/raid1/www/Hosts/bankrupt/TCRAP_Public/241127.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
Wednesday, November 27, 2024, Vol. 27, No. 238
Headlines
A U S T R A L I A
A1 BUILDING: Second Creditors' Meeting Set for Nov. 28
MOSAIC BRANDS: Owes AUD249 Million, Sale Process Underway
SIJO #1: Second Creditors' Meeting Set for Dec. 4
B A N G L A D E S H
BANGLADESH: Panel Seeks Global Legal Firm for Power Deals Probe
C H I N A
NEW WORLD: Loses Blue-Chip Status in Ejection From Hang Seng Index
I N D I A
ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating
AG8 VENTURES: CARE Keeps D Debt Rating in Not Cooperating Category
AJIT AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category
ANMOL ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
ARCHANA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating
BABA SANTINATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
BHARAT ALUMINIUM: CRISIL Keeps B Debt Rating in Not Cooperating
BHASKAR EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
BHAWANI PRASAD: CARE Keeps C Debt Rating in Not Cooperating
BINDU FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
COTTEX LIMITED: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
FOUR STAR INTERNATIONAL: Ind-Ra Affirms BB+ Bank Loan Rating
FOUR STAR: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
IENERGY WINDS: Ind-Ra Keeps D Loan Rating in NonCooperating
KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating Category
KUKRU WIND: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
LAXMI TRADERS: CARE Keeps C Debt Rating in Not Cooperating
M. R. ENTERPRISE: CRISIL Keeps B Debt Rating in Not Cooperating
M.B.C. INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
MAHALAKSHMI CCR: Ind-Ra Assigns BB Loan Rating, Outlook Stable
MEENAKSHI HATCHERIES: CARE Keeps C Debt Rating in Not Cooperating
NUPUR VINIYOG: CRISIL Keeps D Debt Rating in Not Cooperating
PALANIAPPA MARKETING: CRISIL Keeps B Rating in Not Cooperating
PILANIA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
PRJC GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
RAJSON HOTELS: CRISIL Keeps B Debt Rating in Not Cooperating
RAMA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
REBELL JEWELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
ROSY HOSIERY: CRISIL Keeps D Debt Rating in Not Cooperating
SWASTIK AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
J A P A N
NISSAN MOTOR: 1,000 Workers in Thailand to be Let Go or Relocated
N E W Z E A L A N D
COLLINS & CAMERON: Creditors Put Dairy Farm Into Liquidation
FENGLIN LOGISTICS: Court to Hear Wind-Up Petition on Dec. 13
GSS EMPLOYMENT: Creditors' Proofs of Debt Due on Dec. 20
HERSHELL'S FOODS: Court to Hear Wind-Up Petition on Dec. 18
HOROWHENUA TREE: Creditors' Proofs of Debt Due on Jan. 3
SDY EQUITY: Court to Hear Wind-Up Petition on Dec. 13
S I N G A P O R E
ACECOM TECHNOLOGIES: Creditors' Meetings Set for Dec. 13
EUCHLOE BIO: Creditors' Proofs of Debt Due on Dec. 23
- - - - -
=================
A U S T R A L I A
=================
A1 BUILDING: Second Creditors' Meeting Set for Nov. 28
------------------------------------------------------
A second meeting of creditors in the proceedings of A1 Building
Solutions NSW Pty Ltd has been set for Nov. 28, 2024 at 12:00 p.m.
at Suite 1, Level 1, 310 Crown Street in Wollongong.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 28, 2024 at 12:00 p.m.
Ryan Bradbury and Steven Nicols of WLP Restructuring were appointed
as administrators of the company on Nov. 4, 2024.
MOSAIC BRANDS: Owes AUD249 Million, Sale Process Underway
---------------------------------------------------------
Christopher Kelly at Ragtrader reports that Australian fashion
group Mosaic Brands owes around AUD249 million to various entities,
according to documents tabled to ASIC and obtained by Ragtrader.
Ragtrader relates that the documents - which cover the first
creditors' meeting - confirmed that Mosaic Brands Limited owes
around AUD249 million across 171 creditors. The administrators have
yet to table their final report, which could see these numbers
change.
It is unclear exactly how much is owed across each of Mosaic's 12
subsidiaries, with some creditors listing the same owed amount
across all of them.
Alongside this, over 300 employees are also owed, with the total
value here withheld. All staff were employed under Noni B Holdings
Pty Ltd, with this subsidiary having a debt value of AUD68.4
million - mostly attributable to other key creditors in the mix.
The top creditor claims they are owed AUD36.5 million, with the
second-highest creditor reportedly owed AUD22.2 million. Both of
these are reporting the same amount across Mosaic Brands Limited
and its 12 subsidiaries.
Two other business entities also featured the name Noni B, both
having a debt value of around AUD58 million each.
The other entities, including Millers, Rivers, Autograph,
Crossroads, Katies, W. Lane, EziBuy, and two Pretty Girl Fashion
Group businesses - likely to be Rockmans and BeMe - all owe around
AUD60 million each.
According to Ragtrader, the documents also confirmed that the
administrators are seeking buyers for the Mosaic entity, with more
than a dozen interested parties in the mix. Final bids are expected
to be tabled in early December.
"This doesn't mean the sale ends then," the report confirmed. "The
key being to maintain competitive tension during the process to
ensure a purchaser takes on as much of the business going forward
to achieve the best outcome for employees.
"To the extent employees will not have continuing employment, KPMG
have indicated they expect to be able to satisfy employee
entitlements in full.
"In relation to the store closure program which is being
considered, the Administrators are aware that KPMG is working on
re-deployment opportunities for affected staff to ensure continuity
of employment of as many staff as possible.
"The key goal is to achieve a successful sales process, as a
liquidation or shutdown of the companies would not be in the best
interests of creditors."
At the time of going into administration, Mosaic Brands operated a
footprint of around 700 stores, and 10 owned online platforms.
The latest news follows a recent article by the ABC, reporting that
Mosaic Brands' decision to enter voluntary administration late last
month has "triggered a ripple effect across Bangladesh's garment
sector, threatening the livelihoods of thousands of workers in 23
factories reportedly owed more than AUD30 million," Ragtrader
relays.
About Mosaic Brands
Based in Rosebery, Australia, Mosaic Brands Limited (ASX:MOZ) --
https://www.mosaicbrandslimited.com.au/ -- engages in the retail of
women's apparel and accessories in Australia and New Zealand. The
company sells its products under the Millers, Rockmans, Noni B,
Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy
brand names. It operates through a network of 804 stores and online
digital department platforms. The company was formerly known as
Noni B Limited and changed its name to Mosaic Brands Limited in
November 2019.
David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were
appointed Receivers and Managers to the assets and undertakings of
the Mosaic Brands Group entities on Oct. 28, 2024.
Mosaic Brands entities are:
- Mosaic Brands Limited
- Noni B Holdings Pty Limited
- W.Lane Pty Ltd
- Pretty Girl Fashion Group Pty. Ltd.
- Pretty Girl Fashion Group Holdings Pty Ltd
- Noni B Holdings 2 Pty Ltd
- Rivers Retail Holdings Pty Ltd
- Crossroads Retail Pty Ltd
- Katies Retail Pty Ltd
- Autograph Retail Pty Ltd
- Millers Retail Pty Ltd
- Noni B HoldCo Pty Ltd
- Ezibuy Pty. Limited
The Receivers' appointment follows the appointment of Vaughan
Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI
Consulting as Voluntary Administrators to the Mosaic Brands Group
on Oct. 28, 2024.
SIJO #1: Second Creditors' Meeting Set for Dec. 4
-------------------------------------------------
A second meeting of creditors in the proceedings of Sijo #1 Pty
Limited has been set for Dec. 4, 2024 at 10:30 a.m. by
teleconference and video conference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 3, 2024 at 5:00 p.m.
Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on Oct. 30, 2024.
===================
B A N G L A D E S H
===================
BANGLADESH: Panel Seeks Global Legal Firm for Power Deals Probe
---------------------------------------------------------------
Reuters reports that a Bangladesh government-appointed committee
examining power generation contracts, including one with India's
Adani Power, has urged the interim government to hire a global
legal firm to ensure a thorough and transparent investigation into
deals under former prime minister Sheikh Hasina's regime.
The committee, led by Justice Moyeenul Islam Chowdhury, needs more
time to analyse both solicited and unsolicited contracts from 2009
to 2024, a senior official with direct knowledge of the matter told
Reuters on Nov. 25.
"External expertise will be crucial for conducting a comprehensive
investigation that could potentially lead to the renegotiation or
cancellation of certain agreements in line with international
arbitration standards," said the official.
Many of the reviewed contracts have sparked controversy due to
their financial terms, environmental concerns, and doubts about
long-term sustainability.
Indian billionaire Gautam Adani, the chairman of the Adani Group,
has been indicted by U.S. prosecutors for his alleged involvement
in a $265 million bribery scheme aimed at influencing Indian
officials. The charges have sent shockwaves through his global
business empire, valued at $142 billion and spanning industries
from ports to soybeans.
Other than the Adani power deal, the committee is also reviewing a
joint-venture deal with a Chinese company that built a 1,320 MW
coal-fired plant in Bangladesh, and six other agreements with local
business groups.
Last month, sources familiar with the matter told Reuters that
Bangladesh was scrutinising its contract with Adani Power, as it
was charging Bangladesh a rate nearly 27% higher than those of
India's other private producers.
Adani Power recently reduced the electricity supply to Bangladesh
over an unpaid $800 million power bill.
A Bangladesh Power Development Board official said that while
paying such a large sum all at once is not feasible, the government
plans to significantly increase its monthly payments to Adani
Power, starting with up to $100 million per month.
Adani Power, which operates a dedicated 1,600-megawatt (MW) Godda
plant in Jharkhand, India, has been supplying electricity to
Bangladesh since 2022.
Bangladesh has been struggling to pay its bills due to costly fuel
and goods imports since Russia invaded Ukraine in 2022. The
political turmoil that led to the ouster of Hasina in August has
also compounded its troubles.
About Bangladesh
Bangladesh is a country in South Asia. It is the eighth-most
populous country in the world and is among the most densely
populated countries with a population of 170 million in an area of
148,460 square kilometres (57,320 sq mi). Dhaka, the capital and
largest city, is the nation's political, financial, and cultural
centre. Chittagong is the second-largest city and is the busiest
port on the Bay of Bengal.
As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, Fitch Ratings has downgraded Bangladesh's Long-Term
Foreign-Currency Issuer Default Rating to 'B+' from 'BB-'. The
Outlook is Stable.
=========
C H I N A
=========
NEW WORLD: Loses Blue-Chip Status in Ejection From Hang Seng Index
------------------------------------------------------------------
South China Morning Post reports that New World Development (NWD),
one of Hong Kong's longest-tenured blue-chip stocks, will be kicked
out of the Hang Seng Index (HSI) next month following the latest
quarterly review by the compiler of the benchmark for the city's
US$5.4 trillion stock market.
The city's most indebted home builder joined the HSI in 1973, just
a year after it went public, the Post notes. It was removed from
the index in 2003 but regained a spot in 2005.
The developer reported a HK$19.7 billion (US$2.5 billion) net loss
for the year ended June 30, the worst since the late Cheng Yu-tung
founded the company in 1970, the Post discloses. In a subsequent
shake-up, scion Adrian Cheng Chi-kong stepped down as CEO in
September and was replaced by chief operating officer Eric Ma
Siu-cheung.
While NWD exits, video-sharing platform Kuaishou Technology and New
Oriental Education & Technology Group will join the stock gauge as
of December 9, Hang Seng Indexes, a wholly owned subsidiary of Hang
Seng Bank, said in a statement on Nov. 22.
That will boost the number of the constituents on the benchmark to
83 from 82 currently. In the last review in August, the compiler
made no changes to the index's composition.
Following the review of other stock gauges in the Hang Seng index
family, mainland insurer PICC Property and Casualty will be added
to the Hang Seng China Enterprises Index of mainland companies
trading in the city, while mainland developer Longfor Group
Holdings will be removed, the compiler said.
The Post adds Midea Group, the world's largest home appliance
maker, which just raised US$4.6 billion via an initial public
offering in Hong Kong in September, will be added to the Hang Seng
Tech Index. Weibo, a social media platform, will be removed. All
the changes will be effective December 9.
New World Development has a weighting of 0.08 per cent in the Hang
Seng Index, the lowest among all blue chips, the Post notes. Its
share price dropped 3 per cent to HK$6.95 on Nov. 22 before the
review result was announced. The stock has lost 56 per cent in the
past year.
About New World Development
New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.
=========
I N D I A
=========
ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abhay
Nutrition Private Limited (ANPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 85 CRISIL D (Issuer Not
Cooperating)
Pledge Loan 50 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 11 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 22 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ANPL 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 ANPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ANPL was incorporated in 2008 and is promoted by the Mantri family.
The company processes cotton and other seeds for extracting oil and
producing fortified de-oiled cakes. It has its manufacturing units
in Jalna and Dhulia in Maharashtra. The day-to-day operations are
currently managed by Mr. Ashish Mantri.
AG8 VENTURES: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AG8
Ventures Limited (AVL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 150.40 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 10,
2023, placed the rating(s) of AVL under the 'issuer
non-cooperating' category as AVL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AVL continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 25, 2024,
October 5, 2024 and October 15, 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
Originally incorporated in 1997 as Aakriti Dwellings Pvt. Ltd., AVL
is the flagship company of the Bhopal based "Aakriti Group". AVL is
engaged in development of multi-storied residential as well as
commercial properties around Bhopal region. In addition
to the real estate sector, "Aakriti Group" has presence in sugar,
hospitality and education industry.
Status of non-cooperation with previous CRA: India Ratings has
continued the rating assigned to the bank facilities of AVL into
Issuer Not Cooperating category vide press release dated December
27, 2023 on account of its inability to carry out a review in the
absence of requisite information.
AJIT AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ajit Agro
Industries Raichur (AAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.40 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 November 6,
2023, placed the rating(s) of AAI under the 'issuer
non-cooperating' category as AAI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AAI 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
Raichur (Karnataka) based Ajit Agro Industries (AAI) was
established in 2017 and is promoted by Mr. Aditya Kothari, Managing
Partner. The commercial operations of the firm started in May 2019.
The firm has nine partners. The Partners of the firm have more than
a decade of experience in the Agro Industry. AAI is engaged in
processing and selling of rice. The rice processing unit of the
firm is located at Raichur, Karnataka. Apart from rice processing,
the firm is also engaged into selling by-products such as broken
rice and rice bran. The main input, paddy, is majorly procured from
paddy merchants and farmers located in Andhra Pradesh and Karnataka
region. The firm sells rice and other by-products to the rice
dealers located in Karnataka, Maharashtra and Tamil Nadu.
ANMOL ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anmol
Enterprises continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Anmol 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 Anmol, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Anmol
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Anmol continues to be 'CRISIL D Issuer Not Cooperating'.
Anmol is a project-specific firm promoted by Ahmedabad-based Mr.
Arvind Patel and his family members. The firm is developing a
residential project in Gota, Ahmedabad. It commenced construction
in January 2012.
ARCHANA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archana
Motors Private Limited (AMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Electronic Dealer 11.5 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
CRISIL Ratings has been consistently following up with AMPL 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 AMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Kerala based AMPL is promoted by Mr. Shibu Job C and is an
authorized dealer of commercial vehicles of Tata Motors Ltd,(TML)
in Thrissur and Palakkad.
ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Athaluri
Sushma Sree (ASS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.43 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 October 27,
2023, placed the rating(s) of ASS under the 'issuer
non-cooperating' category as ASS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ASS continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 11, 2024,
September 21, 2024, October 1, 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
Athaluri Sushma Sree (ASS) was established in the year 2012, as a
proprietorship concern by Mrs. Athaluri Sushma Sree. The firm is
engaged in Godown leasing business. ASS has constructed Godowns in
Koiloor Village, Yadgir District, and Karnataka during April 2013
for lease purpose. The firm started receiving rental income from
June 2014. The property is built on total land area of 12 acres
comprising 4Godowns (Sai Radhika Rural Godowns) having storage
capacity of 20,000 MT per Godown. ASS has entered into agreement
with Karnataka State Warehousing Corporation (KSWC) for warehouse
leasing for tenure of 10 years. The firm is undertaking a project
for construction of warehouse at Belgaum on land area of 12 acres
comprising of 5 godowns having storage capacity of 25000 MT per
godown.
BABA SANTINATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baba
Santinath Rice Mill (BSRL) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 5 CRISIL B+/Stable (Issuer Not
Credit/Bills Cooperating)
Discounting Limit
Proposed Term Loan 4 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BSRL 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 BSRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BSRL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BSRL set up in the year 2018 as a Partnership firm is setting up a
par boiled rice mill with a capacity of 96tpd. It is promoted by
Mr. Surajit Nandi, Pintu Ghosh, Gopal Ghosh. Dhiman Dey and Tufhan
Chandra.
BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Balaji
Agritrade Private Limited (BAPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BAPL 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 BAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BAPL continues to be 'CRISIL D Issuer Not Cooperating'.
BAPL's primary business is trading of agro commodities. It deals in
the SriGanga Nagar, Rajasthan. However, in fiscal 2017, BAPL
undertook a project to build a private mandi, Balaji Agritrade. The
purpose of establishing mandi is to support the farmers to sell
their crop.
BHARAT ALUMINIUM: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bharat
Aluminium Co. (BAC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BAC 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 BAC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BAC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
BAC, a proprietorship firm of Mr. Ramesh Singhvi set up in 1980 and
based in Mumbai, distributes products of Jindal Aluminium Ltd such
as aluminium bars, rods etc.
BHASKAR EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhaskar
Educational Society (BES) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.79 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 4.21 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BES 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 BES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BES continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
BES, set up in 1999 by Ms M Jagdamba (president) and Mr. M Anil
Kumar (secretary), operates a school and a Diploma in Education
College at Vizianagaram (Andhra Pradesh).
BHAWANI PRASAD: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhawani
Prasad Sharma Contractor (BPSC) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.85 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 27,
2023, placed the rating(s) of BPSC under the 'issuer
non-cooperating' category as BPSC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BPSC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 11, 2024,
September 21, 2024, October 1, 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
Gwalior (Madhya Pradesh) based BPSC was initially formed as a
proprietorship concern by Mr. Bhawani Prasad Sharma in April 1,
1974. Further, in 2013, proprietorship firm converted into
partnership concern and run by Mr. Suresh Mudgal, Mr. Kapil
Mudgal, Mr. Dharmendra Sharma, Mrs. Ramkali Mudgal, Mrs. Rekha
(Jaya) Mishra, Mrs. Jagesh Mudgal and Mrs. Anita Mudgal. However,
as on April 1, 2014, there was change in the partnership deed,
after that Mr. Kishan Mudgal and Mr. Jitendra Mudgal has been
appointed as partners in place of Mrs. Jagesh Mudgal and Mr. Anita
Mudgal with remaining partners of the firm. BPSC is a registered
and approved contractor with Public Works Department (PWD), Madhya
Pradesh and Municipal Corporation, Gwalior. The firm takes all type
of orders related to civil construction like Road construction,
Building and bridge construction contracts etc. from government
departments as well as also takes orders on sub contract basis from
other players.
Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of BPSC to
'Issuer Not Cooperating' category vide press release dated July 22,
2024 on account of its inability to carry out a review in
the absence of the requisite information from the firm.
BINDU FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bindu Food
Processors Private Limited (BFPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.22 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 1 CRISIL B+/Stable (Issuer Not
Loan Cooperating)
CRISIL Ratings has been consistently following up with BFPPL 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 BFPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BFPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BFPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 1997, BFPPL was promoted by Mr. Inder Raj Agrawal
and his cousins, Mr. Hanuman Sahay Agrawal and Mr. Anil Agrawal.
The company operates a 21,300 MT cold storage unit (primarily for
storing potatoes) in Paschim Medinipur. It also provides funding to
farmers against the potatoes stored. Post-acquisition in 2015,
operations are managed by Mr. Supreme Lodha and Mr. Rajendra Kumar
Agrawal.
COTTEX LIMITED: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Goldstar Cottex
Limited's (GCL) bank limit as follows:
-- INR200 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating.
Analytical Approach
GCL is a part of the Four Star group.
To arrive at the rating, Ind-Ra factors in the strategic &
operational linkages between Four Star group companies, which
include GCL, Four Star International (FSI; debt rated at 'IND
BB'/Stable), Four Star International Limited (FSIL; 'IND
BB+'/Stable), and Vishnu Cotton Mills Limited. The promoters have
informed the agency that they/other group entities will provide
financial support to any of the group entities, if required. The
group is engaged in the trading of raw cotton, and the trading and
manufacturing of a variety of yarns, knitted fabrics and dyes &
chemicals. The group is also engaged in job work and printing and
dyeing yarn and fabrics. It caters to the domestic market and
exports to Bangladesh.
Detailed Rationale of the Rating Action
The rating reflects GC's small scale of operations and modest
EBITDA margins as well as credit metrics. However, the rating is
supported by the company's experienced promoters.
Detailed Description of Key Rating Drivers
Small Scale of Operations: GCL's revenue dropped to INR301.73
million in FY24 (FY23: INR636.82 million) and its EBITDA to INR7.88
million (INR14.09 million), due to a reduction in the number of
orders received. Till 1HFY25, GCL booked a revenue of INR453.71
million. In FY25, Ind-Ra expects the revenue to improve,
considering the revenue recorded in 1HFY25 and on increased orders
from customers.
Modest EBITDA Margins: The rating factors in GCL's modest EBITDA
margin of 2.61% in FY24 (FY23: 2.21%) with a return on capital
employed of 3.4% (6.0%). In FY24, the EBITDA margin improved as the
company executed more of high-margin orders. In FY25, Ind-Ra
expects the EBITDA margin to remain at similar levels.
Modest Credit Metrics: GCL's interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 0.50x in FY24
(FY23: 1.20x) and its net leverage (adjusted net debt/operating
EBITDAR) to 14.78x (8.81x), mainly on account of its decreased
EBITDA. In FY25, Ind-Ra expects the interest coverage and net
leverage to improve on an increase in the EBITDA considering the
expected improvement in revenue.
Experienced Promoters: The ratings are supported by the promoters'
more than three decades of experience in the textile industry. This
has facilitated the company to establish strong relationships with
customers as well as the suppliers, leading to continuous orders
and a regular supply of raw materials.
Liquidity
Stretched: GCL's average maximum utilization of the fund-based
limits was 82.51% and that of its non-fund-based limits was 39.67%
during the 12 months ended September 2024. The cash flow from
operations increased to INR11.42 million in FY24 (FY23: INR0.89
million) due to a change in the working capital. Furthermore, the
free cash flow stood at INR11.42 million (FY23: INR0.89 million) in
the absence of capex. The average net working capital cycle
increased to 46 days in FY24 (FY23: 25 days) on account of
increased inventory days to 76 (40). GCL has debt repayment
obligations of INR3.6 million in FY25 and no repayment in FY26. The
cash and cash equivalents stood at INR3.36 million at FYE24 (FYE23:
INR1.72 million). Furthermore, GCL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, along with
deterioration in the overall credit metrics and/or pressure on the
liquidity position, all on a sustained basis, and any weakening of
the group support could lead to a negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and an improvement in the
liquidity profile, on a sustained basis, could lead to a positive
rating action.
About the Company
Incorporated in 2007, GCL is engaged in trading of raw cotton,
yarn, fabric, dyes and chemicals. GCL caters to the domestic market
and exports to Bangladesh.
FOUR STAR INTERNATIONAL: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Four Star International Limited's (FSIL) bank
facilities:
-- INR200 mil. Fund-based working capital limit assigned with IND
BB+/Stable/IND A4+ rating;
-- INR6.90 mil. Proposed fund-based working capital limit
assigned with IND BB+/Stable/IND A4+ rating;
-- INR3.10 mil. Term loan due on March 2026 assigned with IND
BB+/Stable rating;
-- INR192.50 mil. Fund-based working capital limits affirmed with
IND BB+/Stable/IND A4+ rating;
-- INR120 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating; and
-- INR280.50 mil. Term loan due on March 2029 affirmed with IND
BB+/Stable rating.
Analytical Approach
FSIL is a part of the Four Star group of companies. To arrive at
the ratings, Ind-Ra continues to factor in the strategic and
operational linkages between the Four Star group companies, which
include FSIL, Four Star International (FSI; debt rated at 'IND
BB'/Stable), Goldstar Cottex Limited (GCL; debt rated at IND
BB'/Stable) and Vishnu Cotton Mills Limited. The promoters have
stated that they/other group entities will provide financial
support to any of the group entities, if required. The group
engages in trading of raw cotton, and trading and manufacturing of
a variety of yarns, knitted fabrics and dyes and chemicals. The
group also offers job work and printing and dyeing yarn and
fabrics. The group caters to the domestic market and exports to
Bangladesh.
Detailed Rationale of the Rating Action
The ratings reflect FSIL's small scale of operation and modest
EBITDA margins in FY24. Ind-Ra expects the revenue to improve in
FY25, considering the company's performance and the increase in
order inflows from the customers in 1HFY25. The agency expects its
EBITDA margins to remain modest in FY25. However, the ratings are
supported by its comfortable credit metrics and experienced
promoters.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: FSIL's scale of operations
remained small with its revenue declining to INR1,457.10 million in
FY24 (FY23: INR1,924.20 million; FY22: INR2,444.00 million), due to
reduced demand from its customers. Its EBITDA, however, increased
to INR136.50 million in FY24 (FY23: INR112.30 million; FY22:
INR164.80 million), led by an increase in the revenue from
higher-margin manufacturing activities. Till 1HFY25, FSIL booked
revenue of INR837.91 million. The total installed capacity
increased to 23,080 metric tons (MT) in FY24 (FY23: 19,292 MT),
backed by the capex incurred. In FY25, Ind-Ra expects the revenue
to improve considering its 1HFY25 revenue and a likely improvement
in orders from the customers.
Modest EBITDA Margins: The ratings factor in FSIL's continued
modest EBITDA margins of 9.37% in FY24 (FY23: 5.84%), on account of
an increased share of revenue from the manufacturing activities to
INR1,058.70 million (INR898.58 million). The return on capital
employed increased to 10.60% in FY24 (FY23: 8.50%). In FY25, Ind-Ra
expects the EBITDA margins to remain at similar level due to likely
stability in its margins.
Comfortable Credit Metrics: FSIL's credit metrics remained
comfortable with the gross interest coverage (operating
EBITDA/gross interest expenses) declining to 3.46x in FY24 (FY23:
4.57x), on account of an increase in its gross interest expenses to
INR39.40 million (INR24.60 million). The net leverage (total
adjusted net debt/operating EBITDAR) declined to 2.42x in FY24
(FY23: 2.72x), due to the increased EBITDA. In FY25, Ind-Ra expects
the interest coverage to further deteriorate considering the likely
increase in its gross interest expenses following the enhancement
in its working capital limits.
Experienced Promoters: The ratings are supported by the promoters'
more than three decades of experience in the textile industry,
leading to established relationships with customers as well as the
suppliers.
Liquidity
Stretched: FSIL's net working capital cycle increased to 73 days in
FY24 (FY23: 49 days), due to increased inventory days to 68 days
(11 days). FSIL has debt repayment obligations of INR48.70 million
and INR44.70 million in FY25 and FY26, respectively. FSIL's average
maximum utilization of the fund-based limits was 77.49% and that of
the non-fund-based limits was 73.97% during the 12 months ended
September 2024. The cash flow from operations declined to INR44.10
million in FY24 (FY23: INR180.40 million), due to a change in the
working capital cycle. The free cash flow remained negative
INR13.50 million (FY23: negative INR54.10 million), due to the
capex incurred. The cash and cash equivalents stood at INR110.70
million at FYE24 (FYE23: INR6.70 million). FSIL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, along with
deterioration in the overall credit metrics and/or pressure on the
liquidity position, all on a sustained basis, could lead to a
negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and an improvement in
liquidity profile, on a sustained basis, could lead to a positive
rating action.
About the Company
Incorporated in 2005, FSIL manufactures and trades knitted fabrics.
The company is also engaged in printing and dyeing of yarns and
fabrics. FSIL majorly caters to the domestic market and exports to
Bangladesh.
FOUR STAR: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research has taken the following rating actions
on Four Star International's (FSI) bank facilities:
-- INR123.5 mil. Fund-based working capital limit assigned with
IND BB/Stable/IND A4+ rating;
-- INR30.25 mil. Non-fund-based working capital limit assigned
with IND A4+ rating;
-- INR11.85 mil. Proposed fund-based working capital limit
assigned with IND BB/Stable/IND A4+ rating;
-- INR426.5 mil. Fund-based working capital limit affirmed with
IND BB/Stable/IND A4+ rating;
-- INR107.90 mil. (reduced from INR113.50 mil.) Term loan due on
June 2029 affirmed with IND BB/Stable rating; and
-- INR100 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating.
Analytical Approach
FSI is a part of the Four Star group of companies. To arrive at the
ratings, Ind-Ra continues to factor in the strategic and
operational linkages between Four Star group companies, which
include FSI, Four Star International Limited (FSIL; debt rated at
'IND BB+'/Stable), Goldstar Cottex Limited (GCL; debt rated at 'IND
BB'/Stable) and Vishnu Cotton Mills Limited (VCML). The promoters
stated that the agency that the promoters/other group entities will
provide financial support to any of the group entities, if
required. The group is engaged in the trading of raw cotton, and
trading and manufacturing of a variety of yarns, knitted fabrics
and dyes and chemicals. The group also offers job work and printing
and dyeing yarn and fabrics. The group caters to the domestic
market and exports to Bangladesh.
Detailed Rationale of the Rating Action
The ratings reflect FSI's continued small scale of operations,
modest EBITDA margins and credit metrics in FY24. The Ind-Ra
expects the scale of operations to improve in FY25, supported by
the commencement of operations of its power loom project from
1QFY25. However, the ratings are supported by the promoters more
than three decades of experience and support from other Four Star
group companies.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: FSI's scale of operations
remained small with its revenue reducing to INR1,139.81 million in
FY24 (FY23: INR1,193.25 million), due to overall unfavorable
industry outlook. However, its EBITDA increased to INR50.58
million in FY24 (FY23: INR15.23 million), supported by a decrease
in the cost of purchases. Till 2QFY25, FSI's revenue stood at
INR1,030.81 million and had an unexecuted order book of INR708.53
million. In FY25, Ind-Ra expects the revenue to grow, following the
commencement of operations of its power loom project from 1QFY25.
Modest EBITDA Margins: FSI's EBITDA margin improved but remained
modest at 4.4% in FY24 (FY23: 1.3%), due to a decrease in its cost
of goods sold to 88.49% (95.30%). The return of capital employed
increased to 7% in FY24 (FY23: 2.9%). In FY25, Ind-Ra expects the
EBITDA margins to remain at similar level due to likely stability
in its margins.
Modest Credit Metrics: The ratings reflect FSI's continued modest
credit metrics with the gross interest coverage (operating
EBITDA/gross interest expenses) increasing to 1.01x in FY24 (FY23:
0.49x) and the net leverage (total adjusted net debt/operating
EBITDAR) reducing to 9.47x (23.35x), on account of an improvement
in its EBITDA. In FY25, Ind-Ra expects the credit metrics to
further improve considering a likely improvement in its EBITDA.
Experienced Promoters: The ratings are supported by the promoters
more than three decades of experience in the textile industry,
leading to established relationships with customers as well as the
suppliers.
Group Companies Support: Ind-Ra factors in the possibility of
support coming from other Four Star group companies, which include
FSIL, GSCL and VCML. The promoters have informed the agency that
the promoters/other group entities will provide financial support
to any of the group entities, if required.
Liquidity
Stretched: FSI's average monthly maximum utilization of the
fund-based limits was 83.50% and that of the non-fund-based limits
was 47.60% during the 12 months ended September 2024. The cash flow
from operations reduced to INR78.48 million in FY24 (FY23:
INR130.51 million), due to a change in the working capital.
Furthermore, the free cash flow turned to negative INR122.35
million in FY24 (FY23: INR10.04 million) due to its capex. The
average net working capital cycle increased to 16 days in FY24
(FY23: negative 36 days), on account of increased debtor days to 49
days (7 days). FSI has debt repayment obligations of INR12 million
in FY25. The cash and cash equivalents stood at INR55.02 million at
FYE24 (FYE23: INR44.56 million). FSI does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, along with
deterioration in the overall credit metrics and/or pressure on the
liquidity position, all on a sustained basis, and a weakening of
the group support could lead to a negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and an improvement in
liquidity profile, on a sustained basis, could lead to a positive
rating action.
About the Company
FSI is a partnership firm established in 1997, engaged in trading
of raw cotton, variety of yarns, and other commodities. FSI also
has a weaving unit with an installed capacity of 15.23 million
metric ton per annum. FSI caters to domestic markets and also
exports to Bangladesh. Ashish Saha and Samir Saha are the
promoters.
IENERGY WINDS: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained iEnergy Wind
Farms (Theni) Private Limited's bank facilities in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating.
The detailed rating actions are:
-- INR680 mil. Senior project loans (Long term) maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR25 mil. Working capital facility (Long term) maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with iEnergy Wind Farms (Theni)
while reviewing the rating. Ind-Ra had consistently followed up
with iEnergy Wind Farms (Theni) over emails, apart from phone
calls. The issuer has also not been submitting their monthly no
default statement (NDS).
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of iEnergy Wind Farms
(Theni) 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 iEnergy Wind Farms (Theni)
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. iEnergy Wind Farms (Theni) has been
non-cooperative with the agency since June 21, 2019.
About the Company
iEnergy Wind Farms (Theni) is sponsored by Indian Energy Ltd.,
through intermediate holding companies. It has been operating a
16.5MW wind farm in Theni, Tamil Nadu, since August 2010.
KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kishan Lal
Agrawal Contractor (KLAC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 8,
2023, placed the rating(s) of KLAC under the 'issuer
non-cooperating' category as KLAC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KLAC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 23, 2024,
October 3, 2024, October 13, 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
Kishan Lal Agrawal Contractors (KLAC) was constituted in May 1988as
a partnership firm and currently managed by Mr. Pankaj Agrawal and
Mr. Ashok Kumar Agrawal. Since its inception, the firm has been
engaged in civil construction business like laying
of pipelines, supplying and fixing C.I. Pipe Line, construction of
water supply system, construction of stadium building, residential
quarters, college, shopping complex, etc. KLAC participates in
tenders and executes orders for the various departments of
Government of Chhattisgarh. KLAC is classified as a 'Class A
contractor' by the Government of Chhattisgarh which enables it to
participate in higher value contracts.
KUKRU WIND: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Kukru Wind Power Private Limited's (KWPPL) term loan to Stable from
Positive while affirming the rating at 'IND BB+', as follows.
-- INR1,837.6 bil. (reduced from INR1,992.70 bil.) Term loan due
on September 15, 2037 affirmed; Outlook revised to Stable
from Positive with IND BB+/Stable rating.
Analytical Approach
Ind-Ra continues to analyze the project at a standalone level while
rating the senior debt. In addition to plain equity, the
shareholders infused funds worth INR465.4 million and INR437.57
million in the form of compulsorily convertible debentures and
unsecured loans, respectively, in FY24. According to the terms of
the shareholder debt shared by the management, these instruments do
not have any rights to call an event of default and are completely
subordinate to the rated senior debt. The loan agreements also
delineate the subservient nature of the shareholder debt and treat
this as an equity-like instrument. Ind-Ra has excluded the
servicing of the sponsor's unsecured debt obligations while
arriving at the ratings. The inclusion of these funds into the debt
category could impact the rating.
Detailed Rationale of the Rating Action
The Outlook revision reflects lower-than-estimated generation in
FY24, and uncertainty regarding the timelines for tying up of the
balance capacity at a comfortable tariff.
The affirmation reflects KWPPL's long operational track record,
firm offtake arrangement for the 46MW (92%) capacity at a fixed
tariff and adequate liquidity. The rating is constrained by untied
capacity of about 4MW, which has been shut down since October 2023,
leading to generation loss, a weak counterparty profile and the
inherent risks associated with a wind project, including resource
variations.
Detailed Description of Key Rating Drivers
Timely Tie-Up Of Balance Capacity Critical: KWPPL has an installed
capacity of about 50MW. However, it has a firm tie-up with the
off-taker, Madhya Pradesh Power Management Company Limited
(MPPMCL), for only 46MW. Until September 2023, the plant had been
generating power at full capacity, with the entire power being sold
to MPPMCL at INR4.78/unit. Subsequently, KWPPL stopped selling
power from 4MW of the capacity owing to a disagreement regarding
the tariff. KWPPL had engaged in discussions with MPPMCL to enter
into a PPA for this 4MW capacity, but the same could not be
concluded. Given these reasons, two of the twenty-five turbines
have been shut down since October 2023.
Furthermore, Betul Wind Farms Ltd (BWFL), a 50MW wind project, and
KWPPL used to share a common control room for operations.
Subsequent to the divestment of BWFL by the Atria group in FY24,
KWPPL is required to construct a new control room for the
operational purposes of KWPPL as part of the transaction. The
management expects the 4MW capacity to be tied up with third party
consumers once the construction of the control room is completed
and charged. The funding for the control room will be through
sponsor funds. Ind-Ra will monitor the tying up of the balance
capacity and the tariff.
Modest Debt Structure: The term loan is repayable over 195
structured monthly instalments, ending on September 15,2037. The
project has standard project finance features, including a cash
flow waterfall mechanism and restricted payment covenants. The debt
terms also stipulate a DSR equivalent to two quarters' debt
servicing obligations, which is being maintained by the project.
Weak Sponsor Profile: Bengaluru-based Atria group is headed by CS
Sunder Raju and K Nagaraju, who belongs to the second generation of
the promoters' family. The group has presence in power, education,
hotels and construction/real estate. Atria Brindavan Power Private
Limited (ABPPL), the holding company of the group's solar and wind
assets, had operational renewable projects (wind, solar ground
mounted and solar rooftop) assets of 467MW as of August 2024,
including 120MW of solar and 331MW of wind; hydro accounted for the
balance. ABBPL's credit profile has weakened, with a delay in the
refinancing of its outstanding non-convertible debentures due in
3QFY24. As per the management, the group is in discussions with the
existing lenders towards a renegotiation of the terms and in
discussions with few investors to raise mezzanine debt to refinance
the outstanding bonds.
Long Operational History: The project has a long operational
history of about eight years. The plant achieved an average net
plant load factor (PLF) of 19.46% during FY24 (FY23: 18.56%), while
the average grid availability has been above 98% since
commissioning. The project's machine availability fell to an
average of 94% during FY24 (FY23: 95%), as two of the twenty-five
machines were shut down since October 2023 owing to disagreement
between the project developer and MPPMCL on the tariff for the
untied capacity. Ind-Ra has factored in the existing generation
levels as part of its base case; any significant underperformance
due to machine availability issues could lead to a negative rating
action.
Long-term Offtake Arrangements: KWPPL sells power to MPPMCL under
25-year power purchase agreements signed in 2015 for an aggregate
capacity of 46MW, providing revenue visibility to the company. The
agreements specified a tariff of INR5.92/kWh as per MPERC's tariff
order for the control period of April 2013-March 2016, provided the
plants were commissioned on or before March 31, 2016. The project
received the commissioning certificate after 31 March 2016, and
hence, as per the PPA, the new tariff of INR4.78/kWh specified by
the tariff order for the subsequent control period became
applicable. However, KWPPL believes it is eligible for a higher
tariff of INR5.92/kWh and has disputed the same with state
authorities. The resolution of the matter is pending. Ind-Ra has
carried out its analysis, considering a tariff of INR4.78/kWh
throughout the debt tenor.
Moderate Operating Risks: Given that KWPPL is a wind power project,
it is exposed to the revenue risks arising from volatility in wind
availability. Ind-Ra considers the wind turbine technology employed
by KWPPL to be standard and proven. The original O&M contractor,
Gamesa Renewable Private Limited, has been replaced with Renom
Energy Services Private Limited from FY24. Gamesa Renewable will
continue to be the supplier of the wind turbine generator only. The
turbine generators have a hub height of 104m and rotor diameter of
97m.
Liquidity
Adequate: As of October 2024, the project has available liquidity
(including both free cash, fixed deposits and debt service reserve)
of INR323.70 million to meet the debt obligations of INR323.60
million in FY25 and INR312.40 million in FY26. This was equivalent
to about 12 months of debt servicing requirements, including a DSR
equivalent to six months of debt obligations (in the form of fixed
deposit), as per the stipulations. The project's cash and bank
balances have improved over the years (end-FY24: INR77.16 million;
end-FY23: INR52.42 million), owing to its dues being cleared by
MPPMCL. Furthermore, Ind-Ra estimates the average debt service
coverage ratio (DSCR) of KWPPL to be above 1.0x. Ind-Ra takes
comfort from the liquidity of the project while arriving at the
rating. Any significant deterioration in the liquidity, coupled
with delays in receiving payments from MPPMCL, would result in a
negative rating action.
Rating Sensitivities
Negative: Future developments that could, individually or
collectively, lead to a rating downgrade are:
-- operational and financial performance being weaker than
Ind-Ra's base case estimates, with a forward-looking average DSCR
below 1.0x
-- significant delay in the tying up of balance 4MW capacity
a depletion of DSR
-- deterioration in the counterparty's credit quality
Positive: Timely tie-up of balance 4MW capacity and sustained
improvement in the operational performance, leading to
forward-looking minimum DSCR of over 1.1x, could lead to a rating
upgrade.
About the Company
KWPPL developed and commissioned a 50MW wind power project at the
Betul district, Madhya Pradesh in April 2016. The project was
funded through INR484 million in equity, INR465.4 million in
compulsorily convertible debentures and INR402.21 million in
unsecured loans.
LAXMI TRADERS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Laxmi
Traders (SLT) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 31,
2023, placed the rating(s) of SLT under the 'issuer
non-cooperating' category as SLT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SLT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 15, 2024,
September 25, 2024, October 5, 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 Laxmi Traders (SLT) was set up as a proprietorship entity in
2006 by Mr. Surendra Kumar Bhagat of Purnea District, Bihar. The
entity is engaged in wholesale trading of agro commodities like
maize, onion, paddy and potato which is procured from the local
farmers and sold in the states of Orissa, Gujarat, West Bengal,
Karnataka, etc. Mr. Surendra Kumar Bhagat, the proprietor, having
an experience of 25 years in the agro-commodity business looks
after the overall affairs of the entity.
M. R. ENTERPRISE: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of M. R.
Enterprise - Durgapur (MRE) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MRE 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 MRE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MRE continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in the year 1996, MRE is a proprietorship firm is engaged in
the civil construction of Road, Building, Bridges and structural
works promoted by Mr. Mujibar Rahaman is located Durgapur , West
Bengal.
M.B.C. INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of M.B.C.
Industries (MBC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.49 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MBC 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 MBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MBC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
MBC was set up in 2013 as partnership firm by Mr. Joginder Singh.
Mr. Lovely Kumar, and Mr. Vikram Chikara.. The firm manufactures
lead alloys, refined lead, lead sub-oxide grey, and calcium lead.
Its manufacturing facility at Kala Amb, Himachal Pradesh.
MAHALAKSHMI CCR: Ind-Ra Assigns BB Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shree Mahalakshmi CCR
Limited's (SMCL) bank facilities as follows:
-- INR165 mil. Term loan due on February 2034 assigned with IND
BB/Stable rating;
-- INR120 mil. Fund-based working capital limit assigned with IND
BB/Stable/IND A4+ rating;
-- INR10 mil. Non-fund-Based working capital limit assigned with
IND A4+ rating; and
-- INR5 mil. Proposed fund-based working capital limit assigned
with IND BB/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect the under construction phase of SMCL's copper
manufacturing unit, and the cost and time overrun risks associated
with the same. Ind-Ra expects FY26 to be the first full year of
operations with small scale of operations and modest credit metrics
during the initial few years. The ratings, however, are supported
by the company's promoters more than a decade of experience in the
copper industry.
Detailed Description of Key Rating Drivers
Under Construction Status of Project: SMCL is constructing a
copper manufacturing unit in in Pithampur, Dhar district, Madhya
Pradesh. The majority of the civil work has been completed but
installation of machinery is in progress. The project is likely to
commence operations by end-November 2024 . Ind-Ra expects scale of
operations to be small in FY25 as FY26 will be the first full year
of operations.
Cost and Time Overrun Risks: The total estimated project cost of
INR313 million will be funded through a term loan of INR165
million, promoters' equity of INR49 million and an unsecured loan
of INR99 million. So far, SMCL incurred INR237.7 million for the
purchase of land and building, and machinery, and construction
work. As of October 2024,the company has utilized INR104.7 million
of the sanctioned term loan of INR165 million and INR84 million of
the unsecured loan. The promoters have infused the committed equity
of INR49 million.
Likely Modest Credit Metrics: Ind-Ra expects SMCL's debt service
coverage ratio and overall credit metrics to be weak during the
initial few years post the commencement of operations and improve
thereafter with the increase in the scale of operations.
Experienced Promoters: The company's promoters have more than 15
years of experience in the copper industry. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.
Liquidity
Stretched: SMCL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The promoters have infused INR49 million in the form
of equity and INR99 million in the form of unsecured loans from
August 2023 to November 2024. The company has repayment obligations
of INR0.6 million and INR7.2 million in FY25 and FY26,
respectively. The company plans to meet its working capital
requirements through sanctioned fund-based working capital limits
of INR120 million.
Rating Sensitivities
Positive: The timely commencement of operations and the subsequent
achievement of a stable operating profitability will be positive
for the ratings.
Negative: Any delay in the commencement of operations, and
achieving stability in the operating performance post the
commencement of commercial operations, affecting the company's debt
servicing ability, could be negative for the ratings.
About the Company
Incorporated in October 2022, SMCL is setting up a copper rod
manufacturing unit with a capacity of 50 ton per day in Pithampur,
Dhar district, Madhya Pradesh. The company is likely to commence
operations from November 29, 2024.
MEENAKSHI HATCHERIES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meenakshi
Hatcheries (MH) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 19,
2023, placed the rating(s) of MH under the 'issuer non-cooperating'
category as MH had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 3, 2024, September 13,
2024, September 23, 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
Outlook: Stable
Meenakshi Hatcheries (MH) was established in December 2015 and
promoted by Mr. BSSNV Krishna and his family members. The firm has
started a shrimp hatchery unit. MH is doing hatchery (Shrimp) and
sell the shrimp seed to shrimp farmers located in and around Andhra
Pradesh. The process of shrimp seed production involves four stages
(Maturation, Spawning and Hatching, Larval rearing and post larval
rearing). It takes around 40 days for entire process to complete.
The firm has started commercial operations from April 2016 as
envisaged.
NUPUR VINIYOG: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nupur Viniyog
Private Limited (NVPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with NVPL 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 NVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NVPL continues to be 'CRISIL D Issuer Not Cooperating'.
NVPL, incorporated in 1992 at Kolkata, trades in agricultural
commodities, food, and steel items; these products are exported to
South Asian countries. Mr. Pinaki Dasgupta and Mr. Neeraj Khaitan
are the promoters.
PALANIAPPA MARKETING: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Palaniappa
Marketing Agencies (PMA) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMA 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 PMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PMA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
PMA was established in 1999 by Mr. P. Sethumanickam. The firm,
based in Vellore (Tamil Nadu), distributes LG Electronics India
Private Limited's consumer electronic equipment and home
appliances.
PILANIA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pilania
Industries India Private Limited (PIIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 7.5 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with PIIPL 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 PIIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PIIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
PIIPL, incorporated in 2006, manufactures thermo-mechanically
treated (TMT) bars under the 'Ultra Care' brand at its unit in UP.
The company commenced its commercial operations from May 2010
onwards. Mr. Manish Agrawal, Mr. Kailash Chand Agrawal, Mr. Ram
Bhagat Agarwal, are the directors of the company.
PRJC GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of PRJC Group
of Industries (PRJC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 1,
2023, placed the rating(s) of PGOI under the 'issuer
non-cooperating' category as PGOI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PGOI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 17, 2024, July
27, 2024, August 6, 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: Consolidated financials of the proprietor
(Chikaru Brahma)
PRJC was established as a proprietorship firm by Mr. Chikaru Brahma
in 2017. The firm crushes stone at its facility in Chirang, Assam.
The proprietor also runs a hotel under a separate proprietorship
firm named Hotel Himalaya situated in Bongaigaon,
Assam. Further, Mr. Chikaru Brahma is also engaged in poultry and
fishery farming. Around 70% of the revenue is derived from stone
crushing.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of PGOI into ISSUER NOT
COOPERATING category vide press release dated November 15, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the firm.
RAJSON HOTELS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajson Hotels
Private Limited (RHPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL Ratings has been consistently following up with RHPL 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 RHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RHPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
RHPL, incorporated in 2017 operates a hotel, Fairfield by Marriott,
in Jodhpur. Mr. Omprakash Soni and Mr. Vinod Purohit along with
their families are the promoters.
RAMA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rama Krishna
Spintex Private Limited (RKSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 33 CRISIL D (Issuer Not
Cooperating)
Term Loan 35 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RKSPL 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 RKSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
RKSPL, incorporated in February 2007 at Bathinda (Punjab), spins
yarn, including grey cotton yarn, stubbed cotton yarn, and waxed
cotton yarn, which are used to manufacture denim fabric. Mr. Makhan
Lal Mangla is the promoter.
REBELL JEWELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rebell Jewels
and Gifting Private Limited (RJPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RJPL 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 RJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RJPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in May 2017, RJPL, is engaged in manufacturing and
trading of imitation jewellery and trading of gift items. RIPL has
commenced its operation since May 2017. The company is promoted by
Mr. Rajes Shantilal Jain and his brother in law Mr. Hasmukh Bhimraj
Bagrecha; who have been in this business for over two decades.
RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RNR Imports
& Exports (Partnership) (RIEP) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 12.00 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 12,
2023, placed the rating(s) of RIEP under the 'issuer
non-cooperating' category as RIEP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RIEP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 27, 2024,
September 6, 2024, September 16, 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
RNR Imports & Exports (RIEP) was established in October 2017 as a
Proprietorship firm and converted to partnership firm in December
2017. The firm is promoted by Mrs. Madhavi Latha, Mrs. Aruna Kumari
and Mr. Ravinder Reddy. The firm is managed by Mrs. Madhavi Latha,
who is an MBA graduate and has more than two decades of experience
in packing industry in edible oils segment and is also a director
in Vyshnavi Fillers Private Limited, which is engaged in
manufacturing of 15Kg capacity empty tins, small cans and barrels
used for packing of edible oils. The registered office of the firm
is located at Guntur, Andhra Pradesh.
RIEP is engaged in trading of Rice and ethanol to African
countries. The firm purchases, rice from Raipur and Chhattisgarh,
and Ethanol from Pune. The firm purchases from the wholesaler
located in and around Gunture and directly export to foreign
countries like Ghana. Also, in 8MFY19 the firm has achieved a
turnover of INR5.00 crore. The financial closure of the firm has
achieved in January 2018 and the firm has started its commercial in
February 2018.
ROSY HOSIERY: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rosy Hosiery
Mills (RHL) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RHL 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 RHL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RHL continues to be 'CRISIL D Issuer Not Cooperating'.
RHL is a Ludhiana based partnership firm established by Mr. Kewal
Kalra and Mr. Krishna Rai in 1958. The firm is engaged in
manufacturing of ready-made textile products like Leggings, fabrics
lycra tops, sweaters etc.
SWASTIK AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swastik Agro
Impex (India) Private Limited (SAIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAIPL 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 SAIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2008 in Bhopal and promoted by Mr. Pranay Kadre and
his wife, Ms Pritee Kadre, SAIPL trades and exports agro
commodities such as wheat and maize. The company has offices in
West Bengal, Gujarat, Karnataka, and Kerala.
=========
J A P A N
=========
NISSAN MOTOR: 1,000 Workers in Thailand to be Let Go or Relocated
-----------------------------------------------------------------
Japan Today reports that around 1,000 employees of Nissan Motor Co
in Thailand are expected to be let go or relocated by fall 2025,
with the Japanese automaker grappling with a downturn in profits,
an industrial source said Nov. 22.
Japan Today relates that the move is in line with a pledge that
Japan's third-largest car company has made to cut its global
workforce by about 7 percent, or 9,000 employees, by fiscal 2026
ending in March 2027, the source said.
Although Japanese carmakers have long dominated the market in
Thailand, they have been facing a decline in sales as electric
vehicles made by Chinese manufacturers gain a stronger foothold.
Nissan, previously led by Carlos Ghosn who was sent by France's car
producer Renault, has experienced a steep slide in sales in
Thailand in recent years, reporting a 29.7 percent drop from a year
earlier to 14,224 vehicles in fiscal 2023.
In Thailand, Nissan's factories have produced four models for the
domestic market and for export, such as its Kicks compact sports
utility vehicle. The Japanese carmaker has been reviewing its
operations in recent years.
On Nov. 21, Nissan said it projects some 6 percent, or around
1,000, of its employees in the United States will retire early by
the end of the year, Japan Today relays.
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
=====================
COLLINS & CAMERON: Creditors Put Dairy Farm Into Liquidation
------------------------------------------------------------
The New Zealand Herald reports that a New Plymouth dairy farm is in
liquidation, owing more than half a million dollars to creditors.
John Scutter of insolvency company Fervor was appointed liquidator
of Collins & Cameron Limited on November 5, NZ Herald discloses.
The company had been dairy farming since May 2004, leasing land in
Waitara for herd grazing.
FENGLIN LOGISTICS: Court to Hear Wind-Up Petition on Dec. 13
------------------------------------------------------------
A petition to wind up the operations of Fenglin Logistics Limited
will be heard before the High Court at Auckland on Dec. 13, 2024,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 17, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
GSS EMPLOYMENT: Creditors' Proofs of Debt Due on Dec. 20
--------------------------------------------------------
Creditors of GSS Employment Group Limited required to file their
proofs of debt by Dec. 20, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 20, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
HERSHELL'S FOODS: Court to Hear Wind-Up Petition on Dec. 18
-----------------------------------------------------------
A petition to wind up the operations of Hershell's Foods Limited
will be heard before the High Court at Auckland on Dec. 18, 2024,
at 10:00 a.m.
Norwest Foods International Limited filed the petition against the
company on Oct. 24, 2024.
The Petitioner's solicitor is:
Brookfields, Lawyers
Tower One, 9th Floor
205 Queen Street
Auckland
HOROWHENUA TREE: Creditors' Proofs of Debt Due on Jan. 3
--------------------------------------------------------
Creditors of Horowhenua Tree & Garden 2022 Limited required to file
their proofs of debt by Jan. 3, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 22, 2024.
The company's liquidator is:
Hamish Pryde
CS Insolvency
C/- Coombe Smith (PN) Limited
168 Broadway Avenue
PO Box 788
Palmerston North
SDY EQUITY: Court to Hear Wind-Up Petition on Dec. 13
-----------------------------------------------------
A petition to wind up the operations of SDY Equity Holdings Limited
will be heard before the High Court at Auckland on Dec. 13, 2024,
at 10:00 a.m.
Dalman Architects Limited filed the petition against the company on
Oct. 14, 2024.
The Petitioner's solicitor is:
Mike King
Lane Neave
Level 5
141 Cambridge Terrace
Christchurch
=================
S I N G A P O R E
=================
ACECOM TECHNOLOGIES: Creditors' Meetings Set for Dec. 13
--------------------------------------------------------
Acecom Technologies Pte. Ltd. will hold a meeting for its creditors
on Dec. 13, 2024, at 3:00 p.m., via audio visual conference tool.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint liquidators;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
EUCHLOE BIO: Creditors' Proofs of Debt Due on Dec. 23
-----------------------------------------------------
Creditors of Euchloe Bio Pte. Ltd. are required to file their
proofs of debt by Dec. 23, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 15, 2024.
The company's liquidators are:
Toh Ai Ling
Chan Kwong Shing, Adrian
Tan Yen Chiaw
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***