/raid1/www/Hosts/bankrupt/TCRAP_Public/200819.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
Wednesday, August 19, 2020, Vol. 23, No. 166
Headlines
A U S T R A L I A
AGRI-PET PTY: First Creditors' Meeting Set for Aug. 28
BEFIT TRAINING: First Creditors' Meeting Set for Aug. 26
CRUISE & MARITIME: Second Creditors' Meeting Set for Aug. 26
G-STAR RAW: Shuts 57 Stores and Axes 200 Jobs as No Buyer Found
GIANT POWER: Second Creditors' Meeting Set for Aug. 26
SPITFIRE CORP: Placed in Voluntary Administration; Owes AUD5MM
ZAOUD PLUMBING: Second Creditors' Meeting Set for Aug. 26
I N D I A
A. AUTOMOVERS: CRISIL Lowers Rating on INR15cr Cash Loan to B
ADARSH PRAGYA: CRISIL Lowers Rating on INR3cr Loan to B
ADITHYA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating
ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
AMRUTVA EXPORTS: CRISIL Lowers Rating on INR14cr Loan to B
ANAND TRIPLEX: CRISIL Lowers Rating on INR30cr Cash Loan to B
ANANDTARA PROPERTIES: CRISIL Lowers Rating on INR7cr Loan to B
BALAJI LOOMTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
C MOHAN: CRISIL Lowers Rating on INR5cr Cash Loan to B
CICB - CHEMICON: CRISIL Keeps D Debt Ratings in Not Cooperating
CONCEPT BIKES: CRISIL Lowers Rating on INR7cr Loan to B
EEE AND CEE PRESSINGS: CRISIL Keeps B Debt Rating in NonCooperating
FOOT ON SHOES: CRISIL Lowers Rating on INR6cr Loan to B
G P MOTORS: CRISIL Lowers Ratings on INR12.5cr Loans to B
GANESH AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GEETHA KRISHNA: CRISIL Lowers Rating on INR12cr Secured Loan to B
GOYUM SCREW: CRISIL Keeps B+ on INR12cr Loans in Not Cooperating
GSM MEGA: CRISIL Lowers Rating on INR60cr LT Loan to B
HARVITEC ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
INDOTECH INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
JET AIRWAYS: Sells Property, Acquires Aircraft Title in Insolvency
K MANIAR: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
K.C. RICE MILLS: CRISIL Keeps B+ on INR12cr Loan in Not Cooperating
LEADER VALVES: Ind-Ra Keeps BB+ LT Issuer Rating in NonCooperating
PUNJAB & MAHARASHTRA: Should Consider Liquidating Some HDIL Assets
RAJ ARCADE: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
SEASON RUBBERS: CRISIL Reaffirms B Rating on INR7cr Cash Loan
SGRD HEALTHCARE: CRISIL Keeps B+ on INR15cr Debt in NonCooperating
SHUBHSHREE ENGINEERING: Ind-Ra Lowers LT Issuer Rating to 'BB+'
SOLEX ENERGY: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
SUNITI PROVA: CRISIL Moves B Debt Ratings From Not Cooperating
J A P A N
NIPPON STEEL: Appeal Over South Korea Asset Seizure Rejected
N E W Z E A L A N D
PROPERTY VENTURES: Henderson-Linked Companies Fail to Get Audit
S O U T H K O R E A
EASTAR JET: To Find New Owner After Jeju Air Scraps Deal
T H A I L A N D
THAI AIRWAYS: Thai Court Extends Bankruptcy Hearings Until Aug. 25
- - - - -
=================
A U S T R A L I A
=================
AGRI-PET PTY: First Creditors' Meeting Set for Aug. 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Agri-Pet
Pty. Ltd., trading as Allstock Stores, will be held on Aug. 28,
2020, at 10:30 a.m. at Level 4, 15 Ogilvie Road, in Mount Pleasant,
WA.
Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Agri-Pet Pty on Aug. 18, 2020.
BEFIT TRAINING: First Creditors' Meeting Set for Aug. 26
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Befit
Training Pty Limited will be held on Aug. 26, 2020, at 11:00 a.m.
via virtual meeting.
Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of Befit Training on Aug. 14, 2020.
CRUISE & MARITIME: Second Creditors' Meeting Set for Aug. 26
------------------------------------------------------------
A second meeting of creditors in the proceedings of Cruise &
Maritime Voyages Pty Ltd has been set for Aug. 26, 2020, at 11:00
a.m. The meeting will be held via teleconference only.
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 Aug. 25, 2020, at 4:00 p.m.
Marcus William Ayres and Kenneth Michael Whittingham of Duff &
Phelps were appointed as administrators of Cruise & Maritime on
July 24, 2020.
G-STAR RAW: Shuts 57 Stores and Axes 200 Jobs as No Buyer Found
---------------------------------------------------------------
Eloise Keating at SmartCompany reports that denim fashion chain
G-Star Raw has disappeared from Australian shopping centres, after
a buyer was not found for the collapsed retailer.
SmartCompany relates that the Australian arm of G-Star Raw fell
into administration in May, with administrators Justin Walsh,
Stewart McCallum and Sam Freeman from Ernst & Young overseeing a
sale campaign for the chain's 57 stores in the time since.
However, they said on Aug. 17, the sale campaign for the "globally
recognised brand" was not successful.
According to SmartCompany, all of the G-Star Raw stores in
Australia have now closed, and about 200 jobs have been lost.
This was the second time the fashion retailer's Australian arm had
gone into administration, after the brand also collapsed back in
2015.
"The fact that no party was able to buy the business reflects the
high level of uncertainty regarding the future prospects for the
retail sector in Australia," administrators said in a statement,
according to the ABC, relays SmartCompany.
G-Star Raw was founded in the Netherlands in 1989 and became known
for its range of raw denim products. It continues to operate in
other countries.
When EY administrators were appointed to the Australian business in
May, they said the company's major creditors were commercial
landlords, SmartCompany recalls.
"Traditional retailers were already facing business challenges
before COVID-19," SmartCompany quotes administrator Justin Walsh as
saying at the time. "COVID-19 has certainly increased those
pressures."
SmartCompany notes that while some e-commerce operators, such as
Kogan, have seen sales skyrocket during the coronavirus lockdowns,
the pressure on traditional brick-and-mortar retailers has only
intensified, particularly in Victoria where thousands of retailers
are currently not able to open their shop doors.
This has led to growing concerns about what will happen when
government stimulus measures and rent moratoriums are scaled back
in September, and temporary changes to insolvency laws are due to
come to an end, SmartCompany says.
GIANT POWER: Second Creditors' Meeting Set for Aug. 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Giant Power
Australia Pty Ltd has been set Aug. 26, 2020, at 11:30 a.m. at the
offices of Hall Chadwick Chartered Accountants, Level 4, 240 Queen
Street, in Brisbane, 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 Aug. 25, 2020, at 5:00 p.m.
Ginette Muller of Hall Chadwick was appointed as administrator of
Giant Power on July 21, 2020.
SPITFIRE CORP: Placed in Voluntary Administration; Owes AUD5MM
--------------------------------------------------------------
Aleks Vickovich at Australian Financial Review reports that
up-and-coming fintech Spitfire Corporation, backed by IFM Investors
and tipped by UBS to become a disrupter in the AUD900 billion
wealth platform market, has entered administration owing AUD5
million to creditors.
The wealth management technology provider appointed voluntary
administrators on August 7, according to documents lodged with the
Australian Securities and Investments Commission, the report
relays.
It will become one of the first clients of newly established
consulting firm Olvera Advisors, which bills itself as an adviser
to Rich Listers and has been tasked with administration of Spitfire
and liquidation of related entity Aspirio Pty Limited, according to
the Financial Review.
The Financial Review relates that sources close to the matter said
the company was forced to appoint administrators after an investor
reneged on a AUD3.5 million funding agreement. It had struggled to
raise capital more broadly amid the volatile market conditions of
the coronavirus pandemic.
It is understood Spitfire owes about AUD5 million in total to
creditors, including former employees with outstanding wage, leave
and superannuation entitlements. Prominent financial industry
suppliers Bloomberg and Equity Trustees are believed to be among
the creditors, the report notes.
According to the Financial Review, Spitfire's ambitious plans to
steal market share from ASX-listed darlings Netwealth and Hub24 and
the large bank-owned wealth managers were being watched closely,
especially after UBS analyst Kieren Chidgey listed it as a key
participant in the "next wave of disruption" in the industry.
It raised AUD9 million in 2019 via equity and convertible
instruments, including from the powerful IFM Investors, owned by 27
industry super funds, and hedge fund Regal.
A Spitfire investor pitch deck circulating in 2019, seen by the The
Australian Financial Review, forecast it would grow funds under
management from AUD1.7 billion to AUD3.1 billion in 2020, AUD5
billion in 2021 and AUD9.5 billion in 2023, with plans for an
initial public offering.
It claimed Spitfire enjoyed "ecosystem partnerships" with big
companies including Goldman Sachs, Credit Suisse, Citi, National
Australia Bank, Macquarie, Amazon and PwC.
But its links to disgraced Sydney business identity Michael Milne,
revealed by the Financial Review in January, raised eyebrows for
some prospective investors and clients.
The Financial Review says Mr. Milne was a founder of Demtel, the
iconic 1990s infomercial producer and distributor of steak knives
famous for the catchphrase "but wait, there's more". In November
2010, he was convicted of one count of money laundering and one
count of intending to dishonestly obtain a gain from the
Commonwealth for his role in an alleged tax fraud relating to the
Project Wickenby saga and sentenced to eight and a half years'
jail.
Four years later, the High Court quashed his money laundering
conviction, ruling that he should never have been convicted of it
by the NSW Supreme Court. After a failed attempt in 2011, Mr.
Milne did not appeal the dishonesty conviction to the High Court
and it still stands.
According to the report, Mr. Milne was positioned as an informal
"adviser" to the Spitfire board while his son Laurence Milne was
the founder and managing director. However, according to multiple
former employees, the senior Milne was a regular presence in the
Spitfire office and was actively involved in the daily management
of the firm. Several described him as a "shadow director".
In a written statement, Olvera's Damien Hodgkinson --
damien.hodgkinson@olveraadvisors.com -- said: "Our first task is to
transfer the remaining financial planners and their clients off
Spitfire Assets Managers platforms to new advisory platforms as
quickly as possible. We want to create as little disruption as
possible, as we enter into discussions with creditors and
shareholders," adds the Financial Review.
ZAOUD PLUMBING: Second Creditors' Meeting Set for Aug. 26
---------------------------------------------------------
A second meeting of creditors in the proceedings of Zaoud Plumbing
Pty Ltd has been set for Aug. 26, 2020, at 11:00 a.m. at One Wharf
Lane, Level 20, 171 Sussex Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 25, 2020, at 4:00 p.m.
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Zaoud Plumbing on July 22, 2020.
=========
I N D I A
=========
A. AUTOMOVERS: CRISIL Lowers Rating on INR15cr Cash Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of A. Automovers
Private Limited (AAPL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Inventory Funding 5 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AAPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AAPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.
AAPL, established by Mr. B S Talwar is an authorised automobile
dealer for M&M. The firm operates two showrooms under the 3S format
in Lucknow.
ADARSH PRAGYA: CRISIL Lowers Rating on INR3cr Loan to B
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Adarsh Pragya
Vidhya Mandir Samiti (APVMS) revised to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.2 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Overdraft 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with APVMS for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 APVMS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on APVMS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of APVMS
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
APVMS, founded in 2000, imparts education in dental and nursing
courses. It is affiliated to Rajasthan University. The trust
operates one campus in Kota, Rajasthan. It is managed by Mr. Anil
Daswani and his family members.
ADITHYA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating for the bank facilities of Adithya Global
Health care Private Limited (AGHPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.25 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 10 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 15.25 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with AGHPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AGHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AGHPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AGHPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2015, AGHPL is setting up a 150-bed hospital at
Visakhapatnam, Andhra Pradesh. The hospital is expected to be
operational by April 2018. Mr. Suresh Naidu is the promoter.
ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the rating for the bank facilities of Advait Steel
Rolling Mills Private Limited (ASR) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.75 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 3.04 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital 4.21 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with ASR for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 ASR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ASR is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ASR
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2004 by Mr. B S Garg, ASR has a thermo-mechanically
treated bar manufacturing facility in Puducherry, with a capacity
of 36,000 tonne per annum.
AMRUTVA EXPORTS: CRISIL Lowers Rating on INR14cr Loan to B
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Amrutva
Exports Private Limited (AEPL) to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Credit Limit 2.8 CRISIL B/Stable (ISSUER NOT
Under Gold Card COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Packing Credit 14 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Short 0.2 CRISIL A4 (ISSUER NOT
Term Bank COOPERATING; Revised from
Loan Facility 'CRISIL A4+ ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 that rating action on AEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AEPL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
AEPL, incorporated in 2002 by Mr. Alkesh Patel, trades in
agro-commodities such as spices, food grains, pulses, and oil
seeds.
ANAND TRIPLEX: CRISIL Lowers Rating on INR30cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Anand
Triplex Board Limited (ATBL) to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Letter of Credit 4.5 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long Term 5.4 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Term Loan 1.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with ATBL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 ATBL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ATBL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ATBL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
ATBL, incorporated in 1994, manufactures waste-paper-based
newsprint and low grade writing and printing paper, along with a
10-megawatt power generating unit (rice-husk based) for captive
power usage. Set up in 1989, ADL manufactures duplex board from
waste paper. The group is promoted by Mr. Anand Prakash Sharma, and
has its manufacturing unit in Meerut, Uttar Pradesh.
ANANDTARA PROPERTIES: CRISIL Lowers Rating on INR7cr Loan to B
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Anandtara
Properties (AP) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AP for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AP Revised
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating'.
AP was set up in 2006, by Mr. Suhas Gaikwad and his family members.
The firm, which is the part of the Anandtara group, is engaged in
real estate development, largely in Pune. The Anandtara Haritara
project is currently being constructed.
BALAJI LOOMTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating for the bank facilities of Balaji Loomtex
Private Limited (BLPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Cash 10.5 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING)
Proposed Term Loan 16.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with BLPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 BLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BLPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BLPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in February 2017 and promoted by Mr. Raghunandan Sarup
Gupta, his son Mr. Uttam Gupta and daughter-in-law Mrs Shallu
Bansal, BLPL is setting up a flannel and polyester fabric textile
unit in Panipat. The company is currently engaged in trading and
semi-manufacturing of home furnishing textiles such as bed sheets
and duvets.
C MOHAN: CRISIL Lowers Rating on INR5cr Cash Loan to B
------------------------------------------------------
CRISIL has revised the ratings on bank facilities of C Mohan
International (CMI) 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')
Long Term Loan 0.1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with CMI for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 CMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CMI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CMI
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.
CMI, set up in 1980, is a proprietorship firm of Mr. Indermohan
Jain. The firm manufactures knitted fabric, and is based in
Ludhiana, Punjab.
CICB - CHEMICON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating for the bank facilities of CICB - Chemicon
Private Limited (CICB - Chemicon) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 3 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 9.5 CRISIL D (ISSUER NOT
COOPERATING)
Packing Credit 2.25 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long 45.48 CRISIL D (ISSUER NOT
Term Bank COOPERATING)
Loan Facility
CRISIL has been consistently following up CICB - Chemicon for
obtaining information through letters and emails dated January 14,
2020 and July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 CICB - Chemicon, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on CICB -
Chemicon is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of CICB - Chemicon continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
CICB-Chemicon, established in 1971 and based in Bengaluru,
primarily manufactures engineering goods, including compressors,
heat exchangers, and pressure vessels.
CONCEPT BIKES: CRISIL Lowers Rating on INR7cr Loan to B
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Concept Bikes
(Concept) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 7 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Overdraft 2 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Term Loan 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL has been consistently following up with Concept for
obtaining information through letters and emails dated February 12,
2020 and July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 Concept, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Concept is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
Concept revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Concept Bikes (a part of the Concept group of companies), is a
proprietary concern set up by Mr. Firozkhan Abdullatheef in
September 2013.The firm is an authorised dealer for two wheelers
(Royal Enfield) with four showrooms in Thiruvananthapuram.
Mr. Abdullatheef is a first-generation businessman, with interests
across diverse sectors such as auto dealership, auto ancillary,
used car services, IT services, and food processing.
EEE AND CEE PRESSINGS: CRISIL Keeps B Debt Rating in NonCooperating
-------------------------------------------------------------------
CRISIL said the rating for the bank facilities of Eee and Cee
Pressings Private Limited (ECPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Letter of credit 0.9 CRISIL A4 (ISSUER NOT
& Bank Guarantee COOPERATING)
Long Term Loan 4.75 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Working .35 CRISIL B/Stable (ISSUER NOT
Capital Facility COOPERATING)
CRISIL has been consistently following up with ECPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 ECPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ECPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ECPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
ECPL, incorporated in 1987, manufactures rail coach front and end
parts, body bolsters, and bogie bolsters. The company is managed by
Mr. Ajay Chabra and his father Mr. Subhash Chandra Chabra.
FOOT ON SHOES: CRISIL Lowers Rating on INR6cr Loan to B
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Foot On Shoes
(FOS) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Buyer's Credit 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Export Packing Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 3 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Term Loan 0.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with FOS for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 FOS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on FOS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of FOS
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.
Set up as a partnership firm in 1981, FOS manufactures leather
shoes, mostly for women. The shoes are exported to
Europe'especially France and Spain. The manufacturing facility in
Agra has capacity to manufacture around 3000 pairs per day, but
runs at 30-35% of the capacity. Mr. Sumit Joshan, Mr. Sunil Kumar
Joshan, and Ms Anu Joshan are the partners.
G P MOTORS: CRISIL Lowers Ratings on INR12.5cr Loans to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of G P
Motors Private Limited (GPMPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Long Term Loan .8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with GPMPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GPMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GPMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GPMPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.
GPMPL was incorporated in 2008 by Mr. Amit Agarwal and family. The
company is a dealer of four wheelers of TML and HMIL, and two
wheelers of Honda in Allahabad, where it has three showrooms.
GANESH AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the rating for the bank facilities of Ganesh Agro
Industries - Nanded (Ganesh; part of the Venkateshwara group)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 0.4 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 2.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Ganesh for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 Ganesh, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Ganesh is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Ganesh
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Venkateshwara Dall Industries (VDI) and
Ganesh as both entities, together referred to as the Venkateshwara
group, are under a common promoter family, engaged in similar line
of business, and benefit from centralised control over operations
and treasury of the entities.
VDI was formed as a proprietorship firm of Mr. Rajiv Achintalwar,
in 2004. The firm processes and trades in different pulses, and has
a manufacturing facility at Nanded (Maharashtra).
Ganesh was set up in 2015, by the Kotgire and Achintalwar families.
The firm processes toor dal (lentils). Operations began from
February 2016 and the firm was operational for 45 days in fiscal
2016. The manufacturing facility is at Nanded.
GEETHA KRISHNA: CRISIL Lowers Rating on INR12cr Secured Loan to B
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Geetha Krishna
Spinning Mills Private Limited (GKSM) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Secured Overdraft 12 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL has been consistently following up with GKSM for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GKSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GKSM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GKSM
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
GKSM was incorporated in 1993 in Rajapalayam, Tamil Nadu, promoted
by Subramania Raja V.K. The company manufactures cotton yarn in
cone and hank forms. Its products include carded and combed cotton
yarn in counts of 40s-80s. It has an installed capacity of around
35,000 spindles.
GOYUM SCREW: CRISIL Keeps B+ on INR12cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating for the bank facilities of Goyum Screw Press
(GSP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 7 CRISIL A4 (ISSUER NOT
in Foreign COOPERATING)
Currency
Proposed Long 5 CRISIL B+/Stable (ISSUER NOT
Term Bank COOPERATING)
Loan Facility
CRISIL has been consistently following up with GSP for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GSP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GSP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GSP
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSP and Goyum Technical Holdings Pvt Ltd
(GTPL). This is because the two entities, together referred to as
the Goyum group, have common management, brand, and customers.
GSP was set up as a proprietorship concern of Mr. Vinod Jain in
2005. The firm manufactures machinery for oil and solvent
extraction plants and sells products under the 'Goyum' brand.
GTPL was set up as a partnership firm of Mr. Vinod Jain and Mr.
Harbhajan Singh in 2005, and was reconstituted as a private limited
company in 2010. It manufactures and trades in oil mill machinery.
It also sells under the 'Goyum' brand.
GSM MEGA: CRISIL Lowers Rating on INR60cr LT Loan to B
------------------------------------------------------
CRISIL has revised the ratings on bank facilities of GSM Mega
Infrastructures Private Limited (GSM) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 60 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with GSM for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GSM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GSM
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.
GSM was set up in 2011 by Mr. M V S Seshagiri Rao, Mr. Murali Mohan
Reddy, Mr. Siva Shankar Reddy, and Mr. Veera Sekhar Reddy. The
company develops real estate. Its ongoing commercial real estate
project, comprising a mall and a multiplex, is at Serilingampally
in Telangana.
HARVITEC ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating for the bank facilities of Harvitec
Enterprises Private Limited (HEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HEPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 HEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on HEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of HEPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Incorporated in 1990 HEPL supplies electrical goods (cables and
conductors) used for erection of transmission towers to UPPCL. HEPL
is also engaged in erection of such towers. Operations are managed
by Mr. Harvinder Singh.
INDOTECH INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating for the bank facilities of Indotech
Industrial Solutions Private Limited (IISPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term
Loan 3.46 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 1.54 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with IISPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 IISPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on IISPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of IISPL
continues to be 'CRISIL D Issuer Not Cooperating'.
IISPL, incorporated in June 2006 at Pune, Maharashtra undertakes
turnkey projects in dairy, sugar, food processing, power, and
telecom industries. Mr. Bhausaheb Janjire and Ms Hemlata Janjire
are the promoters.
JET AIRWAYS: Sells Property, Acquires Aircraft Title in Insolvency
------------------------------------------------------------------
Vantage Asia reports that AZB & Partners and De Brauw Blackstone
Westbroek advised the resolution professional managing the
insolvency of Jet Airways when the airline sold two floors of a
Mumbai building to a company controlled by Brookfield Asset
Management. Khaitan & Co advised Brookfield.
According to Vantage Asia, the National Company Law Tribunal (NCLT)
had given the go-ahead for the INR4.9 billion (US$65 million) sale
after both HDFC, to which Jet Airways had mortgaged the premises,
and the committee of creditors of Jet Airways had approved it.
Wadia Ghandy advised HDFC, and Cyril Amarchand Mangaldas advised
the committee of creditors, the report discloses.
Jet Airways then made a US$13 million bullet payment to the US Exim
Bank to acquire title to six Boeing 777 aircraft, Vantage Asia
relates. Vedder Price advised the bank.
The real estate sale was completed on July 10, and the acquisition
of title to the aircraft, which the company said would add about
US$200 million to the value of its assets, was completed on July
27, Vantage Asia relays.
According to Vantage Asia, AZB & Partners said this was the first
transaction under the Insolvency and Bankruptcy Code (IBC) where a
material asset was sold during the IBC process outside the normal
course of business, with the approval of the NCLT.
The AZB & Partners team comprised founding partner Bahram Vakil,
partners Nilang Desai and Suharsh Sinha, senior associate Amrita
Sinha, and associate Rishiraj Baruah from the restructuring
practice; partner Dhirajkumar Totala and associates Neeraja
Balakrishnan, Nishant Upadhyay and Hardik Jain from the litigation
practice; and partner Nohid Nooreyezdan, and senior associate Priya
Parab from the real estate practice.
Khaitan & Co's team comprised partner Harsh Parikh and principal
associate Abhiraj Gandhi. Partner Siddharth Srivastava and
principal associate Kanika Kadam advised on insolvency law.
Wadia Ghandy's team was led by partners Dhawal Mehta and Denzil
Arambhan. Vedder Price's team comprised transportation finance
specialist Jeffrey Veber and associate Michael Ogle.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
K MANIAR: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained K Maniar's
Long-Term Issuer Rating in the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will continue to appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR353.285 mil. Long-term loan due on February 28, 2021
maintained in a non-cooperating category with IND BB (ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 25, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
K Maniar commenced the construction of the Sethia Grandeur building
in March 2016.
K.C. RICE MILLS: CRISIL Keeps B+ on INR12cr Loan in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating for the bank facilities of K.C. Rice Mills
(KC) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KC for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 KC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KCR, based in Jalalabad (Punjab), is a partnership firm of Mr.
Raman Kumar and his brother, Mr. Anil Kumar. It processes and
sells basmati rice, especially PUSA 1121 variety. Its units have a
milling and sorting capacity of 4 and 8 tonne per hour,
respectively. The firm also undertakes job-work for other firms.
LEADER VALVES: Ind-Ra Keeps BB+ LT Issuer Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Leader Valves
Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR120 mil. Fund-based working capital limits* maintained in
non-cooperating category and withdrawn; and
-- INR150 mil. Non-fund-based working capital limits** maintained
in non-cooperating category and withdrawn.
* Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
KEY RATING DRIVERS
The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.
Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate (prior to June 30, 2020) from
the lender. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017, for credit rating
agencies.
COMPANY PROFILE
Incorporated in 1950, Leader Valves is a valve manufacturer with a
fully integrated valve production unit with ferrous and non-ferrous
foundries, forging units, machining, and testing facilities.
PUNJAB & MAHARASHTRA: Should Consider Liquidating Some HDIL Assets
------------------------------------------------------------------
Livemint.com reports that the Delhi High court has observed that
the Administrator in charge of Punjab & Maharashtra Co-operative
Bank (PMC Bank) should consider liquidating at least some assets
belonging to Wadhawans, the family behind Housing Development and
Infrastructure Ltd (HDIL) that allegedly committed the fraud on the
lender. The counsel, appearing for the Administrator, said he will
discuss this with the latter, the report says.
Livemint.com relates that the sale of assets will enable
distribution of the proceeds amongst the depositors, the court
observed on August 6. The next date of hearing is on September 15.
An affidavit, in that regard, will be filed with the Court before
the next date of hearing, the report says. The affidavit will also
indicate as to whether any complaint has been filed by the
Administrator with the police for initiating criminal action
against the Wadhawans.
According to Livemint.com, the order comes on a plea by petitioner
Sandeep Bhalla and others seeking directions to Reserve Bank of
India (RBI) to issue a statement on safety of deposits held with
PMC and to ensure depositors are paid their money in full along
with interest.
On the last date of hearing, the court had directed the RBI and the
Central government to file additional affidavits bringing on record
the documents to establish reasons which propelled forging of the
Yes bank Reconstruction Scheme, 2020, Livemint.com relates. The
affidavits were supposed to delve into the aspect as to how the
depositors of PMC Bank are differently circumstanced in comparison
to the depositors of Yes Bank, the report says.
In the case of Yes Bank, the RBI effected a State Bank of India-led
takeover of the bank in March to save it from collapse, the report
recalls. Since then, the bank has raised more money while cleaning
its balance sheet. The common man was saved from losing their
deposits, an outcome the PMC deposit holders are still unsure of in
their case.
Livemint.com says the administrator of Punjab and Maharashtra
Co-operative Bank Limited was also directed to file a status report
pursuant to a May 18 order which was supposed to indicate
whether or not the sales or assets of the promoter-directors of
HDIL has taken place and other aspects to it. The counsel appearing
on behalf of the Administrator had said that up until now none of
the assets of PMC Bank which have been seized have been
liquidated.
The plea had also sought directions to RBI to issue necessary
instructions to allow the petitioners and depositors particularly
senior citizens to withdraw amounts up to the interest on their
deposits so as to help them sustain their lives, Livemint.com
adds.
Punjab & Maharashtra Co-operative Bank (PMC Bank) is a multi-state
scheduled urban co-operative bank with its area of operation in
Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and
Madhya Pradesh. It has 137 branches.
In September 2019, PMC Bank was placed under restrictions of the
Reserve Bank of India (RBI) for six months following the unearthing
of a INR4,355-crore scam.
RAJ ARCADE: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Raj Arcade Homes
Private Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR776.747 mil. Long-term loan due on February 28, 2021
maintained in non-cooperating category with IND BB (ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 26, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Raj Arcade Homes is constructing a residential project in Kandivali
West, Mumbai. The project, which began in January 2012, is a
redevelopment project under Slum Rehabilitation Authority. The
company was incorporated by Mr. Rajesh Savla.
SEASON RUBBERS: CRISIL Reaffirms B Rating on INR7cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long term
bank facilities of Season Rubbers Private Limited (SRPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Reaffirmed)
The rating reflects modest scale of operations in the highly
fragmented rubber processing business and the company's weak
financial risk profile. These rating weaknesses are partially
offset by promoters' extensive industry experience.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: The scale of operations is modest in
the highly fragmented rubber processing industry marked by numerous
unorganized players. With low value addition from the processing of
rubber into latex the profitability has remained constrained. Scale
of operations will remain exposed to high competition in rubber
processing segment. Estimated revenue in FY 2020 is around INR93
crore.
Also, amidst suspension of operations during Covid 19 lock down,
revenue growth rate is expected to remain muted in the current
fiscal.
* Weak financial risk profile: Financial risk profile was marked by
weak debt-protection metrics due to operating losses in the past,
and low value addition nature of operations leading to modest net
worth. Estimated gearing was around 20.1 times as on March 31,
2020. Interest coverage continues to remain modest at around 1.72
times as on March 31, 2020.
Strength:
* Promoters' extensive experience in rubber processing industry:
The promoters' experience of over 30 years and their understanding
of the latex processing industry and established relationship with
suppliers and customers are expected to support business profile of
SRPL over the medium term.
Liquidity Stretched
Avearage month end bank limit utilization for the last 12 months
ended on June 2020 is around 80%. Net cash accrual remain
sufficient against repayment obligations. Current ratio is moderate
at around 1.3 times as on March, 2020.
Outlook: Stable
CRISIL expects SRPL to benefit over the medium term, backed by its
promoters' longstanding experience in latex processing segment.
Rating Sensitivity factors
Upward Factors:
* Strong revenue growth while maintaining EBITDA margin of more
than 2.8%
* Efficient working capital management and maintenance of capital
structure
Downward Factors:
* Major decline in revenues or operating margin falling below
1.8%
* Stretch in working capital cycle or major debt funded capex
Incorporated in 1976, Kottayam (Kerala)-based SRPL engaged in
processing of raw latex to centrifuged latex. The operations of the
company were taken over by Mr. Mathew Mathew of Royal Latex group
and their family since November 2015.
SGRD HEALTHCARE: CRISIL Keeps B+ on INR15cr Debt in NonCooperating
------------------------------------------------------------------
CRISIL said the rating for the bank facilities of SGRD Healthcare
Private Limited (SGRD) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15.4 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SGRD for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 SGRD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SGRD is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SGRD
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SGRD was incorporated in 2011, by promoters, Mr. Amarjit Singh
Sabharwal and his brother, Mr. Tejinder Singh Sabharwal. The
company has set up a 130-bedded multi-specialty hospital at
Amritsar. Work commenced in April 2012 and operations have started
from August 2015. SGRD has entered into an agreement with IVY
Health & Life Sciences Pvt Ltd (IVY), to manage the entire
operations of the hospital for a period of 10 years.
SHUBHSHREE ENGINEERING: Ind-Ra Lowers LT Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings has downgraded Shubhshree Engineering And
Constructions Private Limited's (SECPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR60 mil. Fund based working capital facility downgraded with
IND BB+/Stable /IND A4+ rating;
-- INR200 mil. (increased from INR190 mil.) Non-fund based
working capital facility downgraded with IND A4+ rating;
-- INR50 mil. Non-fund-based working capital facility# downgraded
& assigned with IND A4+ rating; and
-- INR20 mil. Proposed fund-based working capital facility*
assigned with Provisional IND BB+/Stable /Provisional IND A4+
rating.
# Downgraded to 'Provisional IND A4+' and assigned a final rating
following the receipt of executed financing documents by Ind-Ra.
* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SECPL to the satisfaction of Ind-Ra
The downgrade reflects deterioration in SECPL's operating
performance in FY20 and the likelihood of a continued deterioration
over the medium term, backed by its failure to maintain a healthy
order book in FY20.
KEY RATING DRIVERS
The downgrade reflects the lack of visibility on SECPL's revenue
over the medium term due to fewer orders in hand. SECPL's revenue
grew to INR696 million in FY20 (FY19: INR585 million) due to the
execution of orders in hand. The company's scale of operations
remained modest. SCEPL had an order book of INR764.63 million as of
July 30, 2020 (1.09x of FY20 revenue) and L1 orders of INR400
million, giving total revenue visibility for the next one and half
years. The company achieved revenue of INR30 million in 1QFY20.
Ind-Ra expects the revenue to decline yoy in FY21 due to the low
order book and operational disruptions owing to the COVID-19 led
lockdown. FY20 financials are provisional in nature.
The ratings also factor in the company's modest EBITDA margin,
which contracted to 5.1% in FY20 (FY19: 15.8%) due to the execution
of lower-margin projects coupled with increased operating expenses.
The company's return on capital employed was 10% in FY20 (FY19:
33%). However, the management expects the company's EBITDA margins
to expand in FY21 as the company has undertaken cost-reduction
measures to contain the impact of COVID-19.
Liquidity Indicator - Stretched: SECPL's fund-based facilities were
maximum utilized at 96% in the 12 months ended June 2020 and the
non-fund based facilities at a maximum 69% in the 12 months ended
July 2020. Its net cash cycle elongated to 50 days in FY20 (FY19:
26 days) due to a decrease in creditors days to 41 (93 days). The
cash flow from operations turned negative at INR12.93 million in
FY20 (FY19: INR17.76 million) due to unfavorable changes in the
working capital cycle. Ind-Ra expects SECPL's cash flows to be
sufficient to service term debt obligations of INR2.62 million and
INR8.42 million in FY21 and FY22, respectively. Further, Ind-Ra
expects the company's cash from operations to turn positive in
FY21-FY23 on the back of the improved EBITDA margins. The
company's free cash flow from operations remained negative in FY20
at INR25.43 million (FY19: negative INR23.18 million) due to CAPEX
incurred during the period. SECPL has availed of a moratorium for
its working capital facilities over March-August 2020 under the
Reserve Bank of India's COVID-19 regulatory package, to conserve
liquidity.
The ratings are also constrained by the company's geographical
concentration risk, as most of its new, as well as ongoing
projects, are based in Maharashtra, Haryana, and Rajasthan.
The ratings, however, are supported by SCEPL's continued strong
credit metrics, which remained comfortable despite the
deterioration in FY20. The interest coverage (operating
EBITDA/gross interest expense) declined to 4.9x in FY20 (FY19:
10.1x) due to a decrease in the operating EBITDA to INR35.4 million
(INR92.6 million). The net financial leverage (total adjusted net
debt/operating EBITDA), too, deteriorated to 0.2x in FY20 (FY19:
0.3x) as debt reduced to INR12.8 million (INR28.8 million).
The ratings, however, benefit from the promoters' over two decades
of experience in the industrial construction business.
RATING SENSITIVITIES
Positive: A significant improvement in the revenue, driven by a
stronger order book position, along with an improvement in the
liquidity position and EBITDA margin, on a sustained basis, would
be positive for the ratings.
Negative: A delay in the execution of orders, impacting revenue
and/or failure to maintain a healthy order book or a decline in the
EBITDA margin leading to interest coverage deteriorating below
2.0x, on a sustained basis, could lead to negative rating action.
COMPANY PROFILE
Incorporated in July 2013, SECPL is engaged in industrial project
construction, planning and implementation, construction management,
and project commissioning in Aurangabad, Maharashtra Haryana, and
Rajasthan.
SOLEX ENERGY: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Solex Energy
Limited's Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR61 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR65 mil. Non-fund-based working capital limits migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR4.8 mil. Term loan due on December 2020 migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 31, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2014, Solex Energy manufactures solar products and
undertakes engineering, procurement, and construction contracts for
setting up solar power plants, solar water pumps, solar water
heating systems, and others. It offers a wide range of solar
products such as mono/multi-crystalline solar photovoltaic modules,
solar lanterns, solar street lights, solar water pumps, and solar
inverters. Its facility is located in Anand, Gujarat.
SUNITI PROVA: CRISIL Moves B Debt Ratings From Not Cooperating
--------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Suniti Prova Cold Storage
(SPCS) to 'CRISIL B/Stable Issuer not cooperating'. However, SPCS
has subsequently started sharing requisite information for carrying
out a comprehensive review of the rating. Consequently, CRISIL is
migrating its rating on the long-term bank facilities of SPCS to
'CRISIL B/Stable' from 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.78 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Long Term Loan 1.42 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Proposed Fund- .80 CRISIL B/Stable (Migrated from
Based Bank Limits 'CRISIL B/Stable ISSUER NOT
COOPERATING')
The rating reflects the firm's susceptibility to regulatory changes
in the cold storage industry in Assam. This weakness is partially
offset by the extensive industry experience of the promoters.
Key Rating Drivers & Detailed Description
Weakness:
* Susceptibility to regulatory changes in the cold storage industry
in Assam: The cold storage industry is regulated by state cold
storage associations. Rental rates are fixed by Department of
Agricultural Marketing. In addition to rentals, the firm receives
marketing, drying and insurance charges per quintal. As part of the
central government's initiative to support agriculture, banks
extend financial assistance to farmers storing produce in private
cold storages against pledge of cold storage receipt. The cold
storage takes loans from banks on behalf of the farmers and extends
these loans to them. However, the primary responsibility of
repaying the bank loan along with interest remains with the cold
storages. Farmers have to clear their dues (loans and storage
charges) before withdrawing their stock from the cold storage.
However, if the material is not lifted by farmers or traders due to
low prices of the commodity, the loss has to be borne by the cold
storage.
Strength:
* Extensive industry experience of the promoters: The promoters
have been in the cold storage business for over 15 years, and have
experience of over two decades in the potato trading business as
well. Over the years, they have developed healthy relationships
with traders and farmers and strong understanding of the industry,
which has helped SPCS ensure healthy utilisation of its storage
capacity. Average utilisation of SPCS's storage capacity in the
2016-17 season was around 90%.
Liquidity Stretched
Liquidity is stretched because of high bank limit utilisation. Cash
accrual is expected at a modest Rs 0.40 crore per fiscal over the
medium term against debt obligation of Rs 0.25 crore.
Outlook: Stable
CRISIL believes SPCS will continue to benefit from its promoters'
extensive industry experience and healthy relationships with
clients.
Rating Sensitivity factors
Upward factors
* Sustained increase in operating margin and revenue (20%),
leading to higher cash accrual
* Efficient working capital management
Downward factors
* Decline in revenue (20%) and profitability, leading to lower
net cash accrual
* Substantial increase in working capital requirement, weakening
the liquidity and financial risk profile
Incorporated in 2009 by Mr. Gautam Dutta and Ms Kajal Dutta, SPCS
operates a cold storage unit in Sonitpur, Assam, with capacity of
10,500 quintals in two chambers.
=========
J A P A N
=========
NIPPON STEEL: Appeal Over South Korea Asset Seizure Rejected
------------------------------------------------------------
The Japan Times, citing the Yonhap news agency, reports that a
South Korean court that ordered the seizure of Japanese steelmaker
Nippon Steel Corp. assets in the country in connection with a
wartime labor compensation case has rejected an appeal by the
firm.
The Japan Times says the decision is not final because by law, the
company's appeal will be further considered by a higher court under
the three-tiered judicial system stipulated for such legal
processes.
According to local media, an appeal process like the one involving
Nippon Steel normally takes several months to reach its conclusion,
the report relates.
The Japan Times notes that the possible liquidation of the
company's assets in South Korea carries the risk of further fraying
ties between Japan and South Korea, already mired in feuds stemming
from the former's colonial rule of the Korean Peninsula from 1910
to 1945.
The Daegu District Court's Pohang branch received the company's
"immediate appeal" on Aug. 7 and decided on Aug. 13 that it would
not accept it due to the absence of "grounds," The Japan Times
relays citing Yonhap.
The case will now be considered at the Daegu District Court, the
report notes.
The court's order to seize some of Nippon Steel's assets went into
effect on Aug. 4, drawing closer to liquidation of the assets, The
Japan Times notes.
According to The Japan Times, the order stems from an October 2018
Supreme Court ruling that found four Korean men were forced to work
for Japan Iron and Steel Co., Nippon Steel's forerunner, in the
1940s.
The company was ordered to pay the plaintiffs KRW100 million (JPY9
million) each in damages. But it refused to pay, prompting the
plaintiffs to seek seizure of its assets, the report states.
Japan has taken the position that the issue of claims stemming from
its colonial rule of the peninsula was settled under a bilateral
accord signed alongside a 1965 treaty that established diplomatic
ties, The Japan Times states.
Nippon Steel Corporation manufactures steel products. The Company
mainly produces and sells steel plates, steel pipes, structural
steel, and more. Nippon Steel also offers chemicals, new materials,
and other products.
=====================
N E W Z E A L A N D
=====================
PROPERTY VENTURES: Henderson-Linked Companies Fail to Get Audit
---------------------------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that companies linked to
Christchurch property developer Dave Henderson have failed to get a
court-ordered audit of the liquidation of his former company
Property Ventures Ltd.
Property Ventures was set up in 1997 and went into liquidation in
July 2010 with debts of well over NZD100 million. Mr. Henderson was
declared bankrupt soon afterwards.
Stuff relates that Auckland-based accountant Robert Walker was
eventually appointed liquidator of Property Ventures, and he and
Mr. Henderson have since fought many acrimonious battles in the
courts. Mr. Walker sued PricewaterhouseCoopers over accounting
services provided to Property Ventures and won a substantial
settlement.
In the latest round of court action, 100 Investments Ltd and RFD
Finance Ltd sought an order under the Companies Act to have the
liquidation by Mr. Walker independently audited. The companies,
which are unsecured creditors, were prepared to fund the audit
themselves, according to Stuff.
Stuff says the sole director of 100 Investments is former ACT MP
and cabinet minister Rodney Hide, who is a close friend and
colleague of Mr. Henderson. The shares in the company are owned by
a trustee services company connected to Christchurch lawyers Clive
Cousins and Grant Smith. RFD Finance is directed by Henderson's
partner Kristina Buxton and its shares are owned by Henderson.
The companies became creditors of Property Ventures when about
NZD22 million in debts owed by Property Ventures group companies
were transferred to them, the report states.
According to Stuff, Associate Judge Kenneth Johnston, in a
judgement released earlier this month, declined to order the audit
as the liquidation was still not complete, a decade on from the
liquidation.
". . . the liquidator has not provided a final report as to such
things as the costs of the liquidation, amounts recovered and the
distribution of any monies available between secured creditors,
preferential creditors and unsecured creditors."
The judge also declined to issue an order allowing the companies to
inspect accounts and records held by Mr. Walker, the report says.
The indication no funds would be available for unsecured creditors
was not a reasonably founded concern the liquidator was not
discharging his responsibilities lawfully and appropriately, the
judge said. "Mere suspicion" was not enough.
In submissions for Mr. Walker, Caroline Sawyer said the court
should regard the companies' claims with skepticism, Stuff adds.
She criticised the way in which the Property Ventures group of
companies operated, saying former directors of the group could
arrange for any contractual rights and obligations such as those
under loans and guarantees to be moved at a whim.
Stuff relates that Judge Johnston said Ms. Sawyer's claims were not
without foundation.
"However, whatever criticism might be made of this, the fact of the
matter is that 100 IL and RFD are able to point to the clear
documentary evidence that they are the successors in title to
financiers who lent substantial sums to the three subsidiaries
which indebtedness was guaranteed by PVL."
Jai Moss, for the companies, said his clients had a "credible
basis" that Mr. Walker had not paid out funds from the PWC
settlement, Stuff relays.
"If Mr. Walker has nothing to hide, an audit will show that. If he
does, then it is in the interests of justice that an audit exposes
that."
=====================
S O U T H K O R E A
=====================
EASTAR JET: To Find New Owner After Jeju Air Scraps Deal
--------------------------------------------------------
Yonhap News Agency reports that Eastar Jet Co. on Aug. 18 began the
process to find a new owner after Jeju Air Co. scrapped its plan to
acquire the smaller budget carrier amid the new coronavirus' impact
on the airline industry.
Eastar Jet has selected Deloitte Anjin LLC, Yulchon LLC and
Heungkuk Securities Co. as lead managers to handle the deal to sell
its controlling 51.17 percent stake, Eastar Jet Senior Vice
President Kim You-sang said, Yonhap relates.
"On top of the selection of lead managers, the company is in talks
with two (homegrown) private equity funds to sell the majority
stake to the PEFs before being placed under court receivership,"
Yonhap quotes Mr. Kim as saying.
Eastar faces bankruptcy after Jeju Air scrapped the deal in late
July due to the rising COVID-19 pandemic-related uncertainties, the
report notes.
Eastar Jet is a low-cost airline with its headquarters in
Banghwa-dong, Gangseo-gu, Seoul, South Korea.
===============
T H A I L A N D
===============
THAI AIRWAYS: Thai Court Extends Bankruptcy Hearings Until Aug. 25
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Reuters reports that Thailand's bankruptcy court said on Aug. 17 it
had scheduled two more days of hearings to consider Thai Airways
International Pcl's request for restructuring.
Reuters relates that the Central Bankruptcy Court said in a
statement 16 creditors opposed the airline's restructuring
proposals, of which three were institutional creditors and the
rest, individual creditors.
The court scheduled Aug. 20 and Aug. 25 for additional hearings for
those opposing the plan, the report says.
Thai Airways acting president, however, remained confident after
the first hearing on Aug. 17.
"The hearings are promising and went smoothly," Reuters quotes
Chansin Treenuchagron as saying in a statement. The airline
submitted its bankruptcy and restructuring petition in May, giving
it a stay on debt repayment.
Minority creditors opposing the plan was not troubling because
their objections were issues that Thai Airways could clarify, he
said, without giving details, Reuters relays.
The court will have to approve the airline's request for
restructuring and a committee that would lay out the plan, Reuters
states.
According to Reuters, Thai Airways said on Aug. 17 it had nominated
a committee of seven - including the company's chairman and acting
president, former President Piyasvasti Amranand, veteran banker
Boontuck Wungcharoen and EY Corporate Advisory Services Company
Limited - to plan the company's restructuring.
Reuters relates that Chansin said the airline had support from
major creditors, including the Ministry of Finance, which together
account for more than 50% of its debt.
The Thai government holds a 47.86% stake in the airline.
After the court approves its restructuring proposals, the airline
said it will take one to two months to develop its plan before
presenting it to creditors, Reuters says.
Thai Airways told shareholders last month it was confident the
court would accept its request, adds Reuters.
About Thai Airways
Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand. The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.
As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May
19.
The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.
Thai Airways on May 27 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.
Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.
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