/raid1/www/Hosts/bankrupt/TCRAP_Public/200227.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 27, 2020, Vol. 23, No. 42
Headlines
A U S T R A L I A
CHASCOT INT'L: First Creditors' Meeting Set for March 6
FIBARO AUSTRALIA: First Creditors' Meeting Set for March 3
FRONTIER DC: Second Creditors' Meeting Set for March 5
LENORE HOLDINGS: First Creditors' Meeting Set for March 5
MADE ESTABLISHMENT: Had AUD389 Left in Bank Before it Collapsed
MCM ENTERTAINMENT: Second Creditors' Meeting Set for March 5
RAVILLE CONTRACTING: First Creditors' Meeting Set for March 9
SKQ INVESTMENTS: First Creditors' Meeting Set for March 5
C H I N A
BANK OF CHINA: Moody's Rates AT1 Offshore Pref. Shares Ba1(hyb)
ELION RESOURCES: S&P Withdraws 'B-' LT Issuer Credit Rating
H O N G K O N G
[*] Many HK Retailers May Fold as Rent Relief Talks Continue
I N D I A
A K NANDI: CRISIL Withdraws 'B' Rating on INR1.35cr Cash Loan
A. H. ALLOYS: CRISIL Maintains 'B' Rating in Not Cooperating
ABDUL RAHIMAN: CRISIL Maintains 'D' Rating in Not Cooperating
ANANDSWARN RESIDENCY: CRISIL Keeps 'C' Rating in Not Cooperating
ANMOL ENTERPRISES: CRISIL Maintains D Rating in Not Cooperating
ANYA POLYTECH: CRISIL Lowers Rating on INR5.0cr Loan to B+
APHRODITE 4WHEELS: CRISIL Keeps 'B' Rating in Not Cooperating
ARIHANT METALS: CRISIL Maintains B+ Rating in Not Cooperating
ASHA ENTRADE: CRISIL Maintains 'B' Rating in Not Cooperating
ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating
ATMIYA ENGINEERING: CRISIL Keeps 'D' Rating in Not Cooperating
AVANI BUILDCON: CRISIL Maintains 'B' Rating in Not Cooperating
AYYAN FIREWORKS: CRISIL Cuts Rating on INR11cr Loan to B+
BANSHIDHAR AGRO: CRISIL Keeps B+ Rating in Not Cooperating
COX & KINGS: IFFCO-Tokio Moves NCLT to Secure Dues
D.N. HOMES: CRISIL Lowers Rating on INR5.0cr Cash Loan to B+
DAUJI AND CO: CRISIL Maintains 'D' Rating in Not Cooperating
DHANPATI AGRO: CRISIL Keeps 'D' Rating in Not Cooperating
DHANSHREE SEEDS: CRISIL Maintains 'D' Rating in Not Cooperating
ETICA DEVELOPERS: CRISIL Keeps 'B' Rating in Not Cooperating
FUCON TECHNOLOGIES: CRISIL Keeps 'D' Rating in Not Cooperating
G. R. MULTIFLEX: CRISIL Maintains 'D' Rating in Not Cooperating
GHANSHYAM FOODS: CRISIL Maintains B+ Rating in Not Cooperating
GHSPL JEYPORE: CRISIL Maintains B+ Rating in Not Cooperating
GOPAL KRISHANA: CRISIL Maintains 'B' Rating in Not Cooperating
GRAND MOTORS: CRISIL Maintains B+ Rating in Not Cooperating
GUPTA INFOTECH: CRISIL Maintains 'D' Rating in Not Cooperating
HPCL-MITTAL ENERGY: Moody's Cuts CFR to Ba2; Outlook now Stable
JSW STEEL: Fitch Affirms BB LT IDR, Alters Outlook to Negative
K.G.P. GOLD: CRISIL Cuts Rating on INR9cr Cash Loan to 'B+'
KAMAL PRESSING: CRISIL Maintains B- Rating in Not Cooperating
KATNI REALTY: CRISIL Maintains 'B' Rating in Not Cooperating
KELA RICE: CRISIL Lowers Rating on INR3.25cr Cash Loan to B+
KEYA SETHS: CRISIL Lowers Rating on INR3.5cr New LT Loan to B+
KRUSHI UTPANNA: Ind-Ra Withdraws 'BB-' Rating on INR700MM Bank Loan
SHREE GANESH: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
TAPASYA SHIKSHA: Ind-Ra Withdraws 'BB-' Rating on INR60MM Bank Loan
J A P A N
FUJIMISO HOTEL: To File for Bankruptcy Amid Coronavirus Outbreak
NISSAN MOTOR: New CEO Ready to be Sacked if No Turnaround
S I N G A P O R E
KOON HOLDINGS: Creditors Approve Unit's Debt Restructuring Scheme
X X X X X X X X
COOK ISLANDS: S&P Alters Outlook to Pos., Affirms B+/B Soverign ICR
- - - - -
=================
A U S T R A L I A
=================
CHASCOT INT'L: First Creditors' Meeting Set for March 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Chascot
International Pty Ltd, trading as "Auto One", "West Coast Auto N
Sound", "King Brown Supply Co." and "Ruff Country 4x4", will be
held on March 6, 2020, at 11:00 a.m. at Unit 18, 28 Belmont Avenue,
in Rivervale, Western Australia.
Stephen Robert Dixon and Leigh Dudman of Hamilton Murphy Advisory
were appointed as administrators of Chascot International on Feb.
24, 2020.
FIBARO AUSTRALIA: First Creditors' Meeting Set for March 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Fibaro
Australia Pty Ltd will be held on March 3, 2020, at 11:30 a.m. at
the offices of SM Solvency Accountants, at 10/144 Edward Street, in
Brisbane, Queensland.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Fibaro Australia on Feb. 21, 2020.
FRONTIER DC: Second Creditors' Meeting Set for March 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Frontier DC
Limited has been set for March 5, 2020, at 11:00 a.m. at Level 11,
12-14 The Esplanade, in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 4, 2020, at 4:00 p.m.
Daniel Johannes Bredenkamp and Bryan Hughes of Pitcher Partners
were appointed as administrators of Frontier DC on Jan. 29, 2020.
LENORE HOLDINGS: First Creditors' Meeting Set for March 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Lenore
Holdings Pty Ltd, trading as ITP The Income Tax Professionals, will
be held on March 5, 2020, at 11:00 a.m. at Unit 18, at 28 Belmont
Avenue, in Rivervale, WA.
Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Lenore Holdings on Feb. 21, 2020.
MADE ESTABLISHMENT: Had AUD389 Left in Bank Before it Collapsed
---------------------------------------------------------------
Eloise Keating at SmartCompany reports that the collapsed
restaurant group of celebrity chef George Calombaris had just
AUD389 in its bank account when it fell into voluntary
administration earlier this month.
According to reports filed to administrators KordaMentha, and seen
by The Australian, Calombaris' MAdE Establishment owes secured
creditors AUD22.3 million and had amassed intercompany loans of
AUD17.8 million, SmartCompany relays.
SmartCompany says the collapse, which immediately affected 12
restaurants and food outlets, sent shock waves through the local
hospitality industry on February 11, as venues were forced to shut
their doors and hundreds of employees lost their jobs
It followed a wage theft scandal that involved the group
underpaying more than 500 workers over AUD7.8 million, the report
notes.
According to SmartCompany, the large-scale underpayments were
widely condemned, as was Mr. Calombaris for his role in the events.
According to reports, this sentiment was directly translated into
action, with diners reportedly steering well clear of the venues in
the months after the scandal broke.
SmartCompany, citing The Australian, discloses that MAdE
Establishment owes Commonwealth Bank AUD8.5 million, which includes
a AUD7.1 million via a finance facility and AUD1.46 million in bank
guarantees.
The bank is expected to recover AUD1 million of these funds, the
report states.
Mr. Calombaris' business partner Radek Sali, former boss of the
Swisse vitamins empire, is also a secured creditor of the business,
and says he is owed AUD13.7 million but does not expect to see the
money again.
According to the documents, the business group's other assets,
apart from is meagre bank balance, include bar stock at a number of
the restaurants, SmartCompany relays.
SmartCompany says hundreds of trade creditors are not expected to
recover their debts from the administration process, while the
Australian Taxation Office is reportedly owed at least AUD225,000.
The Australian reports there may still be some outstanding staff
entitlements, such as leave payments.
According to the report, KordaMentha have negotiated the sale of
five of the MAdE outlets, including the Jimmy Grants' venues, which
were picked up by the owners of well-known Melbourne restaurant
Stalactites.
However, that still leaves seven other outlets without new owners,
including Matt Wilkinson's Crofter Dining Room, which was only open
for a few weeks before closing amid the MAdE collapse.
Creditors of the business are due to next meet on March 17,
SmartCompany discloses.
On Feb. 10, 2020, Craig Peter Shepard and Leanne Kylie Chesser of
KordaMentha were appointed as administrators of Hellenic Hotel and
related entities:
- Hellenic Hotel Williamstown Pty Ltd ATF the Hellenic Hotel
Unit Trust (Trading name: Hotel Argentina);
- Elektra Restaurant & Bar Pty Ltd ATF the Elektra Unit Trust
(Trading name: Hellenic Republic Brighton);
- Hellenic Republic Restaurant and Bar (Kew) Pty Ltd ATF the
Hellenic Republic Kew Unit Trust (Trading name: Vita
Restaurants & Events);
- Hellenic Republic Restaurant and Bar (Brunswick) Pty Ltd ATF
Hellenic Republic Restaurant and Bar (Brunswick) Unit Trust
(Trading name: Crofter Dining Room);
- The Press Club Restaurant and Bar Pty Ltd (Trading name:
Elektra/Gazi Restaurant & Bar);
- JG (Eastland) Pty Ltd ATF the JG (Eastland) Unit Trust
(Trading name: Jimmy Grants (Eastland));
- JG (Fitzroy) Pty Ltd ATF the JG (Fitzroy) Unit Trust
Trading name: Jimmy Grants (Fitzroy)
- JG (Emporium) Pty Ltd ATF the Emporium Unit Trust
(Trading name: Jimmy Grants (Emporium));
- JG (Ormond) Pty Ltd ATF the JG (Ormond) Unit Trust
Trading name: Jimmy Grants (Ormond)
- JG (Richmond) Pty Ltd ATF the JG (Richmond) Unit Trust
(Trading name: Jimmy Grants (Richmond));
- JG (St Kilda) Pty Ltd ATF the JG (St Kilda) Unit Trust
(Trading name: Jimmy Grants St Kilda);
- JG (Chadstone) Pty Ltd ATF the JG (Chadstone) Unit Trust
(Trading name: Jimmy Grants Chadstone);
- Restaurant Brands Pty Ltd ATF the Restaurant Brands Unit
Trust;
- Sycal Pty Ltd ATF the Sycal Unit Trust;
- Jimmy Grants Pty Ltd ATF the Jimmy Grants Unit Trust;
- Made Establishment Pty Ltd ATF The Restaurant Holdings Unit
Trust;
- JGOPS Pty Ltd ATF the JGOPS Unit Trust;
- JG (Robina) Pty Ltd ATF the JG (Robina) Unit Trust;
- JG (Sydney) Pty Ltd ATF the JG (Sydney) Unit Trust;
- Pressing Events Pty Ltd;
- JGIP Pty Ltd ATF the JGIP Unit Trust; and
- JG (Glen Waverley) Pty Ltd ATF the JG (Glen Waverley) Unit
Trust.
MCM ENTERTAINMENT: Second Creditors' Meeting Set for March 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of MCM
Entertainment Group Limited has been set for March 5, 2020, at
11:00 a.m. at the offices of Hamilton Murphy, Level 1, at 255 Mary
Street, in Richmond, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 4, 2020, at 4:00 p.m.
Richard Rohrt of Hamilton Murphy was appointed as administrator of
MCM Entertainment on Jan. 30, 2020.
RAVILLE CONTRACTING: First Creditors' Meeting Set for March 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Raville
Contracting Pty Ltd will be held on March 9, 2020, at 2:00 p.m. at
the offices of Auxilium Partners, Level 2, at 949 Wellington
Street, in West Perth, WA.
Robert Allan Jacobs of Auxilium Partner was appointed as
administrator of Raville Contracting on Feb. 25, 2020.
SKQ INVESTMENTS: First Creditors' Meeting Set for March 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of SKQ
Investments Pty Ltd, trading as Sunshine Kebabs Restaurant, and
CQSK Fast Food Pty Ltd, trading as Sunshine Kebabs Westfield
GardenCity, will be held on March 5, 2020, at 11:00 a.m. at the
offices of Cor Cordis, Level 19, Waterfront Place, at 1 Eagle
Street, in Brisbane, Queensland.
Darryl Kirk of Cor Cordis was appointed as administrator of SKQ
Investments on Feb. 24, 2020.
=========
C H I N A
=========
BANK OF CHINA: Moody's Rates AT1 Offshore Pref. Shares Ba1(hyb)
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1(hyb) foreign-currency
rating to the USD- and/or EUR-denominated additional tier 1 capital
qualifying offshore preference shares to be issued by Bank of China
Limited (BOC, A1 stable).
RATINGS RATIONALE
The Ba1(hyb) rating is three notches below BOC's Adjusted Baseline
Credit Assessment (BCA), reflecting the structure of the proposed
issuance and Moody's assumption that investors of these securities
face the risk of full or partial compulsory conversion of the
offshore preference shares into H shares upon the occurrence of the
relevant trigger event.
Under the terms and conditions of the proposed offshore preference
shares, a compulsory conversion of the offshore preference shares
into H shares will be triggered if: a going-concern trigger event
occurs, or a non-viability trigger event occurs. A going-concern
trigger event will occur if at any time BOC's common equity tier 1
capital adequacy ratio falls to 5.125% or below. A non-viability
trigger event will occur upon the earlier of (1) the China Banking
and Insurance Regulatory Commission having concluded that without a
write-off or conversion of BOC's capital, BOC would become
non-viable; and (2) the relevant authorities having concluded that
without a public sector injection of capital or equivalent support
BOC would become non-viable.
The rating also incorporates the possibility of impairment
associated with the cancellation of the dividends. Such an
impairment could occur before BOC reaches the point of
non-viability. Under the proposed terms and conditions, the
offshore preference shares will pay fixed-rate annual dividends,
which will be reset periodically, and BOC may choose not to pay
dividends on a non-cumulative basis. The distributions on the
offshore preference shares are fully discretionary, but in priority
to any distributions made to ordinary shareholders.
BOC's standalone BCA is baa1 and Adjusted BCA, which incorporates
no affiliate support, is the same as its BCA. China does not have
an operational resolution regime for banks. Therefore, Moody's
applies a basic Loss Given Failure approach in rating BOC's debt
securities. While Moody's assesses that BOC is likely to receive a
very high level of support from the Government of China (A1 stable)
in times of need, Moody's does not assume that AT1 securities -
which are designed to absorb losses - will receive extraordinary
government support.
WHAT COULD MOVE THE RATING UP/DOWN
BOC's offshore preference shares could be upgraded if BOC's BCA is
upgraded. BOC's BCA could experience upward pressure if (1)
leverage in the Chinese economy is successfully contained such that
Moody's considers upwardly revising China's macro profile; (2) its
asset quality, as measured by the problem loan formation rate,
improves; (3) its profitability, as measured by the return on
assets, improves; and (4) its capital strengthens, with a
meaningful and sustained improvement in its tangible common equity
capital ratio.
BOC's offshore preference shares could be downgraded if BOC's BCA
is downgraded. BOC's BCA could experience downward pressure if (1)
the operating environment weakens materially (for example, if
economic growth moderates further in markets where BOC operates, or
corporate financial leverage continues to increase in China); (2)
its asset quality and profitability weaken significantly; or (3)
its capital weakens, with a deterioration in its tangible common
equity capital ratio.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in November 2019.
ELION RESOURCES: S&P Withdraws 'B-' LT Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'B-' long-term
issuer credit rating on Elion Resources Group Co. Ltd. at the
company's request. Elion Resources is a China-based company that
engages in chemical production, engineering and construction, and
real estate businesses. The outlook was negative at the time of the
withdrawal. This reflected S&P's view that the company's liquidity
could weaken further over the next 12 months if its access to
capital markets remains constrained.
=================
H O N G K O N G
=================
[*] Many HK Retailers May Fold as Rent Relief Talks Continue
------------------------------------------------------------
Lam Ka-sing at South China Morning Post reports that most
landlords' refusal to agree to a one-off rent cut will force
hundreds of retailers out of business, with one Hong Kong
legislator saying that it may be too little and too late for some
tenants to survive drawn-out rent discussions, as sales have
plummeted amid the coronavirus outbreak.
SCMP relates that Shiu Ka-fai, who represents the wholesale and
retail sector, said that some landlords have thousands of leases to
go through, and by the time they discuss it with tenants one by
one, some will have already gone out of business by then.
"I think a wave of closures is not difficult to imagine," the
report quotes Shiu, who also represents a retail alliance that is
discussing rent relief with numerous landlords, as saying.
His biggest fear is that landlords will reject most of the
applications and the actual extent of cut approved would be low.
"In such unusual times, if they do not help and have mercy, many
cannot survive."
According to the Hong Kong Tourism Board, the number of visitors
has fallen 98 per cent year on year to 3,000 per day since earlier
this month, following the closure of all but three borders with the
mainland, SCMP relates. Arrivals from China have slowed down to a
trickle, as everyone from the mainland is subject to a 14-day
quarantine to prevent the spread of the deadly Covid-19. The
respiratory illness has infected some 78,000 people and claimed
more than 2,660 lives, most of them in China.
SCMP adds that Shiu said the sector that will take the first and
biggest blow is retail, which employs 270,000 people. Wholesale,
imports, transport and advertising will follow. The catering
industry will not be spared either.
"There is still a gap in our demands," the report quotes Annie Tse,
chairwoman of the 9000-member Hong Kong Retail Management
Association, who earlier estimated more than 7,000 retailers could
close without rental relief as they expect the epidemic to persist
for some time, as saying. "Some landlords only offered relief in
February. But we see that the epidemic will still go on for some
time."
Even though a few landlords, such as Sun Hung Kai Properties and
New World Development have offered rent cuts in February, the
association has demanded a complete waiver in February and wants
developers to charge only a percentage of turnover as rent from
March to June, SCMP relays.
According to the report, Tse said that some retailers were
experiencing normal sales declines of between 30 and 60 per cent,
while for sellers of luxury goods, watches and jewellery it was
between 70 and 90 per cent.
"The retail industry had never expected such a large fall. If it
was expected, they would not set up businesses."
The comments came after 200 shops shut down operations for a day
last week to demand greater rent cuts, SCMP says.
She said that quite a number of retailers were open to the idea of
closing stores to reduce losses by asking staff to take unpaid
leave, and save on other expenses such as electricity bills, the
report relays.
"Some retailers do not have business at all for days, so they would
rather close them," Tse said.
=========
I N D I A
=========
A K NANDI: CRISIL Withdraws 'B' Rating on INR1.35cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of A K Nandi
Agro Based Private Limited (AKN) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.35 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating
Withdrawn)
Proposed Long Term .05 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Withdrawn)
Term Loan 6.10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating
Withdrawn)
CRISIL has been consistently following up with AKN for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited or
dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AKN. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AKN is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'. Based on the last available information, the rating on
bank facilities of AKN continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
CRISIL has withdrawn its rating on the bank facilities of AKN on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Incorporated in 2000, AKN operates a poultry farm in Paschim
Medinipur, West Bengal. Mr Milan Nandi, Mr Rajkumar Nandi, Mr Asok
Kumar Nandi, and Ms Kalpana Nandi are the directors of the company.
The farm has capacity of 60,000 birds per annum.
A. H. ALLOYS: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of A. H. Alloys (AH)
continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AH for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AH is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of AH continues to be 'CRISIL B/Stable Issuer not
cooperating'.
AH was established as a partnership firm in 2005 and was
reconstituted as a proprietorship firm of Mr. Happy Gupta in 2007.
It manufactures rounds and bars at its plant in Ludhiana and has
rolling capacity of 125 tonne per day.
ABDUL RAHIMAN: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Abdul Rahiman
Engineer & Contractor - Udupi (AREC) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (ISSUER NOT
COOPERATING)
Secured Overdraft 7.5 CRISIL D (ISSUER NOT
Facility COOPERATING)
CRISIL has been consistently following up with AREC for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AREC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AREC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of AREC continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
AREC, setup in 2005 by Mr. Abdul Rahiman, is engaged in
construction of roads for government departments. The firm is based
out of Udupi (Karnataka).
ANANDSWARN RESIDENCY: CRISIL Keeps 'C' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anandswarn Residency
Private Limited (ARPL) continues to be 'CRISIL C Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term .75 CRISIL C (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 11.75 CRISIL C (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with ARPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ARPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of ARPL continues to be 'CRISIL C Issuer not
cooperating'.
ARPL, incorporated in 2010, is a 50:50 joint venture between
Kanpur-based Dolphin Developers Ltdand the Singh group. ARPL is
developing a residential complex in Kanpur with 52 flats (48 with
hree bedrooms, three with two bedrooms, and one with one bedroom)
and total built-up area of 101,903.85 square feet.
ANMOL ENTERPRISES: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anmol Enterprises
(Anmol) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Anmol for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Anmol, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Anmol is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of Anmol continues to be 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Anmol is a project-specific firm promoted by Ahmedabad-based Mr.
Arvind Patel and his family members. The firm is developing a
residential project in Gota, Ahmedabad. It commenced construction
in January 2012.
ANYA POLYTECH: CRISIL Lowers Rating on INR5.0cr Loan to B+
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Anya Polytech and
Fertilizers Private Ltd (APFPL) Revised to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.61 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Long Term Loan 5.00 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Fund- 2.39 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with APFPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of APFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of APFPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Incorporated on September 2011, APFPL is a joint venture company of
KRIBHCO Infrastructure Ltd (KRIL) and Anya Agro & Fertilizers Pvt
Ltd (AAFPL). The company is into manufacturing of packaging bags
made from HDPE granules, zinc sulphate heptahydrate and zinc
sulphate monohydrate. The company will also start production of
microutrient fertilisers from August 2017. APFPL has capacity to
manufacture 3 crore HDPE bags per annum, 12000 tonnes of zinc
sulphate per annum and 2000 tonnes of micronutrients per annum.
APHRODITE 4WHEELS: CRISIL Keeps 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aphrodite 4Wheels
Private Limited (A4PL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Electronic Dealer 8 CRISIL B/Stable (ISSUER NOT
Financing Scheme COOPERATING)
(e-DFS)
Proposed Fund- 6.91 CRISIL B/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
Term Loan 3.09 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with A4PL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of A4PL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on A4PL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of A4PL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
A4PL was set up in 2013-14 (refers to financial year, April 1 to
March 31) by Mr. Vaibhav Ahuja. It is a dealer for Renault India
Pvt Ltd in Jamshedpur. It commenced operations in September 2013.
ARIHANT METALS: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Arihant Metals
(Jodhpur) (AMJ) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Standby Line 1.8 CRISIL B+/Stable (ISSUER NOT
of Credit COOPERATING)
CRISIL has been consistently following up with AMJ for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AMJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMJ is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of AMJ continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Set up by Mr Padam Raj Abani in 1993, AMJ is a proprietorship
manufacturing stainless steel sheets, used to manufacture utensils,
kitchenware and pipes, at its facility in Jodhpur. Operations are
managed by Mr Abani and his sons, Mr. Pankaj Abani and Mr Gaurav
Abani.
ASHA ENTRADE: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Asha Entrade Private
Limited (AEPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 3.0 CRISIL B/Stable (ISSUER
Bank Loan Facility NOT COOPERATING)
Term Loan 4.5 CRISIL B/Stable (ISSUER
NOT COOPERATING)
CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of AEPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
AEPL was set up in 2012 by Mr. Suresh Jain, Mr. Rajesh Kumar
Surana, and Mr. Ashok Jain. The company develops real estate and
has an ongoing commercial-cum-residential real estate project of
78,000 square feet in Ulwe.
ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Asia-Pacific
Institute of Management (A Unit of All India Asian Educational
Foundation) (AIAEF) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with AIAEF for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AIAEF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIAEF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of AIAEF continues to be 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
AIAEF was set up in 1996 by Mr. A K Shrivastav and his family
members. The society operates APIM, which provides postgraduate
courses in business administration.
ATMIYA ENGINEERING: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Atmiya Engineering
and Plastics (AEP) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .40 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 3.43 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital 5.17 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with AEP for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AEP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AEP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of AEP continues to be 'CRISIL D Issuer not
cooperating'.
AEP, established in 1999, is based in Vadodara. It is promoted by
Mr. Nimesh Patel. The firm manufactures plastic parts for
air-coolers.
AVANI BUILDCON: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Avani Buildcon (AB)
continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AB for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of AB continues to be 'CRISIL B/Stable Issuer not
cooperating'.
AB was established in April 2009 as a partnership firm by Mr
Sanjeev Sharma and Mr Milind Bhalerao. The firm is engaged in real
estate development and is currently undertaking 'Avani Heights' to
be constructed on Wardha Road, Nagpur.
AYYAN FIREWORKS: CRISIL Cuts Rating on INR11cr Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ayyan
Fireworks Factory Private Limited (Ayyan) to 'CRISIL B+/Stable
Issuer not cooperating' from 'CRISIL BB+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
Proposed Long Term 0.6 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
Term Loan 1.4 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
CRISIL has been consistently following up with Ayyan for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ayyan, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Ayyan is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of Ayyan Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Ayyan was set up at Sivakasi (Tamil Nadu) by the promoter, Mr A
Vairaprakasam and Mr A Grahaturai in 1984. The company manufactures
fireworks and caters to a pan-India customer base.
BANSHIDHAR AGRO: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Banshidhar Agro Cold
Storage Private Limited (BACSPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 3.92 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with BACSPL for obtaining
information through letters and emails dated November 30, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BACSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BACSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of BACSPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Set up in April 2015 and promoted by Mr Suresh Chandra Sharma, Ms
Santosh Sharma, and Mr Debi Prasad Sharma, BACSPL operates a 4900
tonne multi-purpose cold storage in Rangidaspur, Odisha. Operations
commenced from March 2016.
COX & KINGS: IFFCO-Tokio Moves NCLT to Secure Dues
--------------------------------------------------
BloombergQuint reports that IFFCO-Tokio General Insurance Company
Ltd. has moved the National Company Law Tribunal (NCLT) to secure
payments made by it under a commercial arrangement on behalf of Cox
& Kings (India) Ltd. to third parties.
According to BloombergQuint, IFFCO Tokio had entered into a
commercial arrangement with Cox & Kings under which it insured
certain transactions made by the travel and tour company with third
parties.
Last year, Cox & Kings -- a member of the International Air Travel
Association alliance -- collected an amount exceeding INR100 crore
for certain travel-related services from its customers,
BloombergQuint recalls. IATA, according to the alliance, can act as
an intermediary and make payments to member airlines and ticketing
companies on behalf of Cox & Kings.
BloombergQuint says the insurer's counsel argued that it had paid
up to INR80 crore apart from certain out-of-pocket expenses on
behalf of the tour operator according to their commercial
arrangement. The payments, the counsel said, must be treated as
"third-party assets".
This comes after the Mumbai bench of the NCLT had admitted an
insolvency application against the tour operator after it defaulted
on its debt obligations in October last year. The tribunal had
approved the appointment of Ashutosh Agarwala as the resolution
professional for the company, BloombergQuint discloses.
According to BloombergQuint, the resolution professional for Cox &
Kings had moved the NCLT in February to seek direction against the
company's suspended directors and erstwhile auditor to ensure they
provide necessary information and statutory records. This, the
professional said, was to ascertain the company's position and
ensure smooth implementation of its insolvency proceedings.
The tribunal had passed an order directing the suspended directors
and the auditor to share such information within three days. It has
now provided an additional seven days for the submission,
BloombergQuint notes
BloombergQuint adds that the counsel for the resolution
professional sought the tribunal's direction by saying that:
* While the erstwhile auditor has complied with the tribunal's
directions, the suspended directors aren't cooperating with the
resolution professional. Lack of information is hampering he
corporate insolvency resolution process.
* Suspended directors are still terminating contracts, collecting
funds and acting on behalf of the company.
* They are directing the resolution professional to collect
statutory information from former employees of Cox & Kings, despite
the law providing them statutory control over such information.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
1, 2019, BloombergQuint said the Mumbai bench of the National
Company Law Tribunal (NCLT) admitted an insolvency application
against Cox & Kings Ltd. after the tour operator defaulted on its
debt obligations. The travel firm's financial creditor -- Ratan
India Finance Pvt. Ltd.-- had dragged it to the tribunal after a
default on repayment of the loan extended to it under a credit
facility. Noting that Cox & Kings had accepted the liability and
default, the tribunal allowed the insolvency application and
appointed Alok Kumar Agarwal as the interim resolution professional
for the insolvency resolution process of the company,
BloombergQuint added.
D.N. HOMES: CRISIL Lowers Rating on INR5.0cr Cash Loan to B+
------------------------------------------------------------
CRISIL said the ratings on bank facilities of D.N. Homes Private
Limited (DNHPL) has been revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Overdraft 3.37 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Long Term 1.16 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Term Loan 14.47 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL has been consistently following up with DNHPL for obtaining
information through letters and emails dated November 30, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DNHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DNHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of DNHPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DNHPL and LMVPL. This is because both
the companies, together referred to as the DN Homes group, are in a
similar line of business and have considerable financial linkages.
Incorporated in 2003, DNHPL develops real estate in Bhubaneswar,
Odisha. Operations are being managed by Mr Jagadish Prasad Naik and
Mrs Ratnamala Swain. The company develops residential and
commercial projects. LMVPL is developing a commercial project at
Bhubaneswar.
DAUJI AND CO: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dauji and Co. (DC)
continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 1 CRISIL D (ISSUER NOT
(pre-shipment COOPERATING)
credit)
Post Shipment Credit 8 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Short Term 0.99 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with DC for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of DC continues to be 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
DC was set up in 1976 as a partnership firm by Mr. Dauji Johari and
his family members. The firm trades in polished diamonds, and is
based in Mumbai. It currently has three partners: Mr. Dauji Johari,
Mr. Sharad Johari, and Ms. Prabha Johari.
DHANPATI AGRO: CRISIL Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanpati Agro Udyog
Private Limited (Dhanpati) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 2.07 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Dhanpati for
obtaining information through letters and emails dated July 29,
2019 and January 10, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dhanpati, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Dhanpati
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of Dhanpati continues to be 'CRISIL D Issuer not
cooperating'.
Dhanpati was established in 2010 as a private-limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and
non-basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.
DHANSHREE SEEDS: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanshree Seeds
Private Limited (DSPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 21.39 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 1.11 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with DSPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of DSPL continues to be 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Incorporated in 2012 by Mr. Prakash Shah, DSPL is into processing
of non-basmati rice with its processing unit based in Moriya
(Gujarat). The total processing capacity of unit is 5 tonnes per
hour.
ETICA DEVELOPERS: CRISIL Keeps 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Etica Developers
Private Limited (EDPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 0.65 CRISIL B/Stable (ISSUER
Bank Loan Facility NOT COOPERATING)
Term Loan 4.35 CRISIL B/Stable (ISSUER
NOT COOPERATING)
CRISIL has been consistently following up with EDPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of EDPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
EDPL, set up in Chennai in 2012 by Mr. G Diliban and Mr. G Prakash,
develops real estate. The company has completed Saptami and Avigna,
premium residential apartments and is currently undertaking the
construction of 2 other residential apartments ' Kalathmika and
Sapthagiri. The company is also expected to launch 3 more
residential projects in Chennai over the near to medium term. The
company also operates a 1.16 MW solar power plant in Kurundamadam
in Virudhunagar district.
FUCON TECHNOLOGIES: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Fucon Technologies
Limited (FTL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2.9 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital 11.6 CRISIL D (ISSUER NOT
Demand Loan COOPERATING)
CRISIL has been consistently following up with FTL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of FTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on FTL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of FTL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
FTL, incorporated by Mr. Rahul Parikh in 1999, provides various
anti-ageing car-care services such as anti-corrosive treatment,
Teflon coating, car interior cleaning and engine coating and
flushing. It is an authorised car-care services provider for
Maruti Suzuki India Ltd, Hyundai Motors India Ltd and Mahindra &
Mahindra. Currently, its operations are ceased.
G. R. MULTIFLEX: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of G. R. Multiflex
Packaging Private Limited (GMPL) continues to be 'CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 0.32 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 1.68 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GMPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GMPL continues to be 'CRISIL D Issuer not
cooperating'.
Incorporated in 2002 and promoted by members of the Kolkata-based
Jaiswal family, GRMPPL manufactures flexible packaging materials
such as polyester laminated rolls, multilayer flexible films, oil
print films, water printed films, and bags and pouches. The
company's manufacturing facilities are located in Kolkata and its
day-to-day operations are managed by its promoter-director, Mr.
Rabindar Jaiswal.
GHANSHYAM FOODS: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ghanshyam Foods
Private Limited (GFPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.9 CRISIL B+ (ISSUER NOT
COOPERATING)
Term Loan .19 CRISIL B+ (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GFPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GFPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
GFPL, incorporated in 1997, processes and trades in agricultural
products such as toor dal, moong dal, and chana dal. Its processing
unit is at Hoshangabad in Madhya Pradesh. GFPL is promoted by Mr.
Ghanshyam Das Maheshwari, who has experience of over three decades
in the business.
GHSPL JEYPORE: CRISIL Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of GHSPL Jeypore
Healthcare LLP (Jeypore, part of the Glocal group) continues to be
'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7.61 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Fund- 2.39 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
CRISIL has been consistently following up with Jeypore for
obtaining information through letters and emails dated December 31,
2019 and January 28, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jeypore, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Jeypore is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of Jeypore continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Jeypore and Glocal Healthcare Systems
Pvt Ltd (Glocal) as they are in the same line of operations, under
a common management and have financial linkages.
Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary hospitals
of 100 beds each. Incorporated in 2013, Jeypore is a secondary care
hospital in in Jeypore, Odisha.
GOPAL KRISHANA: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gopal Krishana
Oil-Tech Industries Private Limited (GKPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GKPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GKPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GKPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GKPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in 2001, GKPL manufactures and trades in edible oil
and coconut oil. The company, based in Mumbai, sells edible oil and
coconut oil under its Ruchira and Cococlear brand, respectively.
GRAND MOTORS: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Grand Motors Sales
and Services Private Limited (GMSPL) continues to be 'CRISIL
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Inventory Funding 2 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING)
CRISIL has been consistently following up with GMSPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GMSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GMSPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
GMSPL, based in Thiruvananthapuram, was incorporated in 2009, by Mr
V Ashok. It is an authorised dealer of VE Commercial Vehicles Ltd
in Kerala. Prior to incorporating GMSPL, Mr Ashok was dealing in
Eicher vehicles, under entity Grand Motor Sales Corporation (GMSC)
since 1979; this entity was wound up in 2009, when GMSSPL was
incorporated. It has one showroom-cum-workshop and two workshops in
Thiruvananthapuram, one showroom and one workshop in Kollam, and
two showrooms and one workshop in Tiruvalla.
GUPTA INFOTECH: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gupta Infotech (GI)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 9 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 3 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit/ 2 CRISIL D (ISSUER NOT
Overdraft facility COOPERATING)
Import Letter of 3 CRISIL D (ISSUER NOT
Credit Limit COOPERATING)
Letter of Credit 0.05 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 6.95 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with GI for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of GI continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
A proprietorship firm set up in 2003 by Mr Saurabh Gupta, GI
manufactures compact fluorescent lamps (CFLs). It recently
diversified into the light-emitting diodes (LED) segment.
HPCL-MITTAL ENERGY: Moody's Cuts CFR to Ba2; Outlook now Stable
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
HPCL-Mittal Energy Limited to Ba2 from Ba1. Moody's has also
downgraded HMEL's senior unsecured bond rating to Ba3 from Ba2.
At the same time, Moody's has changed the outlook on the rating to
stable from negative.
RATINGS RATIONALE
"The downgrade to Ba2 CFR reflects the deterioration in HMEL's
credit metrics, driven by the weak refining environment in Asia as
well as the company's expansion into petrochemicals, which has kept
HMEL's borrowings at elevated levels "says, Sweta Patodia, a
Moody's Analyst.
The weak industry conditions are reflected in the Singapore
benchmark refining margins, which declined to around $3.7/barrel
(bbl) for 2019 compared to its historical average of $6-$7/bbl.
This decline in the benchmark was due to the extremely weak fuel
oil spreads, which in turn were driven by International Maritime
Organization's new regulation restricting the use of heavy fuel oil
in marine transportation.
HMEL's credit metrics were also impacted by its ongoing expansion
into petrochemicals which has led to an increase in its borrowings.
The company is in the process of setting up a dual feed
petrochemical capacity of 1.2 million metrics tons per annum
(mtpa). The project, which commenced in October 2017, was
originally planned to be completed by March 2022. However, the
company now intends to complete it by April 2021, accelerating its
capital spending and keeping its borrowings at elevated levels.
Nonetheless, there have been no material cost over-runs so far and
the total project cost continues to largely remain within
management's initial estimates.
Consequently, HMEL's leverage, as measured by debt/EBITDA,
increased to around 6.9x for the last twelve months ended December
2019 compared to 5.3x for the last twelve months ended June 2019.
At the same time, its interest cover, as measured by EBIT/Interest,
declined to 1.4x from 2.9x over the same period.
Tightening regulations on the use of heavy fuel oil in the shipping
industry, which kicked off in January 2020, could lead to higher
demand for middle distillates and thus provide some support to
refining margins, particularly for complex refiners like HMEL.
Moody's expects HMEL's debt/EBITDA will improve to around 5.5x by
March 2022, while its EBIT/interest cover will improve to around
2.6x over the same period.
However, the industry environment continues to remain uncertain and
a sustained weakness in regional refining margins could delay an
improvement in HMEL's credit metrics. Moreover, the impact of the
coronavirus outbreak on the regional demand growth for petroleum
products remains uncertain.
Furthermore, HMEL's refinery will undergo 35 days of planned
shutdown during September-October 2020, which will constrain its
earnings and cash flow during the fiscal year ending March 31, 2021
(fiscal 2021).
The stable outlook reflects Moody's view that the company will
maintain a high utilization of its refinery resulting in strong
operating cash flow such that its credit metrics will continue to
support its standalone credit profile.
HMEL's Ba2 CFR is supported by the company's high complexity
refinery that generates strong refining margins, and by its 15-year
offtake agreement with Hindustan Petroleum Corporation Ltd. (HPCL,
Baa2 negative) that provides high visibility on sales volumes.
The rating, however, is constrained by the moderate scale of the
company's operations, with a single refinery and crude distillation
unit, and by its exposure to the cyclical nature of the refining
industry.
HMEL's Ba2 CFR incorporates a two-notch uplift based on Moody's
expectation that the company will receive extraordinary support
from its shareholder and key off-taker, HPCL. This reflects HMEL's
strategic importance to HPCL, its 49% ownership by HPCL, as well as
HPCL's management oversight and track record of providing financial
and operational assistance to HMEL.
On March 31, 2019, 73% of the total debt in HMEL's capital
structure was secured. As such, the claims of bondholders are
subordinated to those of secured lenders. Consequently, Moody's
rates the company's senior unsecured bonds one notch below its
CFR.
HMEL's ratings also consider the following environmental, social
and governance (ESG) factors.
First, HMEL is exposed to increasing environmental regulations and
safety risks associated with its refining business, which is among
the 11 sectors that Moody's has identified as having elevated
environmental risk. However, these risks are somewhat mitigated by
the company's track record of environmental compliance and its high
refining complexity with increasing downstream integration.
Second, the ratings consider HMEL's aggressive financial strategy,
as evidenced by its largely debt funded and ongoing petrochemicals
capacity expansion. This is mitigated by the company's low
shareholder returns, long dated debt maturity profile and an
undertaking from its sponsors to cover certain shortfalls in
internal cash generation and cost overruns. The ratings also take
into consideration HMEL's limited public disclosure of its
financial and operating performance given its status as a private
company in India.
Third, HMEL is privately owned and its ownership is concentrated in
HPCL and Mittal Energy Investments, which each hold a 49% stake.
HMEL's board consists of nine directors, out of which only two are
independent. HPCL is in turn 51.1% owned by Oil and Natural Gas
Corporation Ltd. (Baa1 negative), which is 67.7% owned by the
Government of India (Baa2 negative). Mittal Energy Investments is a
100% subsidiary of Mittal Investments SARL. The indirect, partial
ownership by the Government of India mitigates some of the risks
arising from its concentrated ownership structure.
As of December 31, 2019, HMEL had cash and cash equivalents of
INR7.9 billion which along with expected cash flow from operations
of around INR26-27 billion will be sufficient to cover routine
capital expenditures of around INR10.6 billion and INR9.3 billion
of debt maturities over the next 12 months.
Moody's is unlikely to upgrade the ratings until HMEL completes its
ongoing expansion and successfully ramps-up its petrochemical
plant. A sustained improvement in the regional refining margin
environment leading to a material increase in earnings and cash
flow would also be beneficial for the ratings. Specific metrics
that would indicate upward ratings pressure include adjusted
debt/EBITDA staying below 4.0x and debt/capitalization remaining
below 60% on a sustained basis.
Moody's could downgrade the ratings if there is a sustained decline
in either refining margins or operational efficiency, which results
in a significant deterioration in HMEL's earnings and cash flow. At
the same time, any material cost overruns that necessitate higher
borrowings or delays in construction and/or ramp-up after physical
construction that defer the earnings contribution from the project,
will also exert negative ratings pressure.
Specifics metrics that would indicate downward ratings pressure
during the project construction phase include adjusted debt/EBITDA
staying above 6.0x and debt/capitalization staying above 70% beyond
March 2021.
Moody's could also downgrade the ratings if HMEL's credit metrics
fail to recover after project completion and stabilization, such
that debt/EBITDA stays above 5.0x and debt/capitalization stays
above 65%.
HMEL's ratings could face further downward pressure if (1) Moody's
downgrades HPCL's ratings, or (2) there is a change in the
relationship between HPCL and HMEL that lowers Moody's assessment
of the level of support incorporated into HMEL's ratings.
The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.
JSW STEEL: Fitch Affirms BB LT IDR, Alters Outlook to Negative
--------------------------------------------------------------
Fitch Ratings revised the Outlook on JSW Steel Limited's Long-Term
Issuer Default Rating to Negative from Stable, and affirmed the IDR
at 'BB'. The agency has also affirmed JSWS's senior unsecured
rating at 'BB'.
The revision of the Outlook reflects the risks in JSWS's ability to
deleverage and generate positive free cash flow because of the
various challenges in the Indian market. Apart from weak industry
conditions, JSWS's deleveraging and improvement in its FCF profile
can be delayed by an increase in its planned capex or inability to
stabilise and improve performance at acquired assets. A
deleveraging trajectory that is slower than its expectations and
prolonged negative FCF will indicate a weaker financial profile and
affect JSWS's ratings.
Fitch estimates JSWS's total gross debt/EBITDA leverage, including
acceptances, a long-term customer advance and potential outflows
for acquisition of assets under insolvency proceedings in India,
will increase to above 5.0x in the financial year ending March 2020
(FY20), which is above the 4.0x threshold where Fitch would
consider negative rating action. Fitch also expects JSWS's FCF to
be negative until FY22, before turning positive. Fitch expects
margins to improve and volumes to expand from FY21, driven by
better industry-wide spreads and a pick-up in domestic steel
demand, in addition to higher contribution from subsidiaries. This
should enable JSW's leverage to be in line with its rating.
KEY RATING DRIVERS
EBITDA Likely to Improve: JSWS's EBITDA for its standalone
operations in India, which comprise almost all of consolidated
earnings, were down around 40% yoy in 9MFY20, excluding tax
incentives relating to earlier years. The EBITDA decline was mainly
driven by weaker steel prices and margins, as EBITDA per tonne fell
to around INR7,500 (9MFY19: INR12,300). Sales volumes were also
marginally lower by 1% at 11.4 million tonnes. Weak sales volumes
reflected tepid steel demand in India due to factors such as a
slowdown in disbursals for public-sector projects, tighter
liquidity conditions for the private sector and weak auto-sector
sales.
Fitch expects a higher margin for JSWS in FY21 based on normalising
raw material costs and stabilising steel prices. Indian steel
demand should also pick up, driven by government spending on
infrastructure and better overall economic growth, supporting
healthy volume growth for JSWS. However, weak global steel demand
and any increase in exports to India, possibly due to the impact on
the global economy if COVID-19 prevails for a prolonged period,
present risks.
EBITDA Losses at Overseas Assets: JSWS's 9MFY20 EBITDA was also
dragged down by losses at its overseas operations, which mainly
comprise a plate and pipe mill in Baytown and a flat steelmaking
facility in Mingo Junction (Acero Junction), both in the US, and
the Aferpi rolling mill for long products in Italy. Aferpi and
Acero Junction were acquired in 2018 and JSWS expects to improve
their utilisation rates and derive positive EBITDA in FY21. The
company also expects to generate EBITDA from the plate and pipe
mill from FY21 following capex for equipment upgrade. Fitch thinks
these units will gradually increase their contribution to JSWS's
consolidated EBITDA from FY21.
Bhushan Power Acquisition: JSWS received regulatory clearance to
acquire Bhushan Power and Steel Ltd on February 17, 2020. Details
on the transaction structure and valuation are not yet available,
but JSWS guided earlier that it will acquire a minority stake, and
news reports indicate an enterprise value of around INR195 billion.
Fitch assumes INR43 billion of outflow from JSWS for the purchase
of a 49% stake in FY20. In addition, Fitch is likely to
consolidate, fully or proportionally, BPSL's debt and EBITDA for
calculating JSWS's leverage metrics, even in the absence of any
corporate guarantee from JSWS, due to BPSL's high strategic
importance for JSWS and the significant management control. Fitch
intends to fully consolidate BPSL's financials if JSWS is unable to
find a third-party partner.
Substantial Capex Underway: JSWS is increasing steelmaking and
downstream capacity and on cost-saving projects in India. It aims
to expand crude steel capacity at its Dolvi plant by 5 million
tonnes per annum (mtpa) to 10mtpa by 1HFY21. The company had guided
for total capex of around INR320 billion in India in FY20 and FY21.
The capex plans for FY20 have been cut by around INR50 billion by
deferring certain projects, but Fitch expects spending to pick up
in FY21. JSWS is also spending around USD300 million over FY19-FY22
at its US facilities.
These projects should generate substantial earnings within one-two
years, mitigating risks to JSWS's financial profile. However, JSWS
had increased its planned capex significantly in 2018, and another
significant increase, potentially to expand capacity further, could
affect its credit profile.
Cost-Efficient Operations: JSWS has a strong market share in
southern and western India, where its plants are located, supported
by a gradually improving share of value-added products. JSWS's main
plant at Vijayanagar (12mtpa) was placed comfortably in the second
quartile of research group CRU's site cost curve for flat steel
products for 2019. This lifted the weighted-average cost position
of its steelmaking operations, including plants at Dolvi and Mingo
Junction, to the second quartile as well. JSWS also ranks among the
top 10 steel producers globally, according to World Steel Dynamics,
benefiting from factors such as high yields and low labour costs.
Limited Vertical Integration Benefit: JSWS does not produce coking
coal. The company aims to produce 4.5mt of iron ore, or around 20%
of the requirement of its Vijayanagar plant, in FY20 from six mines
in Karnataka state. Management has guided for an increase in output
up to 7mt in FY21 with the start of three additional mines in the
state. JSWS was also declared in late January and February the
preferred bidder for three iron ore mines in Odisha state, which is
likely to provide an upside to the guidance. The company should
derive the benefit of improved supply certainty and lower logistics
costs, even though the cost of production for JSWS's mines,
including royalties, is close to the benchmark prices.
Gradual Deleveraging, Negative FCF: Fitch estimates JSWS's total
consolidated debt/EBITDA leverage to remain above 4.0x in FY21,
before declining to a lower level in FY22. Deleveraging should be
driven by increasing EBITDA due to growing standalone sales volumes
and improving contribution from subsidiaries. However, debt is also
likely to increase over the next two years due to significant capex
and negative FCF. Fitch estimates JSWS will generate positive FCF
beyond FY22 in the absence of a rebound in capex, which should
allow the company to deleverage further.
Senior Unsecured Rating: JSWS has a significant amount of secured
debt, comprising around 50% of the total as of end-December 2019.
Fitch estimates that secured debt/EBITDA, on a consolidated basis,
will be around 2.5x in FY20 and 2.1 for FY21. Fitch regards a
threshold of 2.0x-2.5x as the level which unsecured creditors'
interests are materially subordinated to interests of secured or
prior ranking creditors. Further bespoke recovery analysis also
suggests above-average recovery prospects for senior unsecured
creditors. Therefore, Fitch has rated the senior unsecured debt and
notes at the same level as the IDR.
DERIVATION SUMMARY
JSWS can be compared with domestic peer Tata Steel Limited (TSL,
BB/Stable), whose Standalone Credit Profile of 'bb-' factors in
robust operations in India but is dragged down by a much weaker
operating profile in Europe. TSL's Indian operations have better
vertical integration and a higher EBITDA margin than that of JSWS.
However, this is partly counterbalanced by JSWS's cost-efficient
operations. JSWS's total debt/EBITDA leverage, after including
acceptances and long-term customer advance, was similar TSL's in
FY19.
ArcelorMittal S.A. (AM, BBB-/Negative) is rated higher than JSWS,
based on ArcelorMittal's position as the world's most diversified
steel producer by product type and geography, and benefits from a
solid and increasing level of vertical integration into iron ore.
Fitch assesses AM's operating and financial profiles to be
significantly stronger than JSWS's, due to a larger scale, better
geographical and product diversification and superior leverage and
coverage metrics.
JSWS can also be compared with higher-rated EVRAZ plc (BB+/Stable),
which is one of the leading integrated long steel producers in
Russia, with top market positions for domestic rail and
construction steel as well as coking coal. The ratings of EVRAZ
reflect the integrated nature of its operations, high
self-sufficiency in raw materials and a competitive cost profile,
which underpins the sound profitability of its Russian assets.
EVRAZ's financial profile is also stronger than JSWS's, evidenced
by lower leverage and higher coverage ratios.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Standalone sales volume to have CAGR of 8% over FY20-FY23
- Annual standalone EBITDA per tonne of around INR8,400 in FY20
and an average of around INR9,750 over FY21-FY23 (FY19: INR11,700)
- Total EBITDA from subsidiaries of INR2 billion in FY20,
improving to INR15 billion in FY21 and over INR20 billion
thereafter
- Cumulative consolidated capex of around INR390 billion over
FY20-FY22
- Spending on acquisitions, net of divestitures, of around INR55
billion in FY20 and FY21
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Total debt/EBITDA leverage not on track to be lower than 4.0x
by FY22
- Negative FCF extends beyond FY22
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Fitch may revise the Outlook to Stable if performance is better
than the sensitivities for negative rating action.
LIQUIDITY AND DEBT STRUCTURE
Manageable Liquidity: JSWS reported cash and cash equivalents of
INR93 billion at end-December 2019, and had gross debt, including
acceptances and a long-term customer advance, of around INR730
billion. It also had available undrawn fund and non-fund based
lines of over INR130 billion and undrawn capex loans of INR69
billion. Short-term debt and acceptances comprised around INR235
billion of the total debt while the long-term debt due in FY21 and
FY22 (including amortisation of the customer advance) was around
INR70 billion each.
Fitch expects JSWS to rely on refinancing to address its long-term
debt maturities because of significant negative FCF, while its
short-term facilities are rolled over. Fitch also thinks JSWS
should be able to manage its refinancing needs because of its
banking relationships, access to diverse funding sources and robust
operating profile.
SUMMARY OF FINANCIAL ADJUSTMENTS
Material Non-Standard Financial Adjustments for JSWS are: 1)
Payment of USD700 million (FY19: INR48.4 billion) by Duferco S.A.
under a five-year advance payment and supply agreement (APSA) for
supply of steel products has been treated as debt. This advance is
interest-bearing and the repayable amount will be adjusted by
export of steel to Duferco. Fitch views this advance, which would
be around 40% of JSWS's outstanding trade payables and customer
advances if included under working capital, as an alternative to
long-term bank borrowing for the company; 2) Acceptances, related
to trade payables and payables for capital projects, have been
treated as debt (FY19: INR115.6 billion) and 3) Unamortised upfront
fees on borrowing and premium on redemption of debentures (FY19:
INR7.4 billion) have been added back to debt.
K.G.P. GOLD: CRISIL Cuts Rating on INR9cr Cash Loan to 'B+'
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of K.G.P. Gold
Palace (KGP; part of the KGP group) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Cash 2 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 4 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with KGP for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KGPG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KGPG is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of KGPG Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KGPG and KGP Jewellers (KGPJ). This is
because both the entities, together referred to as the KGP group,
are in the same business, under a common management, and have
operational synergies.
Set up as a partnership firm in 2013 in Davangere, Karnataka, by Mr
Ganesh D Shet and Ms Surekha G Shet, KGPG retails gold, diamond,
silver, and precious stone-studded jewellery such as rings,
earrings, pendants, necklaces, bracelets, bangles, and medallions.
It owns a 2000 square feet (sq ft) showroom.
KGPJ was set up as a partnership concern by Mr Ganesh D Shet, Ms
Surekha G Shet, Ms Vidya M Shet, and Mr Ganesh M Revankar in 2011.
The firm is in the same business as KGPG and owns a 3500-sq-ft
showroom in Hubli.
KAMAL PRESSING: CRISIL Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamal Pressing
Factory (KPF) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KPF for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KPF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of KPF continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Established in 1998 and based in Hingoli (Maharashtra), KPF presses
cotton and sells cotton bales and seeds. Its pressing unit has
installed capacity of 400 cotton bale per day. KPF is a sole
proprietorship firm owned and managed by Mr. Anil Lahoti.
KATNI REALTY: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Katni Realty Private
Limited (KRPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KRPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KRPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of KRPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Incorporated in 2011, KRPL has set up a mall in Katni, Madhya
Pradesh. The mall began operations in September 2015. The company
is promoted by Mr. Deepak Kumar Gupta and family members.
KELA RICE: CRISIL Lowers Rating on INR3.25cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kela Rice
Industries (KRI) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Long Term 1.15 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Term Loan 1.6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL has been consistently following up with KRI for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KRI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of KRI Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Established in 2015, KRI is a partnership firm promoted by Mr Ajay
Kumar Kela and Mr Naresh Kumar Kela. The firm processes (mills,
polishes, and sorts) non-basmati (mainly IR-36 and IR-8) rice. Its
facility in Dhamtari has an installed capacity of 3 tonne per hour.
KEYA SETHS: CRISIL Lowers Rating on INR3.5cr New LT Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Keya Seths
Marketing (KSM) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 3.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with KSM for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of KSM Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KSM, Keya Seth's Ayurvedic Solution
(Cosmetic Division) (KSASCD), and Keya Seth Ayurvedic Solution Pvt
Ltd (KSASPL) collectively referred to as the Keya group. This is
because all the entities are in the similar line of business, and
have same set of management, and fungible finances.
KSM, incorporated in 2012 and propertied by Mr. Asish Seth,
undertakes marketing and distribution of cosmetic products
manufactured by KSASCD. The company was primarily setup in order to
streamline the administrative operations of the group.
Incorporated in 2004, KSASCD manufactures ayurvedic cosmetic
products under the brand name Keya Seth at its facility in
Kolkata.
Incorporated in 2008, KSASPL provides hair and skin solution.
KRUSHI UTPANNA: Ind-Ra Withdraws 'BB-' Rating on INR700MM Bank Loan
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating of
Krushi Utpanna Bazar Samitee's proposed bank loan as follows:
-- The Provisional 'IND BB-' rating on the INR700 mil. Proposed
bank loan is withdrawn.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the rating, as Krushi
Utpanna Bazar Samitee did not proceed with the instrument as
envisaged.
COMPANY PROFILE
Established in 1931, Krushi Utpanna Bazar Samitee is a Latur-based
agricultural produce market committee, mainly involved in the
trading of husked wheat, jowar, gram, green gram, pigeon pea,
soybean, and jaggery. It has five warehouses with a total storage
capacity of 9,300 metric tons.
SHREE GANESH: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Ganesh
Metaliks Limited's (SGML) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR350 mil. Fund-based limits affirmed with IND B/Stable
rating;
-- INR1,857.26 bil. (reduced from INR1,953.88 bil.) Long-term
loan due on March 2030 affirmed with IND B/Stable rating; and
-- INR140 mil. (reduced from INR165 mil.) Non-fund-based limits
affirmed with the IND A4 rating.
KEY RATING DRIVERS
The affirmation reflects SGML's continued medium scale of
operations, as indicated by revenue of INR5,320 million in FY19
(FY18: INR3,672 million). The revenue rose due to an increase in
realizations on the back of strong demand growth. The absolute
EBITDA fell to INR376 million in FY19 (FY18: INR398 million)
because of an increase in raw material costs and administrative
expenses.
The ratings reflect the modest EBITDA margins owing to the highly
fragmented and competitive nature of the industry. The margin fell
to 7.07% in FY19 (FY18: 10.9%). The RoCE stood at 9.13% in FY19
(FY18: 9.71%).
The rating factor in the modest credit metrics due to the modest
margins as well as high debt levels (FY19: INR2,299 million; FY18:
INR2,350 million). The net financial leverage (total adjusted net
debt/operating EBITDA) deteriorated to 6.03x in FY19 (FY18: 5.85x)
due to the decrease in absolute EBITDA. The interest coverage
(operating EBITDAR/gross interest expenditure), however, improved
marginally to 1.64x (FY18: 1.33x) as interest expenses fell because
of a decline in total debt levels on account of scheduled repayment
of term loans.
Liquidity Indicator - Poor: SGML's operations are working
capital-intensive in nature. The company's average utilization of
fund-based limits was 99.31% for the 12 months ended in January
2020. Its fund flow from operations, however, remained positive at
INR159 million in FY19 (FY18: INR109 million). The cash flow from
operation also remained positive at INR150 million during FY19
(FY18: INR193 million) due to a decrease in the working capital
requirements. The cash and cash equivalent stood at INR31 million
in FY19 (FY18: INR18 million). The networking capital cycle
improved to 48 days in FY19 (FY18: 79 days) on account of a
decrease in inventory and receivable days.
The ratings, however, are supported by the promoters' experience of
more than a decade in the steel industry.
RATING SENSITIVITIES
Negative: Any deterioration in the liquidity position due to the
high utilization of bank limits, on a sustained basis, could be
negative for the ratings.
Positive: An improvement in the liquidity position, indicated by
the presence of adequate unencumbered cash or sustained cushion in
bank limit utilization of around 10%, along with an improvement in
the EBITDA margins, on a sustained basis, would lead to positive
rating action.
COMPANY PROFILE
Incorporated in 2003, SGML manufactures sponge iron and billets in
the Sundargarh district of Odisha. The company is headed by its
promoter director, Mr. Manoj Kumar Agarwal.
TAPASYA SHIKSHA: Ind-Ra Withdraws 'BB-' Rating on INR60MM Bank Loan
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tapasya Shiksha
Samiti's provisional bank loan rating as follows:
-- The Provisional 'IND BB-' rating on the INR60 mil. Proposed
term loan is withdrawn.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the rating as Tapasya
Shiksha Samiti did not proceed with the instrument as envisaged.
COMPANY PROFILE
Tapasya Shiksha Samiti, registered under the Madhya Pradesh
Registration Act 1973 in 2000, runs five institutes under the name
Radharaman Group of Institutes on a campus spread across over 100
acres at Ratibad in Bhopal, Madhya Pradesh.
=========
J A P A N
=========
FUJIMISO HOTEL: To File for Bankruptcy Amid Coronavirus Outbreak
----------------------------------------------------------------
The Japan Times reports that a hotel in Aichi Prefecture will file
for bankruptcy due to a steep fall in customers amid the
coronavirus outbreak, Tokyo Shoko Research Ltd. said on Feb. 25.
It marks the first business failure in Japan linked to the COVID-19
outbreak, officials at the credit agency said, the report says.
The Japan Times relates that the Fujimiso hotel in the city of
Gamagori will file for bankruptcy with the Nagoya District Court's
branch in Toyohashi, Aichi Prefecture, they said.
Fujimiso, which has been focusing on attracting tourists from China
in recent years, started to see cancellations from Chinese tour
groups last month, the officials said. Established in February
1956, Fujimiso has JPY96 million in capital. The amount of its
liabilities is now being investigated, the officials said.
According to the report, the number of Chinese visitors canceling
trips to Japan is expected to reach 400,000 by the end of March due
to the coronavirus outbreak, the Japan Association of Travel Agents
announced earlier in February.
The report relates that the association came up with the forecast
based on the number of letters of guarantee, which are needed to
obtain tourist visas for Japan. The actual number of cancellations
is likely to rise even further as the estimate does not include
business travelers.
The fallout from COVID-19 is likely to hit more domestic firms.
The Japan Times, citing an online survey of 12,348 firms conducted
between Feb. 7 and Feb. 16 by Tokyo Shoko Research, discloses that
66 percent said they are already seeing or will be seeing impacts
from the outbreak, such as cancellations of business trips, supply
chain disruptions and declining sales.
Asked how they are dealing with the situation, 974 firms said they
are working to expand their supply chains beyond China while 200
said they are reconsidering or freezing plans to enter the Chinese
market, according to the Japan Times.
More than 5,800 companies also expressed concern that the virus
will weaken consumption in China, indicating the extent that ups
and downs in the Chinese economy can directly affect Japanese
firms, the report adds.
NISSAN MOTOR: New CEO Ready to be Sacked if No Turnaround
---------------------------------------------------------
The Japan Times reports that Nissan Motor Co.'s new chief executive
said Feb. 25 he will accept being fired if he fails to turn around
Japan's second-biggest automaker, which is grappling with plunging
sales in the aftermath of the scandal surrounding former Chairman
Carlos Ghosn.
Addressing shareholders for the first time since taking over the
top position in December, Makoto Uchida put his job on the line at
a raucous meeting where he faced demands ranging from cuts to
executive pay to offering a bounty to bring Ghosn back to Japan
after he fled to Lebanon, the Japan Times relates.
According to the report, Nissan's worsening performance has heaped
pressure on the 53-year-old Uchida, who had been the firm's China
chief and is now its third CEO since September, to come up with
aggressive steps to revive the company.
"We will make sure that we steer the company in an effective way,
so that (it) is visible to the eyes of onlookers," the report
quotes Mr. Uchida, who faced repeated heckling by shareholders, as
saying. "I will commit to this: If the circumstances remain
uncertain you can fire me immediately."
The Japan Times says the new leader must prove to the board that he
can accelerate cost-cutting and rebuild profits, and that he has
the right strategy to repair the firm's partnership with France's
Renault, sources have said.
The report relates that Mr. Uchida did not give a time frame for
improving Nissan's performance but pleaded for patience while he
compiles a plan by May to recover from crumbling profits and a
corporate shake-up in the wake of Mr. Ghosn's arrest in late 2018
over financial misconduct charges.
"If you can be patient a little bit longer, on a day-to-day basis
you will be able to sense we are changing," he said.
Shareholders gathered at the extraordinary meeting in Yokohama to
vote in new directors including Uchida and Chief Operating Officer
Ashwani Gupta, the report says.
Their appointments highlight a changing of the guard at the
automaker, as shareholders were also voting on motions for former
company stalwarts CEO Hiroto Saikawa and COO Yashuhiro Yamauchi to
leave their board director positions, relates the Japan Times.
According to three sources familiar with the thinking of some on
the company's board, Mr. Uchida is effectively on probation and has
a matter of months to show he can revive the ailing automaker, the
report relays.
The Japan Times notes that the pressure intensified last week when
Nissan, which has had a year of turmoil since the arrest and
sacking of long-time leader Mr. Ghosn, posted its first quarterly
net loss in nearly a decade and slashed its forecasts for full-year
profit to an 11-year low and cut its dividend outlook to its lowest
since the 2011 financial year.
One of the people familiar with the intentions of some on Nissan's
10-member board said an assessment of Mr. Uchida's efforts and a
decision on his future would likely be made toward the middle of
the year.
"Probation is more or less the right way to describe the situation
Uchida is faced with, if not more serious," the source said this
week, the report relays. "In the worst case scenario he could be
shown the door."
According to the Japan Times, Mr. Uchida referred queries to Nissan
about whether he had just months to demonstrate he could turn the
carmaker around, whether board members were satisfied with his
work, and his relationship with other senior executives.
The company rejected suggestions of Mr. Uchida's uncertain
circumstances as having "no factual basis."
"Effectively or otherwise, Mr. Uchida is absolutely not on
probation," a Yokohama-based spokesman, as cited by the Japan
Times, added. "There does not exist such a concept or system within
Nissan to put a CEO on probation. He is CEO."
The Japan Times adds that some supporters also stressed that
Mr. Uchida has only been in the top job for little more than two
months, while Nissan's business has been in decline since 2017.
Executives and analysts have previously said the company's current
woes are not of Mr. Uchida's making but are the fallout from an
aggressive and poorly executed global expansion under Mr. Ghosn and
Mr. Uchida's predecessor, Saikawa, the report relates.
"Nissan is on the right path for recovery . . . although it might
be a gradual process," the report quotes Mr. Uchida as saying in a
video message to employees in October, shortly after being named
CEO.
Still, it has been a difficult start for the new CEO, who
officially took the helm at the beginning of December and must act
swiftly to counter a slide in sales that is accelerating in key
markets like the United States and China, adds The Japan Times.
According to the report, Nissan faces an array of structural woes,
from high fixed costs to weak management to a strained partnership
with Renault, which began unraveling after Mr. Ghosn's arrest in
late 2018.
The Japan Times relates that the problems come at a pivotal time
when Nissan and other automakers are attempting to come to grips
with a major, and costly, technological shift towards electric and
self-driving vehicles.
The carmaker posted a net loss of JPY26.1 billion ($238 million)
for the October-December third quarter and it cut its annual
operating profit forecast by 43 percent to JPY85 billion, the Japan
Times discloses.
Though Nissan expects to report a small profit for the year ending
in March, some executives are worried it could post a loss,
according to the sources, especially given the fact that the
forecast does not take into account the impact on sales in China
and beyond from the coronavirus outbreak, the report says.
Mr. Uchida said at the earnings media conference Feb. 20 that
Nissan was looking at the possibility of accelerating existing
restructuring plans, as well as implementing additional measures
— but he added the company would not be able to provide details
of those extra steps until May, the Japan Times adds.
Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.
=================
S I N G A P O R E
=================
KOON HOLDINGS: Creditors Approve Unit's Debt Restructuring Scheme
-----------------------------------------------------------------
The Business Times reports that Koon Holdings on Feb. 26 said that
creditors have approved the scheme of arrangement for its
subsidiary Koon Construction & Transport (KCT), as part of the
group's debt restructuring exercise.
However, Koon Holdings has yet to put its own proposed scheme to a
vote, as its creditors' meeting on Feb. 25 was adjourned, the
report says.
BT relates that before the meeting began, a major creditor had
requested the adjournment because it would like to receive more
information before committing its vote, Koon Holdings said in a
bourse filing.
The company will convene the adjourned meeting at a later date to
be determined, before its debt moratorium expires in April 2020,
the report notes.
According to BT, Koon Holdings said it will also "make
arrangements" to address the creditors' concerns and queries.
Under the Companies Act, a scheme becomes binding on the creditors
if a majority in numbers (more than 50 per cent) representing at
least 75 per cent in value of the creditors in every voting class
voted in favour of the scheme at the meeting.
The meeting for KCT's scheme had taken place as scheduled on Feb.
25 at 4:00 p.m.
BT say both firms first applied for their debt moratoria last
October, as they intended to propose and implement schemes of
arrangement.
The chief financial officer of Koon Holdings, Yee May Yo, left the
firm earlier this month, after about a year on the job. She was
replaced by Peter Tan.
Shares of Koon Holdings have been suspended since Aug. 30, 2019, BT
notes.
About Koon Holdings
Koon Holdings is an infrastructure and civil engineering service
provider specialising in reclamation and shore protection works.
KCT is the group's main operating company.
As reported in the Troubled Company Reporter-Asia Pacific Nov. 12,
2019, The Business Times said the High Court of Singapore has
granted a debt moratorium to Koon Holdings and its subsidiary Koon
Construction & Transport (KCT). It will last from Nov. 7, 2019, to
Feb. 28, 2020. In October, the two companies applied for court
protection as they intend to propose and implement a scheme of
arrangement as part of the group's restructuring exercise to
restore their financial position.
===============
X X X X X X X X
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COOK ISLANDS: S&P Alters Outlook to Pos., Affirms B+/B Soverign ICR
-------------------------------------------------------------------
On Feb. 26, 2020, S&P Global Ratings revised its outlook on the
Cook Islands to positive from stable. At the same time, S&P
affirmed its 'B+/B' sovereign issuer credit ratings on the Cook
Islands. The Transfer & Convertibility assessment remains 'AAA'.
Outlook
The positive outlook on the long-term ratings on the Cook Islands
reflects the likelihood that improved data disclosure and quality
could improve S&P's external assessment on the sovereign. Greater
transparency about the country's external liquidity and
indebtedness could result in an upgrade within the next 12 months.
S&P could revise the outlook to stable if information deficiencies
are not adequately addressed or if new data indicate that the
country's external liquidity or indebtedness is very weak.
Alternatively, this could occur if there is an unexpected downturn
in the tourism sector that hurts growth and public finances or if
the government's commitment to uphold past fiscal gains through
changes to economic or fiscal policies weakens.
Rationale
The Cook Islands is taking steps to address important deficiencies
in its fiscal, economic, and external data. Currently, S&P's credit
ratings are constrained by weak data disclosure and uncertainties
created by frequent revisions. The country has been improving the
timeliness of its publications of audited consolidated government
financial statements. 2019 saw the publication of fiscal 2011 to
2017 balance of payments and international investment position for
the first time. Balancing these improvements, gross domestic
product (GDP) outcomes are still revised regularly, and there is a
lack of transparency in the activities of statutory authorities and
other government-controlled entities.
S&P's ratings also reflect the vulnerabilities associated with a
weak institutional framework for making policies, limited monetary
policy flexibility, and a narrow economic base that suffers from
heavy emigration. These factors are partly offset by the
government's supportive relationship and high labor mobility with
highly rated New Zealand, the sound outlook for its key tourism
sector, low borrowings, financial and technical assistance from
donor agencies, and the country's sound financial system.
Weak policymaking culture and institutional settings hinder
ratings, while economic prospects remain sound
-- Weak policymaking culture and institutional settings constrain
the ratings
-- The strong tourism sector supports the economic outlook, while
high emigration rates constrains growth
The Cook Islands is a self-governing country with a free
association with New Zealand. Cook Islanders are citizens of New
Zealand. The country achieved self-governance in 1965, but New
Zealand controls its foreign policy, defense, and continues to
provide budgetary support. The country benefits from a close and
comprehensive political and economic relationship with New Zealand.
A large Cook Islands diaspora, which exceeded the estimated 12,900
residents of the islands in 2019, is living in New Zealand and
Australia, supporting close ties with those countries. The security
environment is good and the judicial system is robust.
The vulnerabilities associated with the country's weak policymaking
culture and institutional settings are a key ratings constraint.
The outcome of the 2018 election continued the historical political
fragmentation and uncertainty, with the country remaining
vulnerable to policy shifts driven by populist sentiments that have
hampered previous development and much-needed reform efforts.
Skilled labor shortages continue to weigh on institutional
capacity, though the government is attempting to fill this void.
The policymaking settings are supported by a vigorous free press,
an outspoken business community, and efforts by major aid donors to
promote sound financial and economic public policies and stronger
administration.
On Jan. 1, 2020, the Cook Islands graduated to the status of a
developed country by the Organisation for Economic Co-operation and
Development (OECD). As a result, the Cook Islands will no longer
qualify to receive official development assistance through the
OECD's development assistance committee. However, this change has
not hurt the funding structure of the Cook Islands because S&P
expects that New Zealand--the largest aid donor--will maintain its
historical support, reflecting long-standing political ties. On the
other hand, the islands will lose official technical assistance
support, which provides vital help to the government.
The Cook Islands' income is substantially higher than its peers,
with GDP per capita estimated at US$29,300 in 2019 and growing. S&P
projects the Cook Islands' real per capita GDP growth to moderate
to around 1.8% during 2020-2022, down from the 3.9% it had
previously expected, partially reflecting further expected declines
in its population. High emigration has seen the residential
population falling substantially during the past two decades,
reflecting Cook Islanders' access to the New Zealand labor market,
education, and healthcare systems.
High concentration in tourism, the country's major revenue earner,
has made the economy particularly vulnerable to cyclones and
downturns in major tourism markets. S&P expects economic activity
to moderate as tourist arrivals plateau, having already hit their
peak. The strong New Zealand economy, where about 65% of tourist
come from, combined with additional international flights continues
to benefit the Cook Islands' tourism. The Cook Islands still faces
competition from other Pacific islands, particularly for Australian
tourists, who account for between 15% and 20% of the country's
tourists.
Solid fiscal and debt profiles and improving data quality but lack
of monetary policy weigh on ratings
-- The impending improvement of data availability will assist in
our analysis of the economy, and external accounts
-- S&P expects continued solid fiscal performance and low debt
levels, contrasting with limited monetary flexibility.
Poor coverage and timeliness of statistical releases is a key
factor that restricts a robust analysis of the Cook Islands'
economic and external accounts. S&P said, "We therefore currently
assess the Cook Islands' external position in accordance with our
criteria for sovereigns that have limited external data. We
consider New Zealand as the starting point for this anchor, then
apply adjustments as required. We then apply a negative qualifier
for uncertainty arising from external data gaps."
S&P expects some of these data shortcomings to improve over the
medium term. The International Monetary Fund (IMF) visited the Cook
Islands in 2019 to undertake its inaugural review of the
sovereign's economic and external accounts in its Article IV
publication. S&P expects the publication to be released later this
year. A sustained improvement in data transparency and timeliness
could facilitate better comparisons with rated peers and could
boost the sovereign's credit rating.
Additionally, the government has taken steps toward improving the
timeliness of its consolidated fiscal reports. In 2019, the audit
office was able to publish the past three years of consolidated
government accounts. As part of its Public Sector Expenditure
Review, the government has implementing a government-wide financial
tool--the Integrated Financial Management System-–enabling
reporting across departments to be provided on a more timely
basis.
S&P said, "We forecast the government's fiscal balances will remain
broadly in balance over the next few years. We expect general
government net debt as a percentage of GDP to average -11.5% during
2020, helped by lower borrowing levels and greater holdings of
liquid assets than expected, reflecting weaker-than-expected
execution of major infrastructure projects. Weaker-than-expected
capital expenditure also supports the government's fiscal position;
however, delays in the delivery of some of the capital projects
weigh on our view of the country's fiscal position. These
infrastructure projects, such as the Manatua undersea cable and Te
Mato Vai water infrastructure project are funded by official
lending and grants, and support the tourism sector prospects and,
therefore, the economy."
The concessional and long-term nature of current government
borrowings, as well as the government's low debt, mean that the
ratio of the general government interest expenditure to revenues is
low; S&P estimates it to average below 1% of revenues during 2019
and 2021. Typically, borrowings are over 20 years to maturity.
However, the recent depreciation of the New Zealand dollar has
adversely affected the Cook Islands' debt-servicing costs because
about two-thirds of this debt is exposed to foreign-currency
movements. The government does not have any commercial debt.
The country's monetary policy flexibility is diminished because of
the absence of a central bank and its use of the New Zealand
dollar. This arrangement means it forfeits monetary independence,
which is an important lever for promoting economic and financial
stability. That said, use of the New Zealand dollar has enabled the
Cook Islands to benefit from lower inflation than its peers.
S&P equalizes the local currency rating with the foreign currency
rating, reflecting the Cook Islands' absence of monetary policy
flexibility and a domestic capital market, and its use of the New
Zealand dollar. The transfer and convertibility assessment for the
Cook Islands is 'AAA', which also reflects its use of the New
Zealand dollar.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating action.
Ratings List
Ratings Affirmed
Cook Islands
Transfer & Convertibility Assessment
Local Currency AAA
Ratings Affirmed; CreditWatch/Outlook Action
To From
Cook Islands
Sovereign Credit Rating B+/Positive/B B+/Stable/B
*********
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
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*** End of Transmission ***