/raid1/www/Hosts/bankrupt/TCRAP_Public/241118.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 18, 2024, Vol. 27, No. 231
Headlines
A U S T R A L I A
COAST CARE: First Creditors' Meeting Set for Nov. 21
EXPRESS TRANSPORT: First Creditors' Meeting Set for Nov. 22
FLOWTECH CHEMICALS: First Creditors' Meeting Set for Nov. 22
GFG ALLIANCE: Unit Gets Default Notices from Suppliers
PLUMBWORX SOLUTIONS: First Creditors' Meeting Set for Nov. 21
WALKABOUT RESOURCES: First Creditors' Meeting Set for Nov. 21
C H I N A
HOZON AUTO: To Halve Costs by Cutting Staff, Merging Departments
SUNAC CHINA: Offers Creditors Options in Debt Restructuring
TIANJIN YONGHAO: Closes With Claims Exceeding USD13.8 Million
I N D I A
AAISWARYA DYEING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AGROHA COLOURTEC: CARE Keeps D Debt Ratings in Not Cooperating
AJANTA SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
AKSHAJ ISPAT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ALLIANCE DENIM: Ind-Ra Moves B+ Loan Rating to NonCooperating
AMBOOTIA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
ANJANI PIPES: CARE Keeps C Debt Rating in Not Cooperating Category
ASTRON PAPER: CARE Lowers Rating on INR124cr LT/ST Loans to D
AYKA PHARMA: Ind-Ra Moves BB- Loan Rating to NonCooperating
C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
CAPACITE INFRAPROJECTS: Ind-Ra Withdraws BB+ Bank Loan Rating
DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
DAYANAND COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANSHREE SEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
DIVINE INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating
DOOTERIAH & KALEJ: CRISIL Keeps B- Ratings in Not Cooperating
EASTERN DOORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
HENRAAJH FEEDS: CARE Keeps D Debt Ratings in Not Cooperating
ICOAT PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
INDUSTRIAL PERFORATION: CARE Keeps D Ratings in Not Cooperating
KERAFIBERTEX INTERNATIONAL: Ind-Ra Withdraws BB- Bank Loan Rating
LAGNAM SPINTEX: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
LAVIM DEVELOPERS: Ind-Ra Withdraws B- Term Loan Rating
LORDS INFRACON: Ind-Ra Moves BB- Loan Rating to NonCooperating
MIR BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating
MONGA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
N.P. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
NAGOORAR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
NEW PRINT: CARE Keeps D Debt Rating in Not Cooperating Category
NIKI RESORTS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
NIKUNJ COMMODITIES: CRISIL Keeps B- Ratings in Not Cooperating
NOOR INDIA: CRISIL Keeps D Rating in Not Cooperating Category
PIYUSH INFRATECH: Ind-Ra Moves BB Loan Rating to NonCooperating
SAMARO GLOBAL: Ind-Ra Moves BB Loan Rating to NonCooperating
SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating
SESA CARES: Ind-Ra Places BB+ Term Loan Rating on Watch
SHREEVARI ENERGY: Ind-Ra Moves BB- Loan Rating to NonCooperating
SRINIVASA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
SULTANPURE TEXTILE: Ind-Ra Moves B+ Loan Rating to NonCooperating
SURGICOIN MEDEQUIP: CARE Keeps D Debt Ratings in Not Cooperating
YASHMUN ENGINEERS: CRISIL Lowers Long/Short Term Ratings to D
J A P A N
NISSAN: Faces Record Debt Bill With 1 Year Left to Fix Finances
N E W Z E A L A N D
DU VAL GROUP: Founders' Lack of Legal Aid Could Delay FMA case
HI-CHILL NZ: Creditors' Proofs of Debt Due on Dec. 11
NZ MARKETING: Court to Hear Wind-Up Petition on Dec. 9
PLACE-IT CONCRETE: Court to Hear Wind-Up Petition on Dec. 3
POOLBOYS LANDSCAPING: Court to Hear Wind-Up Petition on Nov. 28
RAM CONCRETE: Creditors' Proofs of Debt Due on Jan. 14
P A K I S T A N
PAKISTAN: Wraps Up Unscheduled Talks With IMF on USGD7BB Bailout
S I N G A P O R E
ANR SHIPPING: Court to Hear Wind-Up Petition on Nov. 22
BRICK EAGLE: Commences Wind-Up Proceedings
COOLINE INSULATION: Court Enters Wind-Up Order
CORDLIFE GROUP: Posts SGD1.6 Million Net Loss in Q3 Ended Sept. 30
MAXEON SOLAR: Regains Compliance With Nasdaq Listing Rules
NORTHERN RAY: Court to Hear Wind-Up Petition on Nov. 22
SMART FOOD: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
COAST CARE: First Creditors' Meeting Set for Nov. 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Coast Care
Inclusive Support Services Pty Ltd will be held on Nov. 21, 2024 at
11:00 a.m. via Zoom and Telephone Conference Facilities Only.
Philip Raymond Hosking of Helm Advisory was appointed as
administrator of the company on Nov. 12, 2024.
EXPRESS TRANSPORT: First Creditors' Meeting Set for Nov. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Express Transport WA Pty Ltd;
- Regional Express Distribution Pty Ltd;
- Rapid Personnel Australia Pty Ltd;
- HEM WA Pty Ltd;
- Lowki Leasing Pty Ltd;
- Lowki Service Centre Pty Ltd; and
- Lowki Transfers Pty. Ltd.
will be held on Nov. 22, 2024 at 2:00 p.m. via videoconference.
Robert Allan Jacobs and Andrew Michael Smith of Auxilium Partners
were appointed as administrators of the company on Nov. 12, 2024.
FLOWTECH CHEMICALS: First Creditors' Meeting Set for Nov. 22
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Flowtech
Chemicals Pty Ltd (trading as Flowtech Chemicals Pty Ltd) will be
held on Nov. 22, 2024 at 10:00 a.m. via virtual meeting.
Richard Tucker and Paul Pracilio of KordaMentha were appointed as
administrators of the company on Nov. 12, 2024.
GFG ALLIANCE: Unit Gets Default Notices from Suppliers
------------------------------------------------------
Simon Evans at The Australian Financial Review reports that four
industrial supply companies from Sydney and Newcastle owed a
combined AUD684,000 have issued fresh default notices to companies
owned by Sanjeev Gupta's GFG Alliance for unpaid bills related to
the Whyalla steelworks.
The Financial Review relates that the unpaid invoices to mid-tier
suppliers are a further sign of the extreme financial pressure
hitting Mr. Gupta's global operations, with his GFG Alliance under
siege on separate fronts in Europe, the UK and Australia.
He is currently seeking the backing of creditors in the UK under a
new plan to prevent some of his British steel mills from going into
insolvency because of the heavy debt load from refinancing after
the 2021 collapse of funder Greensill Capital, the report says.
According to CreditorWatch, which monitors credit scores and
defaults, GFG Alliance's Australian subsidiary One Steel
Manufacturing has been hit with notices for AUD240,000 in late
payments from pumps supplier National Pump and Energy, while
industrial hydraulics and automation group Bosch Rexroth has lodged
a default notice for AUD129,306 in unpaid bills, the Financial
Review discloses.
Abrasives and industrial ceramics group Cumi Australia has lodged
claims for AUD244,000, with one AUD34,000 portion still outstanding
from May. Cumi Australia is part of the AUD14 billion Indian
conglomerate Murugappa Group, listed on the stock exchange in
India. The founding Murugappa family was ranked No.26 in a Forbes
list of India's richest families this year.
Galvanised coatings company Valmont Australia has lodged a notice
for AUD66,541 in unpaid invoices, the Financial Review relays.
According to the Financial Review, the AUD6.5 billion ASX-listed
rail transport group Aurizon, which in late October temporarily
suspended transporting iron ore for Mr. Gupta in the Whyalla region
because of unpaid bills, said on Nov. 13 that its issues were still
not resolved - so the suspension remained in place.
"Aurizon is in discussions with one of our customers regarding
unresolved contractual issues. We have endeavoured to find a
suitable way forward. However, Aurizon has suspended some rail
haulage services to the customer until these issues are resolved,"
a spokesman said.
Aurizon has a contract to transport millions of tonnes a year of
iron ore from Mr. Gupta's mines in the Middleback Ranges, about 60
kilometres from Whyalla, to the nearby port and the steelworks.
The Financial Review says the Whyalla steelworks is losing money
because it has been offline for almost nine weeks because of
technical problems in its blast furnace. It is the second lengthy
shutdown this year after a crack in the blast furnace resulted in
an almost four-month stoppage before steelmaking resumed in early
July.
GFG announced two weeks ago it had set up a new "Back to Black"
taskforce to get the plant back up and running and back into
profit. Tony Swiericzuk - a former Fortescue Metals executive who
had been managing director of Mr. Gupta's Liberty Primary Steel
operations since September 2022 and had direct oversight of the
Whyalla plant - departed in late October in a management shake-up.
GFG Alliance provides financial services intended to serve steel,
aluminium and energy industries clients. The company offers
established partnerships with employees to create self-determined
change and transform manufacturing processes by harnessing
renewable power and agile production.
PLUMBWORX SOLUTIONS: First Creditors' Meeting Set for Nov. 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Plumbworx
Solutions Pty Ltd will be held on Nov. 21, 2024 at 2:30 p.m. at
Level 5, Suite 6, 350 Collins Street, in Melbourne, Vic, and via
videoconferencing facilities.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on Nov. 12, 2024.
WALKABOUT RESOURCES: First Creditors' Meeting Set for Nov. 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Walkabout
Resources Ltd, Walkabout Australia Pty Ltd and Reveal Resources Pty
Ltd will be held on Nov. 21, 2024 at 9:30 a.m. at the offices of
Cor Cordis, Mezzanine Level, 28 The Esplanade, in Perth, WA.
Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as
administrators of the company on Nov. 12, 2024.
=========
C H I N A
=========
HOZON AUTO: To Halve Costs by Cutting Staff, Merging Departments
----------------------------------------------------------------
Yicai Global reports that Hozon Auto will significantly reduce the
size of its first-tier and second-tier departments by merging them,
slashing its staff headcount and other measures, and will make more
use of artificial intelligence tools, to cut operating expenses by
more than 50 percent so as to break even by February next year, the
Chinese electric car startup told Yicai on Nov. 13.
This strategic adjustment will allow Hozon Auto, which produces
electric cars under the Neta brand, to focus more on expanding its
overseas footprint, while continuing to produce cars in China, the
Shanghai-based company said.
According to Yicai, Nanning Industrial Investment Group has agreed
to provide financial support to help Hozon Auto with its supply
chain, the procurement of raw materials, production, logistics as
well as its knock-down parts export business at the company's
Nanning base, Hozon Auto said, citing an agreement recently reached
with its unit Hezon New Energy Automobile. This will assist the
firm's exports of autos and help expand its footprint in the
international market to ensure the stability of its overseas supply
chain.
Yicai says Hozon Auto has received a lot of bad publicity recently
amid online rumors that the carmaker has been cutting salaries, not
paying wages on time and is being sued by suppliers. There are also
reports that it has been conducting mass lay-offs, reducing its
headcount by as much as 70 percent.
Hozon Auto has been struggling in China's fiercely competitive EV
market, Yicai notes. Founded in 2018, the firm was China's
best-selling new energy vehicle maker in 2022 with sales of 152,100
units. However, shipments plunged 16 percent in 2023 year on year
to just 127,500 autos. In the first nine months, Hozon Auto had
only achieved 28.6 percent of its annual target at 85,900
deliveries.
Despite the poor performance at home, Hozon Auto is doing well
overseas, due to less fierce competition and wider profit margins.
Last month, Hozon Auto accounted for the second-highest number of
NEVs that were licensed in Thailand, a 55 percent jump from the
previous month, according to data from the Federation of Thai
Industries. In addition, it is reported that the company's gross
profit will expand by between 10 percent and 15 percent thanks to
its overseas sales, Yicai adds.
Tongxiang-based Hozon Auto manufactures electric car. It produces
vehicles under the Neta brand.
SUNAC CHINA: Offers Creditors Options in Debt Restructuring
-----------------------------------------------------------
Yicai Global reports that Sunac China Holdings is offering
bondholders four options in a proposed plan to restructure about
CNY15.4 billion (USD2.13 billion) of the major property developer's
Chinese mainland debt.
The options are cash repurchase, equity payment, asset-based debt
settlement, and long-term debt extensions, the Tianjin-based
company said in a statement on Nov. 14.
If creditors accept the proposal, it is estimated that Sunac could
halve its onshore liabilities, alleviating repayment pressure for
the next five years and mitigating the risk of another short-term
default, according to a person familiar with the matter.
By greatly paring back debt and extending the repayment period, the
new plan would help Sunac repair its balance sheet and create the
conditions for a recovery in its operational fundamentals, said Liu
Shui, director of corporate research at the China Index Academy,
Yicai relays.
But the plan still requires creditor support and approval, so the
company needs to negotiate with them to reach a consensus, Liu
added.
Sunac's proposal could provide a blueprint for other distressed
builders, Liu also noted. Methods such as discounted buybacks and
debt-to-equity swaps could lower debt at its source, giving firms
time to regain value and the space to repay debt.
Between 2009 and 2014, Sunac grew quickly from a mid-sized builder
into one of the top 10 in the industry, but that also brought
hidden risks, according to Yicai. After the real estate market ran
into trouble, Sunac defaulted in May 2022. Last November, it
completed its first domestic and overseas debt restructuring,
involving about CNY90 billion.
Still, due to the unexpectedly sharp market downturn, Sunac said in
its semi-annual report that it would extend the principal and
interest payments on its onshore public market bonds due in June
and September to the end of this year, while pushing forward with a
comprehensive and long-term solution, adds Yicai.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.
Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.
Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to China Sunac.
TIANJIN YONGHAO: Closes With Claims Exceeding USD13.8 Million
-------------------------------------------------------------
Yicai Global reports that Audi's largest dealership in Tianjin, a
major city near Beijing, has ceased operations, involving over
CNY100 million (USD13.8 million) in disputed funds, underscoring
the challenges faced by traditional dealerships amid the shift to
electric vehicles.
Tianjin Yonghao Audi closed its doors on Nov. 12 after a long-term
banking partner suddenly withdrew funding, causing a cash flow
crisis, Yicai relates citing Jiemian News. The 4S dealership, which
sells new cars of the German marque and provides after-sales
services, is seeking a resolution and plans to report back by Dec.
12.
As of Nov. 13, the showroom was empty, with no vehicles on display,
Yicai says. More than 1,000 customers, whose claims now total over
CNY100 million, are seeking compensation, with the figures
continuing to rise. Local police have launched an investigation and
are advising customers to preserve relevant evidence.
An employee revealed that staff members have not received salaries
since August, accumulating three months of wage arrears, according
to Yicai.
Established in 2009 with a total investment of CNY175 million, the
dealership boasted an 18,000-square-meter facility, including a
3,000-square-meter showroom, making it Tianjin's largest Audi
dealership.
The dealership's majority shareholder, Tianjin Yonghao Group, also
operates Hongqi and Dongfeng Honda dealerships, according to public
data. The group's Hongqi outlet posted an identical closure notice
the same day, while its Dongfeng Honda dealership's sales hotline
remains unanswered, Yicai relays.
=========
I N D I A
=========
AAISWARYA DYEING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aaiswarya
Dyeing Mills Private Limited (ADMPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 33.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ADMPL 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 ADMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ADMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in April 1999, ADMPL, promoted by Mr Ramesh Modi,
processes, and manufactures dyed and printed fabrics used for
making dress materials, sarees and shirts. Its manufacturing units
are at Surat, Gujarat.
AGROHA COLOURTEC: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agroha
Colourtec Private Limited (ACPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 14.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 6,
2023, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ACPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 21, 2024,
October 1, 2024 and October 11, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Agroha Colourtec Private Limited (ACPL) is promoted by Mr Devendra
Kumar Aggarwal, Mr Ravinder Kumar Aggarwal and their family
members. The company belongs to the Prayag group, which also
includes Prayag Polytech Private Limited (PPPL). ACPL is engaged in
manufacturing of black masterbatches and has one manufacturing
facility located in Bhiwadi, Rajasthan. ACPL also undertakes
job-work for PPPL incorporated in 1982, PPPL is engaged in
manufacturing and export of masterbatches. The company manufactures
colour, white and additive masterbatches and has two manufacturing
facilities located in Bhiwadi.
AJANTA SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ajanta
Spintex Private Limited (ASPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 22 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ASPL 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 ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ASPL continues to be 'CRISIL D Issuer Not Cooperating'.
ASPL, which was set up in 2010, by the promoter, Mr I Dhana Reddy
and his family members, manufactures cotton yarn. The manufacturing
facility, near Guntur (Andhra Pradesh), has a capacity of around
25,000 spindles.
AKSHAJ ISPAT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akshaj Ispat
Llp (AIL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash 8.5 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with AIL 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 AIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AIL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AIL was incorporated on July 17, 2017, as a limited liability
partnership firm between Mr Raghubir Garg and Mr Anoop Garg. It
trades in and fabricates stainless steel products, such as pipes,
coils, and tubes.
ALLIANCE DENIM: Ind-Ra Moves B+ Loan Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Alliance Denim Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR225 mil. Term loan due on March 31, 2029 Outlook revised to
Negative; rating migrated to non-cooperating category with
IND B+/Negative (ISSUER NOT COOPERATING) rating; and
-- INR150 mil. Cash Credit Outlook revised to Negative; rating
migrated to non-cooperating category with IND B+/Negative
(ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Alliance Denim Private
Limited over emails starting from August 30, 2024, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Alliance Denim Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Alliance Denim Private
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. 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
Established in May 2022, ADPL is setting up a denim fabric
manufacturing facility with 48 air jet looms in Ahmedabad, Gujarat.
Promoted by Mahesh Mittal and family, the company is also engaged
in the trading of denim fabric. ADPL expects to start its
manufacturing operations from December 2023. At present, the
fabric is manufactured through job work from third parties. Post
the commencement of operations at its unit in Ahmedabad, ADPL will
have the capacity to manufacture about 40 lakhs meters of denim
fabric per year.
AMBOOTIA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ambootia Tea
Exports Private Limited (ATEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Credit Limit Under 5 CRISIL D (Issuer Not
Gold Card Cooperating)
Credit Limit Under 5 CRISIL D (Issuer Not
Gold Card Cooperating)
Foreign Bill 15 CRISIL D (Issuer Not
Purchase Cooperating)
Packing Credit 50 CRISIL D (Issuer Not
Cooperating)
Packing Credit 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ATEPL 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 ATEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ATEPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2009 and promoted by Mr. Sanjay Prakash Bansal,
ATEPL, based in Kolkata (West Bengal), trades in organic Darjeeling
teas and other inorganic varieties of teas in the international and
domestic markets. The company had taken over the business of Tea
Group Exports, a proprietorship concern formed by Mrs. Reena Bansal
(wife of Mr. Bansal) in 2010-11. Mr. Bansal has been engaged in the
tea business for almost three decades. The group is vertically
integrated, with the promoters cultivating and processing organic
Darjeeling tea and Assam tea, and trading in tea in the export and
domestic markets. The group deals in 67 varieties of tea and has 87
brands.
ANJANI PIPES: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Anjani
Pipes Industries (SAPI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 3,
2023, placed the rating(s) of SAPI under the 'issuer
non-cooperating' category as SAPI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAPI continues to be non-cooperative despite repeated requests for
submission of information through emails dated August 18, 2024,
August 28, 2024, September 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Sri Anjani Pipes Industries (SAPI) was established in the year 2013
as a partnership firm, by Mr. G Sanjeeva Reddy and Mrs G Madhavi.
However, the firm achieved commercial operations from October 2015.
The firm is engaged in manufacturing different types of pipes i.e
HDPE pipes of various sizes starting 63mm to 315mm, PVC pipes
ranging from 25 mm to 350 mm and LLDPE
pipes ranging from 12 mm 16 mm, at Mehbubnagar district of
Telangana state. These pipes are mainly used for irrigation works
(micro and drip), water supply and gas supply. In addition to the
said industries, the above-mentioned pipes are also used in the
following sectors like drainage and telephone cable pipes used by
telecom operators.
ASTRON PAPER: CARE Lowers Rating on INR124cr LT/ST Loans to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Astron Paper & Board Mill Limited (APBML), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.88 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE BB+; Stable
Long Term/ 124.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE BB+;
Stable/CARE A4+
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE A4+
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 1, 2024,
placed the rating(s) of APBML under the ‘issuer
non-cooperating’ category as APBML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APBML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 11, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of APBML have been
revised on account of delays in debt servicing recognised from
lender’s feedback.
Analytical approach: Consolidated
CARE Ratings has adopted the consolidated approach due to
operational and financial linkages between APBML and its wholly
owned subsidiary- Balaram Papers Private Limited (BPPL).
Outlook: Not Applicable
Ahmedabad (Gujarat) based Astron Paper & Board Mill Limited (APBL;
CIN: L21090GJ2010PLC063428) (ISIN Number: INE646X01014) was
initially incorporated as a private limited company in December
2010. Further, in 2017 it changed its constitution from private
limited to listed company through shifting on the main board of
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). APBL
is an ISO 9001:2015 and ISO 14001:2015 certified company operating
from its two manufacturing plants located at Halvad, Gujarat and
Bhuj, Gujarat with a total installed capacity of 1.80 lacs Metric
Tons Per Annum (MTPA) of kraft paper as on December 31, 2023. The
company manufactures different varieties of kraft paper ranging
from 80 to 350 Grams Per Square Meter (GSM) and Bursting Factor
(BF) from 16 to 40. During July, 2018 APBL has acquired Balaram
Papers Private Limited (BPPL) as a wholly owned subsidiary. The
manufacturing facilities of BPPL is located at
Mehsana, Gujarat with an installed capacity of 42000 MTPA as on
December 31, 2023.
AYKA PHARMA: Ind-Ra Moves BB- Loan Rating to NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Ayka Pharma to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 3 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time. Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB-/Negative
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR62.50 mil. Fund Based Working Capital Limit Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR112.50 mil. Term loan due on September 30, 2030 Outlook
revised to Negative; rating migrated to non-cooperating
category with IND BB-/Negative (ISSUER NOT COOPERATING)
rating;
-- INR62.50 mil. Fund Based Working Capital Limit Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR112.50 mil. Term loan due on September 30, 2030 Outlook
revised to Negative; rating 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. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Ayka Pharma over emails
starting from August 30, 2024, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Ayka Pharma 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 Ayka Pharma's credit strength. If an issuer does
not provide timely No Default Statement, it indicates weak
governance, particularly in 'Timely debt servicing'. 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
Established in 2020, AP produces flavored oral rehydration
solution in tetra pack pouches at its factory located at Indore,
Madhya Pradesh, with a capacity of 108 million pouches per annum.
C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of C. J.
Corporation (CJC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 30,
2023, placed the rating(s) of CJC under the 'issuer
non-cooperating' category as CJC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CJC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 14, 2024,
September 24, 2024 and October 4, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
C.J Corporation (CJC) is a partnership firm, established in March
2003, by promoters of Alok group i.e., Jiwrajka family, Mr Mahendra
Chirawala & Mr Aditya Chirawala (holding the remaining proportion
equally between them). It is primarily engaged in manufacturing of
Corrugated Boxes and Textile tubes. It also manufactures some
specialized products like corrugated pallets,
container assembly, etc. The manufacturing plant is located at
Silvassa.
Status of non-cooperation with previous CRA: Acuite (SMERA)
continues to categorize rating assigned to the bank facilities of
CJC under non-cooperation category vide PR dated September 13, 2024
on account of its inability to carry out a rating surveillance in
the absence of the requisite information from the company.
CAPACITE INFRAPROJECTS: Ind-Ra Withdraws BB+ Bank Loan Rating
-------------------------------------------------------------
India Ratings has taken the following actions on Capacite
Infraprojects Limited's (CIL) bank facilities:
-- INR11,277.99 bil. (reduced from 11,496.99 bil.) Non-fund based
working capital limit#^ affirmed and withdrawn;
-- INR209.1 mil. Proposed fund-based working capital limit#
affirmed and withdrawn;
-- INR1,150.00 bil. (reduced from 1,690.90 bil.) Fund-based
working capital limit# ^ affirmed and withdrawn;
-- INR2,261.00 bil. Term loan^^ due on March 31, 2035 affirmed
and withdrawn; and
-- INR2,363.40 bil. Proposed non-fund-based capital limit#
affirmed and withdrawn.
# Affirmed at 'IND BB+'/Positive/'IND A4+' before being withdrawn
^^ Affirmed at 'IND BB+'/Positive before being withdrawn
^ Limits reduced on account of closure of facilities by Bank of
Baroda and STCI Finance Limited; limits have been withdrawn
Analytical Approach
Ind-Ra continues to take a fully consolidated view of CIL and its
100% subsidiary CIPL-PPSL-Yongnam Joint Venture Constructions
Private Limited, along with its joint ventures and associates
including a Maharashtra Housing and Area Development Authority
(MHADA) project, together referred to as CIL hereafter, owing to
the strong operational and strategic ties among them. The joint
ventures and associates have been included in financials using the
equity method of accounting.
Detailed Rationale of the Rating Action
The affirmation reflects CIL's strong operating profile along with
an improvement in its liquidity profile post the fund infusion over
FY24. The working capital position remains stretched largely due to
the bulky contract assets which Ind-Ra understands are inherent to
the nature of business/counterparty contractual agreement
characterized by longer payment milestones as well as site
mobilization requirements over a longer project gestation period.
However, the gross working capital as a percentage of revenues
moderated slightly to 95.6% at end-June 2024 (end-March 2024:
102.2%). The company has replaced part of the working capital debt
with a combination of working capital/medium-tenor term debt, and
the management has informed that it has tied-up the balance
assessed limits in November 2024; availing the same will be crucial
to support the operations/sizeable orderbook.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for the withdrawal of ratings and a
no-objection/no-dues 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.
Detailed Description of Key Rating Drivers
Stretched Working Capital Requirements, Requiring Substantial
Liquidity: CIL's exposure towards state government civil contracts
which typically have elongated payment milestones have led to high
contract assets and gross working capital (GWC) as a percentage of
revenues. GWC as a percentage of revenues increased substantially
over FY24-1QFY25 and stood at 95.6% at end-June 2024 (FYE24:
102.2%; FY23: 81.5%), largely driven by an increase in the contract
assets as percentage of revenues to around 64% over FY24-1QFY25
from around 51% in FY23. According to the management, this was due
to the company's longer payment milestones, one-to-two large
projects stuck due to pending land requirements; however, there is
a regular inflow of funds from the projects upon milestone
completion. Furthermore, the current assets have also increased
from FY24 onwards, as the company accounted for site mobilization
expenses in current assets. The liquidity improved in FY24due to
the fresh equity infusion of INR2,963 million during the year
(preferential allotment of INR963 million in July 2023; qualified
institutional placement of INR2,000 million in January 2024) and
has largely been deployed for the execution of projects and placing
margins for bank guarantees/letters of credit. CIL has replaced
part of the working capital debt with a combination of working
capital/medium-tenor term debt. The management has informed that it
has tied-up the balance assessed limits in November 2024; availing
the same will be crucial to support the operations/sizeable
orderbook.
The uptick in execution and the billing of the contract assets
could also increase the interim gross working capital cycle during
peak requirements and the liquidity availability for the same will
be crucial.
Comfortable Revenue Visibility: At end-June 2024, CIL had an
unexecuted order book of INR88 billion, providing a revenue
visibility of 4.6x of the FY24 revenue. Public sector/government
orders accounted for 72% of the order book, while the balance were
from private players. The order book is concentrated in terms of
geography, projects and clients. Geographically, 90% of the orders
are concentrated in Maharashtra, with a majority in the Mumbai
Metropolitan Region. At end-June 2024, counterparty-wise, City and
Industrial Development Corporation of Maharashtra (CIDCO) accounted
for around 43% orders, MHADA for around 13%, while the balance
orders were from a mix of government bodies and private real estate
developers.
Sustained Scale of Operations in FY24, Likely to Grow in FY25: In
FY24, CIL's operating revenues grew 7.3% yoy to INR19.31 billion
(FY23: INR17.98 billion). However, the absolute EBITDA contracted
slightly to INR3.3 billion in FY24 (FY23: INR3.5 billion), the
EBITDA margins to 17.15% (19.54%). With the improvement in the
liquidity, the management expects strong revenue growth in FY25;
the company already generated consolidated operating revenues of
INR5.6 billion in 1QFY25 (1QFY24: INR4.3 billion).
Continued Comfortable Credit Metrics: CIL's credit profile remains
comfortable with its gross leverage (including acceptances)
remaining largely stable at 1.39x in FY24 (FY23: 1.47x); however,
the net leverage (including acceptances) reduced significantly to
1.03x (1.39x) due to the undeployed free cash infused in the
company from the fund raise in FY24. The gross interest coverage
(gross interest expense/EBITDA) remained comfortable at 3.5x in
FY24 (FY23: 3.9x). The total outstanding liabilities (TOL)/EBITDA
too remained broadly stable at 4.9x in FY24 (FY23: 4.4x). However,
over FY25, the company has been deploying a substantial part of the
free cash in operations and hence, the net leverage is likely to
moderate; however, the agency believes the deployment of the funds
will boost the company's operations.
Liquidity
Stretched: On account of the counterparty/orderbook profile, CIL's
working capital requirement remains high, especially due to the
unbilled revenue. The liquidity infusion through the fund raising
in FY24 has boosted the liquidity profile of CIL and supported the
working capital margin requirements. Consequently, the average
utilization of the fund-based limits was 83% during the 12 months
ended September 2024 which typically ranged around 95% during FY24.
Ind-Ra believes while this fund infusion is also likely to support
the peak working capital requirements during 3Q/4Q typically,
managing sufficient liquidity during this period shall be crucial.
The average utilization of non-fund-based limits stood at 79%
during the 12 months ended September 2024. The company is seeking
further enhancements of its untied working capital limits from
existing/new lenders, and the management expects the tie-up to be
completed shortly to boost the liquidity. CIL had unencumbered cash
balance of INR0.98 billion as on 30 June 2024, and repayment
obligations of INR0.64 billion and INR0.68 billion in FY25 and
FY26, respectively, which are likely to be repaid from the cash
accruals over FY25-FY26.
About the Company
Incorporated in August 2012, CIL provides engineering, procurement
and construction/turnkey solutions for housing, high rises, super
high rises, specialty buildings and urban infrastructure. The
company has recently forayed into the development of projects for
the public sector.
DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dauji and Co.
(DC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Post Shipment 8 CRISIL D (Issuer Not
Credit Cooperating)
Pre Shipment 1 CRISIL D (Issuer Not
Packing Credit Cooperating)
Proposed Short 0.99 CRISIL D (Issuer Not
Term Bank Cooperating)
Loan Facility
CRISIL Ratings has been consistently following up with DC 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 DC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DC
continues to be 'CRISIL D Issuer Not Cooperating'.
DC was set up in 1976 as a partnership firm by Mr. Dauji Johari and
his family members. The firm trades in polished diamonds, and is
based in Mumbai. It currently has three partners: Mr. Dauji Johari,
Mr. Sharad Johari, and Ms. Prabha Johari.
DAYANAND COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dayanand
Cotton Ind (DCI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DCI 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 DCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DCI continues to be 'CRISIL D Issuer Not Cooperating'.
DCI is a partnership firm that started commercial production from
February 2012. The firm is engaged in ginning and pressing of raw
cotton (kapas). There are 12 partners in the firm with Mr.
Jerambhai Dubriya (15 per cent stake), Mr. Jitendrakumar Khokhani
(10 per cent), and Mr. Chunilal Ghetiya (10 per cent) actively
handling its operations.
DHANSHREE SEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanshree
Seeds Private Limited (DSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.39 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DSPL 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 DSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DSPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2012 by Mr. Prakash Shah, DSPL is into processing
of non-basmati rice with its processing unit based in Moriya
(Gujarat). The total processing capacity of unit is 5 tonnes per
hour.
DIVINE INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Divine
Infrastructure (DI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 3.4 CRISIL D (ISSUER NOT
COOPERATING
CRISIL Ratings has been consistently following up with DI 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 DI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DI
continues to be 'CRISIL D Issuer Not Cooperating'.
DI is a partnership firm set up by Mr Anshul Khare and Mr Pranav
Jaiswal in 2006. The firm undertakes civil contracts including
construction of roads, bridges and buildings for central and state
government departments.
DOOTERIAH & KALEJ: CRISIL Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dooteriah &
Kalej Valley Tea Estates Private Limited (DKVTE) continues to be
'CRISIL B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 8.1 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with DKVTE 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 DKVTE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DKVTE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DKVTE continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Dooteriah & Kalej Valley Tea Estates Pvt Ltd (DKVTE), incorporated
in January 1983 is engaged in manufacture, supply and export of
various kinds of tea, including green tea, and black tea. The
company has three tea estates, Dooteriah, Kalej Valley and Pashok
in Darjeeling.
EASTERN DOORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eastern Doors
(ED) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.50 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 4.35 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ED 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 ED, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ED is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of ED
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2006 by Mr. Ahsan Karim Khan, Mr. Faizan Ahmar, and Ms.
Ismat Fatma, ED manufactures ply, block board, and flush doors, at
its facility in Gorakhpur (Uttar Pradesh).
HENRAAJH FEEDS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Henraajh
Feeds India Private Limited (HFIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.72 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 5,
2023, placed the rating(s) of HFIPL under the 'issuer
non-cooperating' category as HFIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HFIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
20, 2024, August 30, 2024, September 9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Henraajh Feeds India Private Limited (HFIPL) was incorporated in
2013 by Mr. Jaydeep Srivastava, Mrs. Jaya Srivastava and Mr.
Parimal Basak to set up a manufacturing unit for cattle and poultry
feeds. The manufacturing plant of the company is located at
Khajekalan, Patna with aggregate installed capacity of 99000 metric
tonne per annum. The company commenced its commercial operations at
its plant from May 2016 onwards. The company procures its major raw
material like soya and maize from Madhya Pradesh and Bihar
respectively. HFIPL mainly sale its product in Bihar, Uttar
Pradesh, West Bengal and Jharkhand through its authorised dealers
spread all over the stated regions.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of HFIPL into ISSUER NOT
COOPERATING category vide press release dated June 21, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
ICOAT PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ICoat
Projects Private Limited (IPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 26,
2023, placed the rating(s) of IPPL under the 'issuer
non-cooperating' category as IPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 11, 2024,
August 21, 2024, August 31, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Icoat Projects Private Limited (IPPL) was incorporated in the year
2007 (erstwhile Icoat technologies India Pvt. Ltd, the company's
name has changed to current nomenclature IPPL in 2012). IPPL is
promoted by Mrs Pranitha Kumari, Mr D.Vishnu Vardhan Reddy and Mr
B. Srinivas Rao. The company is engaged in the trading of modular
wall panels and ceiling panels and also provides erection and
installation works for transmission towers and substations within
the range of 33kv to 132kv. Furthermore, the company also
undertakes electrical works for commercial buildings government
while participating in tenders.
INDUSTRIAL PERFORATION: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Industrial
Perforation (India) Private Limited (IPPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2023, placed the rating(s) of IPPL under the 'issuer
non-cooperating' category as IPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 28, 2024,
September 7, 2024, September 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Industrial Perforation (India) Private Limited (IPPL) was initially
set up as a partnership firm, "Industrial Perforation" in 1981 by
two friends Shri Ashis Kumar Saha and Smt. Alpana Kundu of Kolkata,
West Bengal. Subsequently, the firm was reconstituted as Private
Limited Company in 1991 with its name changed to the current one.
Since inception, IPPL has been engaged in manufacturing and supply
of steel cable trays, power transmission cable trays, earthling
materials and accessories for power transmission and distribution
companies. The company primarily focuses on specialty cable trays,
which are designed as per the customer's specifications and are
largely order-driven. The manufacturing facilities of IPPL is
located in Kolkata (unit-I at Dum Dum R.N. Guha Road and Unit-II at
Ganganagar, Katakhal).
KERAFIBERTEX INTERNATIONAL: Ind-Ra Withdraws BB- Bank Loan Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kerafibertex
International Pvt Ltd.'s (KIPL) bank loan ratings in the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR450 mil. Fund-based working capital limit* maintained in
non-cooperating category and withdrawn; and
-- INR32.50 mil. Non-fund-based working capital limit# 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-/Negative (ISSUER NOT COOPERATING)' before
being withdrawn
#Maintained at 'IND A4+ (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
request for withdrawal of ratings 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 KIPL while reviewing the
ratings. Ind-Ra had consistently followed up with KIPL 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 KIPL, 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
Established in 2000, Kerafibertex International is a subsidiary of
M/s Giacomini & Gambarova S.r.l., Italy. The company manufactures
coir products.
LAGNAM SPINTEX: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lagnam Spintex
Limited's (LSL) bank facilities' ratings on Rating Watch with
Developing Implications, as follows:
-- INR40 mil. Non-fund based working capital limit maintained on
Rating Watch with Developing Implications with IND A4+/Rating
Watch with Developing Implications;
-- INR2,344.79 bil. Term loan due on March 31, 2028 maintained on
Rating Watch with Developing Implications with IND BB+/Rating
Watch with Developing Implications; and
-- INR1.490 bil. Fund based working capital limit maintained on
Rating Watch with Developing Implications with IND BB+/Rating
Watch with Developing Implications/IND A4+/Rating Watch with
Developing Implications.
Detailed Rationale of the Rating Action
Ind-Ra has maintained the Rating Watch with Developing Implications
in view of the continued uncertainty with respect to the company's
operations in Bangladesh, considering the recent developments in
the country. LSL has considerable exposure to Bangladesh through
its customers. The agency will closely monitor the situation and
its evolving status and will resolve the rating watch once it
receives sufficient clarity and information regarding these
factors.
Detailed Description of Key Rating Drivers
Medium Scale of Operations: Ind-Ra expects the political turmoil in
Bangladesh to lead to a decline in the export revenues from the
region in the short term in case the situation does not return to
normalcy. The company's diversification measures to other markets,
however, could mitigate the impact to some extent. LSL's export
operations in Bangladesh and overall operating performance would be
a key monitorable in 2QFY25 amid the turmoil. In 1QFY25, LSL
recorded a turnover of INR1,599.70 million; of this, 22.49% was
derived from exports to Bangladesh.
In FY24, the entity's turnover increased to INR4,375.02 million
(INR3046.59 million) owing to commercialization of the new compact
yarn manufacturing facility in January 2024. Exports accounted for
44% of the total revenue in FY24. Ind-Ra expects the revenue to
grow further on a yoy basis in FY25, as it would be the first full
year of operations for the new facility. The company's main export
markets are Bangladesh (revenue share; FY23: 25.03%; FY22: 37.80%)
and Portugal (26.08%; 21.31%), followed by Columbia, the US, Italy,
and others.
Experienced Promoters; Established Presence in Textile Market: LSL
is a listed entity, led by D.P. Mangal, the chairman of the group,
who has more than four decades of experience in the textile
industry, and Anand Mangal, who has been the managing director
since LSL’s inception in 2010. Furthermore, the company has a
strong foothold in the domestic and export markets, such as
Bangladesh, Portugal, Poland, China, Singapore, the US, South
Korea, Morocco, and Germany.
Modest Credit Profile: LSL's credit metrics remained modest and
deteriorated in FY24, due to an increase in the total debt
outstanding on account of debt-led capex. In FY24, LSL's interest
coverage (operating EBITDA/net interest expense) declined to 2.96x
(FY22: 2.81x), while the net leverage (net adjusted debt/operating
EBITDA) increased to 8.36x (5.96x). During FY24, LSL installed
41,472 spindles for manufacturing 100% compact cotton yarn in
Hamirgarh, Bhilwara, at a total cost of INR2,180 million, of which
INR1,630 million was funded through banks and the rest through
internal accruals. Out of the total debt of INR1,630 million,
INR1,505.54 million was drawn down in FY24, leading to the increase
in the net leverage. The new plant commenced commercial operations
from January 2024, although trial runs for the same had started in
2QFY24.
Ind-Ra expects the credit metrics to deteriorate further in FY25,
considering the possible impact on the operations in the Bangladesh
region in the short term. Over the medium term, if the situation in
Bangladesh returns to normalcy, the company might witness an
increase in the EBITDA, and this along with full-year operations at
the new facility and scheduled debt repayments could result in an
improvement in the credit metrics.
Modest EBITDA Margins: The EBITDA margins improved marginally to
10.32% in FY24 (FY23: 10.11%) due to higher absorption of fixed
overheads, led by increased revenue. The ROCE was 9.4% in FY24
(FY23: 8.9%) and is likely to remain at similar levels in FY25. In
FY23, the EBITDA per ton had declined to INR28,971 (FY22:
INR43,522), owing to lower absorption of fixed costs, resulting
from a fall in revenue. Ind-Ra expects the EBITDA per ton to have
further declined in FY24, based on the 9MFY24 EBITDA per ton of
INR21,444. In 1QFY25, the entity recorded an EBITDA margin of
8.60%. The agency expects the margins to improve in FY25 owing to
the inclusion of higher-margin compact yarn in its product
portfolio. However, the operations will remain affected by the
volatility in cotton prices.
Inherent Industry Risk: Textile players face high competition, due
to the fragmented nature of the industry and raw material price
volatility. Furthermore, cotton prices in India are regulated
through the fixing of a minimum support price by the government,
and cotton players depend on the price parity. The price of raw
cotton also depends on the area under production, annual yield,
international demand-supply scenario, export quota decided by the
government and the previous year's inventory.
Liquidity
Stretched: The company's average month-end utilization of the
fund-based limits was 87.73% over the 12 months ended September
2024. The limits were enhanced during FY24 to fund the increase in
scale of operations. The cash flow from operations improved to
INR67.30 million in FY24 (FY23: INR20.90 million), due to
improvement in the EBITDA to INR450.78 million (INR308.03 million).
Its free cash flow remained negative at INR1938 million in FY24
(FY23: negative INR224.09 million) because of capex amounting to
INR2,005.30 million undertaken during the year. Ind-Ra expects
LSL's liquidity position to remain stretched in FY25 on account of
its repayment obligations. The company has debt repayment
obligations of INR277.37 million and INR341.95 million for FY25 and
FY26, respectively, which would be serviced through the company's
internal accruals and EBITDA. The DSCR for FY24 stood at 0.89x.
LSL has considerable exposure to Bangladesh, wherein payment delays
led to overdue export bills during 1HFY25, although the bills were
cleared within 30 days. However, LSL had sufficient liquidity by
way of fund-based limits during the period of delays. Any further
instances of irregularities in payment collections, leading to
continued instances of overdue in forex bill discounting, would
affect the liquidity position.
Rating Sensitivities
The Rating Watch with Developing Implications indicates that the
ratings may be affirmed or downgraded or upgraded upon resolution.
The Rating Watch with Developing Implications will be resolved
within six months or as and when the agency receives more clarity
on LSL's operational exposure to Bangladesh, whichever is earlier.
The agency would also monitor the developments on the operating and
financial performance of the company.
About the Company
Established in 2010, Rajasthan-based LSL manufactures single and
double, carded and combed ring spinning yarn, open-end spinning
yarn and compact yarn for the domestic and export markets. D.P
Mangal, Anand Mangal and Shubh Mangal are the promoters. It has a
ring spinning capacity of 25,536 spindles and open-end capacity of
1,920 rotors as of March 2024. The entity installed an additional
capacity of 41,472 ring spindles from January 31, 2024 for the
production of compact yarn.
LAVIM DEVELOPERS: Ind-Ra Withdraws B- Term Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lavim Developers
Private Limited's (LDPL) bank loan rating as follows:
-- The 'IND B-/Stable (ISSUER NOT COOPERATING)' rating on the
INR400 mil. Term loan due on FY25 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 on March 21, 1997, LDPL is a private limited company
engaged in the construction of residential projects. LDPL is
executing a single residential project named Paranjape Broadway in
Pimprichinwad, Pune. LDPL is a 100% subsidiary of Paranjape Schemes
(Construction) Limited.
LORDS INFRACON: Ind-Ra Moves BB- Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Lords Infracon Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR200 mil. Fund Based Working Capital Limit Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB-/Negative(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR450 mil. Non-Fund Based Working Capital Limit Outlook
revised to Negative; rating migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Lords Infracon Private
Limited over emails starting from August 30, 2024, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Lords Infracon Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Lords Infracon Private
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. 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 2014, LIPL is a Jamshedpur-based company, primarily
engaged in civil construction work, including canals, roads and
buildings, for the government of Jharkhand and the government of
Odisha. The entity was started as a sole proprietorship in the
year 2000, with Mahendra Gope as the proprietor, and it was later
converted into a private company in 2014. The company existing
directors are Mahendra Gope, Urmila Devi and Nilamber Kumar.
MIR BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MIR Builders
and Developers Private Limited (MIRBDL; part of MIR group)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 18 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MIRBDL 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 MIRBDL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MIRBDL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of MIRBDL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of MIRBDL with its group
company MIR Realtors Pvt Ltd (MIRBDL). This is because the two
companies, together referred to as the MIR group, have business and
financial linkages and a common management.
Incorporated in the year 2006, MIRBDL is engaged primarily in
residential real estate development in Kerala. Incorporated in the
year 2008, MIRBDL is also engaged in residential real estate
development in Kerala. The group is promoted by Mr. K. Arun Kumar.
MONGA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Monga Iron
And Steel Private Limited (MISPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MISPL 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 MISPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MISPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MISPL continues to be 'CRISIL D Issuer Not Cooperating'.
MISPL was set up in 1985 as a proprietorship firm, and was
reconstituted as a private limited company with the present name in
2008. The company trades in stainless steel products. Its
registered office is in New Delhi.
N.P. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N.P. Agro
India Industries Private Limited (NPAIIL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 24.65 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.35 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.26 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.74 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NPAIIL 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 NPAIIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
NPAIIL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of NPAIIL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
NPAIIL was incorporated in fiscal 1998 and was taken over by the
present management headed by Mr Prateek Pasricha along with his
associates in fiscal 2009. The company manufactures high-density
polyethylene/poly propylene bags and tarpaulin, masterbatches, and
printed laminated plastic films. Its unit is in Bareilly, Uttar
Pradesh.
NAGOORAR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagoorar
Enterprises (NE) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.44 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NE 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 NE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NE
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1985, NE, a proprietorship firm of Mr N Shahul Hameed,
trades in scrap material such as mild steel, fly ash, and firewood,
sprint green and plastic scrap.
NEW PRINT: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of New Print
India Private Limited (NPIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.22 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.78 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 3,
2023, placed the rating(s) of NPIPL under the 'issuer
non-cooperating' category as NPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 18, 2024, September 28, 2024 and October 8, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
New Print India Private Limited (NPIPL) was incorporated in 1979 by
Mr. Subhash Goel and Mr Suresh Goel. New Prints Private Limited
(NPIPL) is engaged in manufacturing of paper products like books,
calendar, diary etc. The company is into offset printing, pre-press
and post-press (i.e. binding, stitching, lamination etc)
activities.
NIKI RESORTS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Niki Resorts Private Limited to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR1.50 mil. Non-Fund Based Working Capital Limit Outlook
revised to Negative; rating migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR4.35 mil. Term loan issued on June 30, 2023 coupon rate
11.7% due on May 31, 2031 Outlook revised to Negative;
rating migrated to non-cooperating category with IND
BB+/Negative (ISSUER NOT COOPERATING) rating; and
-- INR4.35 mil. Term loan issued on June 30, 2023 coupon rate
11.7% due on May 31, 2031 Outlook revised to Negative; rating
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. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Niki Resorts Private
Limited over emails starting from August 30, 2024, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Niki Resorts Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Niki Resorts Private Limited's
credit strength. If an issuer does not provide timely No Default
Statement, it indicates weak governance, particularly in 'Timely
debt servicing'. 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
NIKI owns and operates a four-star hotel in Sambalpur, Odisha under
the brand 'Niki Resorts' with 54 rooms in four different categories
along with a banquet, restaurant, a café & a bar. The company was
incorporated in 2017 and the operations started in 2019. NRPL is
promoted by Minati Das and Vishal Das. The company has also
ventured into the leasing business in FY24 with its shopping mall
'Space City Mall' in the same city spread across a 120,000 square
feet area having G+5 floors.
NIKUNJ COMMODITIES: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nikunj
Commodities Private Limited (NCPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.70 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 3.74 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NCPL 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 NCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NCPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
NCPL was set up in 2017, as a trading firm, by its directors. In
2019, the company started extracting rice bran oil. The processing
facility is located in Moga, Punjab.
NOOR INDIA: CRISIL Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Noor India
Buildcon Private Limited (NIBPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 7 CRISIL D (ISSUER NOT
Overdraft facility COOPERATING)
CRISIL Ratings has been consistently following up with NIBPL 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 NIBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NIBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NIBPL continues to be 'CRISIL D Issuer Not Cooperating'.
NIBPL was incorporated in 2006, promoted by Mr Mohamadali Saiyed
and his family members. The company undertakes civil construction
work (mainly buildings) in Gujarat. The company specialises in
setting up paper mills. It is undertaking a residential real estate
project in Vapi, Gujarat.
PIYUSH INFRATECH: Ind-Ra Moves BB Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Piyush Infratech Private Limited's (PIPL) bank facilities to
Negative from Stable and has simultaneously migrated the ratings to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the ratings are based
on the best available information. 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:
-- INR200 mil. Fund-based working capital limit Outlook revised
to Negative and migrated to non-cooperating category with IND
BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR200 mil. Non-fund-based working capital limit Migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information.
Detailed Rationale of the Rating Action
The migration of ratings to the non-cooperating category and the
Outlook revision are in accordance with Ind-Ra's policy, Guidelines
on What Constitutes Non-Cooperation. The Negative Outlook reflects
the likelihood of a downgrade of the entity's ratings on continued
non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with PIPL while reviewing the
ratings. Ind-Ra had consistently followed up with PIPL over emails
starting August 2024, apart from phone calls. The issuer has
submitted no default statement until September 2024.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of PIPL, 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. PIPL has been
non-cooperative with the agency since August 2024.
About the Company
Incorporated in 1999, PIPL undertakes construction tenders for
irrigation projects, dams, storage tanks, roads and bridges,
earthwork of railway BG lines. The company's registered office is
in Aurangabad, Maharashtra. Pralhad Hariram Panhale, Mandakini
Prahlad, Piyush Pralhad and Arvind Venkatrao are the promoters.
SAMARO GLOBAL: Ind-Ra Moves BB Loan Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Samaro Global Industries Pvt Ltd to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR495 mil. Fund Based Working Capital Limit Outlook revised
to Negative; rating migrated to non-cooperating category with
IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR20 mil. Non-Fund Based Working Capital Limit Outlook
revised to Negative; rating migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR340 mil. Term Loan due on July 31, 2027 Outlook revised to
Negative; rating 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. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Samaro Global Industries
Pvt Ltd over emails starting from August 30, 2024, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Samaro Global Industries
Pvt Ltd on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Samaro Global Industries Pvt
Ltd.'s credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. 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 2019, SGIPL manufactures stone plastic composite
and flooring tiles, at its installed production capacity of
100,000tpa in Umbergaon, Gujarat.
SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Senthil Kumar
Textiles (SKT) continues to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKT 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 SKT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKT continues to be 'CRISIL C Issuer Not Cooperating'.
Established in June 2011, as a partnership firm. SKT is engaged in
retailing of various international and domestic branded apparels
and accessories. SKT is based in Tamil Nadu.
SESA CARES: Ind-Ra Places BB+ Term Loan Rating on Watch
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed the ratings of Sesa
Care Private Limited's (SCPL) term loan on Rating Watch with
Developing Implications as follows:
-- INR2.154 bil. Term loan due on FY27 Placed on Rating Watch
with Developing Implications; IND BB+/Rating Watch with
Developing Implications.
Analytical Approach
Ind-Ra continues to take a standalone view of SCPL while notching
up the ratings on account of the support available to the company
from its promoter, True North Fund V LLP (True North).
Detailed Rationale of the Rating Action
Ind-Ra has placed the rating on Rating Watch with Developing
Implications following Dabur Ltd.'s announcement of acquisition of
51% stake in SCPL on 30 October 2024 for an enterprise value of
about INR3.2 billion. SCPL's management expects the merger to be
complete in the next 15-18 months after the receipt of regulatory
approvals. Ind-Ra has a limited understanding around the
syndication of business synergies between both the entities and its
impact on SCPL's business and financial risk profile. Dabur will
provide a maximum corporate guarantee of INR4,000 million for
SCPL's debt. Ind-Ra would need further understanding around the
availability of support from the new promoter, board representation
and the impact of the merger on the credit risk profile of the
merged entity, which is a key consideration for SCPL's rating.
Detailed Description of Key Rating Drivers
Stretched Credit Metrics: SCPL's gross debt (including lease
liabilities) was high at INR3,069 million at FYE24 (FY23: INR2,915
million). The debt is majorly in the form of term loan drawn to
fund the acquisition of the Sesa brand in FY19. Consequently, the
net adjusted leverage (net debt/EBITDA) remained stretched at 20.0x
in FY24 (FY23: 20.4x) and interest coverage (EBITDA/interest
expense) remained low at 0.5x (0.4x). SCPL has classified the
cumulative redeemable preference shares (CRPS) issued to True North
of about INR256.5 million in FY24 as long-term borrowings.
Acquisition by Dabur: As part of the merger, Dabur will pay a cash
consideration of INR125.9 million for purchase of 51% of the total
paid up CRPS of SCPL at a face value of INR10 each from the
company's current promoter True North. The merger is likely to be
completed in the next 15-18 months post obtaining necessary
regulatory approvals. At the time of merger, 100% of SCPL's share
capital and the remaining 49% of the total paid up CRPS will be
cancelled or redeemed in lieu of issuance of shares of Dabur in the
determined swap ratio upon merger.
Additionally, Dabur will provide a maximum corporate guarantee of
INR4,000 million towards SCPL's debt. The appointment of Dabur's
directors on SCPL's board will be in due course. This corporate
guarantee shall remain valid till the date of completion of the
merger or the date of repayment of loans by SCPL, whichever is
earlier.
Business Synergies with Strategic Investor - Dabur: This
acquisition will provide SCPL's products access to Dabur's vast
distribution network. As per management, despite strong presence in
the chemist channel, SCPL is underrepresented in general trade
channels. This can be improved with Dabur's strength and SCPL can
also leverage on Dabur's presence in the underpenetrated North and
West India markets. The transaction could also bring in cost
synergies by leveraging on the scale of procurement. Overall, the
acquisition could act as a major step in increasing the overall
scale of SCPL's hair oil products.
Stable Operating Performance in FY24: During FY24, SCPL's revenue
grew about 2% yoy to INR1.2 billion. The EBITDA margins also
improved to 10.8% in FY24 (FY23: 10.6%), largely led by a decline
in raw material prices. The agency expects SCPL's margins to be
rangebound in FY25. As per SCPL's management, revenue growth was
largely flat on a year-on-year basis in 1HFY25 due to the ongoing
pressure in the general trade segment. The hair care segment
continued to contribute over 90% to SCPL's revenue in FY24.
However, the hair oil industry remains fragmented with limited
product differentiation and low-entry barriers. Thus, a significant
increase in the revenue remains a key monitorable.
Liquidity
Stretched; Supported by Promoter: At FYE24, SCPL had a cash
balance of INR51 million. The free cash flow remained negative at
about INR176million in FY24 (FY23: negative INR166 million) because
of continued negative cash flow from operations, resulting from
unfavorable changes in working capital. The company has debt
repayment obligations of INR640 million in FY25, for which it
remains largely dependent on fund infusion from the promoters.
Rating Sensitivities
The Rating Watch with Developing Implications indicates that the
ratings will be either upgraded, affirmed or downgraded upon
resolution. Ind-Ra will resolve the Rating Watch upon receiving
further clarity with regards to the completion of the merger and
its impact on SCPL's credit profile. The agency will continue to
monitor developments related to the merger and obtaining of the
necessary approvals pertaining to the same.
About the Company
Incorporated in August 2018, SCPL acquired the Sesa branded hair
care products such as hair oil, anti-dandruff oil, hair vitalizer
for men, hair oil in lotion and hair capsules from Ban Labs Pvt.
Ltd. The company operates a manufacturing facility in Himachal
Pradesh with a production capacity of around 3 million bottles per
month.
SHREEVARI ENERGY: Ind-Ra Moves BB- Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shreevari Energy Systems Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR145 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB-/Negative (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR455 mil. Term loan due on August 31, 2027 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. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
The ratings have been migrated to 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 No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Shreevari Energy Systems
Private Limited over emails starting from August 30, 2024, apart
from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Shreevari Energy Systems
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Shreevari Energy Systems
Private Limited's credit strength. If an issuer does not provide
timely No Default Statement, it indicates weak governance,
particularly in 'Timely debt servicing'. 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
Thuvakudy, Tamil Nadu-based SESPL was established in 2004 as a
wholly owned subsidiary of NTC Holdings Private Limited. It has
three operating units for manufacturing wind mill components and
tools. The company has added a manufacturing unit for windmill
tower in Tamil Nadu during FY23.
SRINIVASA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Srinivasa
Educational Academy (SEA) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 37.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 29,
2023, placed the rating(s) of SEA under the 'issuer
non-cooperating' category as SEA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SEA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 14, 2024,
August 24, 2024, September 3, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
The trust was incorporated in 1998 by Dr. R Venkataswamy, a
philanthropist and an educationist, to render educational and
development facilities in the rural areas of Chittoor District in
Andhra Pradesh (A.P.). The oldest educational institute of the
trust is Sri. R.K.M Law College started in 1991-1992 which was
taken over from Swami Vivekananda Society. His family members are
the trustees for SEA. SEA currently manages eleven educational
institutions, which include engineering, law, computer science,
pharmacy, business management, nursing, medicine, etc. SEA also
provides hostel facilities to its students, teachers and other
staffs. The trust had set-up a 362 bedded hospital in 2013. Out of
the eleven institutes, two institutes are located in Hyderabad,
Telangana while the rest are in Chittoor district, A.P.
SULTANPURE TEXTILE: Ind-Ra Moves B+ Loan Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sultanpure Textile Mills Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR40 mil. Term loan due on March 31, 2028; Outlook revised to
Negative; rating migrated to non-cooperating category with
IND B+/Negative (ISSUER NOT COOPERATING) rating; and
-- INR120 mil. Fund Based Working Capital Limit Outlook revised
to Negative; rating migrated to non-cooperating category with
IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.
Detailed Rationale of the Rating Action
The ratings have been migrated to 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 No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Sultanpure Textile Mills
Private Limited over emails starting from August 30, 2024, apart
from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Sultanpure Textile Mills
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Sultanpure Textile Mills
Private Limited's credit strength. If an issuer does not provide
timely No Default Statement, it indicates weak governance,
particularly in 'Timely debt servicing'. 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
Established in 1994, Ichalkaranji, Maharashtra-based STMPL is
engaged in the designing and manufacturing of industrial fabrics
for use in laminated, pharmaceutical, abrasive and self-adhesive
tapes. Gajanan Sultanpure and Tushar Sultanpure are the promoters.
SURGICOIN MEDEQUIP: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Surgicoin
Medequip Private Limited (SMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 6,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 21, 2024,
October 1, 2024 and October 11, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Sonipat-based (Haryana) Surgicoin Medequip Private Limited (SMPL)
was incorporated January 27, 1986 under the name of Super Cardiac
Breaths Private Limited by Mr Naresh Grover. Later on, February 02
2006, the name of the entity was changed to Surgicoin Medequip
Private Limited. The company is currently managed by Mr Naresh
Grover. The firm is engaged in manufacturing and trading of medical
equipment like operation Theatre Equipment, Respiratory Apparatus,
Electro Medical Equipment, Patients ward Equipment and other
medical products.
YASHMUN ENGINEERS: CRISIL Lowers Long/Short Term Ratings to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Yashmun Engineers Limited (YEL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL B/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4')
The ratings downgrade is on account of overdue in the working
capital facility for more than 30 due to weak liquidity.
The rating continues to reflect YEL's weak financial risk profile,
modest scale of operations and volatility in operating margin along
with moderately intensive working capital requirement. These
weaknesses are partially offset by extensive experience of the
promoters in the industry.
Analytical Approach
CRISIL Ratings have evaluated the standalone business and financial
risk profiles of YEL.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delays in Debt servicing: There has been overdrawing in the
working capital facility for more than 30 days.
* Weak financial risk profile: Net worth has deteriorated to INR33
crore as on March 31,2024 from INR58 crore as on March 31,2023 due
to operating losses suffered in fiscal 2024. Gearing and total
outside liabilities to adjusted net worth ratio deteriorated to
1.83 times and 3.64 times as on March 31,2024 (0.75 time and 1.87
times, respectively as on March 31,2023). Debt protection metrics
are subdued due to operating loss.
* Modest scale of operations and volatility in operating margin:
The company revenue has declined by 28% in fiscal 2024 to be
estimated at INR13.17 crore from INR18.27 crore in fiscal 2023.The
company's revenue was below INR15 crore in past 3 fiscal ended
March 31, 2022. Operating margin ranges from (17.05)-7% in last 4
fiscal ending 2024. Sustainable growth in revenue and operating
margin remains a key rating sensitivity factor.
* Moderately intensive working capital requirement: The company
operations are working capital intensive as estimated gross current
asset days are estimated at 220 days. It has remained in the range
of 73-220 days in last 4 fiscal ending Mar 31, 2024. Driven by high
debtor's days of estimated at 159 days as on Mar 31, 2024. The same
is expected to stay moderate over medium term.
Strength:
* Extensive experience of promoters in the industry: The promoters'
having experience of over four decades, their strong understanding
of the local market dynamics, and healthy relations suppliers
should continue to support the business. The company has
established healthy relationship with established customers like
Tata power, NTPC and others. Benefits from the extensive industry
experience of the promoters would continue over the medium term.
Liquidity: Poor
Liquidity is poor marked by overdue in working capital limit for
more than 30 days. The net cash accruals are expected to be low in
fiscals 2025 and 2026; against- repayment obligations. Liquidity is
expected to be supported by need-based funding support from
promoters.
Rating sensitivity factors
Upward factors:
* Timely servicing of debt obligations for more than 90 days
* Sustained scale of operation and improvement in operating margin,
leading to net cash accruals higher than 1 crore.
* Improvement in financial risk profile.
YEL is engaged in providing billing, meter switching and
maintenance services for TPC in Mumbai. The company is also engaged
in hot line washing and rewinding of motors and generators.
=========
J A P A N
=========
NISSAN: Faces Record Debt Bill With 1 Year Left to Fix Finances
---------------------------------------------------------------
Bloomberg News reports that Nissan Motor will have a year of
breathing space in 2025 before hitting a record bond maturity wall
as concerns mount about its ability to generate cash.
The automaker and its group firms have about $1.6 billion of debt
due next year, a slight decrease from 2024, but that figure will
jump to around $5.6 billion in 2026, the most in Bloomberg-compiled
data going back to 1996. The debt due in 2026 is in yen, dollars
and euros.
According to Bloomberg, the deluge of bond repayments comes as the
company's debt-default insurance costs climb to peaks last reached
in March 2023 and yield premiums on yen and dollar bonds have risen
to the highest levels this year.
Nissan's shares have wildly swung in recent days, tumbling after it
slashed profit forecasts and 9,000 jobs, but jumping after one of
the most influential activist investors in Japan took a stake in
the company. In credit markets, speculation that the automaker may
be cut to junk grade by more ratings firms has damaged investor
sentiment. The election of Donald Trump as president also boosts
the danger of the U.S. increasing tariffs for exporters.
"Under current conditions, Nissan may become a fallen angel, and
when markets are aware of such a downgrade risk, investors may
require spreads pricing in such risks," Bloomberg Kentaro Harada,
chief credit analyst at SMBC Nikko Securities, as saying. Debt
rating cuts may force Nissan out of investment-grade bond indexes,
taking away funds from investors who only put their money in debt
that's included in those indices, he said.
Nissan has sufficient liquidity, with over JPY1.3 trillion ($8.3
billion) in cash on a net basis in its automobile business at the
end of September, said Shiro Nagai, a company spokesperson,
Bloomberg relays. It also has committed credit facilities with
major international banks to fund both automobile and sales finance
businesses, with more than JPY1.9 trillion available at the end of
September, Nagai said.
Bloomberg relates that Nagai said the company has "many sources" of
funds to repay debt over the next five years including currently
available liquidity, automotive cash flows, dividends from its
profitable sales finance business and new debt issuance. The bond
data don't include asset-backed securities, Nagai said.
Nissan has a Baa3 rating from Moody's and BBB- from Fitch Ratings,
both the lowest investment grade, while S&P ranks it BB+, the
highest junk score, Bloomberg-compiled data show. All of those
ratings have a stable outlook, suggesting that changes aren't
imminent.
One concern is that the company's automotive division fell into a
deficit in the April-September period in terms of cash flow that
can be freely used for investments or to boost shareholder returns,
Bloomberg notes. The deficit of more than JPY440 billion in the
six-month period was due to a decline in earnings and an increased
investment burden, and the company will still need to develop
next-generation technologies such as electric vehicles and
autonomous driving in the coming years, the rating firm said.
Bloomberg adds that Nissan also has by far the biggest borrowings
relative to its earnings among Japanese automakers. Its
debt-to-earnings ratio before interest, taxes, depreciation and
amortization, or Ebitda, was 8 last quarter, according to
Bloomberg-compiled data. That compares with 4.9 for Toyota Motor,
4.7 for Honda, and the average of 3.3 for companies in the Nikkei
225 Stock Average.
The cost to insure against debt nonpayment by Nissan rose to about
178 basis points earlier this month, the highest since March 2023,
Bloomberg discloses citing CMA data. Only three other major
Japanese companies have riskier debt in CDS terms.
Bond prices show similar moves, with Nissan's 4.81% $2030 notes
seeing their spreads jumping to as high as 234 basis points,
marking a 50 basis-point resurgence from their lows this year.
Yield premiums on 0.7% JPY2027 bonds issued by a finance unit also
jumped to around 80 basis points from this year's low of about 51
basis points, Bloomberg-compiled data show.
Adding to the worry is that in the U.S., one of the major markets
for Nissan, the automaker is facing headwinds as President-elect
Trump has said he wants to crack down on automakers building cars
in Mexico by imposing tariffs higher than 200% on vehicles imported
from Mexico. The country is a key manufacturing base and market for
Nissan, and Mr. Trump has threatened to boost tariffs on other
countries, too, Bloomberg relays.
"We need to be a little cautious about our outlook for the
automotive industry as a whole, and companies that have had poor
performances may be more prone to the impact," Bloomberg quotes
Yuta Misumi, associate director at S&P in Tokyo, as saying.
About Nissan Motor
Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
Worldwide.
As reported in the Troubled Company Reporter-Asia Pacific on March
4, 2024, S&P Global Ratings affirmed its 'BB+' long-term and 'B'
short-term issuer credit ratings on Nissan Motor Co. Ltd. and its
overseas subsidiaries. The outlook on the long-term rating is
stable. S&P affirmed all issue ratings on the companies.
=====================
N E W Z E A L A N D
=====================
DU VAL GROUP: Founders' Lack of Legal Aid Could Delay FMA case
--------------------------------------------------------------
Radio New Zealand reports that part of the Financial Market
Authority's case against the former owners of insolvent property
developer Du Val may be delayed because the couple cannot find a
legal aid lawyer.
Legal aid is government funding for people who cannot afford a
lawyer.
Kenyon and Charlotte Clarke owe almost NZD240 million to creditors
and investors after their company was placed into statutory
management in August, RNZ notes.
According to RNZ, a hearing on the FMA's action against the Clarkes
for asset preservation orders was due to start on Dec. 3.
But in a decision released on Nov. 14, Justice Neil Campbell
revealed the Clarkes had been unable to secure a lawyer and gave
them a deadline to do so.
"Given that the Clarkes remain without legal representation, the
FMA accepts that it is not feasible for [the] hearing to proceed,"
he wrote.
"I agree. However, because the Clarkes are entitled only to a
reasonably [sic] opportunity to obtain representation before the
FMA's applications are heard, I am also of the view that . . . the
Court [should be] informed of the efforts made by the Clarkes to
obtain representation."
RNZ relates that Mr. Campbell directed the Clarkes to obtain legal
aid by 29 November, or give a comprehensive explanation for why
they had not done so.
If the Clarkes do not obtain a lawyer and file a notice of
opposition to the FMA's applications by December 6, a week after
Campbell's deadline, the judge would give them further directions
on December 9.
In a now-deleted Instagram post on Nov. 13, Kenyon Clarke promised
a "biblical response" to the FMA's case against him, RNZ says.
"While I may be under a gag order not to speak about any
questionable FMA investigation, I can say this, get on and charge
me," he wrote.
"I can't wait to see you in court and expose every grubby little
deal, every grubby witness and the trial by media in the absence of
any evidence. Let's go!"
About Du Val Group
Du Val Group -- https://duval.co.nz/ -- is a developer of
large-scale residential projects in New Zealand, renowned for their
innovative design.
As reported in the Troubled Company Reporter-Asia Pacific, the
Financial Markets Authority on Aug. 21, 2024, confirmed that the
Governor-General, on the advice of the Minister of Commerce and
Consumer Affairs given in accordance with a recommendation from the
FMA, declared a number of entities within the Du Val group be
placed in statutory management under the terms of the Corporations
(Investigation and Management) Act 1989 (the Corporations Act).
Statutory management for these entities was announced by the
Minister on Aug. 21, effective immediately. John Fisk, Stephen
White and Lara Bennett of PwC New Zealand, who were appointed as
interim receivers on Aug. 2, 2024, have been appointed as the
Statutory Managers.
HI-CHILL NZ: Creditors' Proofs of Debt Due on Dec. 11
-----------------------------------------------------
Creditors of Hi-Chill NZ Limited are required to file their proofs
of debt by Dec. 11, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 11, 2024.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
NZ MARKETING: Court to Hear Wind-Up Petition on Dec. 9
------------------------------------------------------
A petition to wind up the operations of NZ Marketing Group Limited
will be heard before the High Court at Tauranga on Dec. 9, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 15, 2024.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight (PO Box 432)
Hamilton
PLACE-IT CONCRETE: Court to Hear Wind-Up Petition on Dec. 3
-----------------------------------------------------------
A petition to wind up the operations of Place-It Concrete Services
Limited will be heard before the High Court at Wellington on Dec.
3, 2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 8, 2024.
The Petitioner's solicitors are:
Gideon Jacobus Du Preez
Legal Services, Asteron Centre
55 Featherston Street (PO Box 895)
Wellington
POOLBOYS LANDSCAPING: Court to Hear Wind-Up Petition on Nov. 28
---------------------------------------------------------------
A petition to wind up the operations of Poolboys Landscaping
Limited will be heard before the High Court at Napier on Nov. 28,
2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 19, 2024.
The Petitioner's solicitor is:
Claudia Elizabeth Mazuecos
Legal Services, Asteron Centre
55 Featherston Street (PO Box 895)
Wellington 6011
RAM CONCRETE: Creditors' Proofs of Debt Due on Jan. 14
------------------------------------------------------
Creditors of Ram Concrete Group Limited are required to file their
proofs of debt by Jan. 14, 2025, to be included in the company's
dividend distribution.
Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were
appointed liquidators of the company by order of the High Court at
Wellington on Nov. 2, 2024, on the application of Kumar Vasist.
The liquidators had previously been appointed as interim
liquidators to the company by order of the High Court on Sept. 23,
2024.
===============
P A K I S T A N
===============
PAKISTAN: Wraps Up Unscheduled Talks With IMF on USGD7BB Bailout
----------------------------------------------------------------
Reuters reports that the International Monetary Fund (IMF) said on
Nov. 15 it held constructive talks with authorities in Pakistan on
economic policy and reform efforts to reduce vulnerabilities during
an unscheduled staff visit.
According to Reuters, the unusual visit from Nov. 12 to Nov. 15
discussed a $7-billion bailout within six weeks of its approval by
the IMF board, but came too early for the first review of the
Extended Fund Facility (EFF), due in the first quarter of 2025.
"We are encouraged by the authorities' reaffirmed commitment to the
economic reforms supported by the 2024 EFF," Reuters quotes Nathan
Porter, the chief of the IMF's Pakistan mission, who led the talks,
as saying in a statement.
The constructive discussions on economic policy and reform efforts
to reduce vulnerabilities would help to lay the basis for stronger
and sustainable growth, he added.
Reuters relates that the mission did not state the weaknesses, but
sources in Pakistan's finance ministry have said some major lapses
prompted the IMF to intervene.
Among these were a shortfall of nearly PKR190 billion ($685
million) in revenue collection during the first quarter of the
current fiscal year.
Reuters says the period also saw an external financing gap of $2.5
billion, while Pakistan failed in the bid to sell its national
airline, a major setback on the path to privatising loss-making
state-owned enterprises, required by the IMF.
Losses running into billions of dollars in the power and gas
sector, the main hole in the economy, were also discussed, the IMF
said, adding that structural energy reforms were critical to
restore the sector's viability.
Both sides agreed on the need to continue prudent fiscal and
monetary policies, and mobilise revenue from untapped tax bases,
the mission added.
Pakistan has struggled for decades with boom-and-bust economic
cycles, prompting 23 IMF bailouts for the South Asian nation since
1958, Reuters notes.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2024, Moody's Ratings has upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3. Moody's have also upgraded the
rating for the senior unsecured MTN programme to (P)Caa2 from
(P)Caa3. Concurrently, the outlook for Government of Pakistan is
changed to positive from stable.
The TCR-AP reported that S&P Global Ratings, on July 30, 2024,
affirmed its 'CCC+' long-term sovereign credit rating and 'C'
short-term rating on Pakistan. The outlook on the long-term rating
is stable. S&P's transfer & convertibility assessment remains at
'CCC+'.
The TCR-AP also reported in early August that Fitch Ratings has
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'. Fitch typically does not assign
Outlooks to sovereigns with a rating of 'CCC+' or below.
=================
S I N G A P O R E
=================
ANR SHIPPING: Court to Hear Wind-Up Petition on Nov. 22
-------------------------------------------------------
A petition to wind up the operations of ANR Shipping (S) Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 22, 2024,
at 10:00 a.m.
Yew Choon Pte Ltd filed the petition against the company on Oct.
30, 2024.
The Petitioner's solicitors are:
Drew & Napier LLC
10 Collyer Quay
#10-01 Ocean Financial Centre
Singapore 049315
BRICK EAGLE: Commences Wind-Up Proceedings
------------------------------------------
Members of Brick Eagle Projects (Singapore) Private Limited on Nov.
6, 2024, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Lim Soh Yen
Tan Suah Pin
33 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
COOLINE INSULATION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Nov. 1, 2024, to
wind up the operations of Cooline Insulation 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
CORDLIFE GROUP: Posts SGD1.6 Million Net Loss in Q3 Ended Sept. 30
------------------------------------------------------------------
The Business Times reports that Cordlife Group remained in the red
for the third quarter ended September 2024, after having fallen
into a net loss position for the first half of the fiscal year.
On Nov. 15, the embattled cord-blood bank reported a SGD1.6 million
Q3 net loss, from a net profit of SGD1.4 million in Q3 FY2023, BT
discloses.
Revenue fell 31 per cent to SGD10.1 million from SGD14.7 million on
lower contributions from Singapore, which recorded only 15 days of
operations for the period.
According to BT, Cordlife announced that it resumed its cord-blood
banking services in "a controlled manner" from Sept. 15, following
an extended suspension of new sample collection activities in
Singapore, directed by the Ministry of Health (MOH).
For the nine-month period, the group recorded a net loss of SGD13.9
million, from a SGD3.6 million profit in the prior year. Revenue
declined 55.1 per cent to SGD19.3 million from SGD43 million
previously.
BT adds that the group said it remains focused on achieving full
resumption of its Singapore operations, having improved its
processing and storage facility in Yishun by increasing laboratory
and technical personnel, and by strengthening operational
protocols.
Group executive director Chen Xiaolong, reporting that Cordlife now
has "more robust capabilities and stronger operating procedures",
said the company now follows strict operating protocols, and "is
working to regain the full trust of all stakeholders," BT relays.
Group chief executive Ivan Yiu said: "Having met MOH's criteria to
resume our cord blood banking services in a controlled manner in
Singapore, we are confident the group is on the path to rebuilding
our business foundation to drive business recovery."
About Cordlife
Headquartered in Singapore, Cordlife Group Limited, an investment
holding company, provides cord blood banking services in Singapore,
Hong Kong, India, Malaysia, the Philippines, and internationally.
The company operates through two segments, Banking and Diagnostics.
It offers cord blood, cord lining, and cord tissue banking
services, including processing and storage of stem cells; and
various diagnostics services, such as newborn genetic screening,
pediatric vision and ear screening, pediatric allergen test,
genetic talent test, preimplantation genetic screening, endometrial
receptivity test, non-invasive prenatal testing, and newborn
metabolic screening. The company also provides Moms Up, a mobile
app for pregnancy and parenting resources for moms and moms-to-be.
In addition, it provides medical laboratory, marketing, and
property investment services.
As reported in the Troubled Company Reporter-Asia Pacific in late
in April 2024, Cordlife's former internal auditor KPMG had
submitted a disclaimer of opinion in its independent auditor's
report dated April 24, stating that it had not been able to obtain
"sufficient appropriate audit evidence" to provide a basis for an
audit opinion on several areas.
These areas included the company's compliance with laws and
regulations, given Cordlife's ongoing investigations by the
Ministry of Health (MOH) and the Commercial Affairs Department
(CAD).
KPMG also addressed uncertainties in providing an audit opinion on
the subject of Cordlife's refunds and claims, after the company
said it would waive all future annual fees and initiate a refund
for clients affected by its recent case of damaged cord-blood
units, BT related.
According to BT, the auditor said it was unable to obtain
sufficient audit evidence over the number of affected customers
with confirmed damaged cord blood arising from temperature
excursions as at Dec. 31 2023 - and therefore the "quantification
and significance" on any adjustments to be recorded in Cordlife's
financial statements as a result.
KPMG further highlighted that "there are no alternative audit
procedures that can be performed" in applying the going concern
basis of preparation for Cordlife's financial statements.
This is because investigations by MOH and CAD remain ongoing, while
Cordlife's business in Singapore remains suspended.
MAXEON SOLAR: Regains Compliance With Nasdaq Listing Rules
----------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission that the
Company received a letter from Nasdaq Stock Market LLC notifying
the Company that the staff of the Nasdaq Listing Qualifications
Department has determined that the Company has regained compliance
with Nasdaq Listing Rule 5550(a)(2). As a result, the Company's
securities will continue to be listed and traded on the Nasdaq
Global Select Market.
As previously reported, on September 17, 2024, the Company received
a Staff Determination Letter from the staff of the Nasdaq Listing
Qualifications Department notifying the Company that its securities
would be delisted from the Nasdaq Global Select Market because the
Company's securities had a closing bid price of $0.10 or less for
ten consecutive trading days as of September 16, 2024. On September
20, 2024, the Company announced that it had submitted a hearing
request to Nasdaq which automatically stayed the delisting process
during the pendency of the hearing, which was scheduled for
November 7, 2024.
Subsequent to the receipt of the Staff Determination Letter, the
Company executed a 1-for-100 reverse stock split, (the "Reverse
Stock Split"), which has caused the trading price of the Company's
ordinary shares to exceed the minimum bid price requirement set
forth by Nasdaq Listing Rule 5550(a)(2) since the Company's
ordinary shares started trading on a post-Reverse Stock Split
basis.
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
As of December 31, 2023, the Company had $1 billion in total
assets, $997.4 million in total liabilities, and $4.6 million in
total equity.
NORTHERN RAY: Court to Hear Wind-Up Petition on Nov. 22
-------------------------------------------------------
A petition to wind up the operations of Northern Ray Pte. Ltd. will
be heard before the High Court of Singapore on Nov. 22, 2024, at
10:00 a.m.
Kataman Metals LLC filed the petition against the company on
Oct. 29, 2024.
The Petitioner's solicitors are:
WongPartnership LLP
12 Marina Boulevard Level 28
Marina Bay Financial Centre Tower 3
Singapore 018982
SMART FOOD: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 8, 2024, to
wind up the operations of Smart Food 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 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,
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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 ***