/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200220.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 20, 2020, Vol. 23, No. 37 Headlines A U S T R A L I A DEMON REMOVALS: First Creditors' Meeting Set for Feb. 26 EXCITE HOLIDAY: Directors to Regain Control After Creditors Vote ISHKA: Retailer Enters Into Voluntary Administration J.A TIGHE: First Creditors' Meeting Set for Feb. 28 ONE JEWELLERY: First Creditors' Meeting Set for Feb. 27 PAMADA MANAGEMENT: First Creditors' Meeting Set for Feb. 27 SCV DORMANT: First Creditors' Meeting Set for Feb. 26 ZINC ENERGY: First Creditors' Meeting Set for Feb. 27 C H I N A ADDENTAX GROUP: Incurs $258K Net Loss for Quarter Ended Dec. 31 DATASEA INC: Incurs $751,000 Net Loss for Quarter Ended Dec. 31 ORGANIC AGRICULTURAL: Recurring Losses Cast Going Concern Doubt SENMIAO TECHNOLOGY: Management Says Going Concern Doubt Exists [*] CHINA: Coffers are Depleted Just as Virus Spurs Spending H O N G K O N G ANDO HOLDINGS: Needs Funding to Continue as Going Concern I N D I A ADHUNIK METALIKS: GFG Alliance Acquires Steelmaker AGNIPA ENERGO: Insolvency Resolution Process Case Summary AHITRI SPINNING: ICRA Moves 'B+' Rating to Not Cooperating ALUMINIUM INDIA: ICRA Maintains D Rating in Not Cooperating AXIS GARMENT: ICRA Maintains 'D' Rating in Not Cooperating BARODA AGRO: ICRA Lowers Rating on INR14cr Cash Loan to 'D' BDA HEALTHCARE: ICRA Lowers Rating on INR12cr Loan to 'D' BHAGWATI RICE: ICRA Maintains B+ Rating in Not Cooperating DSS BUILDTECH: ICRA Withdraws B+ Rating on INR16.11cr Loan HEAVEN ENGINEERS: Insolvency Resolution Process Case Summary JEPPIAAR POWER: ICRA Maintains D Rating in Not Cooperating JET AIRWAYS: ICRA Maintains 'D' Rating in Not Cooperating JET AIRWAYS: Lenders Extend Deadline for Bids to March 10 KEPL ENGINEERING: ICRA Maintains B/A4 Rating in Not Cooperating MACKEIL ISPAT: Insolvency Resolution Process Case Summary MAHA SAI: ICRA Maintains 'B' Rating in Not Cooperating MALWA COTTON: Insolvency Resolution Process Case Summary MARVEL DYERS: ICRA Lowers Rating on INR6.50cr LT Loan to B+ NIRWANA HOTELS: ICRA Maintains 'B' Rating in Not Cooperating PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating PLASTIMBER IMPEX: ICRA Withdraws D Rating on INR5.90cr Loan RATHI GRAPHIC: Insolvency Resolution Process Case Summary ROLEX RINGS: ICRA Withdraws D Rating on INR564.54cr Loan S.K FOODS: ICRA Lowers Rating on INR15cr Loan to B+ S.P.R.L FOODS: ICRA Cuts Rating on INR32cr Loan to B+ SAI KRISHNA: ICRA Maintains D Rating in Not Cooperating SANGEETA TEX. DYES: Insolvency Resolution Process Case Summary SARVESH CARS: ICRA Maintains B+ Rating in Not Cooperating SHOWLIN NETWORK: Insolvency Resolution Process Case Summary SHREE BALAJI: ICRA Maintains 'B' Rating in Not Cooperating SRI MAHARAJA OIL: ICRA Maintains D Rating in Not Cooperating SRI MAHARAJA REFINERIES: ICRA Keeps D Rating in Not Cooperating SRI MAHARAJA: ICRA Maintains D Rating in Not Cooperating SRI RAMA EDUCATIONAL: ICRA Cuts Rating on INR14.80cr Loan to D STEELFAB ENGINEERING: ICRA Maintains B+ Rating in Not Cooperating TEXTURE CLOTHING: ICRA Maintains B Rating in Not Cooperating VODAFONE IDEA: Mutual Funds Ring-Fence Holdings in Debt S I N G A P O R E HYFLUX LTD: Gets New Offer from Another Investor HYFLUX LTD: Utico Says Will Consider 'Soft Landing' - - - - - ================= A U S T R A L I A ================= DEMON REMOVALS: First Creditors' Meeting Set for Feb. 26 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Demon Removals Pty Ltd, trading as 1800Removals, will be held on Feb. 26, 2020, at 11:00 a.m. at Suite D, Level 14, at 241 Adelaide Street, in Brisbane, Queensland. Domenic Calabretta and Thyge Trafford-Jones of Mackay Goodwin were appointed as administrators of Demon Removals on Feb. 14, 2020. EXCITE HOLIDAY: Directors to Regain Control After Creditors Vote ---------------------------------------------------------------- Huntley Mitchell at Travel Weekly reports that the second creditors' meeting in Sydney was held to provide an update on the progress of Excite Holiday's voluntary administration and to vote on the future of its companies. Options included whether to accept a deed of company arrangement (DOCA) proposed by Excite directors George Papaioannou and Nicholas Stavropoulos, or send the wholesaler into liquidation, the report says. According to Travel Weekly, creditors voted to accept the proposed DOCA, which was also recommended as the best option by administrators Morgan Kelly, Phil Quinlan and Amanda Coneyworth in their report earlier this month. Under the proposed DOCA, "priority employees" are expected to receive a dividend of 90 to 100 cents in the dollar, while unsecured creditors are estimated to receive between zero and two cents, Travel Weekly relays. Travel Weekly relates that secured creditors (in this case, the National Australia Bank) will be paid in full pending settlement of the sale of Global Travel Holdings' premises, which is expected to occur on April 30, 2020. Global Travel Holdings (GTH) is the holding company for Excite Holidays Australia (EHA), Global Travel Specialists (GTS) and Events NG (ENG). On execution of the DOCA, control and management of EHA, GTS, ENG, and Travel Serv Co (a standalone entity) reverts to the Excite directors' DOCA contribution AUD100,000 to be made immediately following settlement of the sale of GTH's premises, the report notes. The vote comes shortly after Helloworld Travel announced it had agreed to acquire Excite's proprietary online booking form, after administrators initially received 17 expressions of interest, adds Travel Weekly. ISHKA: Retailer Enters Into Voluntary Administration ---------------------------------------------------- Kristy Mayr and Emily Olle at 7News reports that Australian owned homewares chain ISHKA has collapsed into voluntary administration, placing 500 jobs at risk The 50-year-old company now faces the grim task of closing stores across the country after a "catastrophic" summer of trade. The company, which sells hand-made crafts, homewares, gifts, clothing, furniture and jewellery from throughout the world, first started at Glen Iris in Melbourne's south-east. "After a catastrophic Christmas and summer we realised everything wasn't right, so we've been flat out working on solutions to protect staff, suppliers, landlords and creditors," the report quotes ISHKA's owner Toby Darvall as saying. "We have taken the unusual step for a privately-run family company to speak out during this difficult time. "We want our staff, our makers and our suppliers to know we are here to help and support them. "We know the ripple effect an event like this can have on hundreds of families and communities involved in the company." Australia's unusually challenging summer period, paired with more than AUD3 million worth of Christmas stock delayed amid quarantines, crippled the business. ISHKA has 60 stores in Australia, including 15 country stores. Rachel Burdett of Cor Cordis has been appointed administrator of the business, and will convene a meeting of creditors within a week, according to Mirage News. J.A TIGHE: First Creditors' Meeting Set for Feb. 28 --------------------------------------------------- A first meeting of the creditors in the proceedings of J.A Tighe Pty Ltd will be held on Feb. 28, 2020, at 11:00 a.m. at 110 Harris Street, in Harris Park, NSW. Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed as administrators of J.A Tighe on Feb. 18, 2020. ONE JEWELLERY: First Creditors' Meeting Set for Feb. 27 ------------------------------------------------------- A first meeting of the creditors in the proceedings of The One Jewellery Pty Ltd will be held on Feb. 27, 2020, at 3:00 p.m. at the offices of Hall Chadwick, Level 40, at 2 Park Street, in Sydney, NSW. Richard Albarran and Kathleen Vouris of Hall Chadwick were appointed as administrators of The One Jewellery on Feb. 17, 2020. PAMADA MANAGEMENT: First Creditors' Meeting Set for Feb. 27 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Pamada Management Pty Ltd will be held on Feb. 27, 2020, at 11:00 a.m. at the Boardroom of Chifley Advisory, Suite 1903, Level 19, at 31 Market Street, in Sydney, NSW. Gavin Moss and Desmond Teng of Chifley Advisory were appointed as administrators of Pamada Management on Feb. 17, 2020. SCV DORMANT: First Creditors' Meeting Set for Feb. 26 ----------------------------------------------------- A first meeting of the creditors in the proceedings of SCV (Dormant 2019) Pty Ltd (SMASHCARE WANTIRNA & SMASHCARE RINGWOOD) and SC (Dormant 2019) Pty Ltd, formerly Known As Smashcare Pty Ltd, will be held on Feb. 26, 2020, at 10:00 a.m. at the offices of Chartered Accountants Australia, Level 18, at 600 Bourke Street, in Melbourne, Victoria. Christopher John Baskerville of Jirsch Sutherland was appointed as administrator of SCV (Dormant 2019) on Feb. 14, 2020. ZINC ENERGY: First Creditors' Meeting Set for Feb. 27 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Zinc Energy Pty Ltd will be held on Feb. 27, 2020, at 11:00 a.m. at the offices of BRI Ferrier, Level 10, at 45 William Street, in Melbourne, Victoria. James Koutsoukos and David Coyne of BRI Ferrier were appointed as administrators of Zinc Energy on Feb. 18, 2020. ========= C H I N A ========= ADDENTAX GROUP: Incurs $258K Net Loss for Quarter Ended Dec. 31 --------------------------------------------------------------- Addentax Group Corp. filed its quarterly report on Form 10-Q, disclosing a net loss of $258,212 on $4,027,902 of revenues for the three months ended Dec. 31, 2019, compared to a net loss of $544,977 on $2,541,803 of revenues for the same period in 2018. At Dec. 31, 2019, the Company had total assets of $8,246,155, total liabilities of $10,837,471, and $2,591,316 in total deficit. Company President Hong Zhida and Chief Financial Officer Huang Chao said, "The Company expects to finance operations primarily through cash flow from revenue and capital contributions from the CEO. During the period, the CEO has provided financial support for the operations of the Company. In the event that the Company requires additional funding to finance the growth of the Company's current and expected future operations as well as to achieve our strategic objectives, the CEO has indicated the intent and ability to provide additional equity financing." These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on the Company's ability to meet obligations as they become due and to obtain additional equity or alternative financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful in its plans or in attracting equity or alternative financing on acceptable terms, or if at all. A copy of the Form 10-Q is available at: https://is.gd/HrvfWJ Addentax Group Corp. does not have significant operations. Previously, it was involved in the production of images on multiple surfaces, including glass, leather, plastic, ceramic, textile, and others using three-dimensional sublimation vacuum heat transfer machines. The Company was founded in 2014 and is based in Shenzhen, China. DATASEA INC: Incurs $751,000 Net Loss for Quarter Ended Dec. 31 --------------------------------------------------------------- Datasea Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $751,032 on $0 of revenues for the three months ended Dec. 31, 2019, compared to a net loss of $379,712 on $0 of revenues for the same period in 2018. At Dec. 31, 2019, the Company had total assets of $7,168,043, total liabilities of $2,562,297, and $4,605,746 in total stockholders' equity. The Company said, "Starting in December 2019, a strain of novel coronavirus causing respiratory illness emerged in the city of Wuhan in Hubei Province. The Chinese government has taken certain emergency measures to combat the spread of the virus, including extending the Chinese Lunar New Year holiday, postponing the spring semesters of schools and universities, and adopting transport restrictions in various areas. While we recently announced that we are seeking to modify our products and software to assist schools and communities in addressing the coronavirus outbreak, we may be unable to successfully do so. Moreover, a prolonged slowdown in the Chinese economy and our target markets as a result of the virus could have a material adverse effect on our business, including an inability to market and sell our products. As a consequence, we may be unable to generate revenue, could face shortfalls in liquidity and may be required to reduce or refocus our operations, which may raise substantial doubts about our ability to continue as a going concern." A copy of the Form 10-Q is available at: https://is.gd/MkeKiZ Datasea Inc., through its subsidiaries, engages in the development and distribution of information technology (IT) systems and network security solutions in the People's Republic of China. The Company was formerly known as Rose Rock, Inc. and changed its name to Datasea Inc. in October 2015. Datasea Inc. was incorporated in 2014 and is headquartered in Beijing, the People's Republic of China. ORGANIC AGRICULTURAL: Recurring Losses Cast Going Concern Doubt --------------------------------------------------------------- Organic Agricultural Company Limited filed its quarterly report on Form 10-Q, disclosing a net loss (attributable to common shareholders) of $103,031 on $782,962 of revenue for the three months ended Dec. 31, 2019, compared to a net loss (attributable to common shareholders) of $132,912 on $211,130 of revenues for the same period in 2018. At Dec. 31, 2019, the Company had total assets of $3,033,250, total liabilities of $2,112,766, and $920,484 in total shareholders' equity. Chief Executive Officer Jianjun Xun and Chief Financial Officer Yongmei Cao said, "Management has determined there is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues and recurring losses. If we are unable to generate significant revenue or secure additional financing, we may be required to cease or curtail our operations. Our financial statements do not include adjustments that might result from the outcome of this uncertainty." A copy of the Form 10-Q is available at: https://is.gd/MitD7x Organic Agricultural Company Limited, through its subsidiaries, sells paddy and selenium-enriched paddy products, rice and other agricultural products. The Company is headquartered in Harbin, China. SENMIAO TECHNOLOGY: Management Says Going Concern Doubt Exists -------------------------------------------------------------- Senmiao Technology Limited filed its quarterly report on Form 10-Q, disclosing a net loss of $5,361,936 on $2,745,579 of revenues for the three months ended Dec. 31, 2019, compared to a net loss of $768,292 on $118,736 of revenues for the same period in 2018. At Dec. 31, 2019, the Company had total assets of $14,711,042, total liabilities of $8,305,311, and $6,405,731 in total equity. Senmiao Technology said, "The Company's management has considered whether there is substantial doubt about its ability to continue as a going concern due to the Company's (1) recurring losses from operations, including approximately $4.8 million net loss attributable to the Company's stockholders for the nine months ended December 31, 2019, (2) accumulated deficit of approximately $19.8 million as of December 31, 2019 and (3) negative operating cash flows of approximately $7.0 million for the nine months ended December 31, 2019. "In evaluating if there is substantial doubt about its ability to continue as a going concern, the Company's management is seeking to alleviate the going concern risk through (1) cash and cash equivalents generated from operations, (2) financing from PRC banks and other financial institutions, and (3) equity financing. The Company has certain plans to mitigate these adverse conditions and to increase the Company's liquidity. The Company has an unused credit line of RMB400 million (approximately USD56.2 million) from a bank is China which could be used as its needs to raise its working capital. The Company also has access to a universal shelf registration statement that could provide it with access to equity financing over the next twelve months. The Company believes that the available cash and cash equivalents, together with the available sources of financing from a PRC bank or equity financing should enable the Company to meet presently anticipated cash needs for at least the next twelve months from the date of these issuance of the accompanying financial statements. "However, there is a risk that the Company may face shortfalls in liquidity and that will be unable to obtain additional financing on commercially reasonable terms, if at all. If adequate funds are not available, the Company may be unable to grow its business and may be required to reduce or refocus its operations, which could have a material adverse effect on the financial condition and results of operations of the Company." A copy of the Form 10-Q is available at: https://is.gd/jolDP1 Senmiao Technology Limited engages in the online lending business in the People's Republic of China. It operates in two segments, Automobile Transaction and Related Services; and Online Lending Services. Its automobile transaction and related services include the facilitation of automobile transaction and financing, connecting ride-hailing drivers to financial institutions to buy, or get financing on the purchase of, cars to be used to provide ride-hailing services. The company is also involved in the sale of automobiles; and provision of auto finance services. Senmiao Technology Limited was incorporated in 2017 and is based in Chengdu, the People's Republic of China. [*] CHINA: Coffers are Depleted Just as Virus Spurs Spending ------------------------------------------------------------ Bloomberg News reports that China's provinces are facing the economic fallout from the coronavirus with depleted ammunition, given they were already bracing for a deterioration in public finances before the outbreak hit. More than half of mainland provinces expect slower expansion of revenue in 2020 than last year's average local income growth, according to their budgets published before the disease outbreak became widespread in January, Bloomberg relays. Hubei, the epicenter, was already expecting income to fall, the report says. That stretches the government's efforts to make fiscal policy more supportive of the economy in the aftermath of the outbreak, and means more bond sales and borrowing are likely, says Bloomberg. Government at all levels is re-thinking plans for this year as factories and businesses across the country remain shut, spelling immediate trouble for tax receipts. "Given the current downward pressures on economic growth, it would be really hard, and unreasonable, to try to meet fiscal targets set before the crisis broke out," Bloomberg quotes Louis Kuijs, chief Asia economist at Oxford Economics in Hong Kong, as saying. According to Bloomberg, China hasn't exceeded a national deficit ratio of 3% of gross domestic product since at least 2009. The official target would normally be announced after the National People's Congress, China's legislature, in March. On Feb. 16 the government pledged to roll out more effective stimulus, with Finance Minister Liu Kun writing in a Communist Party journal that it will work to reduce corporate taxes and cut unnecessary government expenses, Bloomberg relates. Among the 28 provinces that have published their 2020 budgets, worsening balances are evident across the board, according to Bloomberg. Mega-cities like Beijing and Shanghai expect their revenue to be "roughly the same" as in 2019, and regional economic powerhouses such as Shandong and Chongqing expect growth of about 1%, Bloomberg discloses. Anhui, in central China, forecasts a slump of 17.5% while Hubei originally thought its income would drop by about 13%. "The cost of dealing with the coronavirus and hit to tax revenue as China's economy slumps are likely to strain some provinces more than others. Most at risk to added fiscal pressure -- the western provinces, where defaults by local government financing vehicles and state-backed firms in 2019 underlined stress even before the virus outbreak." Bloomberg says the national budget for this year hasn't been announced yet, but revenue last year was lower than initially forecast. To what extent tax income will slow on the damage from the virus is difficult to tell, Bloomberg states. Although the SARS outbreak in 2002-2003 had much smaller economic impact than this one, government revenue took an immediate hit in the first quarter of 2003 as the virus raged, and kept falling in the rest of the year, recalls Bloomberg. Analysts are divided about how the shortfalls will be addressed, Bloomberg says. While economists from Citigroup Inc. to China's largest brokerage house Citic Securities Co. said officials have to accept a deficit bigger than 3% of China's gross domestic product, others from Standard Chartered and Goldman Sachs believe that remains politically unpalatable, Bloomberg says. "People used to see the 3% deficit ratio as a red line that can't be breached, but it may not be that important now," Bloomberg quotes Liu Peiqian, China economist at Natwest Markets Plc in Singapore, as saying. "Similar to the yuan weakening beyond 7 per dollar, breaking red lines could influence the market in the short term, but investors will soon realize it's actually nothing." China's top leaders have kept their official deficit target below 3%, partly through belt-tightening, as a gesture to deter excessive borrowing as the nation fights debt on multiple fronts, Bloomberg says. Yet it has also given way to all types of off-balance sheet borrowing, a problem S&P Global Ratings said may re-emerge this year. According to Bloomberg, signs of more proactive fiscal policy have already appeared. The Ministry of Finance allowed local governments to sell more than CNY1.8 trillion ($258 billion) of debt before the annual budget has been approved. The ministry has also announced targeted tax cuts to help companies and households hit by the virus, partially waived social security premiums or delayed taxes. "Fiscal policy ought to be counter-cyclical, and the tension between revenue and expenditure shouldn't be a reason to constrain it," Bloomberg quotes Xu Gao, chief economist at BOCI Securities Ltd. in Beijing, as saying. "The government should increase the fiscal deficit to cope with the virus, and ease spending pressure by selling more debt." ================= H O N G K O N G ================= ANDO HOLDINGS: Needs Funding to Continue as Going Concern --------------------------------------------------------- Ando Holdings Ltd. filed its quarterly report on Form 10-Q, disclosing a net loss (from continuing operations) of $49,660 on $0 of revenue for the three months ended Dec. 31, 2019, compared to a net loss (from continuing operations) of $25,710 on $0 of revenue for the same period in 2018. At Dec. 31, 2019, the Company had total assets of $1,207,740, total liabilities of $1,378,068, and $170,328 in total stockholders' deficit. For the period from inception on August 22, 2015 through December 31, 2019, the Company has had minimal operations, and has accumulated a deficit of $241,181. In view of this, the Company's ability to continue as a going concern is dependent upon the Company's ability to continue operations and to achieve a level of profitability large enough to cover the Company's expenses. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities, with some additional funding from other traditional financing sources, until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Management has evaluated these factors and has determined that they raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. A copy of the Form 10-Q is available at: https://is.gd/xlE0yP Ando Holdings Ltd., an investment holding company, provides financial services. It offers insurance planning services; and sells the insurance products. The Company was formerly known as PC Mobile Media Corp. and changed its name to Ando Holdings Ltd. in September 2017. Ando Holdings Ltd. was founded in 2015 and is based in Tsim Sha Tsui, Hong Kong. ========= I N D I A ========= ADHUNIK METALIKS: GFG Alliance Acquires Steelmaker -------------------------------------------------- Reuters reports that British-based tycoon Sanjeev Gupta's GFG Alliance has bought a bankrupt steel plant in India for $60 million. GFG has grown rapidly from its roots as a metals trader by spending billions of dollars buying up often troubled metals manufacturing facilities from the US to Europe and Australia. According to Reuters, the privately-held group completed the takeover of Adhunik Metaliks Ltd and Zion Steel Ltd, GFG said in a statement on Feb. 18, adding to a string of acquisitions in steel and aluminum in recent years. The GFG deal has been tangled in court actions since 2018 when Adhunik went into liquidation due to sustained losses. The Indian plant posted a pretax loss of 9 billion Indian rupees ($126.19 million) for the year-ended March 2018, Reuters relates citing a financial statement on GFG's website. "It has been a challenging journey to get us to this stage, but we now look forward to starting work in partnership with all stakeholders to revive these plants and bring employment back," Gupta, who is executive chairman of GFG Alliance, said in the statement. Adhunik's plant in the eastern Indian state of Odisha, with a coal-fired blast furnace, an electric arc furnace and a power plant, has an annual capacity of 500,000 tonnes of crude steel, the report notes. Zion Steel is a rolling mill and the two units together have rolling capacity of 400,000 tonnes a year, making products for the automotive, energy and engineering sectors. Reuters says the operations, which are currently shut, will be integrated into GFG's Liberty Steel Group, which was formed last year and aims to become carbon neutral by 2030. Liberty Steel, with annual output of 18 million tonnes, is the world's 17th largest steel producer, based on World Steel Association figures for 2018, Reuters discloses. The steel group has operations in 10 countries and 30,000 employees, not including the new Indian operations. GFG has merged its steel operations in preparation for a potential listing, Gupta told Reuters in October. About Adhunik Metaliks Adhunik Metaliks Limited is an alloy, special and construction steel manufacturing company. The Company is engaged in the manufacture and sale of steel, both alloy and non-alloy. Pursuant to an Order dated Aug. 3, 2017, of the National Company Law Tribunal, Kolkata Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Adhunik Metaliks Limited as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said order has been received by the Company on Aug. 4, 2017. Mr. Sumit Binani, Interim Resolution Professional supported by Grant Thornton Advisory Pvt Ltd, the financial adviser for managing the operations of the Company has been appointed for carrying out the CIRP of the Company. Upon initiation of CIRP, the powers of the Board of Directors of the Company has been suspended and shall be exercised by the Interim Resolution Professional. AGNIPA ENERGO: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Agnipa Energo Private Limited 5th Floor, Shine Towers Sati Jaimati Road Arya Chowk, P.O. Rehabari Guwahati Kamrup 781008 Insolvency Commencement Date: February 12, 2020 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: August 11, 2020 Insolvency professional: Pradeep Kumar Goenka Interim Resolution Professional: Pradeep Kumar Goenka AV Insolvency Professionals Pvt. Ltd. Bajarang Kunj, Room No. 412 & 413 2B, Grant Lane, 4th Floor Kolkata 700012 E-mail: goenka.pradeep@gmail.com cirp.agnipa@gmail.com Last date for submission of claims: February 26, 2020 AHITRI SPINNING: ICRA Moves 'B+' Rating to Not Cooperating ---------------------------------------------------------- ICRA has moved the ratings for the INR 20.35 crore bank facilities of Ahitri Spinning Mills Pvt. Ltd. (ASMPL) to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-Based- 18.00 [ICRA]B+ (Stable); ISSUER NOT Term Loan COOPERATING; Rating moved to 'Issuer Not Cooperating' category Fund-based- 1.00 [ICRA]B+ (Stable); ISSUER NOT Cash Credit COOPERATING; Rating moved to 'Issuer Not Cooperating' category Non-Fund-based Bank Guarantee/LC 1.35 [ICRA]A4; ISSUER NOT COOPERATING; Rating moved to 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in June 2014, Ahitri Spinning Mills Pvt. Ltd. (ASMPL) is promoted by Mr. Haresh Trivedi, Mr. Hirabhai Ahir, Mrs. Jyotiben Ahir, Mrs. Parul Trivedi and family members. ASMPL is engaged in spinning cotton and manufactures 100% carded cotton yarn, in the range of 28s to 34s counts. The commercial operations commenced in September 2017. The manufacturing facility is in Dholi village, Ahmedabad, and has an installed capacity of 13056 spindles per annum. The key promoters have experience in the textile industry through their association with entities in cotton ginning. ALUMINIUM INDIA: ICRA Maintains D Rating in Not Cooperating ----------------------------------------------------------- ICRA said the ratings for the INR42.00-crore bank facilities of Aluminium India (AI) continue to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 40.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Continues to remain under the Cash Credit 'Issuer Not Cooperating' category Long Term/ 2.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term– COOPERATING; Continues to remain Unallocated under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Aluminium India (AI), set up in 1965 as a proprietorship firm by Mr. Chiranji Vyas, to primarily trade aluminium in Hyderabad (Telangana). The firm was reconstituted as a partnership firm in 1975, with Mr. Chiranji Vyas, Mr. Niranjan Vyas, Mr. Suresh Vyas and Mr. Baiju Vyas as its partners. In the year 1995, AI diversified into trading of copper as well. The firm majorly procures the material from Hindalco Industries Limited (HIL). The day to day operations of the firm are looked after by Mr. Suresh Vyas. AXIS GARMENT: ICRA Maintains 'D' Rating in Not Cooperating ---------------------------------------------------------- ICRA said the ratings for the INR6.50-crore bank facilities of Axis Garment Designer continues to remain under the 'Issuer Not Cooperating' category. The rating is denoted as "[[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 4.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under the 'Issuer Not Cooperating' category Fund based- 2.50 [ICRA]D ISSUER NOT COOPERATING; Term Lon Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Axis Garment Designer is a partnership firm that was established in 2012. The firm is promoted by Mr. Avinash Gaikwad, Ms. Rashmi Gupta and Mr. Rajendra Manjrekar. It is primarily engaged in manufacturing texturised yarn and fabrics. It also manufactures readymade garments (RMG) on a small scale, mainly women's wear and children's wear. BARODA AGRO: ICRA Lowers Rating on INR14cr Cash Loan to 'D' ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Baroda Agro Chemicals Limited (BACL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 10.30 [ICRA]D, Rating downgraded Term Loan from [ICRA]B+ (Stable), ISSUER NOT COOPERATING, and continues to remain under 'Issuer Not Cooperating' category Fund Based– 14.00 [ICRA]D, Rating downgraded Cash Credit from [ICRA]B+ (Stable), ISSUER NOT COOPERATING, and continues to remain under 'Issuer Not Cooperating' category Non-Fund 1.50 [ICRA]D ISSUER NOT Based limits COOPERATING; Rating downgraded from [ICRA]A4 and continues to remain under 'Issuer Not Cooperating' category Non-Fund (5.75) [ICRA]D ISSUER NOT Based Short COOPERATING; Rating downgraded Term from [ICRA]A4 and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects the delay in debt-servicing, as confirmed by the lender. The rating is based on limited information on the entity's performance since the time it was last rated in November 22, 2018. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Baroda Agro Chemicals Limited (BACL), ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Credit challenges: There has been delays in debt as confirmed by the lender. Liquidity position: Poor Baroda Agro Chemicals Limited liquidity profile is Poor as mentioned in banker's feedback in report. Baroda Agro Chemicals Limited (BACL) was incorporated in 1996 by Mr. K.V Rao. BACL is engaged in the manufacture of insecticide, pesticide and fungicide formulations. The company operates from its manufacturing facility located at Halol near Vadodara city with an installed capacity of ~265 KL/per day. BACL enters into contract manufacturing as well as job work with respect to generic pesticide formulation and can produce formulations in varying forms like Emulsifiable Concentrates (EC), Dusting Powders (DP), Granules (G), Wettable Powders (WP), Soluble Powders (SP), Suspension Concentrates (SC), Flowables Slurries (FS), Water Disbursable Granules (WDG), Dry Flowables (DF) and Soluble Granules (SG). BDA HEALTHCARE: ICRA Lowers Rating on INR12cr Loan to 'D' --------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of BDA Healthcare Private Limited (BHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 11.50 [ICRA]D, Rating downgraded Term Loan from [ICRA]B (Stable), ISSUER NOT COOPERATING, Removed from Issuer Not co-operating category Fund Based– 0.50 [ICRA]D, Rating downgraded Working Capital from [ICRA]B (Stable), Facilities ISSUER NOT COOPERATING, Removed from Issuer Not co-operating category Rationale The rating downgrade reflects the delays in debt servicing by BHPL as confirmed by the lender, to ICRA. This is on account of the stretched liquidity of the company emerging from slow ramp up of operations as compared to the anticipated levels. The rating also factors in the vulnerability of revenues to foreign exchange fluctuations. ICRA also notes the leveraged capital structure, the stretched coverage indicators and the high competitive intensity given the company's presence in the generic formulations segment. The rating, however, continues to factor in the extensive experience of the promoters in the pharmaceutical industry as also the support derived from its group companies who have an extensive trading network. Key rating drivers and their description Credit strengths Long standing experience of promoters spanning over 20 years in pharmaceutical industry - The key promoters have an extensive experience spanning two decades in the pharmaceutical industry. The promoter, Mr. Santosh Deshpande, also manages two pharmaceutical trading companies, Ody Pharma Pvt Ltd and BDA Pharma Pvt Ltd. Mr. Daniel Biakou, is a graduate in Orthopedics and has been into the field of research and development for more than 30 years while Mr.Ali Hatim manages the finance operations of the company. Support from the group companies in terms of access to the established market - BHPL manufactures mainly generic formulations to fulfil the requirement of its group companies BDA Pharma Pvt. Ltd. and Ody Pharma Pvt. Ltd. These two companies have two major dealers in Congo region of Africa who further sell the products to various distributors and retailers in Africa. Credit challenges Delays in debt servicing on account of stretched liquidity - Tight liquidity position due to inadequate cash accrual generation on slow ramp up of operations than expected has led to delay in the debt servicing for the term loan in the recent. Ability to scale-up operations would be critical to timely debt servicing considering the significant debt servicing requirements. Exposure to forex exchange fluctuations - The company apart from supplying products to its group companies also exports to various destinations. However, given no corresponding imports and absence of hedging policy, the company remains vulnerable to foreign exchange fluctuations. Given the overall USD - INR movement in the current fiscal, exporters are likely to benefit thus minimizing the forex fluctuations to an extent. Capital structure is expected to remain leveraged due to sizeable debt availed for funding the project - The debt profile remained dominated by term loans in FY2019 followed by unsecured loans. Losses in the past fiscals has led to weakening of networth rendering a leveraged capital structure as on March 31, 2019 with gearing of 10.37 times. The coverage indicators also remain stretched given the substantial levels of debt on the books. The interest coverage remained at 1.48 times while TD/OPBIDTA remained at 6.95 times in FY2019. Highly competitive and fragmented nature of the pharmaceutical industry – The company operations remain vulnerable to high competitive intensity especially given its presence in the competitive generic formulations segment. Liquidity position: Poor The liquidity position of the company remains poor mainly because of inadequate cash generation against its debt servicing obligations. To maintain liquidity, the company has stretched its creditors as also almost fully utilized the sanctioned limits and availed significant unsecured loans from promoters. The liquidity is expected to remain tight in the near term, and hence equity infusion/unsecured loan will remain crucial to support the liquidity. Rating sensitivities Positive triggers - ICRA could upgrade the company rating if the firm regularizes its debt servicing on a sustained basis for more than three months. BDA Health Care Private Limited (BHPL) has set up a greenfield project at Nagpur for manufacturing formulations catering to therapeutic segments such as generic drugs. The company is a part of Nagpur based BDA group which comprises of two more companies namely BDA Pharma Private Limited and ODY Pharma Private Limited. At present, the company is managed by three partners, namely Mr. Santosh Deshpande, Mr. Daniel Biakou and CA Ali Hatim. BHAGWATI RICE: ICRA Maintains B+ Rating in Not Cooperating ---------------------------------------------------------- ICRA said the ratings for the INR41.00-crore bank facility of Bhagwati Rice Mill Pvt. Ltd. continues to remain under 'Issuer Not Cooperating' category. The Long-term rating is denoted as "[ICRA] B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-Based 40.64 [ICRA]B+(Stable) ISSUER NOT Limits COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Unallocated 0.36 [ICRA]B+(Stable) ISSUER NOT COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. BRMPL was established in 1996. The company is primarily involved in rice milling at its unit at Mainpuri,Uttar Pradesh, which is in close proximity to the local grain market. It sells rice under its four different regional brands Shree, Hathi, Gulab and Ujjwal in the domestic market. DSS BUILDTECH: ICRA Withdraws B+ Rating on INR16.11cr Loan ---------------------------------------------------------- ICRA said the long-term rating assigned to the bank loans of DSS Buildtech Private Limited (DSS) have been withdrawn in accordance with ICRA's policy on withdrawal and suspension, at the request of the company and based on the No objection for withdrawal received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/Non- 16.11 [ICRA]B+(Stable); Withdrawn fund Based Limits/Bank Guarantee DSS is a part of the Gurgaon-based Silverglades Group, which was established in 1988. The group develops golf courses and luxury apartments largely in and around the Gurgaon area. The group's completed projects include Laburnum, Ivyetc. DSS is developing a residential housing project called 'The Melia' in Sector 35 of Sohna, Haryana on a 17-acre land parcel in a joint development agreement with the landowners. The project, which was launched in May 2015, is estimated to cost around INR455 crore. HEAVEN ENGINEERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Heaven Engineers & Contractors Private Limited 128, Pocket-14 Sector 20, Rohini Delhi 110041 Insolvency Commencement Date: February 6, 2020 Court: National Company Law Tribunal, New Delhi (Court No.IV) Bench Estimated date of closure of insolvency resolution process: August 5, 2020 (180 days from commencement) Insolvency professional: Shashi Bhushan Prasad Interim Resolution Professional: Shashi Bhushan Prasad G-4/9, 1st Floor Near Krishna Mandir Malviya Nagar, New Delhi National Capital Territory of Delhi 110017 E-mail: shashibpd@gmail.com - and - Stress Credit Resolution Private Limited Suite No. 116, First Floor New Delhi House 27 Barakhamba Road New Delhi 110001 E-mail: shashi@stresscredit.com admin@stresscredit.com Last date for submission of claims: February 21, 2020 JEPPIAAR POWER: ICRA Maintains D Rating in Not Cooperating ---------------------------------------------------------- ICRA said the ratings for the INR92.50-crore bank facilities of Jeppiaar Power Corporation Private Limited (JPCPL) Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 92.50 [ICRA] D ISSUER NOT Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Jeppiaar Power Corporation Private Limited (JPCPL) was incorporated in October 2009 by the Jeppiaar Group which manages a diverse set of businesses in the state of Tamil Nadu. The company is establishing a coal-based Captive Power Plant (CPP) with a total generating capacity of 30 MW in Kanchipuram, Tamil Nadu. JET AIRWAYS: ICRA Maintains 'D' Rating in Not Cooperating --------------------------------------------------------- ICRA said the rating for INR10,963.9-crore non-convertible debenture programme and bank facilities of Jet Airways (India) Limited continues to remain under 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". ICRA had earlier moved the rating of Jet Airways to the 'ISSUER NOT COOPERATING' category due to non-submission of monthly 'No Default Statement' ("NDS") by the entity. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 698.9 [ICRA]D ISSUER NOT COOPERATING; Debenture Continues to remain under Programme 'Issuer Not Cooperating' category Long-term Loans 4,970.0 [ICRA]D ISSUER NOT COOPERATING; Continues to remain under 'Issuer Not Cooperating' category Long-term, Fund- 645.0 [ICRA]D ISSUER NOT COOPERATING; Based Facilities Continues to remain under 'Issuer Not Cooperating' category Long-term, Non- 700.0 [ICRA]D ISSUER NOT COOPERATING; Fund Based Continues to remain under Facilities 'Issuer Not Cooperating' category Short-term, Non- 3,950.0 [ICRA]D ISSUER NOT COOPERATING; Fund Based Continues to remain under Facilities 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 1992 as a private limited company, Jet Airways (India) Limited commenced operations as an Air Taxi Operator in May 1993, with a fleet of four leased Boeing 737 aircraft. The company was granted scheduled airline status in January 1995. Jet Airways was founded by Mr. Naresh Goyal. Post infusion of INR 2,057.6 crore by Etihad Airways in November 2013, Mr. Nreash Goyal held 51% stake in the company, with 24% held by Etihad Airways. Due to the liquidity constraints faced by the company, its aircraft had to be grounded starting December 2019 due to non-payment of lease rentals to the lessors. Subsequently, the company announced temporary shutdown of its operations from April 18, 2019. JET AIRWAYS: Lenders Extend Deadline for Bids to March 10 --------------------------------------------------------- BloombergQuint reports that lenders to Jet Airways (India) Ltd. have decided to extend the deadline for submission of bids to March 10 as a new entity has evinced interest in the grounded airline, according to a source. According to BloombergQuint, the current deadline for submitting bids for Jet Airways, which is undergoing resolution under the Insolvency and Bankruptcy Code, ended on Feb. 17. South American conglomerate Synergy Group and New Delhi-based Prudent ARC were given time to submit Jet Airways' resolution plan. They reportedly failed to meet the deadline, BloombergQuint says. "A team from Far East Asia Development Fund of Russia along with Enso Group met the Committee of Creditors on Feb. 17 and has expressed interest in Jet Airways," the source, as cited by BloombergQuint, said. Against this backdrop, the lenders extended the deadline for submission of bids to March 10. Set up in 2011, Far East Development Fund is a state finance development institution which warrants a flexible approach to projects' structuring and financing, according to its LinkedIn profile. The Mumbai-headquartered Enso Group has reportedly been roped in by the fund to find an Indian partner to form a consortium that would later put in a formal bid. It has interests in diverse sectors, including oil and gas, metal mining, healthcare, infrastructure and real estate, according to its website. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited was one of India's top airlines founded by Naresh Goyal. It provided passenger and cargo air transportation services as well aircraft leasing services. It operated flights to 66 destinations in India and international countries. On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai Bench, accepted an insolvency petition against Jet Airways filed by its creditors as they attempt to recover some of their dues. Ashish Chhawchharia of Grant Thornton India has been named as the resolution professional in the case. Law firm Cyril Amarchand Mangaldas will represent the interests of the lenders' consortium, according to a Reuters report. Jet Airways on April 17 halted all flight operations after its lenders rejected its plea for emergency funds. Creditors have filed claims worth INR30,907 crore, according to Financial Express. The RP has so far admitted claims worth over INR14,000 crore. KEPL ENGINEERING: ICRA Maintains B/A4 Rating in Not Cooperating --------------------------------------------------------------- ICRA said the ratings for the INR5.00 crore bank facilities of Kepl Engineering Private Limited (KEPL) Continues to remain under 'Issuer Not Cooperating' category'. The Long term and Short term ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term/ 5.00 [ICRA]B(Stable)/[ICRA]A4; Short term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in February 2018, KEPL is an EPC contractor for mechanical, electrical and civil work in sectors such as power, petro-chemical, oil and gas, steel and cement in southern India. The company plans to undertake private and Government projects primarily on sub-contract basis from other private players. MACKEIL ISPAT: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Mackeil Ispat & Forging Limited 5A/1A, Lord Sinha Road Kolkata WB 700071 IN Insolvency Commencement Date: February 3, 2020 Court: National Company Law Tribunal, Bhubaneswar Bench Estimated date of closure of insolvency resolution process: August 1, 2020 Insolvency professional: Siba Kumar Mohapatra Interim Resolution Professional: Siba Kumar Mohapatra Flat No. E/402 Baishnav Vihar Bomikhal, Near Durga Mandap Bhubaneswar 751010 E-mail: sibmohapatra@yahoo.co.in Last date for submission of claims: February 17, 2020 MAHA SAI: ICRA Maintains 'B' Rating in Not Cooperating ------------------------------------------------------ ICRA said the ratings for the INR10.00-crore bank facilities of Maha Sai Laboratories (MSL) Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 4.00 [ICRA]B(Stable); ISSUER NOT Based/CC COOPERATING; Rating Continues to remain under issuer not cooperating category Long Term-Fund 4.75 [ICRA]B(Stable); ISSUER NOT Based TL COOPERATING; Rating Continues to remain under issuer not cooperating category Long Term– 1.25 [ICRA]B(Stable); ISSUER NOT Unallocated COOPERATING; Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Maha Sai Laboratories (MSL) was set up in 2011 by Mr. CH Narasimha Reddy. MSL is involved in purification and distillation of industrial solvents. The promoter has about 20 years of experience in the pharmaceutical industry. The facility is located in Gummadidala, Medak district of Telangana and has a capacity of 58 KL with a total of five reactors. MALWA COTTON: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Malwa Cotton Spinning Mills Ltd. Industrial Area 'A' Ludhiana 141003 (Punjab) Insolvency Commencement Date: February 7, 2020 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: August 5, 2020 Insolvency professional: Ashok Kumar Singla Interim Resolution Professional: Ashok Kumar Singla BXX-1374, Krishna Nagar Ghumar Mandi, Civil Lines Ludhiana 141001 (Punjab) E-mail: asingla_cs@yahoo.co.in Last date for submission of claims: February 21, 2020 MARVEL DYERS: ICRA Lowers Rating on INR6.50cr LT Loan to B+ ----------------------------------------------------------- ICRA has revised the rating on the bank facility of Marvel Dyers and Processors Private Limited's (MDPL) as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 6.50 [ICRA]B+ (Stable) ISSUER NOT Fund based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB- (Stable) and continues to remain under 'Issuer Not Cooperating' Category Long term- 3.50 [ICRA]B+ (Stable) ISSUER NOT Fund based- COOPERATING; Rating downgraded Term Loan from [ICRA]BB- (Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade is because of lack of adequate information regarding Marvel Dyers and Processors Private Limited's (MDPL) performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of noncooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Marvel Dyers and Processors Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Marvel Dyers and Processors Private Limited (MDPPL), promoted by Mr. S R Rupal was initially incorporated as Friends Dyeing & Finishing Mills Private Limited in 1986, and this name was changed to the current name in December 2004. The company is primarily involved in dyeing and processing of synthetic/cotton fabric at its unit in Ludhiana, Punjab with a total installed processing capacity of nearly ~20 tonnes of fabric per day. NIRWANA HOTELS: ICRA Maintains 'B' Rating in Not Cooperating ------------------------------------------------------------ ICRA said the ratings for the INR9.79 -crore bank facilities of Nirwana Hotels and Resorts Private Limited continue to remain in the 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 7.77 [ICRA]B (Stable); ISSUER NOT Fund based- COOPERATING; Rating continues Term Loan to remain under the 'Issuer Not Cooperating' category Long-term 2.00 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating continues Overdraft to remain under the 'Issuer Not Cooperating' category Long Term 0.02 [ICRA]B (Stable); ISSUER NOT Non-Fund based COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 1993, NHRPL is engaged in hospitality services through a single, 59-room resort, "Hoysala Village Resort" ("the resort") located in Hassan, Karnataka, about 200 km from Bangalore. The resort is spread over seven acres completely owned by the promoters, with about 30 cottages, 10 suites, nine villas and 10 palace rooms. Apart from lodging, Hoysala Village Resort offers a variety of other facilities to its guests like a swimming pool, indoor sports, massage and trekking options. The resort also has multi-cuisine restaurant, a spa, a souvenir shop and a café to cater to varied preferences of its domestic and foreign guests. The company is promoted by Mr. K. R Alwa and his family. The promoters have a presence across real estate and agricultural businesses through their other companies, such as Civic India Housing Private Limited and Civic India Mphar Private Limited. PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating -------------------------------------------------------------- ICRA said the ratings for the INR23.80-crore bank facilities of Paramasivam Palanisamy Charitable Trust (PPCT) Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 23.80 [ICRA] D ISSUER NOT Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Paramasivam Palanisamy Charitable Trust is a registered trust, established on April 23, 1990. The trust, which initially commenced operations with Maharaja Arts and Science College, diversified into engineering sector and currently operates four engineering institutions, two arts and science college, a teacher training institute and Bachelor of Education under it. The colleges are in two campuses - one near Perundurai and another in Avinashi. PLASTIMBER IMPEX: ICRA Withdraws D Rating on INR5.90cr Loan ----------------------------------------------------------- ICRA said the long-term ratings assigned to Plastimber Impex have been withdrawn at the request of the company, based on the no-objection certificate provided by its banker. ICRA is withdrawing the rating and that it does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based limits 5.90 [ICRA]D; Withdrawn Key rating drivers and their description Key rating drivers have not been captured as the rating is being withdrawn. Established in May 2015, Plastimber Impex (PI) manufactures wood-plastic composite (WPC) sheets and Polyvinyl chloride (PVC) sheets. The manufacturing facility of the firm is in Rajkot district of Gujarat and has an installed capacity of manufacturing ~43 Lakh square feet of WPC and PVC sheets per annum. The firm is promoted by the Surani family and two other partners, who have past experience in manufacturing of plastic products and allied businesses. RATHI GRAPHIC: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Rathi Graphic Technologies Limited Registered office: D-12 A, Sector-9 New Vijay Nagar Ghaziabad Ghaziabad UP 201009 IN Principal office: 24/1 A, Mohan Cooperative Industrial Estate Mathura Road South Delhi 110044 DL Insolvency Commencement Date: February 2, 2020 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: August 1, 2020 Insolvency professional: Sunil Kumar Aggarwal Interim Resolution Professional: Sunil Kumar Aggarwal E-29, South Extension-II New Delhi 110049 E-mail: aggarwalsk21@yahoo.com - and - 904, GF, Sector-7C Faridabad 121006 E-mail: rathigraphic.cirp@gmail.com Last date for submission of claims: February 17, 2020 ROLEX RINGS: ICRA Withdraws D Rating on INR564.54cr Loan -------------------------------------------------------- ICRA said the long-term and short-term ratings assigned to Rolex Rings Private Limited have been withdrawn at the request of the company, based on the no-objection certificate provided by its banker. ICRA is withdrawing the rating and that it does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 564.54 [ICRA]D ISSUER NOT COOPERATING; Limits Withdrawn Non-fund- 93.91 [ICRA]D ISSUER NOT COOPERATING; based Limits Withdrawn Key rating drivers and their description Key rating drivers have not been captured as the rating is being withdrawn. Rolex Rings was initially established as a partnership firm by Mr. Rupesh D. Madeka in 1980 and was later reconstituted into a Private Limited company in 2003. The company is currently managed by Mr. Manesh Madeka, his brothers and their sons. The primary business of the company is manufacturing of bearing rings/races and automotive components through forging and turning processes. It caters to the requirement of automobile sector and has a reputed clientele base comprising of global bearing and auto manufacturers. S.K FOODS: ICRA Lowers Rating on INR15cr Loan to B+ --------------------------------------------------- ICRA has revised the ratings on certain bank facilities of S.K Foods, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-Based 15.00 [ICRA]B+ (Stable) ISSUER NOT Limits COOPERATING; Rating downgraded from [ICRA]BB+ (Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The ratings downgrade is because of lack of adequate information regarding S.K Foods performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with S.K Foods, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. SKF is involved in milling basmati rice. The company has a processing unit with a capacity of 5 tonne per hour at Nissing (Karnal, Haryana). It caters only to domestic markets. S.P.R.L FOODS: ICRA Cuts Rating on INR32cr Loan to B+ ----------------------------------------------------- ICRA has revised the ratings on certain bank facilities of S.P.R.L Foods Limited (SPRL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-Based 32.00 [ICRA]B+ (Stable) ISSUER NOT Limits COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The ratings downgrade is because of lack of adequate information regarding SPRL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with S.P.R.L Foods Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. SPRL, a public limited company, was set up in September 2011 by Mr. Shiv Poojan and his family members. It is involved in processing and selling of Basmati/non-Basmati rice, processing of wheat into various by products such as flour and semolina for different traders and millers in Andhra Pradesh, UP, Maharastra, Delhi, MP and Telangana. It has a plant at Sahson (Allahabad), which has a milling capacity of 54,000 tonne per annum for wheat processing and 46,080 tonne per annum capacity for paddy processing. SAI KRISHNA: ICRA Maintains D Rating in Not Cooperating ------------------------------------------------------- ICRA said the ratings for the INR15.00 crore bank facilities of Sai Krishna Developers continues to remain under the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 15.00 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. SKD was established as a partnership firm in January 2014, to undertake the development of residential project 'Sai Krishna Residency' comprising 268 units 3BHK, 4 BHK and 5 BHK bungalows in Bardoli, Surat. The firm is owned by twelve partners having vast experience in Surat real estate industry. The project is proposed to be developed in three phases and spread across an area of 25,443 sq. metre. The development of phase I (14226sq.mts of area) comprising of 114 bungalows commenced in April 2014 and completed was scheduled in April 2016. The units in phase I are 3BHK and 4 BHK bungalows with a saleable area in the range of 1890 sq.ft to 2410 sq.ft. SANGEETA TEX. DYES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sangeeta Tex. Dyes Private Limited Swami Samarth Compound Next to Reebok Showroom Nasik Highway Road Near Majiwada Flyover Thane MH 400601 IN Insolvency Commencement Date: January 29, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 9, 2020 Insolvency professional: Mr. Suresh Chandra Jena Interim Resolution Professional: Mr. Suresh Chandra Jena 501, Ruby Isle Royal Palms Aarey Milk Colony Goregaon East Mumbai Suburban Maharashtra 400065 E-mail: suresh.jena58@gmail.com - and - 301-302, Poonam Pearl Next to Himachal Society Opposite New India Colony Andheri Westi, Mumbai Maharashtra 400058 E-mail: rp.sureshjena@gmail.com Last date for submission of claims: February 25, 2020 SARVESH CARS: ICRA Maintains B+ Rating in Not Cooperating --------------------------------------------------------- ICRA said the ratings for the INR12.47 crore bank facilities of Sarvesh Cars and Motors Private Limited (SCMPL) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term 8.90 [ICRA]B+(Stable); ISSUER NOT Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category Long Term- 3.57 [ICRA]B+(Stable); ISSUER NOT Term Loan COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2009 by Mr. B. Gnanaprakash and his wife Ms. Ashwini, Sarvesh Cars and Motors Private Limited ("SCMPL") is an authorized dealer for Ford India Private Limited, for Vellore, Kanchipuram, Tiruvannamalai and Pondicherry regions. In addition to new models, SCMPL also sells spare parts, accessories and provides service to passenger cars in Vellore. SHOWLIN NETWORK: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Showlin Network Marketing Private Limited Registered office: Shri Krishna Bhavan Near Ramchand Tolbas Shop Itwara, Nagpur 440002 Insolvency Commencement Date: July 15, 2019 Court: National Company Law Tribunal, Thane Bench Estimated date of closure of insolvency resolution process: August 8, 2020 (180 days from commencement) Insolvency professional: Paresh Chandulal Mehta Interim Resolution Professional: Paresh Chandulal Mehta 13/B, Nirmal Society Pandurang Wadi Dombivali East Pin 421201 E-mail: pareshmehta5959@gmail.com - and - 402, Rajhans Apartments Opp. Gaodevi Bus Depo Above Rajmal Lakhichand Jewellers Thane West, Pin 400602 E-mail: showlinnm.cirp@gmail.com Last date for submission of claims: February 25, 2020 SHREE BALAJI: ICRA Maintains 'B' Rating in Not Cooperating ---------------------------------------------------------- ICRA said the ratings for the INR5.85-crore bank facilities of Shree Balaji Ice And Cold Storage continues to remain under 'Issuer Not Cooperating' category. The Long-term rating is denoted as "[ICRA] B(Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-Based 3.90 [ICRA] B(Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Fund-based 1.95 [ICRA] B(Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2008, SBICS provides cold-storage facilities to potato manufacturers on a rental basis. The firm has a cold storage facility at Sasni, UP and has a capacity to store 19,601 MT of potatoes. SRI MAHARAJA OIL: ICRA Maintains D Rating in Not Cooperating ------------------------------------------------------------ ICRA said the ratings for the INR70.00-crore bank facilities of Sri Maharaja Oil Imports And Exports India Private Limited (SMOIEIPL) Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 14.00 [ICRA] D ISSUER NOT Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Short-Term 55.00 [ICRA] D ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Long-term/Short 1.00 [ICRA]D/[ICRA]D; ISSUER NOT term-Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. SMOIEPL is engaged in trading of RBD palm olein and caters predominantly to the South Indian market. SMOIEPL incorporated in 1991 as 'Sri Maharaja Dyeing and Processing Private Limited', (a dyeing company) was changed to 'Sri Maharaja Oil Imports and Exports India Private Limited' in 2011-12, in-line with change in business activity (trading). Based out of Erode (Tamil Nadu), the company is managed by Mr. K. Paramasivam and his son Mr. P. Sathyamoorthy. SMOIEPL is a part of the Maharaja group, a diversified business group based in Erode (Tamil Nadu) with presence in 2 sectors including edible oil trading/refining, textiles, educational institutions, hospitality and entertainment. The entity has discontinued its business operation since September 2016. SRI MAHARAJA REFINERIES: ICRA Keeps D Rating in Not Cooperating --------------------------------------------------------------- ICRA said the ratings for the INR49.38-crore bank facilities of Sri Maharaja Refineries (SMR) Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 10.00 [ICRA] D ISSUER NOT Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Short-Term 39.38 [ICRA] D ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Refineries is engaged in trading of refined, bleached and deodorized (RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined palm oil to wholesalers across Southern states such as Tamil Nadu, Andhra Pradesh and Kerala. The entity has discontinued its business operation since September 2016. SRI MAHARAJA: ICRA Maintains D Rating in Not Cooperating -------------------------------------------------------- ICRA said the ratings for the INR38.75-crore bank facilities of Sri Maharaja Industries (SMI) continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 5.00 [ICRA] D ISSUER NOT Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Short-Term 33.75 [ICRA] D ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Industries (SMI) is engaged in trading of refined, bleached and deodorized (RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined palm oil to wholesalers across Southern states such as Tamil Nadu, Andhra Pradesh and Kerala. Besides this, the entity also operates a theatre and theme park (facilities leased from Maharaja Theme Parks Private Limited, associate entity) in Erode. The entity has discontinued its business operation since September 2016. SRI RAMA EDUCATIONAL: ICRA Cuts Rating on INR14.80cr Loan to D -------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Sri Rama Educational Trust, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 7.20 [ICRA]D, Rating downgraded Fund Based TL from [ICRA]B- (Stable), ISSUER NOT COOPERATING, and continues to remain under 'Issuer Not Cooperating' category Long-Term 5.00 [ICRA]D, Rating downgraded Fund Based CC from [ICRA]B- (Stable), ISSUER NOT COOPERATING, and continues to remain under 'Issuer Not Cooperating' Category Long-Term 14.80 [ICRA]D, Rating downgraded Unallocated from [ICRA]B- (Stable), ISSUER NOT COOPERATING, and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects delays in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in November 2018. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Sri Rama Educational Trust, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Key rating drivers and their description Credit strengths: NA Credit challenges There have been delays in debt servicing as mentioned in publicly available sources. Liquidity position: Poor Sri Rama Educational Trust liquidity profile is poor as reflected by irregularities in debt servicing by entity. Sri Rama Educational Trust was established in 2000 by Mr. Alluri Murthy Raju. The trust runs Maharajah Institute of Medical Sciences in Vizianagaram District of Andhra Pradesh and is affiliated to Dr. NTR University of Health Sciences, Vijayawada, Andhra Pradesh. It started operations in 2003 by offering graduate medical course (MBBS). Gradually over the years courses in nursing, paramedical sciences and post graduate medical courses were introduced. As part of the medical institute, the trust also runs a 760-bed hospital which includes both inpatient and outpatient facilities. The hospital has the departments of surgery, orthopaedics, ENT, ophthalmology, medicine, paediatrics, obstetrics and gynaecology department. It houses a diagnostic laboratory and pharmacy. It also has a casualty emergency service with ambulance facility intensive care unit, five fully functioning operation theatres and a labour room complex. STEELFAB ENGINEERING: ICRA Maintains B+ Rating in Not Cooperating ----------------------------------------------------------------- ICRA said the ratings for the INR60.00 crore bank facilities of Steelfab Engineering Corporation continues to remain under the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 60.00 [ICRA]B+ (Stable) ISSUER NOT Term Loans COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Promoted by Late Pramod Shah in 1970, Steelfab Engineering Corporation was originally engaged in designing, engineering, detailing, manufacturing, erecting, and cladding of pre-engineered buildings. In 1994, however, the promoters shifted these operations to other sister concerns and ventured into the real estate sector. The firm is currently managed by Mr. Jignesh P. Shah, Mr. Chirag P. Shah and Mrs. Jyoti P. Shah. The firm commenced developmenof its first independent real estate project under its division, ANA Realty, in January 2014. The project is proposed to include six residential towers and one commercial tower and is proposed to be developed in phases. Phase I is proposed to comprise 176 flats in two towers of 22 floors each. TEXTURE CLOTHING: ICRA Maintains B Rating in Not Cooperating ------------------------------------------------------------ ICRA said the ratings for the INR8.00 crore bank facilities of Texture Clothing Company (TCC) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING" and Short term ratings are denotes as "[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 1.20 [ICRA] B (STABLE) ISSUER NOT Fund Based COOPERATING; Rating continues Term Loan to remain in the 'Issuer Not Cooperating' category Short-Term 5.00 [ICRA] B (STABLE) ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Long-term/Short 1.80 [ICRA]A4; ISSUER NOT term-Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Texture Clothing Company is a partnership concern established in the year 2006. The firm is in the business of exporting readymade garments (Mens' Kids' wear & Women's wear), primarily to European countries. The Firm has 2 manufacturing facilities located in Tirupur with a capacity of 350 sewing machines and capacity of 3.5 lakh pieces per month. The garments are produced on a made-to-order basis and design specifications by the customer. VODAFONE IDEA: Mutual Funds Ring-Fence Holdings in Debt ------------------------------------------------------- Bloomberg News reports that Indian mutual funds are carving out their investments in troubled Vodafone Idea Ltd.'s debt into separate portfolios as they seek to limit any fallout from a possible default by the telecom carrier. UTI Mutual Fund and Nippon Life India Asset Management moved to ring-fence their holdings in Vodafone Idea's debt on Feb. 17 after credit assessor Care Ratings Ltd. downgraded the carrier's borrowings, Bloomberg relates citing statements from the companies. Last month, Franklin Templeton Mutual Fund also segregated the company's debt. According to Bloomberg, India's top court has asked the nation's mobile carriers to deposit a combined $13 billion in past dues for spectrum and licenses in a month, rejecting their plea for extended payment. Bloomberg relates that Vodafone Idea, which owes the government the most among its peers, said its ability to continue as a going concern depends on whether the court will modify a previous order that had set Jan. 24 as the deadline for payment. After a series of defaults in the last 18 months amid a prolonged credit crisis, mutual funds are struggling to protect value for their unit holders, Bloomberg notes. In 2018, markets regulator Securities and Exchange Board of India allowed asset managers to separate distressed, illiquid and hard-to-value assets to prevent them from damaging the returns generated by more liquid, better-performing assets. Care Ratings cut Vodafone Idea's bonds and loans to BB- from BBB- on Feb. 17, citing a sharp erosion in the overall risk profile of the company after the top court offered no relief for its fee payment, Bloomberg notes. Vodafone Idea Limited operates as a telecom service provider. The Company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment. Vodafone Idea serves customers in India. ================= S I N G A P O R E ================= HYFLUX LTD: Gets New Offer from Another Investor ------------------------------------------------ Bloomberg News reports that Hyflux Ltd. has received interest from a new investor, a day before its next court hearing, adding yet another twist to the nation's most high-profile debt restructuring case that has dragged for more than 18 months. Hyflux received a letter from Longview International Holdings expressing interest in investing in the company together with an undisclosed "major Chinese entity" as a joint venture partner, according to a filing, Bloomberg relates. Bloomberg says the statement didn't provide any further details on the plan. The new bid comes even as Hyflux investors are assessing two other offers, one of which seeks only to buy the company's debt and the other most of its equity, the report notes. The delays in the high profile restructuring has frustrated investors, Bloomberg says. Hyflux's collapse has left some 34,000 retail investors in the lurch. Middle Eastern suitor Utico FZC, which reached a deal with Hyflux in November to invest a total of S$400 million, still awaits investor approvals. The entry of mystery bidder Aqua Munda Pte, which in December offered to buy up the company's debt, has prompted further uncertainty for the company's investors. Last month, Hyflux's debt moratorium was extended until Feb. 28. The hearing today is another in the series of many since a court-supervised process started in May 2018. 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. The Company subsequently appointed Clifford Chance and Cavenagh Law as its legal advisers in WongP's place. In November 2019, Hyflux entered into a restructuring deal with United Arab Emirates-based utility Utico FZC, according to Reuters. HYFLUX LTD: Utico Says Will Consider 'Soft Landing' --------------------------------------------------- The Business Times reports that potential white knight Utico on Feb. 19 issued a press statement reiterating that it "will consider" paying holders of Hyflux's perpetual securities and preference shares (PnP) a certain amount, referred to as a "soft landing", even if the Emirati utility firm lists after two years from Hyflux's restructuring. It was responding to a request from the Securities Investors Association (Singapore), or SIAS, for clarification on the proposed scheme terms of Utico's rescue deal for Hyflux, BT relates. Under the current scheme terms, PnP holders who choose the second option in the package 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, according to BT. At the Jan. 20 town hall for PnP investors, Utico had told attendees that even if its initial public offering occurs after the two-year period, it will still consider providing the soft landing option for PnP investors, the report recalls. SIAS had thus sought confirmation that Utico now agrees to provide this option, and how much the amount will be, BT says. On Feb. 19, Utico confirmed that it had made that statement during the town hall, although it did not disclose the soft-landing sum it might pay. Utico "will consider a soft landing for PnP holders, if it serves the larger good and gets the scheme passed and closed by April 2020", the potential Hyflux white knight said in a press statement on Feb. 19, BT relays. "However, this can be assessed only after the PnP holders vote for option one or two as offered by Utico for the past seven to eight months," it added. BT says the firm thus urged SIAS and Hyflux to put its offer to vote within two to three weeks. Once there is clarity on how many and what value of votes have been cast in favor of the scheme, Utico will then be able to set the soft landing option as a separate class for PnP holders who choose option two. This will also allow Utico to categorise those who choose option one as one class, it said. "Those who don't want to exit with option one and are willing to wait for two years or more, could then get a (clearer) offer for the soft landing option," Utico, as cited by The Business Times, noted in its press statement. Utico emphasised that it will consider PnP holdings only on a per-account basis, BT notes. It had stated during the town hall that if a PnP investor holds securities through more than one account, the investor will receive up to S$1,500 per account. This means that an investor with PnP holdings through three banks will stand to receive S$4,500, for instance. BT adds that SIAS also asked two weeks ago whether Hyflux chief executive Olivia Lum and Hyflux directors who have PnP holdings will give up their entitlements under the proposed scheme for the benefit of the other PnP investors. In response, Utico on Feb. 19 said that Hyflux shareholders or directors had earlier forfeited their investments in the PnPs or medium-term notes publicly through a March/April 2019 statement, BT reports. The onus now lies on the Hyflux directors to release a statement if they are withdrawing this forfeiture, Utico noted. The Middle Eastern firm may consider the directors as part of its offer if they make such a statement. According to BT, Utico said on Feb. 19 that it is still "not clear" about this issue, and thus maintains its current position that its offer is not open to Ms. Lum and Hyflux directors. The scheme meeting for creditors will be held by April 1, 2020, BT discloses. Thereafter, an extraordinary general meeting will be held for shareholders of Hyflux to approve the deal. The completion of the restructuring is expected by April 30, 2020, if given the green light, the report notes. 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. The Company subsequently appointed Clifford Chance and Cavenagh Law as its legal advisers in WongP's place. 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***