/raid1/www/Hosts/bankrupt/TCRAP_Public/200326.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, March 26, 2020, Vol. 23, No. 62
Headlines
A U S T R A L I A
AOLIDAY AU: First Creditors' Meeting Set for April 3
ARTHURS SEAT: First Creditors' Meeting Set for April 2
AUCTUS MINERALS: First Creditors' Meeting Set for April 1
AUSSIE BATTERIES: First Creditors' Meeting Set for April 3
CLEAR SKIES: Faces Liquidation as Skope Unable to Comply with DOCA
COMMERCIAL DIVING: First Creditors' Meeting Set for April 2
HOME & GIFTWARE: First Creditors' Meeting Set for April 2
PIERCE ENGINEERING: Second Creditors' Meeting Set for April 2
PRIME GLOBAL: Reports $31K Net Loss for First Quarter
SMALL STREET: First Creditors' Meeting Set for April 2
I N D I A
JAHANVI ISPAT: CRISIL Keeps 'D' on INR18cr Loans in Not Cooperating
JASHANK IMPEX: CRISIL Keeps B+ on INR10cr Credit in NonCooperating
JR FOODS: CRISIL Keeps B+ on INR15cr Loan in Not Cooperating
K AND M SHELTORS: CRISIL Keeps B on INR7.5cr Loan in NonCooperating
KINETA GLOBAL: CRISIL Keeps 'B' on INR120cr Loans in NonCooperating
KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
KUMUD RICE: CRISIL Keeps 'B+' on INR8cr Credit in Not Cooperating
LAKSHMI RANGA: CRISIL Keeps 'D' on INR10cr Loans in Not Cooperating
LAKSHMI TRADERS: CRISIL Keeps D on INR6cr Loans in Not Cooperating
LAXMI COTTON: CRISIL Keeps 'B' on INR6cr Credit in Not Cooperating
MA CHANDI: CRISIL Keeps D Debt Ratings on Not Cooperating
MAA SUBHALA: CRISIL Keeps B- Debt Ratings in Not Cooperating
MADHUBAN AGRISTORAGE: CRISIL Keeps 'B' Rating in Not Cooperating
MAHAVIR AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAHAVIR ENTERPRISES: CRISIL Keeps 'D' Debt Rating in NonCooperating
MANGUDIYAR MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MANOJ KUMAR: CRISIL Keeps B on INR8cr Loans in Not Cooperating
MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
MASAFI DEVELOPERS: CRISIL Keeps B on INR10cr Debt in NonCooperating
MASUR GARDEN: CRISIL Keeps B on INR6cr Loans in Not Cooperating
METI COTTON: CRISIL Keeps B+ on INR10cr Loans in NonCooperating
MITTAL ALLOY: CRISIL Keeps D on INR5.3cr Loans in Not Cooperating
MLM AGENCIES: CRISIL Keeps B+ on INR6cr Loans in Not Cooperating
MPL AUTOMOBILES: CRISIL Keeps INR37.5cr Loans in Not Cooperating
MURALI ADS: CRISIL Keeps B+ on INR25cr Loans in Not Cooperating
NAGPUR BEVERAGES: CRISIL Keeps B on INR6cr Credit in NonCooperating
NHS INDUSTRIES: CRISIL Keeps D on INR10.9cr Loans in NonCooperating
NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating
OASIS GREEN: CRISIL Lowers Rating on INR18cr Term Loan to B+
OMEGA SOLAR: CRISIL Lowers Rating on INR48cr Loan to B+
ONYX BIOTEC: CRISIL Withdraws 'B' Rating on INR2.4cr Cash Loan
OPS JEWELLS: CRISIL Lowers Rating on INR13cr Cash Loan to B+
SUZLON ENERGY: Postpones Extra General Meeting to April 7
M A L A Y S I A
MALAYSIA: Explores Debt Measures, M&A to Bail Out Airlines
S I N G A P O R E
[*] SG Bankruptcies Started Surging Even Before Coronavirus Hit
- - - - -
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A U S T R A L I A
=================
AOLIDAY AU: First Creditors' Meeting Set for April 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Aoliday AU Pty Ltd;
- Kootrip Pty Ltd; and
- GDST PTY. LTD.
will be held on April 3, 2020, at 10:00 a.m. at Level 17, 383 Kent
Street, in Sydney, NSW.
Philip Campbell Wilson and John McInerney of Grant Thornton
Australia Limited were appointed as administrators of Aoliday AU on
March 24, 2020.
ARTHURS SEAT: First Creditors' Meeting Set for April 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Arthurs Seat
Eagle Pty Ltd will be held on April 2, 2020, at 11:00 a.m. at the
offices of PricewaterhouseCoopers, at 2 Riverside Quay, in
Southbank, Victoria.
Craig Crosbie and Robert Ditrich of PricewaterhouseCoopers were
appointed as administrators of Arthurs Seat on March 23, 2020.
AUCTUS MINERALS: First Creditors' Meeting Set for April 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Auctus
Minerals Pty Ltd and Auctus Resources Pty Ltd will be held on April
1, 2020, at 1:30 p.m. at Level 10, at 40 St Georges Terrace, in
Perth, WA.
Richard Tucker and John Bumbak of Kordamentha were appointed as
administrators of Auctus Minerals on March 20, 2020.
AUSSIE BATTERIES: First Creditors' Meeting Set for April 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Aussie
Batteries Solar 12 Volt Pty Ltd will be held on April 3, 2020, at
10:00 a.m. at the offices of Morgan Conley, L6, at 239 George
Street, in Brisbane, Queensland.
Daniel Moore of BCR Advisory was appointed as administrator of
Aussie Batteries on March 24, 2020.
CLEAR SKIES: Faces Liquidation as Skope Unable to Comply with DOCA
------------------------------------------------------------------
Wide Format Online reports that the short-lived DOCA (Deed of
Company Arrangement) for Clear Skies Corp Pty Ltd, executed last
September 17, 2019, whereby the supporting creditor Skope Group Pty
Ltd agreed to pay AUD22,000 per month and 30 cents in the dollar by
2022, will be terminated and the company liquidated if a meeting of
creditors votes for it on April 2.
Wide Format Online relates that the DOCA administrator, Mr Simon
Thorn of PKF, has written to all creditors of Clear Skies citing
section 445HA of the Corporations Act 2001, and that a material
contravention of the Deed has occured. This followed Skope Group's
own voluntary administration via Cor Cordis on February 28, the
report says. Cor Cordis advised PKF that Skope is unable to comply
with the Deed and no proposal for variation of the Deed was
received either, the report relates.
Mr. Thorn has therefore convened a meeting of creditors, for
Friday, April 3, in Sydney, to consider a resolution to terminate
the Deed and wind up the company, Wide Format Online adds.
In view of Coronavirus/Covid-19 restrictions, the meeting will be
held predominantly using Skype and telephone. If any creditor does
intend attending in person, they should first email James France:
jfrance@pkf.com.au no later than midday April 2.
According to Wide Format Online, Skope Group Pty Ltd's director Ann
Orren was described as a 'de facto director' of Clear Skies when it
went into administration, although Robert Price was officially
listed as the director, and is now believed to have been little
more than a puppet or stooge director, installed by the Orrens -
Charles Orren took an active role in the companies although not
listed as a director - and taking directions from them, even though
they were not listed as directors of Clear Skies. It was largely
for this reason that PKF insisted that Skope became a 'supporting
creditor' of Clear Skies, and was to facillitate the repayment of
30 cents in the dollar to creditors over 2-3 years (2 years in the
case of the ATO). It is now likely this will never happen.
However, Skope Group itself fell into administration, the report
notes.
Cor Cordis advised that Skope Group could not honor the terms of
the Deed, the report says.
Skope Group, and its clearly controlled but masked 'subsidiaries'
were believed to have had a sales revenue of around AUD46 million
and described themselves as practicing: "DESIGN, PROJECT
MANAGEMENT, RETAIL FIT-OUT, INSTALLATION, MAINTENANCE, SIGNAGE
MANUFACTURING, PRINTING, FABRICATION." Clients included many of the
major retailers and retail chains.
Skope operations were in Sydney (Castle Hill and Campbelltown),
Melbourne, Brisbane and Perth. A related company invoved in
Architectural Cladding and trading adjacent to Skope's Scream
Visual in Badgally Rd, Campbelltown, entered administration on
March 12.
Cor Cordis' report to creditors is expected shortly, Wide Format
Online adds.
COMMERCIAL DIVING: First Creditors' Meeting Set for April 2
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Commercial
Diving & Marine Services Pty Limited will be held on April 2, 2020,
at 10:30 a.m. at Level 1, Unit 5/72 Gheringhap Street, in Geelong,
Victoria.
Scott Andersen and Nathan Deppeler of Worrells Solvency & Forensic
Accountants were appointed as administrators of Commercial Diving
on March 23, 2020.
HOME & GIFTWARE: First Creditors' Meeting Set for April 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Home &
Giftware Pty Limited will be held on April 2, 2020, at 11:00 a.m.
at Level 2, 151 Macquarie Street, in Sydney, NSW.
Antony Resnick and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Home & Giftware on March 23, 2020.
PIERCE ENGINEERING: Second Creditors' Meeting Set for April 2
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Pierce
Engineering Pty Ltd has been set for April 2, 2020, at 2:30 p.m. at
Empire Apartment Hotel, at 5 East Street, in Rockhampton City,
Queensland.
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 April 1, 2020, at 5:00 p.m.
Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Pierce Engineering
on Feb. 27, 2020.
PRIME GLOBAL: Reports $31K Net Loss for First Quarter
-----------------------------------------------------
Prime Global Capital Group Incorporated filed with the Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss attributable to the company of $31,240 on $474,576 of
net total revenues for the three months ended Jan. 31, 2020
compared to a net loss attributable to the company of $65,792 on
$445,488 of net total revenues for the three months ended Jan. 31,
2019.
As of Jan. 31, 2020 the Company had $45.27 million in total assets,
$17.90 million in total liabilities, and $27.36 million in total
equity.
As of Jan. 31, 2020, the Company had cash and cash equivalents of
$192,712, as compared to $155,845 as of the same period last year.
The Company's cash and cash equivalents increased as a result of
receiving new bank loans.
Prime Global said, "We expect to incur significantly greater
expenses in the near future, including the contractual obligations
that have assumed ... when development activities begin. We also
expect the general and administrative expenses to increase as we
expand our finance and administrative staff, and add
infrastructure.
"We also expect our general and administrative expenses to increase
as we expand our finance and administrative staff, add
infrastructure, and incur additional costs related to being a large
accelerated filer, including directors' and officers' insurance and
increased professional fees.
"Our continuation as a going concern is dependent upon improving
our profitability and the continuing financial support from our
stockholders. Our sources of capital in the past have included the
sale of equity securities, which include common stock sold in
private transactions and public offerings, capital leases and
short-term and long-term debts. While we believe that we will
obtain external financing and the existing shareholders will
continue to provide the additional cash to meet our obligations as
they become due, there can be no assurance that we will be able to
raise such additional capital resources on satisfactory terms. We
believe that our current cash and other sources of liquidity
discussed below are adequate to support operations for at least the
next 12 months."
For the three months ended Jan. 31, 2020, net cash used in
operating activities was $100,982, which consisted primarily of a
net income (excluding non-cash depreciation) of $91,460, offset by
an increase in income tax payable of $15,169.
For the three months ended Jan. 31, 2019, net cash used in
operating activities was $117,450, which consisted primarily of a
net income (excluding non-cash depreciation) of $56,134, offset by
a decrease in income tax payable of $172,789.
The Company expects rental income from its real estate operations
to increase as it increases the occupancy rates of its commercial
buildings, which will be offset by the increased expenses
associated with developing our residential projects. The Company
expects to continue to rely on cash generated through private
placements of its securities, however, to finance its operations
and future acquisitions.
For the three months ended Jan. 31, 2020, net cash used in
investing activities was $40,364, consisting of $25,855 of
plantation development construction costs, and cost of purchase of
bearer plants of $14,509.
For the three months ended Jan. 31, 2019, net cash used in
investing activities was $28,476, consisting of $14,756 of cost of
purchase of bearer plants and cost of purchase of property, plant
and equipment of $13,720.
The Company expects investing cash outflows to increase when its
durian plantation matures and begins to generate revenues in 2020
at the earliest. The Company also expects investing cash outflows
to increase due to expenditures associated with developing its
residential projects.
For the three months ended Jan. 31, 2020, net cash used in
financing activities was $95,984, consisting primarily of proceeds
from a new loan of $21,451 and advances of $89,729 from Weng Kung
Wong, the Company's chief executive officer, interim chief
financial officer and interim secretary and director, and offset by
repayment of $164,262 on outstanding bank loans.
For the three months ended Jan. 31, 2019, net cash provided by
financing activities was $207,174, consisting primarily of
repayments of $59,909 to Weng Kung Wong, the Company's chief
executive officer, interim chief financial officer and interim
secretary and director, and repayments of $147,265 on outstanding
bank loans.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/fOyiPr
About Prime Global
Prime Global Capital Group Incorporated operates two business
segments: (i) its oil palm and durian plantation business; and (ii)
its real estate business. The Company's oil palm and durian
plantation business is operated through Virtual Setup Sdn. Bhd., or
VSSB, and its real estate business is primarily operated through
PGCG Assets Holdings Sdn. Bhd., and Dunford Corporation Sdn. Bhd.
Prime Global reported a net loss of $267,321 for the year ended
Oct. 31, 2019, compared to a net loss of $553,962 for the year
ended Oct. 31, 2018.
ShineWing Australia, in Melbourne, Australia, issued a "going
concern" qualification in its report dated Jan. 28, 2020 citing
that the Company has a working capital deficiency, and accumulated
deficit from recurring net losses maturing in less than one year as
of Oct. 31, 2019. All these factors raise substantial doubt about
its ability to continue as a going concern.
SMALL STREET: First Creditors' Meeting Set for April 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Small Street
Property Holdings Pty Ltd ATF The Small Street Property Unit Trust
will be held on April 2, 2020, at 10:00 a.m., via teleconference
only.
Kristen Beadle and David Ross of Hall Chadwick were appointed as
administrators of Small Street on March 24, 2020.
=========
I N D I A
=========
JAHANVI ISPAT: CRISIL Keeps 'D' on INR18cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jahanvi Ispat Private
Limited (JIPL) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (ISSUER NOT COOPERATING)
Long Term Loan 11 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with JIPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 JIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of JIPL continues to be 'CRISIL D Issuer not
cooperating'.
JIPL, incorporated in 2009, is promoted by Mr. Pramod Gupta. The
company manufactures thermo-mechanicallytreated steel bars from
mild-steel billets and ingots. The company's manufacturing facility
is at Mandideep, Madhya Pradesh.
JASHANK IMPEX: CRISIL Keeps B+ on INR10cr Credit in NonCooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jashank Impex Private
Limited (JIPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with JIPL for obtaining
information through letters and emails dated October 15, 2019 and
February 6, 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 JIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of JIPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Incorporated in 2011, JIPL, promoted by Mr Anil Gupta and Nirmal
Desai, manufactures and exports readymade garments for men and
women. The manufacturing facilities are at Udhna (Gujarat) and
Ulhasnagar (Maharashtra)'they have cutting, stitching, rolling and
embellishments machines.
JR FOODS: CRISIL Keeps B+ on INR15cr Loan in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of JR Foods (JRF)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with JRF for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 JRF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JRF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of JRF continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Set-up in 2016 by Mr Nikhil Gaur, Delhi-based JRF trades basmati
and non-basmati rice. The commercial operations of the firm started
in November, 2016.
K AND M SHELTORS: CRISIL Keeps B on INR7.5cr Loan in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of K and M Sheltors
Private Limited (KMSPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 7.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KMSPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 KMSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KMSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of KMSPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in 2001, KMSPL is engaged in real estate development.
The company is promoted by Mr. Khalid Omar and his wife Mrs. Maria
Omar. The company is based out of Mumbai, Maharashtra.
KINETA GLOBAL: CRISIL Keeps 'B' on INR120cr Loans in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kineta Global Limited
(KGL) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 90 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with KGL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 KGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KGL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of KGL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
KGL (formerly, Kineta Minerals and Metals Ltd) was established by
Mr. V Balashowry in 2006. The Hyderabad-based company trades in
iron ore, TMT bar, cement and solar panels.
KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Krishnaam Mobile and
accessories Private Limited (KMAPL) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.7 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term .9 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with KMAPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 KMAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KMAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of KMAPL continues to be 'CRISIL D Issuer not
cooperating'.
Incorporated in 2006, KMAPL trades in mobile accessories. It is
promoted by Mr. Amit Singhania and is based in Delhi.
KUMUD RICE: CRISIL Keeps 'B+' on INR8cr Credit in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kumud Rice and Dal
Mill (KRDM) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KRDM for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 KRDM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KRDM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of KRDM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
KRDM is a partnership firm established in 1994, and is currently
managed by three partners: Mr Sanjeev Kumar Gupta, Mr Tushar Gupta,
and Mr Triloknath Gupta. The firm operates three plants in Hardoi,
Uttar Pradesh.
LAKSHMI RANGA: CRISIL Keeps 'D' on INR10cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lakshmi Ranga
Enterprises Private Limited (LREPL) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.75 CRISIL D (ISSUER NOT COOPERATING)
Term Loan 2.25 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with LREPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 LREPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LREPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of LREPL continues to be 'CRISIL D Issuer not
cooperating'.
LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).
LAKSHMI TRADERS: CRISIL Keeps D on INR6cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lakshmi Traders -
Chennai (LT; part of the Lakshmi group) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Working 2 CRISIL D (ISSUER NOT
Capital Facility COOPERATING)
CRISIL has been consistently following up with LT for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 LT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of LT continues to be 'CRISIL D Issuer not
cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LT and Lakshmi Ranga Enterprises Pvt Ltd
(LREPL). This is because the two entities, together referred to as
the Lakshmi group, have a common management team and are engaged in
similar lines of business.
LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).
LAXMI COTTON: CRISIL Keeps 'B' on INR6cr Credit in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Laxmi Cotton
Industries (Paratwada) (LCI) continues to be 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with LCI for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 LCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LCI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of LCI continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in 2004, LCI, a partnership concern established by
Agrawal family is engaged in ginning and pressing of raw cotton and
trading of food grains.
MA CHANDI: CRISIL Keeps D Debt Ratings on Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Ma Chandi Durga
Cement Limited (MCDCL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.47 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 19.33 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft 3.20 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MCDCL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MCDCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCDCL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MCDCL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in 2007, MCDCL is promoted by Mr. Kuldip Kedia. It
manufactures cement and mild steel ingots in Durgapur, West Bengal.
It also trades in iron and steel products such as
thermos-mechanically treated bars, pig iron and slag, and does job
work for firm, Star Cement.
MAA SUBHALA: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Subhala Cold
Storage Private Limited (MSCSPL) continues to be 'CRISIL B-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.25 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 4.57 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan .18 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Working Capital 1.00 CRISIL B-/Stable (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with MSCSPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MSCSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSCSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MSCSPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
MSCSPL was incorporated in 2003 to provide cold storage facilities
to potato farmers and traders. The company is promoted by Mr. Asit
Manna and Mr. Banamali Manna; its facility is in Paschim Medinipur
district (West Bengal).
MADHUBAN AGRISTORAGE: CRISIL Keeps 'B' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Madhuban Agristorage
Private Limited (MAPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MAPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MAPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
MAPL was set up in 2012 as a private limited company in Baliyasan
(Gujarat) for starting a cold chain facility for vegetables and
fruits. It is promoted by Mr. Dharmesh Rathod, Mr. Dashrat
Chaudhary, Mr. Hitesh Chawla, Mr. Shantaben Chaudhary and Mr.
Ritaba Jadeja.
MAHAVIR AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahavir Agro Foods -
Karnal (MAF) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 3.85 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MAF for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MAF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of MAF continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Established as a partnership firm in 2013 by Mr. Mukesh Kumar, Mr.
Deepak Kumar, and Mr. Chirag Kumar, MAF processes parboiled and raw
rice at its unit in Karnal that has installed paddy milling
capacity of 4 tonne per hour.
MAHAVIR ENTERPRISES: CRISIL Keeps 'D' Debt Rating in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahavir Enterprises
(ME; part of Mahavir group) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with ME for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 ME, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ME is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of ME continues to be 'CRISIL D Issuer not
cooperating'.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of ME and Ali Agency. This is because both
the firms, together referred to as the Mahavir group, have a common
management and significant operational synergies.
Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.
MANGUDIYAR MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mangudiyar Modern
Rice Mill (MMRM) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.8 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 1.2 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MMRM for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MMRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MMRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MMRM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Set up in 2007, as a proprietorship firm, MMRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. Located in Pudukkottai, Tamil Nadu, the daily operations
of the firm is managed by the proprietor, Mr. Senthil Kumar.
MANOJ KUMAR: CRISIL Keeps B on INR8cr Loans in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Manoj Kumar Vipin
Kumar (MKVK) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Working Capital 3 CRISIL B/Stable (ISSUER NOT
Demand Loan COOPERATING)
CRISIL has been consistently following up with MKVK for obtaining
information through letters and emails dated November 30, 2019 and
February 6, 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 MKVK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MKVK is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MKVK continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Set up as a partnership firm in 2009 in Bikaner by Mr Manoj Kumar
Gupta, Mr Vipin Kumar Goyal, and Mr Mahaveer Prasad, MKVK trades in
food grains such as chana, guar gum, soyabean, castor seed, barley,
and moong.
MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Manraash Processors
(Manraash) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .05 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 2 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 5.61 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 2 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with Manraash for
obtaining information through letters and emails dated August 31,
2019 and February 6, 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 Manraash, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Manraash
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Manraash continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Manraash, set up in 2012, is a partnership firm based at Jetpur,
Gujarat. The partners, Mr. Ghanshyam Harshad Jogi, Mr. Rajesh
Bhadrakant Garach, and Mr. Manilal Hiralal Modha, have experience
of over two decades in textile processing, dyeing and printing.
Production began in October 2015.
MASAFI DEVELOPERS: CRISIL Keeps B on INR10cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Masafi Developers
Private Limited (Masafi) continues to be 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Masafi for obtaining
information through letters and emails dated November 30, 2019 and
February 6, 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 Masafi, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Masafi is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Masafi continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in the year 2013, Masafi is operating a 5 star hotel
in Kochi, Kerala. The company belongs to the Aroma Fresh group
based in Kerala, which is engaged in development and operation of
hotels and resorts. Masafi is promoted by Mr. Sajeev PK.
MASUR GARDEN: CRISIL Keeps B on INR6cr Loans in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Masur Garden Resorts
Private Limited (MGRPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term .25 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 5.80 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MGRPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MGRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MGRPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MGRPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Masur Garden Resort Pvt Ltd (MGRPL), incorporated in 2005, is
currently setting up a resort in Ramanagar, Karnataka. MGRPL
currently operates a tours and travels agency and ticket booking
counter of VRL Logistics Ltd. The company is promoted by Mr.
Adiveppa Masur.
METI COTTON: CRISIL Keeps B+ on INR10cr Loans in NonCooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Meti Cotton Ginning
and Pressing Factory (MCGPF) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Term Loan 3.00 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 4.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MCGPF for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MCGPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCGPF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MCGPF continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
MCGPF, incorporated in 2014, gins and presses cotton; it also sells
cotton seeds. It is a partnership firm promoted by Mr Pundlik Meti
and family. The manufacturing unit is at Belgaum, Gokak
(Karnataka). The firm began operation in fiscal 2017.
MITTAL ALLOY: CRISIL Keeps D on INR5.3cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mittal Alloy Castings
Company (MACC) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 3.3 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MACC for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MACC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MACC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MACC continues to be 'CRISIL D Issuer not
cooperating'.
Raigarh (Chattisgarh)-based MAAC, incorporated in July 2015, is
setting up a facility to manufacture Grinding Media Balls. Mr
Deepak Agrawal and Mr Ramsharan Agrawal are the promoters.
MLM AGENCIES: CRISIL Keeps B+ on INR6cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of M. L. M. Agencies
(MLM; part of the MLM group) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .75 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Cash 5.25 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING)
CRISIL has been consistently following up with MLM for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MLM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MLM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of MLM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MLM Agencies and Sakthi Velavan
Transport. This is because both the entities, together referred to
the MLM group and have a common management and significant
financial fungibility.
M.L.M Agencies is a whole sale trader of blue metal. Sakthi Velavan
Transport provides logistic solutions through road transport
services, mainly to entities in the cement business. The promoter,
Mr L Muthuraj, manages daily operations.
MPL AUTOMOBILES: CRISIL Keeps INR37.5cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of MPL Automobiles
Agency Private Limited (MAAPL) continues to be 'CRISIL B-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 12.5 CRISIL B-/Stable (ISSUER NOT
Facility COOPERATING)
Secured Overdraft 25 CRISIL B-/Stable (ISSUER NOT
Facility COOPERATING)
CRISIL has been consistently following up with MAAPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MAAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of MAAPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
MAAPL, incorporated in 2000, is an authorised dealer for passenger
vehicles of M&M in Chennai. MMPL, incorporated in 1998, is an
authorised dealer for commercial vehicles of M&M in Chennai. The
group is promoted by Mr. S. Ashok and his family.
MURALI ADS: CRISIL Keeps B+ on INR25cr Loans in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Murali Ads and
Publicities (MAP) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.50 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 21.00 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 2.50 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with MAP for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 MAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of MAP continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MAP and Murali Residency (MR). This is
because both the entities, together referred to as the Murali
group, are under the same management team and have common bankers.
MAP and MR are proprietorship firms of Mr. V. Krishnaswamy. MAP,
established in 1989, provides out-of-home (OOH) advertising
solutions at railway stations, for which, it is a sole licensee in
Tamil Nadu and Kerala. MR, established in 1913, manages a hotel in
Kumbakonam, Tamil Nadu.
NAGPUR BEVERAGES: CRISIL Keeps B on INR6cr Credit in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nagpur Beverages
Private Limited (NBPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with NBPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 NBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of NBPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in 1968, NBPL is a distributor of PepsiCo products in
Cuttack and surrounding regions in Odisha. The company is a part of
the SMV group, which undertakes soft drink bottling for PepsiCo.
NHS INDUSTRIES: CRISIL Keeps D on INR10.9cr Loans in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of NHS Industries (NHS)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2.5 CRISIL D (ISSUER NOT COOPERATING)
Term Loan 8.4 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with NHS for obtaining
information through letters and emails dated November 30, 2019 and
February 6, 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 NHS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NHS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of NHS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
NHS, based in Bengaluru, was established in November 2016 as a
proprietorship firm by Mr Bhargava Reddy. The firm manufactures
HDPE/PP (high-density polyethylene / polypropylene) woven sacks.
NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nizam Deccan Sugars
Limited (NDSL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 103.3 CRISIL D (ISSUER NOT
COOPERATING)
Letter of credit .5 CRISIL D (ISSUER NOT
& Bank Guarantee COOPERATING)
Proposed Long Term 48.09 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 33.34 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with NDSL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 NDSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NDSL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of NDSL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
NDSL, incorporated in 2002, manufactures sugar and extra neutral
alcohol, and generates power. NDSL has three sugar plants in
Telangana. The company also has a distillery unit, and a
20-megawatt biomass-based power generation plant. Dr. G Ganga Raju
and family (promoters of the Laila group of companies) hold a 51
per cent stake in NDSL; the balance 49 per cent stake is held by
Nizam Sugars Ltd. The Laila group is engaged in diverse businesses
including sugar, paper, nutraceuticals, and education.
OASIS GREEN: CRISIL Lowers Rating on INR18cr Term Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Oasis Green
Energy Private Limited (OGEPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with OGEPL for obtaining
information through letters and emails dated August 31, 2019 and
February 06, 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 OGEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OGEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of OGEPL revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Oasis Green Energy Pvt Ltd (OGEPL), was incorporated in Oct 2014
with a purpose to produce solar power by setting up a PV solar farm
in Punjab under the Punjab Solar Policy. The company has set up a 3
MW photovoltaic solar plant Bahadurpur, Punjab. The project was
commissioned on April 01, 2015 and has entered into a PPA with
Punjab State Power Corporation Ltd to supply solar power for 25
years. The company started commercial operations from April 2016
onwards.
OMEGA SOLAR: CRISIL Lowers Rating on INR48cr Loan to B+
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Omega Solar
Projects Private Limited (Omega) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 48 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 2 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with Omega for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 Omega, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Omega is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Omega revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Omega, set up in 2009, operates a 10.5 megawatt (MW) solar power
plant in Sangrur, Punjab.
ONYX BIOTEC: CRISIL Withdraws 'B' Rating on INR2.4cr Cash Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Onyx Biotec Private Limited
(OBPL) to 'CRISIL B/Stable Issuer not cooperating'. CRISIL has
withdrawn its rating on bank facility of OBPL following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL is migrating the ratings on bank
facilities of OBPL from 'CRISIL B/Stable Issuer Not Cooperating' to
'CRISIL B/Stable' The rating action is in line with CRISIL's policy
on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.4 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING'; Rating Withdrawn)
Term Loan 6.09 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING'; Rating Withdrawn)
OBPL, incorporated in 2006, was taken over by the present
management comprising of Mr. Naresh Mahajan, Mr. Sanjay Jain, and
Mr. S P Singh in 2009. The company manufactures sterile water
injections of different compositions (5-30 millilitres). It also
manufactures sodium chloride-based sterile water injections of 5 ml
and 10 ml capacities. Its manufacturing facility at Nalagarh,
Himachal Pradesh, has an installed capacity of 4.5 Lakhs viles per
annum.
OPS JEWELLS: CRISIL Lowers Rating on INR13cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of OPS Jewells
Private Limited (OPSJPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 2 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with OPSJPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 OPSJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OPSJPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of OPSJPL revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Set up in 2011 by Mr. Kailash Chand Gupta and his sons, Mr. Amit
Bansal and Mr. Vikas Bansal, in Karnal, OPSJPL retails diamond,
gold, and silver jewellery from its two showrooms in Karnal and
Panipat. Mr. Vikas Bansal manages operations of Karnal showroom
while Mr. Amit Bansal oversees business at the Panipat showroom.
SUZLON ENERGY: Postpones Extra General Meeting to April 7
---------------------------------------------------------
The Hindu BusinessLine reports that Suzlon Energy has postponed its
Extra General Meeting (EGM) to April 7. It was scheduled for March
24, the report says.
"This is to further inform that considering the severity of the
pandemic situation of COVID-19 and in the light of notification
issued by the Government of Gujarat declaring lockdown and
prohibiting all non-essential services/activities especially in the
city of Ahmedabad, it has become imperative to postpone the EGM to
a future date on account of force majeure circumstances," it said
in a filing to the exchanges, The Hindu BusinessLine relays.
However, E-voting done by the members during the period from 9:00
a.m. of 21st March 2020 till 5:00 p.m. of 23rd March 2020 would
continue to remain valid and the votes cast through remote e-voting
shall not be unblocked by the Scrutiniser until the conclusion of
the EGM, the filing added.
About Suzlon Energy
Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
21, 2020, BloombergQuint said that Bank of India has agreed to
proceed with a restructuring proposal by Suzlon Energy. The
decision was taken by the bank's board after a series of meetings.
Suzlon, which owes banks INR11,300 crore, had proposed to split its
debt into a sustainable and an unsustainable part. According to
BloomberQuint, the company sought to convert INR7,700 crore in debt
into convertible debentures, which would be held in the investment
books of banks. Debt worth about INR3,600 crore was seen as
sustainable and would remain in the form of loans. An additional
INR1,000 crore in non-fund exposure, via facilities such as letters
of credit etc., will also continue, the company had proposed.
Suzlon Energy missed payments on dollar-denominated convertibles
due July 16, 2019, according to Bloomberg News.
===============
M A L A Y S I A
===============
MALAYSIA: Explores Debt Measures, M&A to Bail Out Airlines
----------------------------------------------------------
Bloomberg News reports that Malaysia is exploring the possibility
of bailing out domestic airlines that have been hit hard by the
coronavirus outbreak, according to people with knowledge of the
matter.
Officials have been studying ideas including setting up a vehicle
to take over the debt of companies like Malaysia Airlines Bhd. and
AirAsia Group Bhd., the people said, Bloomberg relays. The
government is also considering encouraging mergers between some of
the carriers, said the people, who asked not to be identified
because the information is private.
They have been discussing whether to provide financial support to
other parts of the economy affected by the pandemic such as the
tourism, real estate and oil and gas industries, the people said.
Deliberations are at an early stage and the government hasn’t
decided on a course of action, said the people.
Malaysia Airlines has separately been in talks with lenders about
modifying its borrowings, the people, as cited by Bloomberg, said.
The country’s flagship carrier, which continues to wallow in the
red since announcing its turnaround plan in 2015, has asked for
support from the government, one of the people said, Bloomberg
relates.
Khazanah Nasional Bhd., Malaysia’s sovereign wealth fund, is the
sole shareholder of Malaysia Airlines after taking it private in
2014 following two tragic incidents: one of its planes vanished
over the Indian Ocean and another was shot down over Ukraine.
Bloomberg, citing the International Air Transport Association,
discloses that airlines worldwide could lose $252 billion in
revenue this year from the coronavirus pandemic, threatening the
survival of the industry. The anticipated hit is more than double
the size of the decline mooted by IATA earlier this month,
reflecting the steep downward spiral of many carriers as they
grapple with a crisis more severe than anything the sector has ever
faced, the report states. IATA, which represents about 290 airlines
globally, said only around 30 airlines have reasonably healthy debt
and earnings.
If the government of Malaysia were to create a special vehicle, it
would not be the first time, Bloomberg says. In 1998, during the
Asian financial crisis, Malaysia set up Pengurusan Danaharta
Nasional Bhd., a state-owned asset manager, to help shield local
banks from spiraling non-performing loans. Danaharta closed in 2005
and the Ministry of Finance set up Prokhas Sdn Bhd. to manage its
residual assets, recalls Bloomberg.
According to Bloomberg, Bank Negara Malaysia this week rolled out
additional measures to help individuals and smaller businesses
facing financial constraints because of the pandemic. In a
televised address on March 25, Prime Minister Muhyiddin Yassin said
the government would announce a more comprehensive set of measures
on March 27.
=================
S I N G A P O R E
=================
[*] SG Bankruptcies Started Surging Even Before Coronavirus Hit
---------------------------------------------------------------
Chanyaporn Chanjaroen and Don Ong at Bloomberg News report that
Singapore is bracing for a further jump in bankruptcies after cases
surged to the highest in years even before the coronavirus pandemic
hit.
The number of individuals filing for bankruptcy soared 47% from a
year earlier to 434 in January, the highest since October 2004,
Bloomberg discloses citing latest data from the Law Ministry's
Insolvency Office. Companies in liquidation jumped to 287 last
year, the highest since records began in 2005, Bloomberg relays.
Bloomberg relates that Singapore's already-slowing economy is now
poised to shrink as the virus slams trade and tourism. That's
likely to send more businesses and individuals broke, leading to an
increase in bad loans at banks including DBS Group Holdings Ltd.
even as they ease borrowing terms.
"Bank support measures would help bridge short-term liquidity
challenges for otherwise healthy borrowers, but their ability to
stave off defaults is limited unless the slowdown proves relatively
short-lived," Bloomberg quotes Willie Tanoto, a director at Fitch
Ratings' Asia-Pacific Banking team, as saying.
Sanford C. Bernstein analysts expect soured loans to rise and
lending to contract because of the virus-fueled pain, Bloomberg
discloses. The non-performing loan ratios for DBS and
Oversea-Chinese Banking Corp. could climb to 1.8% this year from
1.5% in 2019, Kevin Kwek and Pranav Gundlapalle said. United
Overseas Bank Ltd.'s ratio may jump to 1.9% from 1.5%, they said.
UOB said earlier this month that bad-loan costs are likely to rise
more than previously anticipated, due to the outbreak and a
dramatic slump in oil prices.
According to Bloomberg, Singapore's economy may shrink 0.3% this
year, with the potential for a more severe decline if the shutdown
at neighboring Malaysia takes a heavier toll, economists at Malayan
Banking Bhd. predict. The government is preparing a second package
of stimulus measures on top of the SGD6.4 billion ($4.4 billion)
allocated last month to fight the coronavirus spread and help
businesses and consumers, the report notes.
"Aspects of government stimulus provide targeted assistance to
worst-hit sectors, help fill a demand gap, and augment the pool of
bankable credit for commercially viable lending," said Fitch's
Tanoto.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***