/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200124.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 Friday, January 24, 2020, Vol. 23, No. 18 Headlines A U S T R A L I A ATTAINABLE OPTIONS: First Creditors' Meeting Set for Feb. 3 CENTENNIAL MINING: AuStar Gold to Withdraw Proposed Acquisition JEANSWEST CORP: To Shutter 37 Stores; 263 Workers Face Redundancy KALITE PTY: First Creditors' Meeting Set for Jan. 31 NICKMARK PTY: First Creditors' Meeting Set for Feb. 3 NU TREND: First Creditors' Meeting Set for Feb. 3 RHODES WATERFRONT: First Creditors' Meeting Set for Jan. 31 S.M. INT.: First Creditors' Meeting Set for Feb. 5 C H I N A CHINA: Economists Warn of Wuhan Virus' Potential Threat to Economy I N D I A ABHI S.K. HOSPITAL: ICRA Keeps B+ Rating in Not Cooperating ADI AUTOMOTIVES: Insolvency Resolution Process Case Summary AIR INDIA: Government to Put Carrier Back on the Auction Block ALLWELD ENGINEERS: Ind-Ra Maintains 'D' Rating in Non-Cooperating ANANYA HOSPITAL: ICRA Lowers Rating on INR3.73cr Loan to B+ ANJANA STRONG: Insolvency Resolution Process Case Summary ARDEE CITY: Insolvency Resolution Process Case Summary ARHYAMA SOLAR: ICRA Maintains 'B+' Rating in Not Cooperating ASANDAS & SONS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating ATASHA ASHIRWAD: Ind-Ra Migrates BB LT Issuer Rating to Non-Coop. B.V.L. EXPORTS: ICRA Lowers Rating on INR125cr LT Loan to 'D' BISUI POULTRY: ICRA Lowers Rating on INR4.16cr Term Loan to D CARONA KNIT: ICRA Lowers Rating on INR0.96cr LT Loan to B+ CHANDRA HASNI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating CHHABRA ISPAT: Ind-Ra Moves 'BB+' Issuer Rating to Non-Cooperating COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Loan D.M. JEWELLERS: Ind-Ra Lowers Long Term Issuer Rating to 'D' DALMIA BIZ: Insolvency Resolution Process Case Summary DHIRAJ FOUNDATION: ICRA Maintains B- Rating in Not Cooperating DUGAL ASSOCIATES: Insolvency Resolution Process Case Summary EARTHCON UNIVERSAL: Insolvency Resolution Process Case Summary HYDROMATIK: ICRA Maintains 'B+' Rating in Not Cooperating INTERATIONAL COIL: Insolvency Resolution Process Case Summary J MATADEE: ICRA Lowers Rating on INR16cr LT Loan to B+ KPM PROCESSING: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable LAXMI OIL: ICRA Lowers Rating on INR30cr Cash Loan to 'D' MADHUCON PROJECTS: ICRA Maintains D Rating in Not Cooperating MANN MEDICITI: ICRA Lowers Rating on INR5.80cr Loan to 'D' MASTER KISHAN: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable MEENA ADVERTISERS: ICRA Maintains B+ Rating in Not Cooperating NAMDHARI ANIMAL: ICRA Lowers Rating on INR19.75cr Loan to 'D' NESA INDIA: Insolvency Resolution Process Case Summary NORTH INDIA SURGICAL: ICRA Cuts INR11cr Loan Rating to D NUCON AEROSPACE: Ind-Ra Cuts Issuer Rating to BB+, Non-Cooperating ONEUP MOTORS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating PARCOS TILES: ICRA Assigns 'D' Rating to INR20.32cr Loan PV KNIT: ICRA Lowers Rating on INR7.50cr Loan to 'D' RAJIV PETROCHEMICALS: Ind-Ra Moves 'BB-' Rating to Non-Cooperating RAKINDO KOVAI: ICRA Withdraws B+ Rating on INR100cr LT Loan RELIANCE POWER: Axis Bank Files Insolvency Plea Against Unit RMP FARMS: ICRA Lowers Rating on INR16.40cr LT Loan to B+ S A GOLD ISPAT: Insolvency Resolution Process Case Summary S.P. SORTEX: ICRA Lowers Rating on INR17.20cr Loan to B+ SANSKAR AGRO: ICRA Withdraws B+ Rating on INR19.26cr Loan SATWI INFRA: ICRA Maintains 'B' Rating in Not Cooperating SATYAM DRUGS: Insolvency Resolution Process Case Summary SHREE MURUGAN: ICRA Maintains 'D' Rating in Not Cooperating SREE SIVA: ICRA Lowers Rating on INR7.50cr LT Loan to 'B+' SRI SAI AGRO: ICRA Maintains 'B' Rating in Not Cooperating SRINAGAR BANIHAL: ICRA Maintains D Rating in Not Cooperating STG LIFECARE: Insolvency Resolution Process Case Summary SUBABHALAJI SPINNING: ICRA Maintains B Rating in Not Cooperating SUDHARMA INFRATECH: ICRA Maintains B Rating in Not Cooperating VANILLA CLEAN: Ind-Ra Hikes Bank Rating to 'BB-', Outlook Stable VEERAMAKALI MEMORIAL: ICRA Cuts Rating on INR173.65cr Loan to D M A L A Y S I A MALAYSIA AIRLINES: Air France-KLM Says Not Involved in Sale Talks N E W Z E A L A N D CARTER HOLT: Whangarei Sawmill May Close; 111 Jobs at Risk PAINT THE TOWN RED: Fashion Store to Close on March 21 - - - - - ================= A U S T R A L I A ================= ATTAINABLE OPTIONS: First Creditors' Meeting Set for Feb. 3 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Attainable Options Pty Ltd will be held on Feb. 3, 2020, at 10:00 a.m. at the offices of Worrells Solvency & Forensic Accountants, Suite 5A, Level 5, at 34 East Street, in Rockhampton, Queensland. Travis Pullen of B&T Advisory was appointed as administrator of Attainable Options on Jan. 22, 2020. CENTENNIAL MINING: AuStar Gold to Withdraw Proposed Acquisition --------------------------------------------------------------- Jessica De Freitas at The Market Herald reports that AuStar Gold said it will not proceed with its proposed acquisition of Centennial Mining. Over the last six months, AuStar has been in intensive negotiations with numerous stakeholders, however, the Board couldn't satisfy its own due diligence requirements, the report relates. "The interest of shareholders must come first and despite the considerable investment in this process, the Board could not satisfy itself of various transactional and completion risks," the report quotes Chairman Frank Terranova as saying. According to the report, AuStar will continue to pursue its strategy to cement itself as an emerging gold company and will focus on its current assets and potential opportunities. The company first announced its intention to purchase Centennial Mining in September 2019, The Market Herald recalls. This was to be done through an implementation of the deed of company arrangement (DOCA) between joint administrators of Centennial and Maldon Resources and Avior Consulting for a AUD2.4 million cash contribution, the report relates. In December, a placement, entitlement and subscription offer was announced to meet the DOCA contribution. Unfortunately, the company noticed numerous third party attempts to disrupt the process by submitting a competing DOCA, the report states. Just recently, AuStar realised its major secured creditor, Mining Lending, was seeking interest from unrelated third parties to purchase its debt and securities over Centennial and Maldon, according to The Market Herald. The Market Herald says the gold company believed it was unlikely its existing DOCA would meet the criteria, so it entered an agreement to acquire the debt owed by Centennial and Maldon. Additional information was found which led to the discovery of potential legal risks which couldn't be resolved to the satisfaction of key stakeholders. The Market Herald notes that the company has now withdrawn all offers under the prospectus and a supplementary prospectus will be lodged with the ASIC later today to affect such withdrawal. Furthermore, AuStar plans to raise capital for its existing tenement portfolio. AuStar Gold has been in a trading halt since January 16 and shares last traded for 24.5 cents each, the report notes. Centennial Mining Limited (ASX: CTL) -- https://www.centennialmining.com/ -- engages in the exploration and development of gold projects in Australia. It primarily develops the A1 Gold Mine located in Eastern Victoria. Richard Tucker, John Bumbak and Leanne Chesser of KordaMentha Perth were appointed as administrators of Centennial Mining and subsidiary and Maldon Resources Pty. Ltd. on March 21, 2019. JEANSWEST CORP: To Shutter 37 Stores; 263 Workers Face Redundancy ----------------------------------------------------------------- Matthew Elmas at SmartCompany reports that collapsed denim retailer Jeanswest will shutter 37 of its 146 stores as administrators for the company look to steady the ship ahead of a hopeful sale. Peter Gothard and James Steward of KPMG announced the closures on Jan. 23, just over a week after the business fell into voluntary administration, according to SmartCompany. A total 263 employees will be made redundant under the downsizing plans, subject to redeployment in other parts of the network, the report says. Jeanswest employed 988 workers at the time of its collapse, spread across the country, with the majority in Victoria and NSW. "The decision to proactively restructure the business early in the administration process has not been taken lightly," the report quotes Mr. Stewart as saying in a statement circulated on Jan. 23. "We are very mindful of the serious impact store closures and staff redundancies have on people's lives. "However, we must also work to maximize the opportunity for this business to be sold or restructured – to give it the best chance to continue." Administrators offered no update on the sale process or whether any offers had been made for the business yet. SmartCompany says Jeanswest stores to close are: Blacktown Store NSW Burleigh Store QLD Carousel Store WA Castle Plaza Store SA Castle Towers Store NSW Castletown Store QLD Centrepoint Store WA Charlestown Store NSW Chermside Store QLD Doncaster Store VIC Earlville Store QLD East Gardens Store NSW Eastlands Store VIC Echuca Store VIC Forest Hill Store VIC Hobart City Store TAS Karingal Store VIC Karrinyup Store WA Kotara Store NSW Lismore Store QLD Macarthur Store NSW Mandurah Store WA Marion (New) SA Maroochydore Store QLD Mirabooka Store WA Miranda Store NSW Myer Centre Store QLD Rockingham Store WA Rosebud Store VIC Shell Harbour Store NSW Singleton Store NSW Southland Store VIC The District Docklands VIC Tweed City Store NSW Watergardens Store VIC West Lakes Store SA Wetherill Park Store NSW About Jeanswest Established in 1972, Jeanswest is one of Australia's most well-known retail brands. Jeanswest is currently owned by the Hong-Kong-based Yeung family's investment vehicle, HOWSEA Limited, which acquired the business as part of an HK$220 million deal with publicly-listed Glorious Sun Enterprises in 2017. On Jan. 15, 2020, James Stewart and Peter Gothard of KPMG were appointed as Joint and Several Administrators of Glorious Sun (Australia) Pty Ltd, Glorious Sun Corporate Services Pty Ltd, Jeanswest Investments (Australia) Pty Ltd, Jeanswest Wholesale Pty Ltd and Jeanswest Corporation Pty Ltd (trading as "Jeanswest") (collectively "the Companies") by the respective boards of directors. KALITE PTY: First Creditors' Meeting Set for Jan. 31 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Kalite Pty Ltd will be held on Jan. 31, 2020, at 11:00 a.m. at Unit 1, 78 Logan Road, in Woolloongabba, Queensland. William Roland Robson of Robson Cotter Insolvency Group was appointed as administrator of Kalite Pty on Jan. 20, 2020. NICKMARK PTY: First Creditors' Meeting Set for Feb. 3 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Nickmark Pty Ltd, trading as NMA Events And Function Management, will be held on Feb. 3, 2020, at 9:00 a.m. at the offices of Mackay Goodwin, Level 2, at 1 Southbank Boulevard, in Melbourne, Victoria. Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay Goodwin were appointed as administrators of Nickmark Pty on Jan. 21, 2020. NU TREND: First Creditors' Meeting Set for Feb. 3 ------------------------------------------------- A first meeting of the creditors in the proceedings of Nu Trend Shopfitting Pty Ltd will be held on Feb. 3, 2020, at 10:00 a.m. at the offices of Chartered Accountants Australian and New Zealand Level 18, Bourke Place, at 600 Bourke Street, in Melbourne, Victoria. Mathew Gollant of CJG Advisory was appointed as administrator of Nu Trend on Jan. 22, 2020. RHODES WATERFRONT: First Creditors' Meeting Set for Jan. 31 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Rhodes Waterfront Pty Ltd will be held on Jan. 31, 2020, at 10:00 a.m. at the offices of Greengate Advisory, Suite 4.05, Level 4, at 130 Pitt Street, in Sydney, NSW. Patrick Loi -- Loi@ggadvisory.com.au -- of Greengate Advisory was appointed as administrator of Rhodes Waterfront on Jan. 22, 2020. S.M. INT.: First Creditors' Meeting Set for Feb. 5 -------------------------------------------------- A first meeting of the creditors in the proceedings of: - S.M. Int. Pty Ltd; - S. M. Commercial Interiors Pty Limited; - S M Interiors (VIC) Pty Ltd; and - S.M. Plastering Services Pty. Ltd will be held on Feb. 5, 2020, at 11:00 a.m. at the offices of Deloitte, Level 10, at 550 Bourke Street, in Melbourne, Victoria. Robert Woods -- RobWoods@deloitte.com.au -- of Deloitte Financial Advisory was appointed as administrator of S.M. Int. on Jan. 23, 2020. ========= C H I N A ========= CHINA: Economists Warn of Wuhan Virus' Potential Threat to Economy ------------------------------------------------------------------ Bloomberg News reports that China's fragile economic stabilisation could be at risk if the authorities fail to contain the new virus currently sweeping across Asia, economists have warned. UBS Group, Nomura Holdings and Barclays Bank reached back to the 2003 Sars outbreak for guidance on potential impact, Bloomberg says. According to Bloomberg, UBS noted that "history does not repeat itself, but it rhymes", while Nomura said that based on the outbreak 17 years ago, it expects "increased downward pressure on China's growth, particularly in the services sector". Barclays expects the "economic impact from the virus is likely to be transitory, with the effects felt more in transportation and retail sales." Bloomberg says the authorities are acting aggressively as the number of cases nearly doubled to 291 over the weekend and stretched to five additional countries, including the first diagnosis in the United States. Bloomberg relates that the resident of Snohomish, Washington, had recently travelled to Wuhan, the epicenter of the outbreak, though he said he hadn't spent any time at the live-animal market where the virus is believed to have originated and didn't have contact with anyone who was sick. While the virus' arrival in the US highlights the dangers of it spreading and impacting economies around the world, even if it's contained to China, there would still be a hit to global growth, says Bloomberg. That's because China's weight has more than doubled since the 2003 Sars epidemic. It is estimated to account for about one-fifth of the world economy this year, compared with 8.7 per cent at the time of Sars, Bloomberg discloses citing International Monetary Fund data. UBS economists Wang Tao and Ning Zhang noted the ongoing peak travel season around the Chinese New Year "is a tremendous challenge, which could complicate the disease diffusion," Bloomberg relays. "If the pneumonia couldn't be contained in the short term, we expect China's retail sales, tourism, hotel & catering, travel activities likely to be hit, especially in Q1 and early Q2," UBS said. "Our forecast of sequential growth rebound in Q1 and Q2 2020 would face some downside risk. The government would likely strengthen its policy easing to offset the shock from the pneumonia, especially for those directly affected sectors." Barclays economists including Chang Jian also see prospects for targeted credit and fiscal support if the spread intensifies, adds Bloomberg. ========= I N D I A ========= ABHI S.K. HOSPITAL: ICRA Keeps B+ Rating in Not Cooperating ----------------------------------------------------------- ICRA said the ratings for the INR11.25-crore bank facilities of ABHI S.K. Hospital Private Limited (ASKHPL) Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term-Fund 6.32 [ICRA]B+ (Stable); ISSUER NOT Based-Cash Credit COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category Long term– 4.93 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. ASKHPL was promoted in December 2010 by Dr. Senthilnathan and his wife Dr. Suseela. The Company currently operates a 110 bed multi-specialty hospital. The hospital offers specialized treatment in Gynaecology, Neurosurgery, Plastic surgery, Trauma care, Obstetrics, Neonatology, and General medicine, among others. The hospital has a 25-bed intensive care unit, including an 8-bed new-born intensive care unit, and 5 operation theatres. The hospital is well equipped with a digital X-ray unit, 3D ultrasound and Colour Doppler Echo, fully automated computerized laboratory, and CT-scan. The Company has tie-ups with corporate, major insurance Companies, third party administrators (TPAs) and State and Central government agencies to offer cashless treatment. ADI AUTOMOTIVES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: ADI Automotives Private Limited Registered office: 58 KM Milestone Delhi Jaipur Highway Binola Industrial Zone Gurgaon, Haryana 122413 Insolvency Commencement Date: January 8, 2020 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: July 6, 2020 (180 days from commencement) Insolvency professional: Sanjay Kumar Dewani Interim Resolution Professional: Sanjay Kumar Dewani 133, Bhagirathi Appts Plot No. 13/1, Sector-9 Rohini, New Delhi 110085 E-mail: sanjaydewani@gmail.com cirp.aaapl@gmail.com Last date for submission of claims: January 22, 2020 AIR INDIA: Government to Put Carrier Back on the Auction Block -------------------------------------------------------------- Nikkei Asian Review reports that the Indian government is going all out in its second attempt to sell Air India and is expected imminently to invite bids, more than a year after its failed first effort to privatize the loss-making national flag carrier. The Nikkei relates that official sources said the expression of interest for strategic disinvestment of the airline could be issued this month, with one saying "the government is firm on its decision to sell off Air India." In late December, civil aviation minister Hardeep Singh Puri told reporters the EOI would be put out "in the coming few weeks," kicking off the privatization process, the Nikkei says. According to the Nikkei, the strategic disinvestment of some state-owned enterprises remains a priority for the government of Prime Minister Narendra Modi to shore up revenues. For the ongoing fiscal year ending in March, it has set a target of gathering one trillion rupees ($14 billion) of disinvestment revenue. The government has high hopes that foreign investors will participate in the bidding, the report states. The success of an Air India sale, a long-standing goal for the country's leaders, will be a litmus test for future policy challenges, such as reforming state-owned companies and pulling in more foreign direct investment, the Nikkei notes. Air India is one of a clutch of struggling national airlines in Asia, along with Garuda Indonesia, Thai Airways International and Malaysia Airlines, according to the Nikkei. These carriers, which face common problems such as overly bureaucratic management and political interference, have lost ground to privately-held low-cost airlines and have been in a prolonged slump. "Our problem is the huge debt. Minus the debt, the airline can be turned around, provided the work is not hampered by the inherent constraints of the government's way of working," Ashwani Lohani, chairman and managing director of Air India, was quoted as saying by local English-language daily the Deccan Herald in August, the Nikkei recalls. Air India had a debt of about INR583 billion ($8.2 billion) at the end of the last financial year which ended in March 2019, the Nikkei discloses. Following the failure of the previous sale, the government decided to cut the company's debt in half and move about INR295 billion to Air India Assets Holding, a special purpose vehicle, to relieve the burden on the airline. Aviation consultancy CAPA agrees that cleaning up the airline's balance sheet will be paramount for a successful sale, the Nikkei adds. "This is the most important first step. The airline can never be viable in its current [state] due to its massive debt and interest burden," it said in a commentary in July. Since the 2011-12 financial year, the government has pumped more than INR300 billion into the troubled airline, whose net losses for the year ended March 2019 reached INR85 billion, its biggest since the 2008 financial crisis and up 59% from losses of INR53 billion a year earlier, the Nikkei discloses. About Air India Air India Ltd -- http://www.airindia.com/-- is the flag carrier airline of India owned by Air India Limited (AIL), a Government of India enterprise. The airline operates a fleet of Airbus and Boeing aircraft serving various domestic and international airports. It is headquartered at the Indian Airlines House in New Delhi. As reported in the Troubled Company Reporter-Asia Pacific on March 28, 2014, The Times of India said Air India got a breather in the form of INR1,000-crore equity infusion from the government on March 26, 2014. According to the report, the airline's unending financial stress had got worse as the Centre had so far given INR6,000 crore instead of the promised INR8,500 crore for the fiscal. As a result, AI had to bridge this gap by borrowing money from banks at 11%-12%, which increased its debt servicing burden, the report said. Before the infusion, the government had injected INR12,200 crore into AI and there was a shortfall in equity to the tune of INR3,574 crore -- despite the airline meeting most of the milestone-linked equity targets -- leading to a liquidity crunch, the report related. Air India has posted continuous losses since 2007, according to The Economic Times. ALLWELD ENGINEERS: Ind-Ra Maintains 'D' Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Allweld Engineers Private Limited's (AEPL) Long-Term Issuer Rating of 'IND D (ISSUER NOT COOPERATING)' and has simultaneously withdrawn it. The detailed rating actions are: -- INR45 mil. Fund-based working capital limit (Long-term)* maintained in a non-cooperating category and withdrawn; -- INR10 mil. Non-fund-based working capital limit (Short-term)* maintained in a non-cooperating category and withdrawn; -- INR16 mil. Proposed fund-based working capital limit (Long- term)# maintained in a non-cooperating category and withdrawn; and -- INR12.5 mil. Proposed non-fund-based working capital limit (Short-term)# maintained in non-cooperating category and withdrawn. * Maintained at 'IND D (ISSUER NOT COOPERATING)' before being withdrawn # Maintained at Provisional 'IND D (ISSUER NOT COOPERATING)' before being withdrawn KEY RATING DRIVERS The rating has been maintained in the non-cooperating category because the issuer did not participate in the rating exercise despite continuous requests and follow-ups by Ind-Ra. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Incorporated in 1993, AEPL is a Bangalore-based entity engaged in the design, manufacture, and supply of hydraulic cylinders and engineering assemblies. ANANYA HOSPITAL: ICRA Lowers Rating on INR3.73cr Loan to B+ ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Ananya Hospital Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating downgraded from [ICRA]BB (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Long-term- 3.73 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating downgraded from [ICRA]BB (Stable)and continues to remain under 'Issuer Not Cooperating' Category Rationale The ratings are downgrade because of lack of adequate information regarding Ananya Hospital Private Limited performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Ananya Hospital Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Ananya Hospital Private Limited (AHPL) was set up in 2000 as a partnership firm by Dr. M J Rajashekar and was reconstituted as a private limited company in 2005. The company started with a multi-specialty hospital in Bangalore under the name Ananya Hospital which is a 53-bed facility including 3 operation theatres, 6 ICUs and offers services across specialties such as general medicine, orthopedic, pediatric, urology, ear-nose-throat (ENT) and gynecology, amongst others. In 2008, AHPL took over Shanbhag Hospital which operates with a capacity of 52 beds including 2 operation theatres and 8 ICUs. Shanbhag hospital has been operational since 1990 and is located in Basaveshwara Nagar, Bangalore. This hospital generates majority of its revenue from gynecology and pediatrics. Both the hospitals have inhouse pharmacies. ANJANA STRONG: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Anjana Strong Doors Private Limited Registered office: Plot no. 63, Ground floor Kishen Kunj Extn. Part-1, Near Bank Enclave Laxmi Nagar, Delhi 110092 Branch 1: 301, Phase-1 Ecotec 3 Shani Mandir Greater Noida 201306 (UP) Branch 2: E-184, Sector-63 Noida 201009 (UP) Branch 3: H-38, Sector-12 Pratap Vihar Near Santosh Media Ghaziabad 201009 (UP) Insolvency Commencement Date: December 13, 2019 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: June 10, 2020 (180 days from commencement) Insolvency professional: Ashok Kumar Gupta Interim Resolution Professional: Ashok Kumar Gupta LD-46, Pitampura Delhi 110034 E-mail: cmaashokgupt@gmail.com - and - 304, D.R. Chambers 12/56, Desh Bandhu Gupta Road Karol Bagh, New Delhi 110005 E-mail: cirp.anjana@gmail.com Last date for submission of claims: January 29, 2020 ARDEE CITY: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Ardee City Estate Management Private Limited 16th Floor, Gopal Dass Bhavan 28, Barakhamba Road New Delhi 110001 Insolvency Commencement Date: January 14, 2020 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: July 12, 2020 (180 days from commencement) Insolvency professional: Ajay Gulati Interim Resolution Professional: Ajay Gulati C-66, Shivalik, First Floor Delhi 110017 E-mail: ajaygulati.ca@gmail.com E-mail for inviting claims: arde.cirp@gmail.com Mobile: 8383820214 Last date for submission of claims: January 28, 2020 ARHYAMA SOLAR: ICRA Maintains 'B+' Rating in Not Cooperating ------------------------------------------------------------ ICRA said the rating for the INR31.65 crore bank facilities of Arhyama Solar Power Private Limited to remain under 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term loan 31.65 [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Arhyama Solar Power Private Limited (ASPPL) was incorporated in September 2012. ASPPL has set up a 6-MW solar power plant at Kolanpak Village, Aleir Mandal, Nalgonda District of Telangana. The solar power plant commenced its commercial operations from February 2014 and a power-purchase agreement has been signed with Dr Reddy's Laboratories Limited (DRL) for 20 years. The company is promoted by a group of entrepreneurs who have experience of more than 20 years in solar power EPC, agriculture commodities and financial management. ASANDAS & SONS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Asandas & Sons' Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- The 'IND BB' rating on the INR285.62 mil. Term loans due on December 2021 withdrawn; -- The 'IND BB' rating on the INR145 mil. Fund-based limits withdrawn; -- The 'IND BB' rating on the INR25 mil. Non-fund based limits withdrawn; and -- The 'IND BB' rating on the INR130 mil. Proposed-fund based limits were withdrawn. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the ratings, as the agency has received no dues certificate from the lenders. COMPANY PROFILE Asandas & Sons were established in 1962 as a partnership firm. It has been one of the leading traders of potatoes and onions in Gujarat for the last 50 years and started the commercial production of frozen foods from January 2016. ATASHA ASHIRWAD: Ind-Ra Migrates BB LT Issuer Rating to Non-Coop. ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated M/s Atasha Ashirwad Builders' (AAB) Long-Term Issuer Rating to 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 these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR90.00 mil. Non-fund-based limits migrated to non- cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR410.00 mil. Proposed non-fund-based limits migrated to non- cooperating category with Provisional IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on January 17, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Established in 1995, AAB is a partnership firm registered as a Class 1A contractor in Nagpur. The firm undertakes the construction of roads, and buildings and irrigation work for the government. B.V.L. EXPORTS: ICRA Lowers Rating on INR125cr LT Loan to 'D' ------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of B.V.L. Exports Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 125.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based/ Rating downgraded from [ICRA]B Cash credit (Negative) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects Delayed in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in October 2019. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with B.V.L. Exports Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. B.V.L. Exports Private Limited was incorporated in 2000 and is engaged in the trading of tobacco. The company continued to operate as a tobacco exporter till 2004 when it transferred its entire tobacco export business to Indian Tobacco Traders. The company then ventured into granite mining by buying granite quarry in Ongole District of Andhra Pradesh. The company mines black galaxy variety of granite. From December 2014, the company has restarted trading of tobacco. Mr. Bellam Jayanth Babu is the Managing Director of BVL and has more than 20 years of experience in tobacco industry. BISUI POULTRY: ICRA Lowers Rating on INR4.16cr Term Loan to D ------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Bisui Poultry Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 4.16 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B (Stable) and continues to remain under 'Issuer Not Cooperating' category Cash Credit 0.59 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B (Stable) and continues to remain under 'Issuer Not Cooperating' category Untied Limit 5.11 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B (Stable) and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects Delayed in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in October 2018. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Bisui Poultry Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Incorporated in 2012, BPPL is engaged in the business of commercial layer poultry farming and is involved in sale of table eggs. The poultry farm has a total capacity of 70,000 layer birds with facilities located at Bankura, West Bengal. BPPL is also setting up another unit in the same premise, wherein the company plans to operate poultry farm with a total capacity of 80,000 layer birds. CARONA KNIT: ICRA Lowers Rating on INR0.96cr LT Loan to B+ ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Carona Knit Wear, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.96 [ICRA]B+(Stable) ISSUER NOT Term Loans COOPERATING; Rating downgraded from [ICRA]BB+(Stable) and continues to remain under 'Issuer Not Cooperating' Category Long Term– 0.75 [ICRA]B+(Stable) ISSUER NOT Fund Based COOPERATING; Rating downgraded Facilities from [ICRA]BB+(Stable) and continues to remain under 'Issuer Not Cooperating' Category Short Term– 15.50 [ICRA]A4 ISSUER NOT Fund Based COOPERATING; Rating downgraded Facilities from [ICRA]A4+ and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgraded because of lack of adequate information regarding Carona Knit Wear performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Carona Knit Wear, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Carona Knit Wear was incorporated in the year 2006 by Mr. K. Swaminathan and the entity was primarily engaged in manufacture and export of garments. The entity had integrated production facilities ranging from knitting, compacting, printing, stitching and embroidery. The product profile of the Firm included babies wear and kids wear. CHANDRA HASNI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Chandra Hasni Ispat Private Limited's (CIPL) Long-Term Issuer Rating to 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 these ratings. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR80 mil. Fund-based working capital limit migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING) rating; and -- INR70 mil. Term loan due on April 2025 migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on January 30, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2005, CIPL manufactures thermo-mechanically treated bars. CHHABRA ISPAT: Ind-Ra Moves 'BB+' Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Chhabra Ispat Pvt Ltd's Long-Term Issuer Rating to 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 these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR5.85 mil. Term loans due on June 2021 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; -- INR180 mil. Fund-based limits migrated to non-cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR82 mil. Non-fund-based limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on January 23, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2005, Chhabra Ispat manufactures MS billets at its plant in Burdwan, West Bengal. These billets are used by rolling mills to manufacture thermos-mechanically treated bars. COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Loan ------------------------------------------------------------ ICRA has reaffirmed ratings on certain bank facilities of Cooldeck Industries Private Limited (CIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund- 7.00 [ICRA]B+(Stable); Reaffirmed based-Cash Credit Long-term Non- 1.50 [ICRA]B+(Stable); Reaffirmed fund Based- Bank Guarantee Short-term Non- 3.00 [ICRA]A4; Reaffirmed fund Based- Letter of Credit Unallocated 3.90 [ICRA]B+(Stable)/[ICRA]A4; Reaffirmed Rationale The rating reaffirmation takes into account the company's weak financial profile as reflected by its moderate scale of operations, leveraged capital structure and weak debt coverage indicators. The ratings also consider the high working capital intensity of the company's operations due to higher receivables, impacting its liquidity position. Consequently, the reliance on working capital borrowings has remained high as evident from a gearing of 2.94 times as on March 31, 2019. Further, intense competition in the plastic industry also keeps its profitability under pressure. The ratings, however, favorably factor in the extensive experience of the promoters of CIPL spanning over two decades in the manufacturing of plastic components for cooling tower, water treatment plants and building products. The rating also considers CIPL's diversified and reputed customer base, which includes government organisations and private players. The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that CIPL will continue to benefit from the extensive experience of its partners in the plastic industry and its established relationship with reputed customers. Key rating drivers and their description Credit strengths Extensive experience of promoter for over two decades - The company's key promoter, Mr. Harsh Bhargava, handles CIPL's daily operations. He has more than two decades of experience in manufacturing plastic components for cooling towers and water/wastewater treatment plants. Diversified and reputed customer base - CIPL has an established customer base, primarily in the cooling tower segment, accounting for 50-60% of its total annual sales. The company enjoys established relationships with most of its customers, with several repeat orders being garnered from them. Its customer base is diversified with its top five customers accounting for 22% of the total sales in FY2019. However, it increased to 44% in H1 FY2020. Credit challenges Weak financial profile characterised by small scale of operations, leveraged capital structure and weak debt coverage indicators – CIPL has been operating on a small scale and its turnover has remained stagnant at ~Rs. 44 crore during the past two fiscals. The company's net profit margin increased to 1.82% in FY2019 from 0.70% in FY2018, due to decrease in interest cost and receipt of MAT credit entitlement. The company had infused INR1.10 crore equity in FY2019, resulting in improved gearing of 2.94 times as on March 31, 2019 as against 4.52 times as on March 31, 2018. However, the same remained leveraged at the absolute level. CIPL's debt coverage indicators improved marginally with interest coverage of 1.84 times, NCA/TD of 12% and TD/OPBITDA of 3.85 times as on March 31, 2019 owing to increased profitability. High working capital intensity of operations due to longer receivables cycle impacting liquidity - The company's working capital intensity of operations have usually tended to remain on the higher side due to high receivables as the debtor days reduced marginally to 102 days as on March 31, 2019 as compared to 110 days as on the previous fiscal end and the same increased further to 108 days as on September 30, 2019 on the back of higher orders executed in the last quarter and increased credit period extended. To support and fund the increased debtor days, the creditor days also increased and stood high at 127 days as on September 30, 2019. The inventory levels have remained moderate at 45 days as on March 31, 2019 and 35 days as on March 31, 2018. Intense competition in the plastic industry - CIPL, a small-sized player in the plastic industry, faces intense competition from large organised as well as small unorganised players across the domestic market. Liquidity position: Stretched The company's liquidity position has remained stretched on account of elongated receivables cycle and modest cash accruals. The company's term loan repayments for the next three years stood at INR0.46 crore in FY2020, INR0.56 crore in FY2021 and FY2022, respectively, including repayment of proposed term loan of INR1.00 crore. The company had a liquid cash and bank balance of INR0.73 crore as on March 31, 2019. The monthly utilisation of the fund-based working capital limits averaged at 96% of sanctioned limits during the 15-month period ended October 2019, leaving no cushion to the liquidity position. moderate compared to its internal accruals, supporting its liquidity. Rating sensitivities Positive triggers – ICRA could upgrade CIPL's rating if the company demonstrates a sustained improvement in its scale of operations and profit margins. Improvement in liquidity profile by efficiently managing its working capital cycle will also remain critical for a rating upgrade. Negative triggers – Negative pressure on CIPL's rating could arise if there is deterioration in the capital structure or coverage indicators. Moreover, any strain on the liquidity profile due to an increase in working capital gap could also exert downward pressure on the rating. Cooldeck Industries Private Limited, formerly known as Cooldeck Aqua Solutions Private Limited, manufactures plastic components, primarily for cooling towers and water/wastewater treatment plants. It was established as a proprietorship concern in 1994 and was converted into a private limited concern in 2005. It has a manufacturing plant in the union territory of Daman, Bhiwandi (Maharashtra) and Delhi. Since its inception, CIPL has been focused on manufacturing and sales of plastic components for cooling tower equipment (largely for power sector), which includes fills, drift eliminators, fan assemblies, nozzles and spacers among others. These products have been driving over 50-60% of the revenues of the company. The firm reported a net profit of INR0.81 crore on an operating income (OI) of INR44.58 crore in FY2019, compared to a net profit of INR0.31 crore on an OI of INR44.22 crore in the previous year. D.M. JEWELLERS: Ind-Ra Lowers Long Term Issuer Rating to 'D' ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded D.M. Jewellers' (DMJ) Long-Term Issuer Rating to 'IND D' from 'IND BB- (ISSUER NOT COOPERATING)'. The instrument-wise rating action is: -- INR187 mil. Fund-based working capital limits (Long-term) downgraded with an IND D rating. KEY RATING DRIVERS The ratings reflect DMJ's continued delays in debt servicing for the three months ended December 2019. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. COMPANY PROFILE DMJ is a Gujarat-based proprietorship firm that trades gold, diamond and silver jewelry. It has a 1,200 square foot showroom in Navsari, Gujrat. DALMIA BIZ: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Dalmia Biz Medicare Private Limited Registered office: A-87 S/F Shanti Marg Main Road Mandawali, Fazarpur Near MCD Primary School New Delhi 110092 Corporate office: B-38, First Floor Institutional Area Sector 1 Noida (U.P.) 201301 Insolvency Commencement Date: January 13, 2020 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: July 11, 2020 Insolvency professional: Madhu Juneja Interim Resolution Professional: Madhu Juneja 4704, Ashoka Enclave Plot No. 8A, Sector 11 Dwarka, New Delhi 110075 India E-mail: madhujun94@gmail.com dalmiamedcirp@gmail.com Last date for submission of claims: January 29, 2020 DHIRAJ FOUNDATION: ICRA Maintains B- Rating in Not Cooperating -------------------------------------------------------------- ICRA said the ratings for the INR20.76 -crore bank facilities of Dhiraj Foundation (DF) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B- (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 20.63 [ICRA]B- (Stable); ISSUER NOT Term Loan COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category Long term– 0.13 [ICRA]B- (Stable); ISSUER NOT Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Dhiraj Foundation registered in December 2010 is promoted by Mr. A. Dhirajlal Gandhi. DF commenced operations in July 2011 with 'Dhirajlal Gandhi College of Technology' (DGCT) at Salem, Tamil Nadu. The college offers five UnderGraduate (UG) courses and four Post-graduate (PG) courses. The college is approved by the AICTE (All India Technical Council for Technical Education) and is affiliated to Anna University, Tamil Nadu. DUGAL ASSOCIATES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Dugal Associated Private Limited Registered office (as per MCA Masterdata): F-38/2, Near Maruti Service Station Okhla Industrial Area, Phase-II New Delhi 110020 Registered office (as per NCLT order): D-242, Krishna Park Devli Park, Khanpur New Delhi 110062 Insolvency Commencement Date: December 11, 2019 Court: National Company Law Tribunal, Delhi Bench Estimated date of closure of insolvency resolution process: June 8, 2020 (180 days from commencement) Insolvency professional: Pradeep Upadhyay Interim Resolution Professional: Pradeep Upadhyay 1-4/6, Sector-16 Rohini, Delhi 110089 E-mail: capuaindia@gmail.com - and - B-2/42, Sector-18 Rohini, Delhi 110089 E-mail: pradeepupadhyayibbi12233@ gmail.com Last date for submission of claims: January 21, 2020 EARTHCON UNIVERSAL: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Earthcon Universal Infratech Private Limited T-17, DDA Flats Sector-7, Jasola Vihar Delhi 110025 Insolvency Commencement Date: January 8, 2020 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: July 6, 2020 (180 days from commencement) Insolvency professional: Mr. Jitendra Arora Interim Resolution Professional: Mr. Jitendra Arora Office No. 209-211A, 2nd Floor H-17/18, Laxmi Palace Laxmi Nagar, Vikas Marg Opposite Metro Pillar No. 35 Delhi 110092 E-mail: csjitender@yahoo.com claimseuipl@gmail.com Mobile: 9811505059 Classes of creditors: Home Buyers Insolvency Professionals Representative of Creditors in a class: Mr. Deepak Gupta Mr. Rajesh Gupta Mr. Manoj Kumar Anand Last date for submission of claims: January 22, 2020 HYDROMATIK: ICRA Maintains 'B+' Rating in Not Cooperating --------------------------------------------------------- ICRA said the ratings for the INR10.62-crore bank facilities of Hydromatik continues to remain in the 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term-Term 6.62 [ICRA]B+ (Stable); ISSUER NOT Loan COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Long Term-Cash 2.00 [ICRA]B+ (Stable); ISSUER NOT Credit COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Short Term-Fund 2.00 [ICRA]A4; ISSUER NOT Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Hydromatik is a partnership firm setup in 1999, and is engaged in the designing, engineering and manufacturing of hydraulic tube fittings. The firm is involved in the manufacturing of pipe fittings of DIN 2353 safety specifications which are used in machine tool manufacturing, automobile industries, chemical industries, ship building, mining and steel plants, etc. The manufacturing unit of the firm is located in Belgaum, Karnataka. INTERATIONAL COIL: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: M/S. International Coil Limited Registered office: A-21/24 Naraina Industrial Area Phase II New Delhi 110028 Insolvency Commencement Date: December 16, 2019 Court: National Company Law Tribunal, New Delhi Court No. IV Bench Estimated date of closure of insolvency resolution process: July 8, 2020 (180 days from commencement) Insolvency professional: Rajesh Kumar Gupta Interim Resolution Professional: Rajesh Kumar Gupta F-43, Dilshad Colony East Delhi 110095 E-mail: rgadv21@gmail.com - and - G-22, Lower Ground Floor Jangpura Extension New Delhi 110014 E-mail: internationalcl.cirp@gmail.com Last date for submission of claims: January 24, 2020 J MATADEE: ICRA Lowers Rating on INR16cr LT Loan to B+ ------------------------------------------------------ ICRA has revised the ratings on certain bank facilities of J Matadee Free Trade Zone Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.00 [ICRA]B+(Stable) ISSUER NOT Fund Based COOPERATING; Rating downgraded from [ICRA]BB+(Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating is downgraded because of lack of adequate information regarding J Matadee Free Trade Zone Private Limited performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with J Matadee Free Trade Zone Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. J Matadee Free Trade Zone Private Limited, incorporated in 2005 by Mr. Sunil Rallan, is primarily engaged in developing a Free Trade Warehouse Zone (FTWZ) near Chennai. Mr. Sunil Rallan has been primarily dealing in leather exports over the last 25 years and has carried out trading in leather goods from an FTWZ in China. After experiencing the free trade zone as an occupant, the promoter decided to develop a similar FTWZ in Chennai (Tamil Nadu). KPM PROCESSING: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed KPM Processing Mill Private Limited's (KPMPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR110 mil. Fund-based working capital limit affirmed with IND BB/Stable rating; -- INR97.50 mil. (reduced from INR104.97 mil.) Term loan due on June 2025 affirmed with IND BB/Stable rating; and -- INR18.4 mil. (increased from INR10.97 mil.) Non-fund based limit affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects KPMPL's continued small scale of operations with revenue of INR485 million in FY19 (FY18: INR500 million). The fall in revenue in FY19 was due to a decline in the execution of orders as the company's manufacturing facility at Tirupur had halted production for 60 days over June to August 2018. The company's modest EBITDA margin declined to 15.6% in FY19 (FY18: 18.4%) as the company incurred additional costs to execute orders through job workers when the production was halted. The company's return on capital employed was 7.9% in FY19 (FY18:13%). The ratings reflect KPMPL's moderate credit metrics with net leverage (adjusted net debt/operating EBITDAR) of 3.8x in FY19 (FY18: 2.5x) and interest coverage of 3.9x (4.3x). The net leverage deteriorated primarily because of an increase in the term debt availed for facility enhancement. The interest coverage deteriorated due to a decline in absolute EBITDA to INR75.9 million in FY19 (FY18: INR91.9 million). However, with the repayment of the existing term loans, the interest expenses declined to INR19 million in FY19 (FY18: INR21 million) Liquidity Indicator - Stretched: The company's average use of its working capital limits was 98% during the 12 months ended December 2019. At FYE19, its cash and cash equivalents stood at INR1.22 million, against the total outstanding debt of INR287 million. The company's free cash flow remained negative at INR53 million in FY19 (FY18: negative INR4 million) on account of the capital expenditure incurred during the year. Its cash flow from operations, however, improved to INR96 million in FY19 (FY18: INR19 million) on a decline in the working capital requirement. The company has repayment obligations of INR39.64 million for FY20, which are likely to be paid out of its internal accruals. The ratings also derive comfort from the promoters' experience of about 30 years. RATING SENSITIVITIES Negative: Any further stretch in the liquidity along with a substantial decline in the revenue leading to deterioration in the margin and credit metrics with net leverage of over 4.5x will lead to negative rating action. Positive: An improvement in the liquidity, scale of operations and credit metrics, all on a sustained basis, will lead to positive rating action. COMPANY PROFILE KPMPL was incorporated by Mr. Sekaran P along with Mr. Chandrasekaran N and Mrs. Thamilselvi Sekaran in 2010. The company processes fabric (used for manufacturing home textiles and hosiery garments) on a job-work basis. KPMPL plans to venture into knitting in FY21. Its plant and registered office are located in Arulpuram, Tirupur. LAXMI OIL: ICRA Lowers Rating on INR30cr Cash Loan to 'D' --------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Laxmi Oil & Vanaspati Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 30.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating downgraded from [ICRA]BBB- (Stable) and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects Delayed in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in October 2018. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Laxmi Oil & Vanaspati Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Incorporated in 2003 by the Gupta family, LOVPL was taken over by the current management in June 2011. The company is primarily engaged in the production of refined rice bran oil, in addition to blended oil and refined palm oil at its refining unit situated in Kanpur, Uttar Pradesh. The company has an installed refining capacity of 30,000 TPA. LOVPL also trades in various edible oils; however, the scale of the same remains small. MADHUCON PROJECTS: ICRA Maintains D Rating in Not Cooperating ------------------------------------------------------------- ICRA has continued the long term and short term ratings for the bank facilities of Madhucon Projects Limited under the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 477.05 [ICRA]D ISSUER NOT COOPERATING; Facilities Rating continues to remain under 'Issuer Not Cooperating' category Non-fund based 728.20 [ICRA]D ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 194.75 [ICRA]D ISSUER NOT COOPERATING; Limits Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Originally incorporated in 1990 as Madhu Continental Constructions Private Limited and subsequently converted into a listed public limited company in March 1995, Madhucon Projects Limited (MPL) is primarily engaged in the road construction and irrigation projects business. MPL was promoted by Mr. N Seethaiah and Mr. N Krishnaiah. It is currently engaged predominantly in construction of roads and irrigation projects. MANN MEDICITI: ICRA Lowers Rating on INR5.80cr Loan to 'D' ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Mann Mediciti Wellness Centre Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Cash 5.80 [ICRA]D ISSUER NOT COOPERATING; Credit Rating downgraded from [ICRA]B(Stable) and continues to remain under 'Issuer Not Cooperating' category Unallocated 1.50 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B(Stable) and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects the delay in debt-servicing, as confirmed by the lender. The rating is based on limited information on the entity's performance since the time it was last rated in February 26, 2019. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Mann Mediciti Wellness Centre Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Credit challenges: There has been delays in debt servicing as confirmed by the lender. Liquidity position: Poor Mann Mediciti Wellness Centre Private Limited liquidity profile is Poor as reflected by irregularities in debt servicing by entity. Incorporated in 1999, MMWC operates a hospital by the name of 'Mann Mediciti Super Speciality Hospital'. MMWC was established in 2009 and at present it is a 100-bedded facility located in Jalandhar, Punjab. It specialises in medicine, cardiology, neurology, orthopaedics and plastic and reconstructive surgery, among other branches of medical science. The company is empanelled with ex-servicemen contributory health Scheme (ECHS), employee state insurance scheme (ESIC) and the Food Corporation of India (FCI). Dr. J.S. Mann serves as a senior cardiologist at MMWC and is also the Managing Director of the company. MASTER KISHAN: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Master Kishan Chand Memorial Educational & Social Welfare Society's (MKCES) bank facilities a rating of 'IND BB-'. The Outlook is Stable. The detailed rating action is: -- INR86.52 mil. Term loans due on December 31, 2025, assigned with an IND BB-/Stable rating. KEY RATING DRIVERS The rating reflects MKCES's small scale of operations, as reflected by a total income of INR147.36 million in FY19 (FY18: INR124.4 million). Tuition fee income (inclusive of hostel fee) was the major source of revenue generation, which contributed an average of 99.52% to the total income during FY15-FY19. The rating factors in MKCES's volatile operating margins over FY15-FY19. The operating margins contracted to 31.08% in FY19 (FY15-FY17: average 44.41%), due to a substantial increase in staff cost to average 44% in FY18-FY19 (FY15-FY17: 35%). The recruitment of highly-skilled faculty from reputed institutions, to offer coaching assistance to students preparing for competitive examinations, led to an increase in staff cost. Liquidity Indicator – Stretched: MKCES's available funding, comprising cash and unrestricted investments, declined to INR2.94 million in FY19 (FY18: INR3.31 million), thereby providing insufficient financial cushion to debt (FY19: 2.38%; FY18: 2.45%) and operating expenditure (2.89%; 3.96%). Its cash flow from operations has averaged INR43.27 million during FY16-FY19, mainly on account of limited working capital outflows largely driven by nil receivables. The rating factors in MKCES's moderate debt burden (debt/current balance before interest and depreciation (CBBID)) that remained in 2.64x-3.47x range during FY15-FY19. In FY19, debt/CBBID improved to 2.69x (FY18: 3.31x) mainly on account of scheduled repayments of long-term debt, which more than offset the marginal addition in debt. The rating also factors in MKCES's debt service coverage ratio (DSCR) of 1.27x in FY19 (FY18: 1.56x). The ratio remained above 1x during FY15-FY19. Furthermore, the interest service coverage ratio improved to 3.20x in FY19 (FY18: 2.74x) mainly due to higher CBBID (FY19: INR45.88 million; FY18: INR40.81 million). The rating, however, is supported by MKCES's cumulative student strength, which clocked 17.18% CAGR during FY15-FY19 and 21.57% YoY growth to 3,060 students in the academic year 2018-2019. Furthermore, the cumulative student strength increased to 3,480 students in the academic year 2019-2020. RATING SENSITIVITIES Positive: Events that may, individually or collectively, lead to a positive rating action are: a. operating margins increasing above 35% on a sustained basis; b. DSCR rising above 1.5x in the medium term; and c. debt burden-reducing below 2.2x. Negative: Events that may, individually or collectively, lead to a negative rating action are: a. debt burden rising above 3.5x on a sustained basis; and b. operating margin reducing below 25% on a sustained basis COMPANY PROFILE MKCES (established in 2001) runs two schools under its ambit, K.C.M. Public High School and K.C.M. World School. Both schools offer kindergarten to twelfth standard education and are affiliated to the Central Board of Secondary Education. MEENA ADVERTISERS: ICRA Maintains B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA said the ratings for the INR10.00 crore bank facilities of Meena Advertisers (MA) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 8.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category Long term– 2.00 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 1980, Meena Advertisers is engaged in providing advertisement spaces in airports and railway stations. Based in Chennai, the entity has its marketing offices in Mumbai, Jaipur, Mangalore and New Delhi. Meena Advertisers is a proprietorship firm, promoted by Mr. V Krishnamurthy. NAMDHARI ANIMAL: ICRA Lowers Rating on INR19.75cr Loan to 'D' ------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Namdhari Animal Genetics Private Limited (NAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term–Fund 5.00 [ICRA]D; Downgraded from Based–CC [ICRA]BB- (Stable) Long term–Fund 19.75 [ICRA]D; Downgraded from Based–Term Loan [ICRA]BB- (Stable) Long term– 0.25 [ICRA]D; Downgraded from Unallocated [ICRA]BB- (Stable) Rationale The rating downgrade considers delays in repayment of term loans, as confirmed by the bankers. The delays were on account of weakened cash flows, caused by low profitability and high working capital intensity. Credit challenges Delay in debt servicing – Thin profit margins, leading to lower cash generation due to delay in ramping up of operations resulted in delay in repayment of term loan in FY2020. Weak financial profile – With high debt and lower profitability, the coverage indicators remained weak with Total Debt/OPBDITA of 28.9 times in FY2019. Also, the working capital intensity remained high with high inventory holding. Liquidity position: Poor NAGPL's liquidity position remains poor owing to weak cash accruals compared to the repayment obligations and high working capital intensity. The entity had INR17.0-crore term loan outstanding as on March 31, 2019, with repayment obligation of INR1.2 crore in FY2020. With high interest cost and an increase in working capital intensity, the cash flow from operations was insufficient to meet the repayment obligations, leading to delays in debt servicing. Also, the working capital limits remained fully utilised over the months, leaving limited buffer for any contingency. Rating sensitivities Positive triggers – Regularisation of the account would lead to an upgrade of the rating. Namdhari Animal Genetics Private Limited (NAPL) was incorporated in June 2012 in Uragahalli in Bangalore, Karnataka to set up an integrated dairy farm over an area of 14 acres. The area increased to 200 acres as on date. The company was started with a herd size of 80 cows, which rose to almost 1,500 cows as on date with an in-house milk production capacity of around 50,000 litres per day (LPD). The company added a new milk processing unit (to manufacture various dairy-related products) following which the processing capacity increased to 60,000 LPD. The company plans to further increase the herd size, going forward. It also procures milk from farmers and agents in the nearby areas to meet its requirements. In FY2019, the company reported a net loss of INR2.8 crore on an operating income (OI) of INR10.5 crore compared to a net loss of INR0.5 crore on an OI of INR7.5 crore in the previous year. NESA INDIA: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Nesa India Producer Company Limited Registered office: H.No. 103 KH No. 47/22 Akash Vihar Nangloi, Near Kali Mata Mandir New Delhi 110041 Insolvency Commencement Date: November 25, 2019 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: July 5, 2020 Insolvency professional: Sudhanshu Gupta Interim Resolution Professional: Sudhanshu Gupta 311, Agarwal Chamber-2 Plot No. 30 31, Veer Savarkar Block Opp. Metro Pillar No. 58 Shakarpur, East Delhi 110092 E-mail: sg_1973@rediffmail.com claims.nesa@gmail.com Last date for submission of claims: January 21, 2020 NORTH INDIA SURGICAL: ICRA Cuts INR11cr Loan Rating to D --------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of North India Surgical Company, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 11.00 [ICRA]D ISSUER NOT COOPERATING; limits Rating downgraded from [ICRA]B (Stable) and continues to remain under 'Issuer Not Cooperating' category Non-Fund based 1.00 [ICRA]D ISSUER NOT COOPERATING; limits Rating downgraded from [ICRA]A4 and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade reflects Delays in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in September 2018. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using thisrating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with North India Surgical Company, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. NISC, a partnership firm, commenced operations in April 2012 by taking over the operational business of a medical segment of Jagat Steels Private Limited. NISC is the exclusive dealer of stents made by Abbott Healthcare, spinal implants made by Medtronic Plc, and pacemaker of St. Jude. It also trades various disposable surgical items and medicines. NUCON AEROSPACE: Ind-Ra Cuts Issuer Rating to BB+, Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Nucon Aerospace Private Limited's (NAPL) Long-Term Issuer Rating to 'IND BB+' while simultaneously migrating it to the non-cooperating category and withdrawing it. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The instrument-wise rating actions are: -- INR360 mil. Fund-based working capital limits* downgraded, migrated to non-cooperating category and withdrawn; -- INR840 mil. Non-fund-based working capital limit^ downgraded, migrated to non-cooperating category and withdrawn; and -- INR189.2 mil. Term loan# due on November 2020-June 2024 downgraded, migrated to non-cooperating category and withdrawn. *Downgraded to 'IND BB+'/Stable/'IND A4+' from 'IND BBB-' / Stable/'IND A3' and migrated to the non-cooperating category before being withdrawn ^Downgraded to 'IND A4+' from 'IND A3' and migrated to the non-cooperating category before being withdrawn #Downgraded to 'IND BB+'/Stable from 'IND BBB-'/Stable and migrated to the non-cooperating category before being withdrawn KEY RATING DRIVERS The downgrade reflects an increase in NAPL's net leverage to 4.0x in FY19 from 3.6x in FY18, resulting in the breach of Ind-Ra's negative trigger of 3.0x. Besides that, the company's profitability and credit metrics were below the management's projections for FY19. NAPL reported an EBITDA margin of 15.0% in FY19 as against the management's projection of 21.8%, net leverage (net adjusted debt/operating EBITDA) of 4.0x and coverage ratio of 1.6x as against the projections of 2.2x and 4.1x, respectively. Generally, defense orders require conducting a large number of critical tests before execution; it takes 12-14 months to execute the orders depending on the system and sub-system. Sometimes, the execution faces delays due to deferment in the client clearances resulting in an elongated working capital cycle. During FY19, NAPL's net working capital cycle stretched to 100 days from 78 days in FY18. NAPL reported revenue of INR1,027.6 million in FY19 (FY18: INR827.1 million) with absolute EBITDA of INR154.4 million (INR142.3 million). The export revenue's contribution to the total revenue increased to 26.0% in FY19 (FY18: 10.5%) on increased investments by offshore defense companies in India due to the relaxation in the foreign direct investment norms and Make in India initiative. The ratings have been migrated to the non-cooperating category as the company did not provide Ind-Ra with any of the requested information. However, Ind-Ra was able to retrieve FY19 financials from public sources. Ind-Ra is no longer required to maintain the ratings as the agency has received a no-objection certificate and no dues certificate from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Incorporated in 2001, NAPL manufactures control actuation systems, high-pressure pneumatic and precision electro-mechanical systems that find application in the aerospace and defense industries. ONEUP MOTORS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Oneup Motors India Pvt Ltd's Long-Term Issuer Rating to 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 these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR40.3 mil. Term-loan due on March 2023 migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating; and -- INR195 mil. Fund-based limit migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on February 6, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2006, Oneup Motors India has an automobile dealership of Maruti Suzuki India in Lucknow, Uttar Pradesh. PARCOS TILES: ICRA Assigns 'D' Rating to INR20.32cr Loan -------------------------------------------------------- ICRA has assigned rating to the bank facilities of Parcos Tiles LLP (PTL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Limits 20.32 [ICRA]D; assigned Non-fund based Limits 4.00 [ICRA]D; assigned Unallocated Limits 0.68 [ICRA]D; assigned Rationale The assigned rating primarily considers the delays in servicing debt obligations by PTL owing to its poor liquidity position. The delay is caused by sluggish demand of nano vitrified twin charge tiles due to which the scale remained lower-than-anticipated, leading to losses at the net level and erosion of net worth. Further, high working capital requirements and impending repayment obligations resulted in cash flow mismatches. The ratings continue to factor in the firm's weak financial risk profile, intense competition in the ceramic industry and the exposure of PTL's profitability to volatility in raw material and fuel prices. The ratings, however, favourably factor in the proximity to raw material sources by virtue of its presence in Morbi (Gujarat). Key rating drivers Credit strengths Location-specific advantage - The manufacturing facility of the firm is located in the ceramic hub of Morbi (Gujarat), which provides easy access to quality raw materials such as body clay, feldspar and glazed frit in Gujarat and Rajasthan. Credit challenges Delays in servicing debt obligations - The firm has delayed in servicing the debt obligations of its term loan facility. Lower-than-anticipated operating income and losses thereon during the initial years of operations, high working capital requirements and impending debt repayment obligations resulted in cash flow mismatches. Weak financial risk profile – The firm witnessed de-growth of 43% in FY2019 and reported a revenue of INR12.75 crore against INR22.49 crore in FY2018 mainly because of the sluggish demand of nano vitrified twin charge tiles due to which the scale remained lower-than-anticipated leading to losses at the net level and erosion of net worth. The debt coverage indicators remained poor with an interest coverage of 0.46 times, TD/OPBDITA of 22.36 times and DSCR of 0.50 times. To support the liquidity position, creditors days were stretched in FY2018 and FY2019. Margins vulnerable to intense competition and cyclicality in real-estate industry - The ceramic tile manufacturing industry is highly fragmented with competition from the organised as well as the unorganised segments, most of which are located in Gujarat and operate on low cost structures, creating pressure on the prices. Further, the real estate industry accounts for the maximum uptake of ceramic tiles. Hence PTL's profitability and cash flows are likely to remain vulnerable to the cyclicality in the real estate industry. Vulnerability of profitability to fluctuation in raw material and energy costs - Raw material and fuel are the two major components determining the cost competitiveness in the ceramic industry. The firm has, however, little control over the prices of its key inputs such as natural gas and raw materials. Thus, profitability is expected to remain weak in the near to medium term. Liquidity position: Poor PTL's liquidity position is poor as reflected by delays in debt servicing on term loans. Further, the working capital limits of INR8.00 crore remained almost fully utilised from August 2018 to October 2019. Lower-than-expected cash accruals against scheduled debt repayments will keep the firm's liquidity position tight in the near future. Hence, infusion of capital by partners/unsecured loan will remain crucial to support the liquidity and timely debt servicing. Rating sensitivities Positive triggers- Regularisation of debt serving for more than three months will be a key rating determinant for a higher rating. PTL was established as a limited liability partnership firm in April 2016 by Mr. Sanjay Bhatiya and family members. The firm was into manufacturing of vitrified nano twin charge tiles and started its commercial operations from April 2017. However, due to lower demand for the same from H2 FY2019, the firm started manufacturing porcelain tiles of size 600mmX600mm, 600mmX1200mm and 1200mmX1200mm. The manufacturing unit is located at Morbi, Gujarat, with an installed capacity to produce 9000 boxes per day. PV KNIT: ICRA Lowers Rating on INR7.50cr Loan to 'D' ---------------------------------------------------- ICRA has revised the ratings on certain bank facilities of PV Knit Fashions, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term– 0.09 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating downgraded from [ICRA]B+(Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long-Term– 7.50 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating downgraded from Facilities [ICRA]B+(Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long-Term– 3.58 [ICRA]D ISSUER NOT COOPERATING; Proposed Rating downgraded from Facilities [ICRA]B+(Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short-Term– 0.15 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating downgraded from [ICRA]A4 Facilities ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade reflects delays in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in October 2018. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Pv Knit Fashions, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. PV Knit Fashions, incorporated in the year 1989 by Mr Ramasamy, is engaged in manufacturing and export of garments, primarily to European markets. The firm manufactures knitted garments like T-shirts, polo shirts, sweatshirts, nightwear, pyjamas, shorts, skirts, trousers etc. It has in-house facilities for knitting, printing, embroidering, cutting, stitching, and packaging, and outsources dyeing and bleaching to sister concerns. PVKF has 10 knitting machines with a capacity to produce 1,600 kg of fabric per day and 250 sewing units to manufacture up-to 10,000 pieces of garments (basic style). RAJIV PETROCHEMICALS: Ind-Ra Moves 'BB-' Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Rajiv Petrochemicals Private Limited's (RPPL) Long-Term Issuer Rating to 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 these ratings. The rating will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR190 mil. Fund-based limit migrated to non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR280 mil. Non-fund-based limits due on March 2020 migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on February 4, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in October 1993 by Rajiv Vastupal Mehta, RPPL is part of the Gujarat-based Rajiv Group. It is engaged in the trading of polyvinyl chloride resins, low-density polyethylene, and high-density polyethylene polymers and polyester films. RAKINDO KOVAI: ICRA Withdraws B+ Rating on INR100cr LT Loan ----------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of Rakindo Kovai Township Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 100 [ICRA]B+ (Stable) ISSUER NOT Loan–Proposed COOPERATING; Withdrawn Rationale The Long-term rating is withdrawn in accordance with ICRA's policy on withdrawal and suspension, as desired by Rakindo Kovai Township Private Limited and based on the no objection certificate provided by its banker. ICRA does not have any information to suggest that the credit risk has changed since the time the rating was last reviewed. Key rating drivers and their description The key rating drivers have not been captured as the rated instrument(s) are being withdrawn. Liquidity position: Liquidity position has not been captured as the rated instruments are being withdrawn Rating sensitivities: Rating sensitivities have not been captured as the rated instruments are being withdrawn. Rakindo Kovai Township Limited (RKTL), incorporated in 2007, was a joint venture between Rakeen Public Joint Stock Company, Ras al Khaimah and Trimex group, Dubai. The company, a part of the Rakindo group involved in the development of real estate projects in various parts of India, was established as a SPV for the development of an integrated residential township project in Coimbatore. RELIANCE POWER: Axis Bank Files Insolvency Plea Against Unit ------------------------------------------------------------ BloombergQuint reports that Reliance Power Ltd. on Jan. 21 said one of its lenders Axis Bank Ltd. has initiated insolvency process against its subsidiary Vidarbha Industries Power Ltd. for a claim of INR553.28 crore. "Application for initiation of CIRP (Corporate Insolvency Resolution Process) for Vidarbha Industries Power Ltd., a subsidiary of the company, has been filed by only one of its lender Axis Bank Ltd. for a claim of INR553.28 crore," Reliance Power said in a regulatory filing, BloombergQuint relays. It added that the company is engaged with all its lenders to arrive at a suitable resolution outside CIRP, the report says. Reliance Power Ltd., a part of the Reliance Group, promoted by Mr. Anil D Ambani, is the primary vehicle for investments in the power generation sector. The company came out with an IPO in February 2008 and raised INR11,560 crore for funding the equity contribution for some of the identified projects. Its operational projects include Rosa Project at Shahajahnapur, Uttar Pradesh (1,200 MW); Butibori Project at Nagpur, Maharashtra (600 MW), UMPP at Sasan (3,960 MW); solar PV Project at Dhursar, Rajasthan (40 MW), concentrated solar power project at Pokhran, Rajasthan (100 MW) and wind project at Vashpet, Maharashtra (45 MW). As reported in the Troubled Company Reporter-Asia Pacific on Aug. 22, 2019, ICRA reaffirmed the long-term rating of Reliance Power Limited at [ICRA]D. The rating continues to remain in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA has also reaffirmed the short-term rating of Reliance Power Limited at [ICRA]D. The rating continues to remain in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA has also withdrawn the short-term rating of [ICRA]D Issuer Not Cooperating on the Commercial Paper programme of the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Non- 795 [ICRA]D ISSUER NOT COOPERATING* Convertible reaffirmed debentures (NCD) Non-Fund Based 245 [ICRA]D/[ICRA]D ISSUER NOT Limit (B/G COOPERATING* reaffirmed and L/C) Long Term Loans 1200^ [ICRA]D ISSUER NOT COOPERATING* Reaffirmed Long Term-Fund 49 [ICRA]D ISSUER NOT COOPERATING* Based Limits Reaffirmed ^includes ECB of US$13 mn; *issuer not cooperating for submission of information and monthly no default statement The rating has been reaffirmed at [ICRA]D owing to delays in debt servicing as evidenced from the signing of the Inter-Creditor Agreement (ICA) on July 6, 2019 by all the six lenders of Reliance Power Limited. The liquidity profile of the company along with its subsidiaries continues to remain stretched as evident from considerable decline in the net cash accruals in FY 2018-19 and net-worth erosion due to significant impairment of assets. RMP FARMS: ICRA Lowers Rating on INR16.40cr LT Loan to B+ --------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of RMP Farms, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 16.40 [ICRA]B+(Stable) ISSUER NOT Based–Term Loan COOPERATING; Rating downgraded from [ICRA]BB(Stable) and continues to remain under 'Issuer Not Cooperating' Category Long Term–Fund 3.60 [ICRA]B+(Stable) ISSUER NOT Based–Cash Credit COOPERATING; Rating downgraded from [ICRA]BB(Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating is downgraded because of lack of adequate information regarding Rmp Farms performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Rmp Farms, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. RMP Farms is a mid-size poultry integrator with the presence of feed mill, parent breeding farm, hatcheries and commercial rearing. The firm has its feed mill, parent breeding facilities and hatcheries located in Palladam, Tamil Nadu. In 2014, the firm had additionally commenced a pellet feed mill in Bihar. The firm primarily utilizes maize, soya meal, fish oil, fish meal. Maize is obtained from Karnataka, while soya meal is obtained from Maharashtra and Fish meal from Tuticorin. Apart from the poultry operations, the Firm had installed two windmills of 250 kW each to reduce power costs. S A GOLD ISPAT: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: S A Gold Ispat Private Ltd G M Complex Kadlabal Chowk Pampore, Srinagar J & K 192121 Insolvency Commencement Date: January 10, 2020 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: June 15, 2020 (180 days from commencement) Insolvency professional: Neeraj Bhatia Interim Resolution Professional: Neeraj Bhatia P-27, First Floor Malviya Nagar New Delhi 110017 E-mail: nbtrace1@yahoo.com sagiplcirp@gmail.com Last date for submission of claims: January 26, 2020 S.P. SORTEX: ICRA Lowers Rating on INR17.20cr Loan to B+ -------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of S.P. Sortex Rice Exports India Ltd (SPS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 17.20 [ICRA]B+ (Stable) ISSUER NOT limits COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and continues to remain under 'Issuer Not Cooperating' Category Unallocated 0.80 [ICRA]B+ (Stable) ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The ratings downgrade is because of lack of adequate information regarding SPS performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with S.P. Sortex Rice Exports India Ltd SPS, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. S.P. Sortex Rice Exports India Ltd (SPS) is a private limited company that was set up in 2010 by Mr. Shiv Poojan. SPS is engaged in processing and selling non-basmati rice to different traders and millers in Andhra Pradesh and Telangana. It has a plant at Naini (Allahabad) with a milling capacity of 28,800 tonnes per annum and sortex machinery of similar capacity. SANSKAR AGRO: ICRA Withdraws B+ Rating on INR19.26cr Loan --------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of Sanskar Agro Processors Pvt. Ltd. (SAPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term fund based limits 19.26 [ICRA]B+ ISSUER NOT COOPERATING; Withdrawn Short-term fund based limit 1.50 [ICRA]A4 ISSUER NOT COOPERATING; Withdrawn Short-term Interchangeable limit (10.00) [ICRA]A4 ISSUER NOT COOPERATING; Withdrawn Unallocated limit 1.74 [ICRA]B+/[ICRA]A4 ISSUER NOT COOPERATING; Withdrawn Rationale The ratings assigned for the bank facilities of SAPPL have been withdrawn at the request of the company and based on the No Objection Certificate received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the ratings were last reviewed. Key rating drivers Key rating drivers have not been captured as the rated instrument(s) are being withdrawn. Sanskar Agro Processors Pvt. Ltd. is a private limited company established in the year 2003. The company is closely held by the members of the Singhania family. SAPPL is into ginning and pressing of raw cotton into cotton bales, crushing of seeds into seed oil and oil cakes along with spinning of cotton yarn. The company has its manufacturing facility and its registered office in Wardha. SATWI INFRA: ICRA Maintains 'B' Rating in Not Cooperating --------------------------------------------------------- ICRA said the ratings for the INR20.00 -crore bank facilities of Satwi Infra (SI) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term 20.00 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Satwi Infra, incorporated in year 2011, is engaged in real estate business in residential and commercial projects in Bangalore. The firm laid its footage in the construction, development and real estate business in the year 2011 through Satwi's Clarinet project in Bangalore. Over the years, the firm has completed two projects, Satwi's Clarinet and Satwi's Vielle in Horamavu, Bangalore. SATYAM DRUGS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Satyam Drugs Private Limited B-3, Basement, Building No. 4 Bhanot Appt., LSC Pushp Vihar, Mandangir New Delhi 110062 Insolvency Commencement Date: December 19, 2019 Court: National Company Law Tribunal, Principal Bench-IV New Delhi Estimated date of closure of insolvency resolution process: June 16, 2020 (180 days from commencement) Insolvency professional: Rashmi Agarwalla Interim Resolution Professional: Rashmi Agarwalla O-701 Green Valley Apartment Plot No. 18, Sector 22 Dwarka, New Delhi 110075 E-mail: rashmivika10@yahoo.co.in - and - 3rd Floor 2, Community Centre (Near PVR/McDonald) Naraina, New Delhi 110028 E-mail: satyamdplcirp@gmail.com Last date for submission of claims: January 19, 2020 SHREE MURUGAN: ICRA Maintains 'D' Rating in Not Cooperating ----------------------------------------------------------- ICRA said the ratings for the INR30.00-crore bank facilities of Shree Murugan Flour Mills (P) Ltd (SMFMPL) Continues to remain under 'Issuer Not Cooperating' category'. The Long Term ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Shree Murugan Flour Mills (P) Ltd was established in 1986 by Mr. G Balasubramanian. The manufacturing facility of SMFMPL is located in Coimbatore and has an installed capacity to grind 70 MT of wheat per day. RMFPL manufactures various wheat products including 'maida', wheat flour ('atta') and 'sooji', among others. The products are sold under the brand name Bell. Besides, the company is involved in trading of wheat and sale of by-products including bran, bran flakes and dust. SREE SIVA: ICRA Lowers Rating on INR7.50cr LT Loan to 'B+' ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Sree Siva Sankar Automobiles, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 7.50 [ICRA]B+(Stable); ISSUER NOT Fund based COOPERATING; Rating downgraded Limits from [ICRA]BB-(Stable) and Rating continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding Sree Siva Sankar Automobiles performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Sree Siva Sankar Automobiles, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Sree Siva Sankar Automobiles (SSSA) was founded in the year 1992 as a partnership firm. The firm is an authorised dealer of two-wheeler vehicles of Hero Moto Corp Limited (HMCL) in the Visakhapatnam region. It operates three showrooms with 3S facilities in Visakhapatnam city and 10 sub-dealers in the Visakhapatnam district. SRI SAI AGRO: ICRA Maintains 'B' Rating in Not Cooperating ---------------------------------------------------------- ICRA said the ratings for the INR6.50-crore bank facilities of Sri Sai Agro Industries continues to remain in the 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term- 4.00 [ICRA]B (Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Long Term- 2.50 [ICRA]B (Stable); ISSUER NOT Term Loan COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Sri Sai Agro Industries was established in 2014 by Mr. Balarammurthy, Mr. Prasad and Mr. Venkateshwar Rao. The firm is involved in milling, processing and selling of boiled rice, raw rice, bran and husk. It started its operations in April, 2015 after the promoters had closed the operations of another entity, Sri Guru Sai Rice Industries, involved in the same line of business. The firm procures a major portion of its raw material requirements from farmers located in Raichur and its neighbouring districts in Karnataka and sells the finished products in the domestic market (primarily Maharashtra) to rice traders mainly under the brand name "RB Gold". The firm's manufacturing facility is located in Sindhanur in Karnataka, spread over six acres of land with an aggregate installed capacity of 6 tonnes per hour of milling. SRINAGAR BANIHAL: ICRA Maintains D Rating in Not Cooperating ------------------------------------------------------------ ICRA has continued the long term rating for the bank facilities of Srinagar Banihal Expressway Ltd under the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 1,440.00 [ICRA]D ISSUER NOT COOPERATING; Facilities– Rating continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Srinagar Banihal Expressway Limited is a special purpose vehicle promoted by Ramky Infrastructure Ltd. (74%) and Jiangsu Provincial Transportation Engineering Group Company Limited (JTEG) (26%) for construction, operation and maintenance of the four Lanning of the Srinagar-Banihal section of National Highway – 1A from km 187.00 to km 189.350 (Banihal bypass) and km 220.700 to km 286.110 (approximately 67.76 km) on design, build, finance, operate and transfer (annuity) basis under the National Highways Development Project (NHDP Phase II). The total revised cost of the project is INR2000 crore. The total concession period is 20 years including the construction period of 3 years. SBEL will receive a fixed annuity payment of INR134.82 crores semi-annually for a period of 17 years. The project is being funded by INR1440 crore debt and INR360 crore of promoters' contribution and one time fund infusion from NHAI of INR200 crore. The project achieved provisional commercial operations date (PCOD) in April 2018. As against planned financial progress of 100.00%, actual financial progress is 95.20% as on September 2018. STG LIFECARE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: STG Lifecare Limited 108, Himalaya Palace 65 Vijay Block, Laxmi Nagar New Delhi, East Delhi DL 110092 Insolvency Commencement Date: January 10, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 11, 2020 (180 days from commencement) Insolvency professional: Ms. Dipti Mehta Interim Resolution Professional: Ms. Dipti Mehta 201-206, Shiv Smriti 2nd Floor, 49A Dr. Annie Besant Road Above Corporation Bank Worli, Mumbai 400018 E-mail: dipti@mehta-mehta.com Last date for submission of claims: January 27, 2020 SUBABHALAJI SPINNING: ICRA Maintains B Rating in Not Cooperating ---------------------------------------------------------------- ICRA said the ratings for the INR15.64 -crore bank facilities of Subabhalaji Spinning Mills India Private Limited (SPMIPL) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING" and short term denoted as "[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term-Fund 3.00 [ICRA]B (Stable); ISSUER NOT Based–Cash COOPERATING; Rating Continues Credit to remain under 'Issuer Not Cooperating' category Long term–Fund 11.15 [ICRA]B (Stable); ISSUER NOT Based-Term Loan COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category Short term–Non 1.49 [ICRA]A4; ISSUER NOT Fund Based COOPERATING; Rating Continues Facilities to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Promoted in 2010 by Mr. R. Subramaniam, Subabhalaji Spinning Mills India Private Limited (SSMIPL) is engaged in cotton spinning operations, predominantly in the 40's count range (semi-combed and carded), which is used in the domestic home furnishing segment. The company commenced its first full year of commercial operations during 2011-12. SSIMPL has a manufacturing unit located in Erode district (TN) and has a spindlage capacity of 12,000 spindles. SUDHARMA INFRATECH: ICRA Maintains B Rating in Not Cooperating -------------------------------------------------------------- ICRA said the rating for the INR15.84 crore bank facilities of Sudharma Infratech Private Limited to remain under 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B(Stable); ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.00 [ICRA]B(Stable); ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term– 4.84 [ICRA]B(Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2008, Sudharma Infratech Private Limited (SIPL) is a special class contractor registered with Govt. of Andhra Pradesh. The company is involved in executing civil works orders for irrigation and road projects and has obtained "special class contractor" status in March 2011.The promoters of the company have adequate experience in civil works having worked with various government and private entities. VANILLA CLEAN: Ind-Ra Hikes Bank Rating to 'BB-', Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Vanilla Clean Power Private Limited's (VCPPL) debt facilities to 'IND BB-' from 'IND D'. The Outlook is Stable. The detailed rating actions are: -- INR2.30 bil. Term loan due on June 30, 2030, upgraded with IND BB- / Stable rating; and -- INR210 mil. Overdraft upgraded with IND BB-/Stable rating. KEY RATING DRIVERS The upgrade reflects VCPPL's timely debt servicing from September 2019. The upgrade also reflects the moderate improvement in its plant load factor (PLF) to 15.13% in 9MFY20 (9MFY19: 13.85%), although it remains lower than P90 of 16.6%, driven by an improvement in machine availability to 82.59% in 9MFY20 from 77.64% in 9MFY19. This was due to a change in the operations and maintenance (O&M) contractor to Renom Energy Services LLP since May 16, 2019. The upgrade also factors in the proposed refinancing of VCPPL's existing loan with a new loan of INR2,290 million, repayable in 54 quarterly installments. The sanction letter provided to Ind-Ra has a validity period until February 11, 2020. According to the management, the documentation is likely to be completed by mid-February 2020. The rating is supported by the presence of VCPPL's 25-year-long power purchase agreements with Jodhpur Vidyut Vitran Nigam Limited (Jodhpur discom) for 56MW capacity and Ajmer Vidyut Vitran Nigam Limited (Ajmer discom) for the balance 8MW capacity, both at a fixed tariff of INR5.18/kWh. VCPPL is entitled to a generation-based incentive (GBI) from Indian Renewable Energy Development Agency Limited (IREDA; 'IND AAA'/Negative) at INR0.50/unit generation annually until FY23. Although IREDA is a financially strong counterparty, any material delay in GBI payments can affect VCPPL's coverage metrics. VCPPL received GBI payments of INR45.6 million out of INR72.1 million billed for generations pertaining to 5MFY20. The rating reflects the moderate counterparty risk. The Jodhpur discom made payments in 203 days in FY19 and around 135 days in 8MFY20, with the last full payment for September 2019 and partial payment for October 2019 being made in December 2019. With respect to the Ajmer discom, payments were made in 56 days in FY19 with the last payment received in December 2019 for the invoice generated in September 2019. Liquidity Indicator – Poor: The company has failed to create a debt service reserve equivalent to six months of debt servicing obligation requirements. However, the lender has provided a sanction of two-quarters of debt service reserve account (DSRA) as DSRA loan for the proposed rupee term loan that provides some comfort. VCPPL's bank balance as of December 31, 2019, was INR104.1 million. The company has relied on its INR210 million working capital facility to ride over the delays from the off-takers and had utilized INR154.3 million as of December 8, 2019. RATING SENSITIVITIES Negative: Any increase in receivable days beyond four months, PLF lower than 16%, continued lower-than-expected machine availability, any uncertainty in refinancing by mid-March 2020 may result in a rating downgrade. Positive: Better-than-expected operating and financial performance at least for 18 months and the creation of the debt service reserve may lead to a rating upgrade. COMPANY PROFILE VCPPL is a special purpose vehicle formed by Leap Green Energy to operate two wind farms in Jaisalmer, Rajasthan. These plants were acquired from Inox Renewables (Jaisalmer) Limited on a slump sale basis in August 2017. VEERAMAKALI MEMORIAL: ICRA Cuts Rating on INR173.65cr Loan to D --------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Veeramakali Memorial Welfare Trust (VMWT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- LT Fund based 173.65 [ICRA]D; downgraded from Term Loan [ICRA]BB+ (Stable) LT Unallocated 41.35 [ICRA]D; downgraded from [ICRA]BB+ (Stable) ST Fund based 65.00 [ICRA]D; downgraded from [ICRA]A4+ Rationale The rating action reflects the recent delays in servicing the debt obligation by VMWT as confirmed by the lenders. The delays are attributed to the mismatch in cash flows between lumpy fee collections against periodic debt repayment obligations. VMWT is part of the Velammal group of trusts, which has long track record of operations in the educational sector. Key rating drivers and their description Credit strengths Extensive track record and strong brand: The trust is a part of the Velammal group which has a long track record of operations of over three decades and strong brand in the educational sector. Credit challenges Delay in debt servicing: ICRA notes instances of delays by the trust in servicing its principal and interest obligations on its term loans, as confirmed by the lenders. Moderate Financial profile and poor liquidity: The financial risk profile of the trust continues to be moderate with gearing of 1.6 times as on March 31, 2019, TD/OPBITDA of 4.6 times in FY2019. Cash flow mismatches between the lumpy fee receipts and periodic debt repayment obligations affects its liquidity profile. Competition and regulatory risks: The trust remains exposed to competitive intensity from both existing schools and other rapidly expanding schools in the vicinity. However, considering the established brand presence of the Velammal group and well spread geographical reach, it is insulated from the competition, to some extent. The education sector in India remains highly regulated with respect to compliance with infrastructure, content and course standards etc. The trust's earnings remain vulnerable to regulatory related risks. Liquidity position: Poor The liquidity position of VMWT is poor owing to cash flow mismatches between fee receipts and periodic repayment obligations as evidenced by irregularity in servicing its repayment obligations. Rating sensitivities Positive triggers – Regularisation of debt servicing obligations on a sustained basis (more than three months) Negative triggers – Not applicable Established in 1986 by Mr. MV Muthuramalingam, Velammal group of trusts operate over 50 educational institutions including schools, engineering colleges medical college and hospital and has total student strength of over 1,00,000. The schools and colleges of the trust are spread across Tamil Nadu in various districts including Thiruvallur, Kancheepuram, Sivagangai, Madurai, Theni & Karur marking a strong foothold in TN in the education space. Currently, the educational institutions are run under seven trusts and one private limited company – Velammal Educational Trust (VET), Velammal Chennai Educational Trust (VCET), Velammal Madurai Educational Trust (VMET), Veeramakali Memorial Welfare Trust (VMWT), Ramana Educational Trust (RET), Vallimuthu Educational Trust, Muthuramalingam Kuncharavalli Educational Trust (MKET), Learnvel Private Limited. In FY2019, VMWT reported a net profit of INR20.8 crore on an operating income of INR236.3 crore as compared to a net profit of INR22.8 crore on an operating income of INR222.2 crore in the previous year. =============== M A L A Y S I A =============== MALAYSIA AIRLINES: Air France-KLM Says Not Involved in Sale Talks ----------------------------------------------------------------- Reuters reports that Air France-KLM said on Jan. 21 it had previously held talks with the owners of Malaysia Airlines but was not engaged in current efforts to find new investors for the carrier. "Air France-KLM continues to study global investment opportunities per its strategic goal to be an active yet pragmatic participant in industry consolidation, as presented at its Investors Day in November 2019," the Franco-Dutch airline group said, Reuters relays. "Air France-KLM had previously been in contact with Malaysia Airlines' shareholders, but at this stage Air France-KLM is not a current party to the sales process of Malaysia Airlines." Reuters reported on Jan. 21 that proposals to invest in ailing Malaysia Airlines include one from Air France-KLM which wants as much as 49% while Japan Airlines is looking at a 25% stake, sources with knowledge of the matter said. Domestic carrier AirAsia Group Bhd and Malindo Air, the Malaysian arm of Indonesia's Lion Air, have also submitted proposals, the sources said, Reuters relays. "The bids from the foreign carriers are more comprehensive and strategic as both plan to capitalise on the strategic location of Malaysia for their operations," Reuters quoted one of the sources as saying. The sources declined to be identified as the discussions are confidential, Reuters noted. Malaysian Prime Minister Mahathir Mohamad said on Jan. 20 five proposals had been received as part of a review that started last year but declined to name the suitors, added Reuters. About Malaysia Airlines Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines -- http://www.malaysiaairlines.com/-- engages in the business of air transportation and the provision of related services. As reported in the Troubled Company Reporter-Asia Pacific on March 8, 2019, New Straits Times said Malaysia Airlines' days as a national carrier may be numbered as it has failed to meet its three-year target to be profitable, but is instead bleeding since it was taken private in 2014, aviation analysts said. The analysts said the best deal for the airline is to completely shut down its operations or sell it to interested parties or spin off its business divisions, NST related. Khazanah is the sole shareholder of MAS after taking the airline private in 2014. The sovereign wealth fund injected MYR6 billion into the airline to keep it afloat, NST noted. From its delisting from Bursa Malaysia from 2015 to 2017, MAS had registered a loss of MYR2.3 billion due to the ringgit's weakness and higher jet fuel costs, NST disclosed. According to Reuters, the Malaysian government has been seeking a strategic partner for its national airline, which has struggled to recover from two tragedies - the mysterious disappearance of flight MH370 and the shooting down of flight MH17 over eastern Ukraine. ===================== N E W Z E A L A N D ===================== CARTER HOLT: Whangarei Sawmill May Close; 111 Jobs at Risk ---------------------------------------------------------- NZ Herald reports that more than a hundred jobs could be on the line at a Northland Sawmill. According to the report, Carter Holt Harvey said its Whangarei sawmill might shut, after major upgrades to its Kawerau branch. The sawmill employs 111 people. NZ Herald relates that Chief Executive Clayton Harris said domestic customers are well serviced by its Kawerau and Nelson sawmills. Mr. Harris said they are also better placed in terms of access to logs and proximity to customers. He said they're reluctant to shut the Whangerei mill - but the sawmill's been facing log shortages for some time, NZ Herald relays. Staff will now be consulted, before the future of the mill is officially decided, the report adds. Auckland, New Zealand-based Carter Holt Harvey Limited is a forestry and wood products company. The Company operates softwood plantation forests, sawmills, and manufactures panel and engineered wood products such as particleboard, medium density fiberboard, plywood and laminated veneer lumber. Carter also processes logs, chips and waste paper into softwood pulp, linerboard, and cartonboard. PAINT THE TOWN RED: Fashion Store to Close on March 21 ------------------------------------------------------ Brent Melville at Otago Daily Times reports that the pending closure of Gore fashion store Paint the Town Red reflected increasingly tough retail conditions for small town High Street retailers, local retail players say. ODT relates that Paint the Town Red owner Diane McKenzie announced the closure of the fashion store in an advertisement in the Gore Ensign on Jan. 22, saying she would close its doors on March 21 after seven years of trading. According to the report, the former accountant said sales at the store had been trending down at a rate of about 13% per year for four years and was now trading at a loss, as it lost ground to internet sales and "pop-up" stores. "The internet won't provide raffle prizes for your school or sponsor community facilities and events," ODT quotes Ms. McKenzie as saying. "In many cases it is going to be possible to find cheaper goods online, but what you won't get is that in-store experience - the ability to touch and feel fabrics." She said her Dunedin store had also dropped 10% in sales volumes year on year over the past four years. "My focus will now be on the Dunedin store and investing in our online presence." She said she would also like to do something for her loyal Gore customers, possibly putting on transport to the Dunedin store, the report relays. ODT adds that a Gore District Council spokeswoman said it had been very receptive to ideas to "revitalize" High Street shopping and attract shoppers. Spokesman for local Gore retail initiative GoRetail, Ivan van de Water, said following the departure of several large national retailers from the town, local retailers had focused on building a more "commercially resilient" offering. This included conveying a positive "love Gore shop local" message to customers, providing free parking and other incentives, ODT relays. ********* 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 2020. 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 to be reliable, but is not guaranteed. 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 ***