----------------------------------------------------------
Creditors of Auzana Industries (S) 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. 30, 2024.
The company's liquidator is:
Lum Keng Chee
AiGO Pte Ltd
c/o 49 Strathmore Ave, #02-217
Singapore 140049
BIGV PTE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of BIGV Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
CAEG SPECIALIST: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Caeg Specialist Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
KORN FERRY: Creditors' Proofs of Debt Due on Dec. 5
---------------------------------------------------
Creditors of Korn Ferry SG91 Pte. Ltd. are required to file their
proofs of debt by Dec. 5, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 30, 2024.
The company's liquidators are:
Tan Wei Cheong
Lim Loo Khoon
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
PLAN B: Court Enters Wind-Up Order
----------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Plan B Ventures 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
=====================
S O U T H K O R E A
=====================
[*] South Korea Construction Firms See 50% Increase in Bankruptcies
-------------------------------------------------------------------
The construction industry in South Korea is expected to grow by
3.5% to reach KRW 119.24 trillion in 2024. Despite near-term
challenges in certain construction sectors, South Korea's
construction industry is poised for significant growth. The
industry is expected to grow steadily over the next four quarters,
with the growth momentum continuing over the forecast period. A
CAGR of 4.4% is projected during 2024-2028, with the country's
construction output expected to reach KRW 135.72 trillion by 2028,
indicating substantial growth potential.
This market intelligence report offers a comprehensive view of
market opportunities in the building and infrastructure
construction industry at the country level. With over 100+ KPIs
covering growth dynamics in building and infrastructure
construction, construction cost structure analysis, and analysis by
key cities in South Korea, this databook provides a wealth of
data-centric analysis with charts and tables, ensuring stakeholders
are fully informed.
The construction industry in South Korea is facing a challenging
period characterized by projected contractions and rising costs.
However, significant opportunities exist, particularly in
government support for key sectors, renewable energy initiatives,
and infrastructure development. Senior executives should leverage
these opportunities while adapting to the evolving market dynamics.
By embracing innovative practices and aligning strategies with
government initiatives, stakeholders can successfully navigate
South Korea's construction landscape complexities and contribute to
the country's long-term growth.
The construction industry in South Korea is currently navigating a
complex landscape marked by economic fluctuations, regulatory
changes, and evolving market demands.
-- Increased Bankruptcy Among Construction Firms: The challenging
economic environment has led to a significant increase in
bankruptcies, with 21 construction firms declaring bankruptcy in
2023, a 50% increase from the previous year. This trend highlights
the financial pressures facing the industry.
-- Government Support for Key Sectors: In response to the economic
challenges, the South Korean government has unveiled a support
package totalling KRW 26 trillion (USD 19.8 billion) to foster the
semiconductor industry's development. This investment is expected
to stimulate construction activity in related sectors.
-- Focus on Renewable Energy Initiatives: The government is
committed to enhancing the proportion of renewable energy in the
energy mix from 12.2% in March 2024 to 21.6% by 2030. Plans to
develop 143 GW of offshore wind capacity by 2030 will require
substantial investments in construction and infrastructure.
Residential Construction: Addressing Housing Needs
-- Declining Housing Permits: The residential construction sector
faces challenges, with a notable decline in building permits
issued. The total number of housing construction permits issued in
South Korea has decreased significantly, impacting the supply of
new housing units.
-- Government Initiatives for Affordable Housing: Despite the
downturn, the government continues to promote affordable housing
initiatives to address the country's housing deficit. Programs to
increase homeownership and provide low-cost housing options are
crucial for meeting the growing demand.
Commercial Construction: Adapting to Market Dynamics
-- Investment in Commercial Real Estate: The commercial
construction sector is expected to see a modest recovery, driven by
investments in office buildings, retail spaces, and mixed-use
developments. The recovery of consumer spending and the growth of
e-commerce influence the demand for commercial properties.
-- Focus on Smart and Sustainable Buildings: Developers are
increasingly adopting smart building technologies that enhance
energy efficiency and tenant experience. This trend is driven by
regulatory requirements and growing consumer demand for
environmentally friendly commercial spaces.
Institutional Construction: Enhancing Public Services
-- Increased Spending on Education and Healthcare: The
institutional construction sector benefits from heightened
government spending on educational and healthcare facilities. The
government's commitment to improving public services is crucial for
addressing the needs of a growing population. -- Disaster
Resilience in Institutional Projects: Given South Korea's
vulnerability to natural disasters, institutional projects
increasingly incorporate resilience measures. New schools and
hospitals are being designed to withstand environmental challenges,
ensuring continuity of services.
Industrial Construction: Supporting Economic Growth
-- Expansion of Manufacturing Facilities: The industrial
construction sector is experiencing growth driven by increased
demand for manufacturing and logistics facilities. The government's
focus on enhancing local production capabilities and reducing
reliance on imports is fuelling investments in this area.
-- Investment in Semiconductor Manufacturing: The government's
support for the semiconductor industry is expected to drive
significant investments in industrial construction. This includes
the development of manufacturing plants and related infrastructure
to support the growing demand for semiconductor products.
Infrastructure Construction: Building for the Future
-- Major Infrastructure Projects Underway: Infrastructure
construction remains a cornerstone of South Korea's development
strategy. Major projects such as the KTX high-speed rail expansion
and improvements to urban transport systems are progressing. These
projects are crucial for improving connectivity and supporting
economic activities.
-- Focus on Transportation Networks: The government is prioritizing
the development of transportation infrastructure, including roads,
railways, and airports. Investments in transportation networks are
essential for facilitating economic growth and regional
integration.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***