/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200206.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, February 6, 2020, Vol. 23, No. 27 Headlines A U S T R A L I A LEEDERVILLE 139: Second Creditors' Meeting Set for Feb. 12 MAINPEAK PTY: First Creditors' Meeting Set for Feb. 12 PAPER CUP: Second Creditors' Meeting Set for Feb. 12 PREMIER APPAREL: Second Creditors' Meeting Set for Feb. 12 SARGON CAPITAL: Receivers Acquire Sequoia Shares SK SKIN: First Creditors' Meeting Set for Feb. 12 WHITES DIESELS: Second Creditors' Meeting Set for Feb. 11 C H I N A CHINA: Epidemic Threatens a Broader Wave of Defaults in 2020 I N D I A BABANRAOJI SHINDE: CRISIL Maintains 'D' Rating in Not Cooperating BALAJI PAPER: CRISIL Lowers Rating on INR25cr Cash Loan to 'D' BENARA AUTOS: CRISIL Maintains 'D' Rating in Not Cooperating BHUSHAN POWER: NCLAT Reserves Order on JSW Steel's Buyout BRIGHT BUILDTECH: Insolvency Resolution Process Case Summary CHAHAL SPINTEX: CRISIL Maintains 'D' Rating in Not Cooperating DAMOH-JABALPUR TOLL: Insolvency Resolution Process Case Summary DEV LANDCON: Insolvency Resolution Process Case Summary FNM PROPERTY: CRISIL Lowers Rating on INR10cr LT Loan to B+ GEETANJALI VASTRALAYA: Ind-Ra Affirms B+ Long-Term Issuer Rating GURU KIRPA: CRISIL Maintains 'D' Rating in Not Cooperating H G S DAIRIES: Insolvency Resolution Process Case Summary HAR AUTO: Ind-Ra Migrates 'B+' LT Issuer Rating to Non-Cooperating HECTOR REALTY: Insolvency Resolution Process Case Summary HI-TECH BOARD: CRISIL Lowers Rating on INR25cr Loan to B+ HOLISTIC REMEDIES: CRISIL Withdraws B+ Rating on INR5cr Loan HOWRAH MILLS: CRISIL Maintains 'D' Rating in Not Cooperating INTEGRATED CAPS: CRISIL Maintains 'D' Rating in Not Cooperating J.G. AGRO: CRISIL Maintains 'D' Rating in Not Cooperating JAINAM ALTERNATE: CRISIL Maintains 'B-' Rating in Not Cooperating JAIRAM MARUTI: CRISIL Maintains 'D' Rating in Not Cooperating JAY DEE: CRISIL Maintains 'D' Rating in Not Cooperating Category JSM PROTEINS: CRISIL Maintains 'D' Rating in Not Cooperating JYOTI BUILDTECH: Ind-Ra Affirms D Rating, Moved to NonCooperating KANISHK GOLD: CRISIL Maintains 'D' Rating in Not Cooperating KHANNA BUILDERS: CRISIL Maintains 'D' Rating in Not Cooperating KHANNA PROPERTIES: CRISIL Maintains 'D' Rating in Not Cooperating KOTHAINAYAGI A: CRISIL Maintains 'D' Rating in Not Cooperating KTC AUTOMOBILES: CRISIL Maintains 'D' Rating in Not Cooperating L.G. FIBRE PRIVATE: Insolvency Resolution Process Case Summary LAXMI AROGYAM: CRISIL Maintains 'D' Rating in Not Cooperating M P AGARWALA: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating MLP DEVELOPERS: Insolvency Resolution Process Case Summary NIRMAN INFRA: CRISIL Withdraws B+ Rating on INR18cr Cash Loan NTL ELECTRONICS: Pooja Bahry Appointed New Resolution Professional REVATHI GOLD: CRISIL Withdraws B+ Rating on INR7cr Cash Loan RIDCOR INFRA: Ind-Ra Affirms 'D' Rating on INR2,977.2BB Bank Loan SHILPA ELECTRICAL: CRISIL Lowers Rating on INR8.9cr Loan to 'D' SHREE BASANT: Insolvency Resolution Process Case Summary SHREE OSHIYA: Insolvency Resolution Process Case Summary SHREE VAISHNO: CRISIL Assigns 'B' Rating to INR6cr Loans SHRI JAGRITI: CRISIL Lowers Rating on INR9cr Overdraft to 'D' SONALE FABRICS: Ind-Ra Migrates BB Issuer Rating to NonCooperating VIRGO MARINE: Insolvency Resolution Process Case Summary I N D O N E S I A INDIKA ENERGY: Moody's Affirms Ba3 CFR, Outlook Stable P H I L I P P I N E S EMPIRE RURAL: Deposit Insurance Claims Deadline Set Feb. 24 S I N G A P O R E EZRA HOLDINGS: Files For Judicial Management GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Stable HYFLUX LTD: Sias Seeks Clarification on Utico Scheme Terms - - - - - ================= A U S T R A L I A ================= LEEDERVILLE 139: Second Creditors' Meeting Set for Feb. 12 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Leederville 139 News Pty Ltd has been set for Feb. 12, 2020, at 11:00 a.m. at the offices of Hamilton Murphy Advisory, Unit 18, at 28 Belmont Avenue, in Rivervale, WA. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 11, 2020, at 4:00 p.m. Stephen Robert Dixon of Hamilton Murphy was appointed as administrators of Leederville 139 on Jan. 7, 2020. MAINPEAK PTY: First Creditors' Meeting Set for Feb. 12 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Mainpeak Pty Ltd will be held on Feb. 12, 2020, at 11:00 a.m. at the offices of HLB Mann Judd Insolency WA, Level 3, at 35 Outram Street, in West Perth, WA. Kimberley Stuart Wallman of HLB Mann Judd Insolvency WA was appointed as administrator of Mainpeak Pty on Jan. 31, 2020. PAPER CUP: Second Creditors' Meeting Set for Feb. 12 ---------------------------------------------------- A second meeting of creditors in the proceedings of The Paper Cup Company Pty Ltd has been set for Feb. 12, 2020, at 12:00 p.m. at the offices of Worrells Solvency & Forensic Accountants, at 15/114 William Street, in Melbourne, Victoria. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 11, 2020, at 5:00 p.m. Graeme Robert Beattie of Worrells Solvency was appointed as administrator of Paper Cup on Dec. 30, 2019. PREMIER APPAREL: Second Creditors' Meeting Set for Feb. 12 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Premier Apparel Group Pty Ltd has been set for Feb. 12, 2020, at 10:00 a.m. at the offices of Apso, Exchange Tower Melbourne, Level 1, at 530 Little Collins Street, in Melbourne, Victoria. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 10, 2020, at 4:00 p.m. Michael Humphris and Laurence Fitzgerald of William Buck were appointed as administrators of Premier Apparel on Dec. 30, 2019. SARGON CAPITAL: Receivers Acquire Sequoia Shares ------------------------------------------------ Charlotte Grieve and Emma Koehn at The Sydney Morning Herald report that almost a fifth of shares in ASX-listed financial services company Sequoia are now in control of receivers after PriceWaterhouseCoopers secured stock held in an entity relating to Sargon Capital. According to the report, superannuation services business OneVue brought in receivers to review a non-operating subsidiary of superannuation fintech Sargon this week. Sargon owes an outstanding AUD31 million payment to OneVue for its Diversa trustee business, which it bought last year. Last week, a holding company of Sargon Capital had receivers from McGrathNicol appointed, SMH relates. At the start of the week, voluntary administrators from Ernst & Young were appointed to a number of other non-operating entities relating to Sargon. Sargon Capital is headed up by chief executive Phillip Kingston and has global aims for its suite of superannuation and trustee cloud services, SMH discloses. Last year it bought OneVue's trustee platform business but is due to pay a remaining AUD31 million payment by May 2020. On Feb. 4, OneVue told investors it had asked PwC to step in to perform an "urgent assessment" of its position in relation to the payment after a non-operating entity of Sargon entered voluntary administration, SMH relates. On Feb. 5, OneVue said PwC receivers Chris Hill and Daniel Walley had taken control of more than 23 million shares of Sequoia Financial Group after reviewing the company SC Australian Holdings 1, representing 19 per cent of the company's total stock. The stock is worth about AUD4.6 million and OneVue will now "assist the receivers to realise the full value of this asset," the report relays. "The receiver is continuing to work on an urgent basis to realise value for OneVue and we will continue to keep the market updated," OneVue, as cited by SMH, said in a statement lodged with the ASX. According to SMH, Sequoia's chief executive Garry Crole said he would like to see OneVue keep hold of the acquired stock but Sequoia was willing to buy back 10 per cent if the stock went to market. SMH relates that Mr. Crole said buyers were already circling the remaining 9 per cent that could be acquired relatively cheaply as the stock price takes a battering. "We're very happy to have OneVue as a shareholder if they decide to keep the shareholding, very good, if not we've got other people that are interested in the holding," the report quotes Mr. Crole as saying. "It just means we've got selling pressure on our stock." SMH relates that Mr. Crole said there had been some warning signs that Sargon was not faring well. "It didn't come as a shock," Mr Crole said of the company's troubles. "I did expect Sargon to trade their way out but the fact they didn't settle on the OneVue purchase on four or five occasions and continued to extend it made us unsure of their ability to fulfil their obligations." In a note to clients, Bell Potter estimates OneVue will receive only around 50 per cent of Sargon's outstanding debt yet is retaining its buy recommendation in OneVue stocks. Ernst & Young has been appointed voluntary administrators of several non-operating entities relating to Sargon, including SC Australian Holdings 1, SMH discloses. Ernst & Young referred requests for comment to the PwC receivers acting on behalf of OneVue. SK SKIN: First Creditors' Meeting Set for Feb. 12 ------------------------------------------------- A first meeting of the creditors in the proceedings of SK Skin Clinic And Day Spa Pty Ltd will be held on Feb. 12, 2020, at 12:30 p.m. at the offices of SM Solvency Accountants, Level 10/144, at Edward Street, in Brisbane, Queensland. Brendan Nixon of SM Solvency Accountants was appointed as administrator of SK Skin on Feb. 3, 2020. WHITES DIESELS: Second Creditors' Meeting Set for Feb. 11 --------------------------------------------------------- A second meeting of creditors in the proceedings of Whites Diesels Australia Pty Ltd, trading as Truck Bodies Solutions, has been set for Feb. 11, 2020, at 10:00 a.m. at the offices of BRI Ferrier Level 30, Australia Square, at 264 George Street, in Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 10, 2020, at 4:00 p.m. Andrew John Cummins and Peter Paul Krejci of BRI Ferrier were appointed as administrators of Whites Diesels on Dec. 27, 2019. ========= C H I N A ========= CHINA: Epidemic Threatens a Broader Wave of Defaults in 2020 ------------------------------------------------------------ Bloomberg News reports that China's biggest health crisis since at least 2003 has worsened the outlook for defaults in the world's second-biggest bond market, likely tipping a raft of distressed borrowers over the edge this year. With scores of millions of citizens barred from travel, and companies, factories and retail outlets shuttered for a period of weeks, strains on cash flow add an unexpected layer of stress on Chinese borrowers, Bloomberg says. Market participants had already anticipated that defaults in 2020 would be on par with 2019, which saw a second straight annual record high. According to Bloomberg, old-line industrial companies with excess capacity and over-leveraged firms with grand ambitions are among those that etched their names in China's relatively recent default history. Now, a swathe of consumer-facing firms could join them as everyone from property developers to hotel operators suffers from the near-breakdown of business, the report says. "Even with the supportive liquidity policies announced by the Chinese government, a very small portion is expected to flow to those less-creditworthy private firms," Bloomberg quotes Wu Qiong, executive director at BOC International Holdings Ltd. in Hong Kong, as saying. "Their borrowing costs are rising, and refinancing will get even harder," she said. Bloomberg relates that while it's hardly a blow-out, there has been a jump in the premiums that investors demand to hold corporate bonds since China began stepping up its efforts to contain the coronavirus in mid-January. For both high-yield and investment grade domestic securities, spreads over government debt have climbed to the highest since November. Bloomberg says the stock market reaction has been more dramatic, with a $720 billion tumble in market capitalization on Feb. 3, when trading resumed after a prolonged lunar new year break. The sell-off eased Feb. 4, with a slice of those losses recouped. "The market is focusing on the wider market sentiment impact, and bottom fishing, when there is actually a real-world micro and macro hit to the fundamentals of high-yield bond issuers," Bloomberg quotes Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group Ltd, as saying. "I expect to see increased defaults." Bloomberg says bond failures may spread geographically as well. In recent months, eastern Shandong province has been a focus because of its high concentration of private-sector borrowers that had guaranteed each others' debt to help secure financing. That ended up causing problems when one ran into trouble, the report states. Northeastern Liaoning is another that's seen a raft of defaults, thanks to a concentration of aging smokestack industries. Now, those two are at risk of being joined by Hubei, the central Chinese province whose capital is Wuhan, epicenter for the coronavirus, Bloomberg notes. A total of CNY1.7 trillion worth of onshore corporate bonds will mature in the first quarter of this year, up from CNY1.6 trillion in the same period a year earlier, Bloomberg discloses. In the offshore market, China's high-yield borrowers face $30 billion in redemptions this year. The highest monthly maturity is March, with some $4.9 billion due. According to Bloomberg, China's securities regulator has pledged to support bond issuers affected by the virus outbreak, by fast-tracking approval on their refinancing plans and "proactively guiding" investors to offer debt reprieve such as repayment deadline extensions. Bloomberg says the People's Bank of China has mounted liquidity injections and reduced some money-market rates. The nation's economic planning agency also has allowed qualified issuers that face difficulties in selling bonds overseas due to the epidemic to extend the validity period of approved debt sales, Bloomberg adds. "We estimate that that the central government, and regional and local governments have the financial means to absorb the economic and fiscal shock" from the epidemic, Moody's Investors Service wrote in a Feb. 3 report, Bloomberg relays. Financial-rescue bills could mount up, however, if officials opt to offer distressed borrowers support. The nation's banks may see their non-performing loan ratios climb, with a prolonged emergency causing as much as CNY5.6 trillion in new bad loans, Bloomberg discloses citing estimates by S&P Global Ratings. For the bond market, the increased strains may strengthen the trend of recent years, of weaker borrowers facing premiums to borrow, Bloomberg states. "Strong firms will get benefits from more liquidity, low interest rates, and government-support measures," said David Qu at Bloomberg Economics. "But small and poorly operated companies may face more pressure. In a nutshell, good firms become better and the bad ones become worse." ========= I N D I A ========= BABANRAOJI SHINDE: CRISIL Maintains 'D' Rating in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Babanraoji Shinde Sugar & Allied Industries Limited (BSSAIL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 127.32 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with BSSAIL for obtaining information through letters and emails dated June 29, 2019 and December 09, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of BSSAIL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on BSSAIL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of BSSAIL continues to be 'CRISIL D Issuer not cooperating'. Incorporated in 2011, BSSAIL is promoted by Mr. Ranjitsingh B Shinde and his family. The company has set up a sugar plant (capacity of 5000 tonnes of cane per day) along with a co-generation power plant of 25 megawatts in Solapur, Maharashtra. BALAJI PAPER: CRISIL Lowers Rating on INR25cr Cash Loan to 'D' -------------------------------------------------------------- CRISIL has downgraded its rating on the long-term and short term bank facilities of Balaji Paper and Newsprint Private Limited (BPN) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating', as there has been on-going delays in term loan repayments and LC devolvements. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') Cash Credit 25 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Letter of Credit 8.75 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') Long Term Loan 19.13 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B-/Stable ISSUER NOT COOPERATING') Proposed Short Term 5.53 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') Working Capital 3.59 CRISIL D (ISSUER NOT Term Loan COOPERATING; Downgraded from 'CRISIL B-/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with BPN for obtaining information through letters and emails dated October 16, 2018, February 14, 2019 and December 31, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of BPN, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on BPN is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, CRISIL has downgraded its rating on the long-term and short term bank facilities of BPN to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating', as there has been on-going delays in term loan repayments and LC devolvements. Incorporated in 1998 and promoted by Kolkata-based Mr Ram Avtar Agarwal, BPN initially traded paper. In 2004, the company purchased the assets of Neptune Paper Mills Ltd, a company referred to the Board for Industrial and Financial Reconstruction. The acquired factory was refurbished and BPN commenced manufacturing of writing and printing paper in 2005 with an installed capacity of 10 tonne per day (tpd) capacity has expanded gradually to 130 tpd. BENARA AUTOS: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Benara Autos Private Limited (BAPL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .25 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 2.5 CRISIL D (ISSUER NOT COOPERATING) Foreign Bill Discounting .5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit .25 CRISIL D (ISSUER NOT COOPERATING) Packing Credit 1.5 CRISIL D (ISSUER NOT COOPERATING) Standby Fund- Based Limits .4 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with BAPL for obtaining information through letters and emails dated November 30, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of BAPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on BAPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of BAPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his mother, Ms. Prem Lata Jain, BAPL manufactures auto components such as engine bearing, hoses, rubber parts, and oil seals for the domestic and global markets. BHUSHAN POWER: NCLAT Reserves Order on JSW Steel's Buyout --------------------------------------------------------- Press Trust of India reports that the National Company Law Appellate Tribunal (NCLAT) on Feb. 4 reserved its order over a batch of petitions over Bhushan Power and Steel's sale to JSW Steel under the insolvency process. An NCLAT bench headed by Justice S J Mukhopadhaya concluded its hearing as arguments in all seven petitions, including JSW Steel and former promoters of Bhushan Power and Steel Ltd (BPSL), are over, PTI says. During the proceedings, the Enforcement Directorate said it had registered Enforcement Case Information Report (ECIR) under Prevention of Money Laundering Act (PMLA) on April 23, 2019, while the resolution plan was approved on September 5, 2019. PTI relates that the Enforcement Directorate, which is investigating alleged fraud committed by the debt-laden firm's previous management, had attached the assets of BPSL on October 10, 2019, which it believes to be from proceeds of crime. In its affidavit filed before the NCLAT, the Enforcement Directorate has opposed JSW Steel's immunity in the BPSL insolvency case, the news agency relays. According to the report, the directorate has said a recent amendment in Insolvency and Bankruptcy Code (IBC) would not apply on the JSW Steel-BPSL deal as it was approved last year, before the amendment came into force. Moreover, it has also said that promoters of JSW and BPSL are related parties as they had a joint venture for a coal block. Earlier, the NCLAT had on January 13 asked the agencies to file their reply affidavits stating whether after insertion of Section 32A into the IBC last month, JSW Steel has immunity from the alleged fraud committed by the previous BPSL management, PTI says. PTI says the government had last month amended the IBC and inserted Section 32A, which mandates that once management or control of a debt-ridden company changes after the completion of the corporate insolvency resolution process, it would not be liable for any offences committed prior to the commencement of the insolvency resolution process. The report relates that the changes were made after the ED and the Ministry of Corporate Affairs were at loggerheads over the attachment of the assets of BPSL by the former over the money allegedly siphoned off by the erstwhile promoters of BPSL, which is currently going through the insolvency resolution process. On October 10, the ED had attached assets worth over INR4,025 crore of debt-ridden BPSL in connection with its money laundering probe linked to an alleged bank loan fraud by its former promoters. PTI notes that JSW Steel, which has emerged as a successful bidder for BPSL with its bid of INR19,700 crore, filed an appeal against the ED's move before the NCLAT, which had on October 14 directed that the assets be immediately released in favor of the resolution professional of the debt-ridden firm. While the ED is of the opinion that it can attach the property of BPSL under the Prevention of Money Laundering Act, the MCA has been maintaining that the ED cannot do so as proceedings under the Insolvency and Bankruptcy Code are on, the report says. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings, according to LiveMint.com. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases, LiveMint.com noted. BRIGHT BUILDTECH: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Bright Buildtech Private Limited Registered office: D-35, Anand Vihar Delhi 110092 Principal office: Lotus Business Park Level 7, Tower B Plot No. 8, Sector 127 Noida Expressway Noida 201304 Insolvency Commencement Date: January 22, 2020 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: July 20, 2020 Insolvency professional: Naresh Kumar Bhutani Interim Resolution Professional: Naresh Kumar Bhutani B-803, Plot No. 12 A Sector-7, Happy Home Apartment New Delhi 110075 E-mail: naresh101@gmail.com - and - 1203, Vijaya Building 17, Barakhamba Road Connaught Place, New Delhi 110001 E-mail: ip.builtech@gmail.com Last date for submission of claims: February 5, 2020 CHAHAL SPINTEX: CRISIL Maintains 'D' Rating in Not Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Chahal Spintex Limited (CSL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.29 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 16 CRISIL D (ISSUER NOT COOPERATING) Term Loan 22.81 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with CSL for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of CSL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on CSL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of CSL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. CSL, incorporated in 2007, is promoted by Mr. Sukhdev Singh and his family members. The company manufactures cotton yarn in counts of 20 to 30 at its unit in Bhatinda, Punjab; it sells to traders and merchant exporters. The promoters also manage a ginning and oil unit under group concern, Chahal Cotton Factory. DAMOH-JABALPUR TOLL: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Damoh-Jabalpur Toll Roads Limited 513/A, 5th Floor, Kohinoor City Kirol Road Kurla (West) Mumbai, Mumbai City MH 400070 IN Insolvency Commencement Date: December 17, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: June 13, 2020 Insolvency professional: Mr. Milind Kasodekar Interim Resolution Professional: Mr. Milind Kasodekar MRM Associates Company Secretaries 77, Vijayanagar Colony 2147, Sadashiv Peth Pune 411030 E-mail: milind.kasodekar@mrmcs.com Last date for submission of claims: February 4, 2020 DEV LANDCON: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Dev Landcon Private Limited Registered office: 185/15A Krishna Gali No. 4 Mauzpur, Delhi 110053 Insolvency Commencement Date: January 23, 2020 Court: National Company Law Tribunal, New Delhi C-II Bench Estimated date of closure of insolvency resolution process: July 20, 2020 (180 days from commencement) Insolvency professional: Vinay Kumar Jairath Interim Resolution Professional: Vinay Kumar Jairath GH-13, Flat No. 916 Paschim Vihar New Delhi 110087 E-mail: vinayjairath916@gmail.com cirp.devlandcon@gmail.com - and - C-60 3rd Floor C-Block Community Centre, Janak Puri New Delhi 110058 Last date for submission of claims: February 6, 2020 FNM PROPERTY: CRISIL Lowers Rating on INR10cr LT Loan to B+ ----------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of FNM Property Services Private Limited (FNM) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') The downgrade reflects weakening of the financial risk profile and liquidity, due to the large, debt-funded capital expenditure (capex). Planned capex of INR82 crore, towards acquisition of a commercial complex, will be funded via external debt, and may exert pressure on liquidity. Though the company is in discussion with prospective parties for sale and lease of the complex, however, with no formal agreement in place, there would be a cash flow mismatch against the maturing debt. Hence, any delay in on-boarding by tenants or finding a suitable buyer, may weaken the credit risk profile. Gearing and interest coverage ratio may also weaken to above 10 times and below 1.5 times in fiscal 2021, and further on, owing to the expected increase in debt levels. CRISIL's rating continues to reflect the modest scale of operations, moderate financial risk profile and exposure to demand risk, with respect to the ongoing capex. These rating weaknesses are partially offset by extensive experience of the promoters in real-estate brokerage and facility management services, and established relationships with customers. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: Operating income of INR14.04 crore in fiscal 2019, reflects the small scale. Around 60% of revenue comes from facility management services, and the balance from outdoor space advertising, branding/media services and common area marketing. The company has also commenced with real-estate brokerage and advisory services, to offer marketing services, and sell ready-to-move-in and under-construction properties. It has also recently entered into a lease agreement and leased out a multiplex to INOX and PVR in Lucknow. * Moderate financial risk profile: Total outside liabilities to tangible networth (TOLTNW) ratio was high at 3.68 times as on March 31, 2019, owing to large payables and customer advances, and modest networth of INR5.89 crore. Gearing may weaken to over 10 times in the medium term, due to the large, debt funded capex. * Exposure to demand risk, with respect to ongoing capex: FNM is undertaking a 100% debt-funded capex for purchase of a commercial complex, which it intends to lease and sell out to corporate clients. Though the firm is in discussion with prospective parties, it is yet to conclude the deal for entire space. Hence, exposure to demand risk may persist. Strength * Extensive experience of the promoters and established relationships with customers: The promoters have over two decades of experience in the real-estate brokerage and advisory, and facility management services. Their keen understanding of customer requirements has helped the firm maintain a healthy association with clients such as Unitech, Vipul, Ciena India, Google, and INOX. Liquidity Stretched Cash accrual of around INR4 crore, expected in fiscal 2020, should comfortably cover the maturing debt of INR0.42 crore. However, expected accrual of over INR2.9-3.3 crore in fiscals 2021 and 2022, may not suffice to cover the term debt obligation of INR2.7-3.8 crore for the same period. Current ratio was moderate at 2.1 times as on March 31, 2019. Outlook: Stable CRISIL believes FNM will continue to benefit from the extensive experience of its promoters, in the facility management and real-estate brokering services. Rating sensitivity factors Upward Factor *Timely tie up with potential buyers and tenants, ensuring comfortable debt protection metrics, with interest coverage ratio of above 2 times , and net cash accrual to long-term debt ratio of above 1.5 times. *Sustained growth in revenue and stable operating margin, leading to higher cash accrual Downward Factor *Delay in tie-up with potential buyers and tenants, constraining the firm's ability to repay debt *Drop in revenue and profitability, leading to lower net cash accrual. FNM, incorporated in 2015, offers facility management, common area marketing, branding services, leasing, and real-estate brokerage and advisory services. About 60% of the revenue come from facility management services. Mr Devinder Gupta and Mr Manish Kochhar are the promoters, while Ms Rimpy Soni looks after the daily operations. GEETANJALI VASTRALAYA: Ind-Ra Affirms B+ Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Geetanjali Vastralaya's (GV) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable. The instrument-wise rating action is: -- INR100 mil. Fund-based working capital limit affirmed with IND B+/Stable rating. KEY RATING DRIVERS The affirmation reflects GV's continued small scale of operations, as reflected by the revenue of INR310.07 million in FY19 (FY18: INR339.72 million). The revenue declined on volatility in demand and poor market conditions. The rating factors in GV's weak credit metrics. Despite an improvement in absolute EBITDA, interest coverage (operating EBITDA/gross interest expense) deteriorated to 1.34x (FY18: 1.85x) and net leverage (adjusted net debt/operating EBITDAR) to 6.71x (4.27x) due to increased external borrowing and associated interest obligations. The rating also factors in the firm's average EBITDA margins due to the trading nature of business. FY19 margins expanded to 10.46% (FY18: 4.5%) due to an improvement in absolute EBITDA to INR32.43 million (INR15.27 million) owing to better realization in the price of coriander seeds. The return on capital employed stood at 19% in FY19 (FY18: 14%). Liquidity Indicator – Poor: GV's average use of its fund-based limits was 61.9% for the six months ended December 2019. The working capital cycle elongated to 290 days in FY19 (FY18: 66 days) due to an increase in inventory days to 263 (FY18: 66) owing to a lack of demand in coriander seeds. The debtor days also increased to 145 in FY19 (FY18: 61). The firm's cash flow from operations also turned negative to INR148.20 million in FY19 (FY18: INR44.83 million) due to negative working capital, which resulted from huge inventory in FY19. As of FYE19, the firm had a cash balance of INR6.28 million (FYE18: INR9.43 million). The rating, however, derives comfort from the proprietor's over 25 years of experience in the spice trading business. RATING SENSITIVITIES Negative: Any deterioration in the revenue and operating profitability, leading to deterioration in the liquidity and credit metrics, will be negative for the ratings. Positive A substantial improvement in the scale of operations and profitability, along with an improvement in the liquidity and increase in the interest coverage above 1.5x, on a sustained basis, will be positive for the ratings. COMPANY PROFILE Started in 1992, GV is a proprietorship firm promoted by Manoj Kasat and is engaged in the trading of coriander seeds. The firm is based out of Kumbhraj, Madhya Pradesh, which has one of the largest markets for coriander seeds. GURU KIRPA: CRISIL Maintains 'D' Rating in Not Cooperating ---------------------------------------------------------- CRISIL said the ratings on bank facilities of Guru Kirpa Foods Private Limited (GKFPL; part of the Guru Kirpa group) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING) Proposed Term Loan 1.67 CRISIL D (ISSUER NOT COOPERATING) Term Loan 0.33 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with GKFPL for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of GKFPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on GKFPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of GKFPL continues to be 'CRISIL D Issuer not cooperating'. For arriving at the rating, CRISIL had earlier combined the business and financial risk profiles of GKFPL and Surya Industries (SI), due to their common management and ownership. The combined entity was known as the Guru Kirpa group. The ownership structure of SI changed with effect from April 1, 2014. SI earlier had three partners - Mr. Subhash Chander (33.3 per cent), his son Mr. Raman Josan (33.3 per cent), and Mr. Anil Josan (33.3 per cent). From April 1, 2014, Mr. Chander is no more a partner in SI. Mr. Anil Josan and Mr. Raman Josan are now equal partners in SI, overseeing the firm's operations. Hence, there are no more operational linkages between the two concerns and CRISIL has now only considered the standalone business and financial risk profiles of GKFPL for arriving at the rating. GKFPL is engaged in hulling and milling of paddy and processing of basmati rice. It was founded by Mr. Subhash Chander in Ghubaya village at Jalalabad (Punjab) in 2000. H G S DAIRIES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: H G S Dairies and Agro Limited Registered office: No. 225 A, Vettavalam Road 4th Street, Tiruvannamalai Tamilnadu 606601 Insolvency Commencement Date: January 20, 2020 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: July 18, 2020 Insolvency professional: V. Duraisamy Interim Resolution Professional: V. Duraisamy 22G/207, Vishal Villa Apartment Periyar Nagar, Karur 639002 E-mail: karurdurai.samy@gmail.com - and - 397, Precision Plaza No. 23, Third Floor Teynampet, Anna Salai Chennai 600018 E-mail: hgsdairiesirp@gmail.com Last date for submission of claims: February 7, 2020 HAR AUTO: Ind-Ra Migrates 'B+' LT Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Har Auto Private Limited's (HAPL) 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 the rating. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR180.0 mil. Fund-based limits migrated to non-cooperating category with IND B+ (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on February 21, 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 2000 in Kerala by P.V. Equbal and his brothers, HAPL operates an automobile dealership business and nine showrooms in Kerala. It is an authorized dealer of Maruti Suzuki India Limited. HECTOR REALTY: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Hector Realty Ventures Private Limited Registered office: 60 LGF, National Park Lajpat Nagar IV New Delhi 110034 Project office: Marvella City, N.H. 58 Near Patanjali Yoga Pith Dist. Haridwar (UK) Insolvency Commencement Date: December 9, 2019 Court: National Company Law Tribunal, Delhi Bench Estimated date of closure of insolvency resolution process: June 6, 2020 (180 days from commencement) Insolvency professional: Mr. Piyush Garg Interim Resolution Professional: Mr. Piyush Garg M P R & Co., E-62 LGF, Lajpat Nagar-II New Delhi 110024 E-mail: ip.piyushgarg33@gmail.com irp.hectorrealty@gmail.com - and - Insolvency & Bankruptcy Board of India (IBBI) 7th Floor, Mayur Bhawan Shankar Market, Connaught Circus New Delhi 110001 Classes of creditors: Allottees of Residential/Commercial Space under the Real Estate Project (Financial Creditors) of the Corporate Debtor Insolvency Professionals Representative of Creditors in a class: Mr. Sanjeet Kumar Sharma Mr. Sunil Kumar Mr. Shashi Sharma Last date for submission of claims: January 21, 2020 HI-TECH BOARD: CRISIL Lowers Rating on INR25cr Loan to B+ --------------------------------------------------------- CRISIL said the ratings on bank facilities of HI - Tech Board Private Limited (HTB) revised to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Long Term Loan 15 CRISIL B+/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Proposed Long Term 3 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with HTB for obtaining information through letters and emails dated December 31, 2019, January 6, 2020 and January 10, 2020 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of HTB, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on HTB is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of HTB revised to be 'CRISIL B+/Stable Issuer not cooperating'. Set up in 2010 by Mr. Narendra Patel, HTB manufactures PLPBs that are used in the furniture and construction industries. Commercial production began in November 2011. Registered office is in Nagpur, and manufacturing unit in Bardoli, Gujarat. HOLISTIC REMEDIES: CRISIL Withdraws B+ Rating on INR5cr Loan ------------------------------------------------------------ CRISIL has withdrawn its rating on the bank facilities of Holistic Remedies Pvt Ltd (HRPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Withdrawn) Proposed Long Term 0.5 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Withdrawn) Term Loan 0.5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Withdrawn) CRISIL has been consistently following up with HRPL for obtaining information through letters and emails dated August 31, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of HRPL. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for HRPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has Continues the ratings on the bank facilities of HRPL to 'CRISIL B+/Stable Issuer not cooperating'. CRISIL has withdrawn its rating on the bank facilities of HRPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL's policy on withdrawal of its rating on bank loan facilities. HRPL, incorporated in 1986, manufactures homeopathic medicines in collaboration with Bioforce AG, a Switzerlandbased company. HRPL is promoted and managed by Dr. Nalini Batra and Dr. Pranav Batra, and has its registered office at Thane, Maharashtra. HOWRAH MILLS: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Howrah Mills Co. Limited (HMCL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 52.4 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 20 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 1.02 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 18.58 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with HMCL for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of HMCL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on HMCL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of HMCL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. HMCL, set up in 1890, manufactures jute products with a capacity of 44,000 tonnes per annum. The company manufactures a wide range of products, including hessian, jute yarn, jute cloth, and decorative bags. It has leased out warehouses built on part of its land-bank, and receives an annual rental income of around INR45 million. INTEGRATED CAPS: CRISIL Maintains 'D' Rating in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Integrated Caps Private Limited (ICPL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 15 CRISIL D (ISSUER NOT COOPERATING) Proposed Term Loan 8 CRISIL D (ISSUER NOT COOPERATING) Term Loan 17 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with ICPL for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of ICPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on ICPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of ICPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. ICPL, incorporated in 1990 by Mr. Biren Sabharwal, manufactures crown caps and polyethylene terephthalate (PET) preforms. Its manufacturing facility is in Noida. J.G. AGRO: CRISIL Maintains 'D' Rating in Not Cooperating --------------------------------------------------------- CRISIL said the ratings on bank facilities of J.G. Agro Foods (JGAF) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (ISSUER NOT COOPERATING) Proposed Cash 2 CRISIL D (ISSUER NOT Credit Limit COOPERATING) Term Loan 4 CRISIL D (ISSUER NOT COOPERATING) Warehouse Receipts 2 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with JGAF for obtaining information through letters and emails dated June 29, 2019 and December 09, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of JGAF, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on JGAF is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of JGAF continues to be 'CRISIL D Issuer not cooperating'. JGAF was established in 2013 as a partnership firm by Mr. Vijay Kumar Chhabra, Mr. Pritam Dass, and Mr. Pawan Kumar. The firm processes basmati rice at its plant at Ghubaya village, Jalalabad, in Punjab. It has a total milling and sorting capacity of 2 tonnes per hour. JAINAM ALTERNATE: CRISIL Maintains 'B-' Rating in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Jainam Alternate Energy Private Limited (PPPL) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B-/Stable (ISSUER NOT COOPERATING) Long Term Loan 2 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with PPPL for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of PPPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PPPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of PPPL continues to be 'CRISIL B-/Stable Issuer not cooperating'. The company, incorporated in 2000 and based in Dhar, Madhya Pradesh (MP), manufactures and sells bitumen in the domestic market. Mr. Pravin Jain and Mr. Shailesh Jain manage the operations. JAIRAM MARUTI: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the ratings on bank facilities of Jairam Maruti Mills (JMM) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .78 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 6.00 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 6.00 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 2.69 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with JMM for obtaining information through letters and emails dated June 29, 2019 and December 09, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of JMM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on JMM is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of JMM continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It manufactures cotton yarn and converts it into fabric .The firm is based in Coimbatore (Tamil Nadu). JAY DEE: CRISIL Maintains 'D' Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL said the ratings on bank facilities of Jay Dee Enterprises (JDE) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 8.2 CRISIL D (ISSUER NOT COOPERATING) Export Packing 3.0 CRISIL D (ISSUER NOT Credit COOPERATING) CRISIL has been consistently following up with JDE for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of JDE, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on JDE is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of JDE continues to be 'CRISIL D Issuer not cooperating'. Promoted by Mr. Pawandeep Sachdeva, JDE is engaged in manufacturing and exports of the ready-made garments. JSM PROTEINS: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of JSM Proteins Private Limited (JSM) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 8.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 15.0 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with JSM for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of JSM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on JSM is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of JSM continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Set up by Mr. Manoj Wadhwa in 2010, JSM is a trader and distributor of edible oil, dairy products, and sugar, mainly in Haryana. The company commenced commercial operations in February 2011 after the edible oil trading business of its group entity, Shubh Marketing, was transferred to it. JYOTI BUILDTECH: Ind-Ra Affirms D Rating, Moved to NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Jyoti Buildtech Private Limited's (JBPL) Long-Term Issuer Rating at 'IND D' and has simultaneously migrated it to the non-cooperating category. 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. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR1.550 bil. Non-fund-based working capital limit (short- term) affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR308.6 mil. Fund-based working capital limit (long-/short- term) affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information KEY RATING DRIVERS The affirmation reflects JBPL's continued delays in debt servicing owing to a stressed liquidity position, the details of which are not available. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. COMPANY PROFILE JBPL undertakes various infrastructure projects, including installation and commissioning of electrical substations, water treatment plants, sewer treatment plants, canal works and lake development works. Its head office is in Noida, Uttar Pradesh. In addition, it has a registered office in New Delhi. KANISHK GOLD: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Kanishk Gold Private Limited (KGPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 747 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 300.58 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 2.42 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KGPL for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KGPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KGPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of KGPL continues to be 'CRISIL D Issuer not cooperating'. KGPL was established as a partnership firm in Chennai in 2002, and was reconstituted as a private limited company in 2006. The company manufactures gold jewellery and is promoted by Mr Bhoopesh Kumar Jain. KHANNA BUILDERS: CRISIL Maintains 'D' Rating in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Khanna Builders and Developers (KBD) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KBD for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KBD, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KBD is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of KBD continues to be 'CRISIL D Issuer not cooperating'. KBD, set up in 2002, is part of the Jabalpur-based Khanna group. KBD develops residential real estate, primarily in Jabalpur, and is executing a residential township project, Sukh Sagar Valley - Phase 2, with 190 units. The projects in this phase of the township include Casa Elita, Casa Victoria, Sunflower ' 2, Lily -2, Tulip -2, and Pearl. The Khanna group is managed by Mr. Baljinder Singh Khanna, supported by his sons, Mr. Amandeep Singh Khanna and Mr. Ramandeep Khanna. KHANNA PROPERTIES: CRISIL Maintains 'D' Rating in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Khanna Properties and Infrastructures Private Limited (KPIPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.7 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 39.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KPIPL for obtaining information through letters and emails dated June 29, 2019 and December 09, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KPIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KPIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of KPIPL continues to be 'CRISIL D Issuer not cooperating'. KPIPL was set up in 2006 and is a part of the Jabalpur-based Khanna group. The company develops residential real estate, primarily in Jabalpur. It has six ongoing projects, with a total of 649 units in Jabalpur: Sukh Sagar Blue, Sukh Sagar Solitaire, Sukh Sagar Platinum, Sukh Sagar Sapphire, Sukh Sagar Lifestyle, and Sukh Sagar Lifespace. KOTHAINAYAGI A: CRISIL Maintains 'D' Rating in Not Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Kothainayagi A (KA) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KA for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KA, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KA is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of KA continues to be 'CRISIL D Issuer not cooperating'. KA runs a hotel-cum-lodge in Tirunelveli, Tamil Nadu. It started commercial operations from June 2017. Its operations are run by Mr Ayyasamy and his son, Mr Annadurai. KTC AUTOMOBILES: CRISIL Maintains 'D' Rating in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of KTC Automobiles Private Limited (KTC) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING) Inventory Funding Facility 6 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 5.85 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with KTC for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KTC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KTC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of KTC continues to be 'CRISIL D Issuer not cooperating'. Set up in 1998 as a partnership firm, KTC was reconstituted as a private limited company in 2004. The company, based in Kozhikode, Kerala, operates service centres for Hyundai vehicles in Kerala. L.G. FIBRE PRIVATE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M/s L.G. Fibre Private Limited G-19, Basement, Sarathi Avenue Behind Satellite Police Station Satellite, Ahmedabad GJ 380015 IN Insolvency Commencement Date: January 15, 2020 Court: National Company Law Tribunal, Surat Bench Estimated date of closure of insolvency resolution process: July 13, 2020 (180 days from commencement) Insolvency professional: CA Vineeta Maheshwari Interim Resolution Professional: CA Vineeta Maheshwari M-19-21, Metro Tower Ring Road, Surat 395002 Gujarat, India Tel: +91-261-4014277 +91-95583-33867 Mobile: +91-93767-81166 E-mail: cavineetak@gmail.com ipvin.lgf@gmail.com Last date for submission of claims: February 3, 2020 LAXMI AROGYAM: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the ratings on bank facilities of Laxmi Arogyam Private Limited (LAPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 5.0 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with LAPL for obtaining information through letters and emails dated June 29, 2019 and December 9, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of LAPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on LAPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower'. Based on the last available information, the ratings on bank facilities of LAPL continues to be 'CRISIL D Issuer not cooperating'. Incorporated in 2010, LAPL trades in chemicals and aluminum scrap. The company is promoted by Mr. Arvind Tumbare and Mr. Kishore Tumbare. It started commercial operations in 2014-15 (refers to financial year, April 1 to March 31). M P AGARWALA: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated M P Agarwala'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 the ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR105 mil. Fund-based facilities migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR270 mil. Non-fund-based facilities migrated to non- cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 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 2010, M P Agarwala is a proprietorship firm set up by Mr. Mahabir Prasad Agarwala. The firm undertakes civil construction of roads, bridges, and buildings for the Public Works Departments of Assam and Meghalaya. MLP DEVELOPERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s MLP Developers & Promoters Pvt. Ltd. Villa No. F-1/6, Sector-3 Eldeco Estate One Panipat, Haryana Insolvency Commencement Date: January 27, 2020 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: July 24, 2020 (180 days from commencement) Insolvency professional: Romesh Chander Sawhney Interim Resolution Professional: Romesh Chander Sawhney 850/GH-13, Paschim Vihar New Delhi 110087 E-mail: casawhney@yahoo.co.in - and - 834/GH-13, Paschim Vihar New Delhi 110087 E-mail: casawhney@gmail.com Last date for submission of claims: February 9, 2020 NIRMAN INFRA: CRISIL Withdraws B+ Rating on INR18cr Cash Loan ------------------------------------------------------------- CRISIL has withdrawn its rating on the bank facilities of Nirman Infra Steel Private Limited (NISPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Withdrawn) Long Term Loan 7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Withdrawn) CRISIL has been consistently following up with NISPL for obtaining information through letters and emails dated January 14, 2020 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of NISPL. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for NISPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has Continues the ratings on the bank facilities of NISPL to 'CRISIL B+/Stable Issuer not cooperating'. CRISIL has withdrawn its rating on the bank facilities of NISPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL's policy on withdrawal of its rating on bank loan facilities. NISPL produces thermo-mechanically treated (TMT) bars under the Bhaskar brand. The manufacturing facility at Jaipur commenced operations in May 2013, and has capacity of 300 tonnes per day. NTL ELECTRONICS: Pooja Bahry Appointed New Resolution Professional ------------------------------------------------------------------ A notice dated January 6, 2020, disclosed that pursuant to orders dated December 18, 2019, passed by the National Company Law Tribunal, New Delhi, Bench-V, Preeti Jaiswal/Naresh Bhutani have been discharged from all roles in respect of M/s NTL Electronics India Ltd., and a new Resolution Professional has been appointed: Pooja Bahry 59/27 Prabhat Road New Rohtak Road New Delhi 110005 E-mail: pujabahry@yahoo.com rp.ntlelectronicsindia@gmail.com Beginning January 6, 2020, any communication to previous e-mail IDs would be deemed to be discarded, unacknowledged, and would be treated as null and void. REVATHI GOLD: CRISIL Withdraws B+ Rating on INR7cr Cash Loan ------------------------------------------------------------ CRISIL has withdrawn its rating on the bank facilities of Revathi Gold Agro Products (RGAP) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL's policy on withdrawal of its rating on bank loan facilities. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Migrated from 'CRISIL B+/Stable'; Rating Withdrawn) Cash Term Loan 1.5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Migrated from 'CRISIL B+/Stable'; Rating Withdrawn) CRISIL has been consistently following up with RGAP for obtaining information through letters and emails dated October 30, 2019 and December 26, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RGAP. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for RGAP is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has migrated the ratings on the bank facilities of RGAP to 'CRISIL B+/Stable Issuer not cooperating'. CRISIL has withdrawn its rating on the bank facilities of RGAP on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL's policy on withdrawal of its rating on bank loan facilities. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. Established in 2010 as a partnership firm by Mr. R P Chandirasekaran based RGAP processes paddy to produce rice, broken rice and husk. RIDCOR INFRA: Ind-Ra Affirms 'D' Rating on INR2,977.2BB Bank Loan ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed the rating of RIDCOR Infra Projects Limited's (RIPL) senior project bank loans at 'IND D' as follows: -- INR2,977.2 bil. (outstanding INR2,769.4 bil. as of March 31, 2019) Senior project bank loans (long-term) affirmed with IND D rating. KEY RATING DRIVERS The rating action reflects the continuation of non-payment of interest and principal by RIPL. The National Company Law Appellate Tribunal order dated October 15, 2018, provided a moratorium to Infrastructure Leasing & Financial Services Limited (IL&FS; 'IND D') and its group companies (including Road Infrastructure Development Company of Rajasthan Limited (RIDCOR)) for servicing of debt to the lenders. IL&FS and its group companies are categorized as Red, Amber, and Green vide the tribunal order dated February 1, 2019. Although RIPL has not been categorized yet, the parent RIDCOR is categorized as a Red entity (domestic group entities that cannot meet their payment obligations towards even senior secured financial creditors, as and when such payment obligations become due). In view of the same, RIPL (a wholly-owned subsidiary of RIDCOR) stopped servicing financial obligations to all its financial creditors. Subsequently, RIPL has been classified as a non-performing asset by the lenders due to the non-payment of interest and principal on respective due dates. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. COMPANY PROFILE RIPL, a wholly-owned subsidiary of RIDCOR (a 50:50 joint venture between IL&FS and the government of Rajasthan), was incorporated to develop, design, finance, construct, operate and maintain Phase-III project stretches under the mega highways project. The Phase-III projects comprise the 65.5km Mathura-Bharatpur-Gangapur-Bhadoti stretch starting from the Uttar Pradesh border and running up to the 117.32km Rawatsar-Nohar-Bhadra at the Haryana border. SHILPA ELECTRICAL: CRISIL Lowers Rating on INR8.9cr Loan to 'D' --------------------------------------------------------------- CRISIL has downgraded its ratings on the bank loan facilities of Shilpa Electrical Infra Tech (India) Private Limited (SEITPL) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'. The downgrade reflects the overdue in the company's cash credit account for more than 30 days because of poor liquidity. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8.9 CRISIL D (Downgraded from 'CRISIL A4+') Cash Credit 3.5 CRISIL D (Downgraded from 'CRISIL BB-/Stable') Letter of Credit 1.5 CRISIL D (Downgraded from 'CRISIL A4+') Proposed Long Term 1.1 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL BB-/Stable') The company is also exposed to risks related to small scale in the highly fragmented electrical and transmission line industry, and large working capital requirement. However, it benefits from the extensive industry experience of the promoters. Analytical Approach Overdue in cash credit account for more than 30 days: * Cash credit account has been over utilized for more than 30 days due to poor liquidity and currently INR2.5 crore is overdue. Key Rating Drivers & Detailed Description Weaknesses: * Large working capital requirement: Gross current assets were at 458-202 days over the three fiscals ended March 31, 2019. The large working capital requirement was driven by substantial inventory of 161 days and receivables of 48 days as on March 31, 2019. * Small scale in highly fragmented industry: The electrical and transmission line industry has a large number of unorganised players, as small initial investment and the low complexity of operations lead to low entry barriers. The high fragmentation limits the pricing flexibility and bargaining power of players. Also, the threat of capacity addition by large integrated players limits growth prospects. * Modest scale of operations: The company's modest scale is reflected in total operating income of INR42.36 crore in fiscal 2019. Strength: * Extensive industry experience of the promoters: The promoters' experience of more than two decades in the electrical and transmission line industry has given them an understanding of the dynamics of the market, and enabled them to establish relationships with suppliers and customers. Liquidity Poor Bank limits were over utilized for more than 30 days because of poor liquidity. Rating Sensitivity factors Upward factors: * Track record of timely debt servicing for at least over 90 days * Improvement in working capital management and liquidity Incorporated in 2007, SEITPL erects high tension electrical transmission lines and substations, and executes electrical contracts for industrial and residential buildings. The company is promoted by Mr G Sudhakar Reddy and Ms G Sailaja and is headquartered in Hyderabad. SHREE BASANT: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Shree Basant Oils Limited 4/49, Philip Ganj Agra to Mathura at F-5 Site B, Industrial Area Mathura UP 281002 Insolvency Commencement Date: January 16, 2020 Court: National Company Law Tribunal, Agra Bench Estimated date of closure of insolvency resolution process: July 14, 2020 (180 days from commencement) Insolvency professional: CA. Kamal Kumar Agrawal Interim Resolution Professional: CA. Kamal Kumar Agrawal 51, New Raja Mandi Colony Near Canara Bank Agra, U.P. 282002 E-mail: agrawalakamal@gmail.com irpbasant@gmail.com Last date for submission of claims: January 31, 2020 SHREE OSHIYA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Shree Oshiya Ferro Alloys Private Limited Office No. A/402, Floor No. 4 Pranik Chember Owner Co.op Prem Society Ltd Saki Vihar Road Andheri (East) Mumbai 400072 Insolvency Commencement Date: January 16, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 16, 2020 Insolvency professional: Rajkumar Mahto Interim Resolution Professional: Rajkumar Mahto Krishna Kewal Housing Society Flat No. 0/16, Kondhwa Khurd Near Domino Pizza Pune 411048 E-mail: mahrajkumar@gmail.com - and - Office No. 18, 3rd Floor 84 Dholakwala Building Janmabhoomi Marg, Fort Mumbai 400001 E-mail: rp.shreeoshiya@gmail.com Last date for submission of claims: February 1, 2020 SHREE VAISHNO: CRISIL Assigns 'B' Rating to INR6cr Loans -------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Shree Vaishno Flour Mills (SVFM). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Assigned) Proposed Long Term Bank Loan Facility 1 CRISIL B/Stable (Assigned) The rating reflects the modest scale of SVFM's operations in the intensely competitive flour mill industry, and a weak financial profile. These weaknesses are partially offset by the extensive experience of the partners. Analytical Approach Unsecured loans (outstanding at INR2.7 crore as on March 31, 2019) extended to SVFM by the partners have been treated as debt. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations Small scale, reflected in revenue of INR24.8 crore in fiscal 2019, amid intense competition may continue to constrain pricing power and profitability. Further, the crop yield of agricultural commodities is dependent on adequate timely monsoon & favourable climatic conditions. Thus, SVFM is exposed to the risk of limited availability of key raw material during any adverse climatic condition. Also, production may be impacted by pests or crop infection leading to higher unpredictability in production and pricing of agricultural commodities and derived products. * Weak financial risk profile Financial risk profile is likely to remain constrained by large working capital debt. Gearing was high at 12.5 times as on March 31, 2019, owing to low networth of INR0.68 crore. Debt protection metrics also stood subdued, with interest coverage and net cash accrual to adjusted debt ratios of 1.30 times and 0.04 time, respectively, in fiscal 2019. Strength: * Extensive experience of the partners Benefits derived from the partners' experience of over a decade, their strong understanding of local market dynamics, and healthy relations with suppliers and customers should continue to support the business. Liquidity Poor Cash accrual is projected to be modest at INR0.25-0.40 crore per annum over the medium term, against yearly maturing debt of INR0.01 crore. Thus, the cash credit limit remained almost fully utilised during the 12 months through September 2019. The firm has also been availing of ad hoc limit and temporary overdraft to fund the incremental working capital requirement. Liquidity is, however, partially supported by the timely, need-based unsecured loans extended by the partners. Outlook: Stable CRISIL believes SVFM will continue to benefit from the extensive experience of the partners. Rating sensitivity factors: Upward Factors: * Increase in revenue by more than 30% and a stable operating margin * Sizeable fund infusion Downward Factors: * Steep decline in revenue and an operating margin of less than 4% * Significant stretch in the working capital cycle, or any large, debt-funded capital expenditure. SVFM was set up in 1999 as a partnership firm. This Jammu-based firm processes wheat products such as atta, suji, maida, and bran. SHRI JAGRITI: CRISIL Lowers Rating on INR9cr Overdraft to 'D' ------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Shri Jagriti Solvex Private Limited (SJSPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft 9 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') Term Loan 6 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with SJSPL for obtaining information through letters and emails dated February 28, 2019 and March 18, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company'. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SJSPL. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SJSPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the latest available public information there have been delays in servicing of interest and principal obligations on the term debt and CRISIL has downgraded its ratings on the bank facilities of SJSPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Incorporated in 2011 by Mr. Kamal Kumar, SJSPL operates a rice bran oil extraction plant and refinery at Mahasamund (Chhattisgarh). The company commenced operations from April 2017. SONALE FABRICS: Ind-Ra Migrates BB Issuer Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Sonale Fabrics Private Limited's (SFPL) 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 the rating. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR6 mil. Long-term loans due on December 2020 migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) rating; and -- INR165 mil. Fund-based limits migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) / IND A4+ (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 SFPL was formed in 1987 by Kantilal C Rajpurohit. The company is engaged in the trading and manufacturing of shirts and suits. It has a monthly manufacturing capacity of 0.5 million-0.7 million meters. VIRGO MARINE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Virgo Marine Shipyards Private Limited Registered office: F-408, Kailash Complex Parksite, Vikhroli (West) Mumbai 400079 Insolvency Commencement Date: January 21, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 19, 2020 (180 days from commencement) Insolvency professional: Shivan Raju Palavesam Interim Resolution Professional: Shivan Raju Palavesam 214-215, Second Floor Om Dutta C.H.S. Khamdeo Nagar 90 Feet Road Sion-Bandra Link Road Mumbai 400017 E-mail: shivan.raju@gmail.com virgocirp@gmail.com Last date for submission of claims: February 6, 2020 ================= I N D O N E S I A ================= INDIKA ENERGY: Moody's Affirms Ba3 CFR, Outlook Stable ------------------------------------------------------ Moody's Investors Service affirmed the Ba3 corporate family rating of Indika Energy Tbk (P.T.). At the same time, Moody's has also affirmed the Ba3 ratings on the $285 million backed senior secured notes due 2023 issued by Indo Energy Finance II B.V., the $265 million backed senior secured notes due 2022 issued by Indika Energy Capital II Pte. Ltd, and the $575 million backed senior secured notes due 2024 issued by Indika Energy Capital III Pte. Ltd. All notes are unconditionally and irrevocably guaranteed by Indika and rank pari passu. The outlook is stable. RATINGS RATIONALE "The rating affirmation reflects our expectation that, despite weakness in its credit metrics, Indika's credit profile will be supported by its stable operations, strong liquidity and adherence to prudent financial policies," says Maisam Hasnain, a Moody's Assistant Vice President and Analyst. Indika's commitment to maintaining a strong balance sheet provides cushion against its weakening credit metrics, the result in turn primarily of declining coal prices. The company had a large cash balance of around $611 million as of September 30, 2019, with no material near-term debt maturities until 2022. Nevertheless, declining coal prices over the last 12 months have weakened Indika's credit metrics, and have lowered earnings at its 91% owned mining subsidiary, Kideco Jaya Agung (P.T.). Kideco's reported EBITDA for the nine months ended September 2019 declined to $188 million from $430 million for the nine months in the preceding year. As a result, Indika's adjusted leverage -- as measured by adjusted debt/EBITDA -- increased to 3.5x as of September 2019 from 2.4x in 2018. Based on Moody's medium-term price assumptions for Newcastle thermal coal of around $75 per ton, Moody's estimates Indika's adjusted leverage will rise further to around 3.8x over the next 12-18 months. However, a prolonged decline in coal prices will further weaken Indika's leverage, thus eroding the limited headroom under its Ba3 rating. The Ba3 CFR reflects Moody's expectation that Kideco's coal contract of work (CCoW) mining license, which expires in March 2023, will be extended on broadly similar terms. However, Moody's believes that there remains a high degree of regulatory risk, given limited clarity from the Government of Indonesia (Baa2 stable) on the extension or conversion of such mining licenses. "Indika's Ba3 CFR also takes into account its commitment to conservative financial policies which balances its risk profile during periods of volatility in thermal coal prices. Accordingly, we expect Indika to maintain a prudent approach to any new investments, particularly as it seeks to reduce its earnings exposure to thermal coal in the coming years," adds Hasnain, also Moody's Lead Analyst for Indika. Indika has sufficient liquidity to meet its cash needs for the next 12-18 months, and Moody's expects Indika to continue to proactively refinance its debt maturities well ahead of its large $1.1 billion debt maturity wall between 2022 and 2024. While Indika is likely to not meet a financial maintenance covenant on its bank loans in 2020, Moody's expects the company will address this risk by either obtaining waivers or renegotiating its covenants. Indika's holding company cash balance of $348 million is also considerably larger than the $201 million outstanding balance on these bank loans as of September 30, 2019. The rating also considers Indika's exposure to environmental, social and governance (ESG) risks as follows: First, Indika faces elevated environmental risks associated with the coal mining industry, including carbon transition risk as countries seek to reduce their reliance on coal power. However, this risk is somewhat mitigated by (1) Indika's geographically diversified customer base, which includes state-owned utilities across Asia, a region with growing energy demand and where thermal coal is still a relatively low-cost source of energy, and (2) its good coal quality, with low ash and sulfur content. Second, Indika is also exposed to social risks associated with the coal mining industry, including health and safety, and responsible production. To address these risks, Indika initiates sustainability initiatives under its health, safety and environment programs, and carries out corporate social responsibility activities via the Indika Foundation. Third, with respect to governance, Indika's ownership is concentrated in its major shareholders, who own around 68% of the company. However, this risk is somewhat mitigated by Indika's listed status and long track record of maintaining prudent financial policies. The stable rating outlook reflects Moody's expectation that Indika will (1) maintain its credit profile and retain a conservative approach to investments and shareholder returns; and (2) sustain strong liquidity and proactively refinance debt maturities. A near-term upgrade of the ratings is unlikely. Nevertheless, the ratings could be upgraded in the longer term if Indika improves its credit metrics on a sustained basis, and is successful in extending the Kideco CCoW beyond its 2024 bond maturity, with no material changes to the existing terms. Specific indicators Moody's would consider for an upgrade include adjusted debt/EBITDA below 2.5x and adjusted EBIT/interest above 3.0x, both for an extended period. Moody's could downgrade the ratings if (1) Indika's credit metrics weaken due to a sustained decline in coal prices; (2) Kideco fails to extend its CCoW on substantially similar terms; or (3) Indika engages in aggressive shareholder distributions or investments, demonstrating a departure from its track record of liquidity preservation. Specific indicators Moody's would consider for a downgrade include adjusted debt/EBITDA above 4.0x or adjusted EBIT/interest below 2.0x, both for an extended period. The principal methodology used in these ratings was Mining published in September 2018. Indika Energy Tbk (P.T.) is an Indonesian integrated energy group listed on Indonesia's Stock Exchange, with a market capitalization of around IDR4.9 trillion ($360 million) as of February 03, 2020. Its principal investment is a 91% stake in Kideco Jaya Agung (P.T.), one of Indonesia's largest domestic coal producers. ===================== P H I L I P P I N E S ===================== EMPIRE RURAL: Deposit Insurance Claims Deadline Set Feb. 24 ----------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Empire Rural Bank, Inc. to file their deposit insurance claims on or before the last day for filing of claims for insured deposits on February 24, 2020 either through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, or personally during business hours at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City. The PDIC Charter provides that depositors have until two years from bank takeover to file their deposit insurance claims. Empire Rural Bank, Inc. was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on February 22, 2018. According to PDIC, deposit insurance claims for 75 deposit accounts with aggregate insured deposits amounting to PHP325,740.90 have yet to be filed by depositors. Data show that as of December 31, 2019, PDIC had paid depositors of the closed Empire Rural Bank, Inc. the total amount of PHP25.3 million, corresponding to 98.7% of the bank's total insured deposits amounting to PHP25.6 million. In filing claims personally, depositors are required to submit their original evidence of deposit and present one (1) valid photo-bearing ID with signature of the depositor. It is recommended, however, to bring at least two (2) valid IDs in case of discrepancies in signature. Depositors may also file claims through mail and enclose their original evidence of deposit and photocopy of one (1) valid photo-bearing ID with signature together with a duly accomplished Claim Form which can be downloaded from the PDIC website, www.pdic.gov.ph. Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar. Representatives of claimants are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor. The Special Power of Attorney template may be downloaded from the PDIC website. Depositors who have been notified of their documentary deficiencies through official letters from PDIC are requested to comply with the indicated requirements. The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. Meanwhile, depositors with balances of more than the maximum deposit insurance coverage (MDIC) of PHP500,000 who were not able to file their claims on May 7, 2018, the deadline earlier set, should file their claims with the Liquidation Court (Regional Trial Court, Branch 2, Batangas City) under Sp. Proc. No. 18-94. Likewise, depositors who will not be able to file their deposit insurance claims on February 24, 2020 should file their claims with the said Liquidation Court. Payment of these claims shall be subject to availability of assets of the closed bank, legal priority and approval of the Liquidation Court. Depositors who have outstanding loans or payables to the bank will be referred to the duly designated Loans Officer prior to the settlement of their deposit insurance claims. For more information, depositors and depositor-borrowers may contact the Public Assistance Department at telephone number (02) 8841-4141, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-7342. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC. ================= S I N G A P O R E ================= EZRA HOLDINGS: Files For Judicial Management -------------------------------------------- Lynette Tan at The Business Times reports that EZRA Holdings, which filed for bankruptcy protection under Chapter 11 in the US in 2017, on Feb. 5 said it has applied to be placed under judicial management. The troubled offshore and marine group filed an application in Singapore's High Court on Feb. 4, the report says. BT relates that the application means a moratorium will be in place until it is either granted or dismissed. No resolution can be passed to wind up Ezra Holdings and no steps taken to enforce any security over its property. Ezra Holdings had filed for bankruptcy protection under Chapter 11 in the US in 2017 after receiving two statutory demands from creditors, recalls BT. Since then, its subsidiaries have also either been placed under judicial management or liquidated. For instance, offshore vessel operator Emas Offshore was granted judicial management by the High Court last October. In July last year, Triyards Marine Services, a unit of Ezra's shipyard arm Triyards, was also ordered to wind up following an application by its creditor, BT adds. About Ezra Holdings Founded in 1992, Ezra Holdings Limited -- http://www.ezraholdings.com/-- is an offshore contractor and provider of integrated offshore solutions to the global oil and gas industry. Ezra is incorporated in Singapore with its registered office at 15 Hoe Chiang Road #28-01 Tower Fifteen Singapore 089316. Its shares were listed on the SGX Sesdaq on Aug. 8, 2003, and moved to the Mainboard of the Singapore Exchange since Dec. 8, 2005. It also issued certain notes (S$150,000,000 4.875% Notes due 2018 comprised in Series 003) which have been listed on the Singapore Exchange since 2013. Ezra established and maintains an office in the United States located at 75 South Broadway, Fourth Floor, Office Number 489, White Plains, New York 10601. Ezra also has a wholly owned New York subsidiary, Ezra Holdings (NY) Inc., which was incorporated in the United States of America with 200 shares at a nominal issue price per share. EMITS, a wholly owned subsidiary of Ezra, provides supporting information technology services to each of the Ezra Group's business divisions. Ezra Marine, another wholly owned subsidiary of Ezra, has a leasehold interest in the marine base in Singapore located at 51 Shipyard Road, Singapore 628139 and leases out the base's facilities and provides various support services in connection with the marine base to the Ezra Group's operating entities. Ezra Holdings and two affiliates -- Ezra Marine Services Pte. Ltd. and EMAS IT Solutions Pte Ltd -- filed voluntary Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 17-22405) on March 18, 2017, before the Honorable Robert D. Drain. In the petition signed by Tan Cher Liang, director, Ezra Holdings estimated $500 million to $1 billion in assets and $100 million to $500 million in liabilities. The Debtors' Chapter 11 Cases are being jointly administered for procedural purposes only. Lawyers at Saul Ewing, led by Sharon L. Levine, Esq., serve as the Debtors' Chapter 11 counsel. The Debtors tapped as general Singapore counsel Drew & Napier LLC; and claims and noticing agent, Prime Clerk LLC. Foxwood LLC also serves as special counsel. The Ezra Group's joint venture, EMAS CHIYODA Subsea Limited, and certain of its affiliate companies filed voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 17-31146) on Feb. 27, 2017. ECS' wholly-owned subsidiary, EMAS-AMC AS, has also been placed under members' voluntary liquidation in Norway. Ezra guaranteed substantial charter hire liabilities of the ECS Group, as well as certain loans owed by the ECS Group to Financial institutions, Ezra faces potentially significant contingent liability if the creditors call on the guarantees. Ezra received statutory demands from Svenska Handelsbanken AB (Publ), Singapore Branch and Forland Subsea AS on Jan. 24, 2017, and Feb. 6, 2017, respectively. These statutory demands have since expired under Singapore law and these two creditors may commence winding up applications against Ezra. Ezra also received a statutory demand from VT Halter Marine, Inc. on March 9, 2017. GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Stable ----------------------------------------------------- Moody's Investors Service affirmed the B1 corporate family rating of Golden Energy and Resources Ltd. At the same time, Moody's has affirmed the B1 rating on the senior secured bond issued by GEAR. The outlook remains stable. RATINGS RATIONALE "The rating affirmation reflects our expectation that GEAR will continue to grow its thermal coal production and maintain profitable operations, despite volatile thermal coal prices," says Maisam Hasnain, a Moody's Assistant Vice President and Analyst. GEAR's credit profile is supported by growing production at its 67% owned subsidiary, PT Golden Energy Mines Tbk (GEMS), which has a long reserve life of around 26 years. GEMS produced around 31 million tons of coal in 2019, which is more than three times higher than the 9.5 million tons it produced in 2016. At the same time, GEAR's credit profile is constrained by its dependence on cash dividends from subsidiaries to service its debt. Moody's expects that GEAR's interest cover from dividends received will register around 2.2x over the next 12-18 months, with GEMS being the primary source of cash for the holding company. The rating affirmation also incorporates Moody's expectation that GEAR will maintain prudent financial policies as it undertakes investments to diversify earnings. As part of its diversification strategy, GEAR announced in January 2020 that it had entered into a 50-50 joint venture with private equity firm EMR Capital to acquire the Ravenswood gold mine in Queensland, Australia. The acquisition is expected to close by March 31, 2020. GEAR has committed to invest an initial AUD70 million ($47 million) in the mine, which will be funded via internal sources. Over the last 15 months, GEAR also acquired a 28% stake in Stanmore Coal, a metallurgical and thermal coal producer in Australia, for around $51 million funded primarily through incremental debt. "These investments will improve GEAR's business profile by increasing its geographic diversification and reducing its exposure to thermal coal. However, the successful execution of major investments across commodities and over a wider geographic area could stretch GEAR's management resources and increase execution risk, particularly if earnings at GEMS' thermal coal operations are pressured by prolonged weak coal prices," adds Hasnain, who is also Moody's Lead Analyst for GEAR. Based on Moody's medium-term price assumptions for Newcastle thermal coal of around $75 per ton, Moody's estimates GEAR's adjusted leverage -- as measured by adjusted debt/EBITDA -- will decline to 2.5x-2.7x over the next 12-18 months from around 3.5x as of September 2019. The decline in leverage will be driven by debt reduction via scheduled amortization payments, and incremental earnings as the company continues to increase coal production and maintain strict cost controls at its coal mining operations at GEMS. Moody's expects GEAR to maintain adequate liquidity, with cash sources sufficient to meet its planned uses over the next 12 months. Moody's also expects that GEAR will pursue conservative financial policies such that any further investments, including future investments to support expanding production at the Ravenswood gold mine, do not materially weaken its liquidity and credit metrics. The rating also considers GEAR's exposure to environmental, social and governance (ESG) risks as follows: First, GEAR faces elevated environmental risks associated with the coal mining industry through its key subsidiary GEMS, including carbon transition risk as countries seek to reduce their reliance on coal power. However, this risk is somewhat mitigated by (1) the fact that the majority of its sales are in Asia, a region with growing energy demand, and (2) its good coal quality, with low ash and sulfur content. Second, GEAR is also exposed to social risks associated with the coal mining industry, including health and safety, and responsible production. GEAR has implemented a number of initiatives to address these risks, including occupational health and safety standards, local community assistance and enhancing labor relations. The lost time injury frequency rate at GEAR's largest mine, PT Borneo Indobara has also declined in recent years. Third, with respect to governance, GEAR's ownership is concentrated in PT Dian Swastatika Sentosa Tbk, which held an approximate 87% stake in GEAR as of September 2019. This entity is ultimately controlled by Mr. Franky Oesman Widjaja, Mr. Indra Widjaja and Mr. Muktar Widjaja. However, such concentration risk is somewhat mitigated by GEAR's listed status in Singapore and the fact that half its board consists of independent directors. The stable outlook reflects Moody's expectation that GEAR will execute on its growth and diversification strategy while maintaining prudent operating and financial policies. An upgrade is unlikely in the near term, given GEAR's ownership structure, concentration risk and acquisitive appetite. Nevertheless, the ratings could be upgraded over time if GEAR increases its scale, diversifies earnings and cash flows, and improves debt serviceability at the holding company level, such that its interest cover from dividend receipts exceeds 3.0x on a sustained basis. On the other hand, the ratings could be downgraded as a result of (1) an inability to execute on its organic growth plans at GEMS; (2) aggressive financial policies including debt-funded investments; (3) weakening industry fundamentals or higher use of cash at GEMS, including higher than expected capital spending, that reduce cash flows available for divided payments to GEAR; or (4) any signs of increased related-party transactions. Specific indicators that Moody's would consider for a downgrade include interest cover at GEAR on a standalone basis falling below 1.5x — excluding the interest reserve account —or consolidated adjusted debt/EBITDA of above 3.5x. The principal methodology used in these ratings was Mining published in September 2018. Listed on the Singapore Stock Exchange, Golden Energy And Resources Ltd is an energy and resources company with investments in coal and gold. Its primary asset is its 67% stake in PT Golden Energy Mines Tbk, an Indonesian thermal coal producer with coal mines located in Kalimantan and Sumatra. GEAR also owns a 28% stake in Australian met coal producer Stanmore Coal, and a 9% stake in Australian gold producer Westgold Resources Limited. HYFLUX LTD: Sias Seeks Clarification on Utico Scheme Terms ---------------------------------------------------------- The Business Times reports that the Securities Investors Association (Singapore) or SIAS is seeking clarification on several terms of Utico's proposed rescue deal for holders of Hyflux's perpetual securities and preference shares (PnP). BT relates that certain statements were made during the Jan 20 town hall by the Emirati utility's team "which were either different from what SIAS understands the position to be or require clarification", said David Gerald, SIAS founder and president, in a statement on Feb. 4. According to the report, Mr. Gerald invited Utico and/or Hyflux to clarify or confirm these six points: * Utico stated that if a PnP investor holds securities through more than one account, the investor will receive up to SGD1,500 per account. SIAS asked whether this means that if an investor has PnP holdings through three banks, that investor may stand to receive SGD4,500. * Utico also said during the town hall that 1.5 per cent interest will be paid on the deferred amounts under the second option of the deal for PnP holders. SIAS requested confirmation of this 1.5 per cent figure. * Under the current scheme terms, PnP holders who choose the second option will receive the cash equivalent of a 4 per cent stake in Utico if the Middle Eastern firm lists within two years of the completion of Hyflux's restructuring. At the town hall, Utico said that even if such listing takes place after the two-year period, it will still consider paying PnP holders a certain amount, also referred to as a "soft landing". SIAS would like confirmation that Utico now agrees to provide this "soft landing" and how much the amount will be. * The initial deal under the second option was that the additional cash amount to be distributed to the PnP holders will be at least SGD50 million, although this was later changed such that the additional cash amount will be reduced based on the percentage of PnP holders who choose the first option, Mr Gerald said. He asked for an explanation as to why Utico said there has been no change in the deal in this respect. * At the town hall, Utico also said it is willing to include the cash equivalent of 4 per cent of Hyflux shares in the additional cash amount under the second option. SIAS is seeking confirmation that this is on the table, so that the scheme terms can be amended accordingly. * The utility firm had pointed out at the town hall that its offer is not open to Hyflux chief executive Olivia Lum and Hyflux directors who have PnP holdings. SIAS asked whether this means Ms Lum and the directors will give up their entitlements under the proposed scheme for the benefit of the other PnP holders. Meanwhile, SIAS also requested a copy of all financial information on Utico and the investment special purpose vehicle, which had earlier been provided to the advisers of the senior unsecured creditors, according to BT. "Providing snippets of financial information at town hall meetings (to the PnP holders) is not helpful as detailed analysis cannot be carried out," Mr. Gerald noted. The requested information is important to ascertain Utico's ability to meet their obligations under the proposed scheme, he added, BT relays. Hyflux owes SGD900 million in PnP principal value to about 34,000 retail investors, one-third of whom are smallholders who own SGD5,000 and less, BT discloses citing Utico's chief executive Richard Menezes. Two weeks ago, the Emirati utility firm convened the town hall session for the PnP holders, on the same day as a separate session for some 70 medium-term note holders, the report recalls. On Feb. 4, Mr. Gerald said Utico had stated during the town hall that SIAS and its advisers have not worked towards achieving a better deal for the PnP holders. "SIAS is disappointed that Utico has chosen to make such an allegation when it well knows that SIAS has - directly to Utico and Utico's advisers and through Hyflux's advisers - consistently advocated for improved terms for the PnP holders in meetings, correspondence and conference calls," Mr. Gerald said in the media statement, relays BT. About Hyflux Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides various solutions in water and energy areas worldwide. The company operates through two segments, Municipal and Industrial. The Municipal segment supplies a range of infrastructure solutions, including water, power, and waste-to-energy to municipalities and governments. The Industrial segment supplies infrastructure solutions for water to industrial customers. It has business operations across Asia, Middle East and Africa. As reported in the Troubled Company Reporter-Asia Pacific on May 24, 2018, Hyflux Ltd. said that the Company and five of its subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High Court of the Republic of Singapore pursuant to Section 211B(1) of the Singapore Companies Act to commence a court supervised process to reorganize their liabilities and businesses. The Company said it is taking this step in order to protect the value of its businesses while it reorganises its liabilities. The Company engaged WongPartnership LLP as legal advisors and Ernst & Young Solutions LLP as financial advisors in this process. On Jan. 29, WongPartnership applied to discharge themselves due to difficulties relating to "loss of confidence and good cause" in working with the client. In November 2019, Hyflux entered into a restructuring deal with United Arab Emirates-based utility Utico FZC, according to Reuters. ********* 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. 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