/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200821.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 Friday, August 21, 2020, Vol. 23, No. 168 Headlines A U S T R A L I A GLOBAL RENEWABLE: First Creditors' Meeting Set for Aug. 27 METSTECH PTY: Second Creditors' Meeting Set for Aug. 28 PENNANT CORP: Second Creditors' Meeting Set for Aug. 28 TASLINA HOLDINGS: Second Creditors' Meeting Set for Aug. 27 VIRGIN AUSTRALIA: Bain on Hook for AUD543M Break Fee if Deal Fails B A N G L A D E S H C&A TEXTILES: BSEC Urged Freezing of Accounts of Two Directors [*] BANGLADESH: 67% of SME Face Business Closure Due to Covid-19 C H I N A BEIJING CAPITAL: Moody's Affirms Ba3 CFR, Outlook Stable BRILLIANCE AUTO: Investors Worry as Firm Faces Mounting Debt Woes H O N G K O N G GENTING HONG KONG: Suspends All Payments to Creditors I N D I A AASHIRWAD INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating AKANKSHA POULTRY: CRISIL Keeps B on INR6cr Loans in Not Cooperating AL-QURESH AURANGABAD: CRISIL Lowers Ratings on INR42cr Loans to B ALSTONE INDUSTRIES: CRISIL Lowers Rating on INR11.5cr Loan to B ANAND DUPLEX: CRISIL Lowers Rating on INR22cr Loans to B APS STEELS: CRISIL Keeps D on INR11.5cr Loans in Not Cooperating ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating BAGWAN COTEX: CRISIL Keeps B+ on INR7.5cr Loans in Not Cooperating BAJRANGBALI INDUSTRIES: CRISIL Lowers Rating on INR5cr Loan to B BALAJI PRESSURE: CRISIL Lowers Rating on INR1.4cr Loan to B BEFFY CASHEW: CRISIL Lowers Rating on INR35cr Packing Loan to B BHAGWAN PRECISION: CRISIL Keeps B- Debt Ratings in Not Cooperating CHINCHWADE AND ASSOCIATES: CRISIL Keeps B+ Rating in NonCooperating CORROSION ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating DARTWELL XPRESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating DEMECH CHEMICAL: CRISIL Lowers Rating on INR4.9cr Loan to B EDEN REAL: CRISIL Lowers Ratings on INR75cr Loans to B ESWARI EXPORTS: CRISIL Lowers Ratings on INR15cr Loans to B G.M.R. SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating GALCO EXTRUSIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating GSR VENTURES: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating GURU KIRPA: CRISIL Keeps B+ Debt Ratings in Not Cooperating HARSHGEET OVERSEAS: CRISIL Keeps B+ Debt Rating in Not Cooperating HEM IMPEX: CRISIL Keeps B- on INR2cr Loans in Not Cooperating HERITAGE DISTILIARIES: CRISIL Keeps B Rating in Not Cooperating HIMALAYAN THEATRES: CRISIL Keeps B- Debt Rating in Not Cooperating HINDUSTAN INDUSTRIES: CRISIL Lowers Rating on INR4.5cr Loan to B KOTKAPURA MUKTSAR: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating NIRMANGHAR TRADERS: CRISIL Reaffirms B Ratings on INR9cr Loans P RAMU: Ind-Ra Revises Ratings Outlook to Negative PREMIER CRYOGENICS: CRISIL Lowers Ratings on INR15.5cr Loans to B PREMIER STEELS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating SARGA HOTEL: Insolvency Resolution Process Case Summary SATRA PROPERTY: Insolvency Resolution Process Case Summary SUPER SPINTEX: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating TATWA TECHNOLOGIES: Ind-Ra Moves B+ Issuer Rating to NonCooperating V L RAKA: CRISIL Reaffirms B+ Rating on INR9cr Loans VADALIA FOODS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating J A P A N TOBU RAILWAY: Egan-Jones Lowers Senior Unsecured Ratings to BB+ S O U T H K O R E A SSANGYONG MOTOR: U.S. Firm May Submit Binding Bid to Buy Stake T A I W A N PHARMALLY INTERNATIONAL: FSC Seeks TWSE's Help in Malpractice Case - - - - - ================= A U S T R A L I A ================= GLOBAL RENEWABLE: First Creditors' Meeting Set for Aug. 27 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Global Renewable Energy Solutions Pty Ltd will be held on Aug. 27, 2020, at 11:00 a.m. at the offices of SM Solvency Accountants, Level 10/144 Edward Street, in Brisbane, Queensland. Brendan Nixon of SM Solvency Accountants was appointed as administrator of Global Renewable on Aug. 18, 2020. METSTECH PTY: Second Creditors' Meeting Set for Aug. 28 ------------------------------------------------------- A second meeting of creditors in the proceedings of Metstech Pty Limited has been set for Aug. 28, 2020, at 10:00 a.m. via telephone conference. 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. 27, 2020, at 2:00 p.m. Stephen Wesley Hathway of Helm Advisory was appointed as administrator of Metstech Pty on July 24, 2020. PENNANT CORP: Second Creditors' Meeting Set for Aug. 28 ------------------------------------------------------- A second meeting of creditors in the proceedings of Pennant Corp Pty Ltd has been set for Aug. 28, 2020, at 11:00 a.m. at the offices of HLB Mann Judd (NSW) Pty Ltd, Level 19, 207 Kent 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. 27, 2020, at 5:00 p.m. Barry Anthony Taylor and Todd Andrew Gammel of HLB Mann Judd were appointed as administrators of Pennant Corp on July 24, 2020. TASLINA HOLDINGS: Second Creditors' Meeting Set for Aug. 27 ----------------------------------------------------------- A second meeting of creditors in the proceedings of: - Taslina Holdings Pty Ltd (trading name: Bags to Go, Bags to Go Factory Outlet, Travelite, Travelite Retail & Trend Bags); - Jimatty Investments Pty Ltd (trading name: Bags to Go Factory Outlet, Bags to Go Group & Travelite Travelgoods); and - P & J Keogh Pty Ltd has been set for Aug. 27, 2020, at 9:00 a.m. via electronic facilities. 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. 26, 2020, at 3:00 p.m. Michael Slaven & Aaron Torline of Slaven Torline were appointed as administrators of Taslina Holdings et al. on July 24, 2020. VIRGIN AUSTRALIA: Bain on Hook for AUD543M Break Fee if Deal Fails ------------------------------------------------------------------ Angus Whitley at Bloomberg News reports that Bain Capital has agreed to pay AUD750 million (US$543 million) should it fail to buy Virgin Australia Holdings Ltd., an unusually high break fee that helped win over the collapsed airline's administrator. The U.S. private equity firm made the pledge "to underpin its commitment to the transaction," it said in a statement, the report relays. Administrator Deloitte agreed to sell the struggling airline to Bain in June, though the deal's terms weren't made public. Bloomberg relates that while Deloitte hasn't disclosed the potential fee, it told Virgin's creditors last week that Bain had provided a "substantial financial guarantee to secure transaction certainty." Coronavirus flareups and second-round lockdowns have made the aviation market in Australia and the rest of the world even bleaker since Bain agreed to buy Virgin, Bloomberg says. The break fee is designed to lock in the buyout firm even as the airline's prospects darken. According to Bloomberg, Virgin's creditors are due to vote on Bain's takeover on Sept. 4. The potential penalty is a "strong impetus" for the firm to complete the deal "irrespective of operational challenges caused by Covid-19," Deloitte told creditors, without specifying the sum. Bain's guarantee also means all Virgin Australia employee entitlements will be paid even if the deal falls apart, Deloitte told creditors in its Aug. 14 circular. Those entitlements are worth AUD450 million, Bloomberg says. Bloomberg adds that Bain said its guarantee, and AUD125 million of interim funding for the airline, shows its "determination to secure the long-term future success of Virgin Australia." About Virgin Australia Brisbane, Queensland-based Virgin Australia is Australia's second-largest airline. It commenced services in 2000 as Virgin Blue, wholly owned by the Virgin Group. Virgin Australia Holdings Ltd. was the first Asian airline to succumb to the challenges of the coronavirus pandemic. The airline carrier collapsed into voluntary administration in April 2020. Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri of Deloitte were appointed as administrators of Virgin Australia, et al., on April 20. The administrators were tasked to restructure and find new owners for the airline. The airline's frequent flyer program is a separate company and is not in administration. At the time of its collapse, Virgin Australia continued to operate some flights for essential workers, freight and the repatriation of Australians. The company owes AUD6.8 billion to lenders, bondholders, aircraft lessors, trade creditors and employees. On April 29, 2020, Virgin Australia and more than 30 of its affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore Algeri were tapped as foreign representatives. Renee M. Dailey, Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the Foreign Representatives. In June 2020, administrator Deloitte agreed to sell the airline carrier to American private equity giant Bain Capital. The size of the bid for the airline has not been revealed. =================== B A N G L A D E S H =================== C&A TEXTILES: BSEC Urged Freezing of Accounts of Two Directors -------------------------------------------------------------- Dhaka Tribune reports that the Bangladesh Securities and Exchange Commission (BSEC) on Aug. 18 requested the Bangladesh Bank (BB) to freeze bank accounts of two directors of C&A Textiles and Tung Hai Knitting & Dyeing Industries for violating securities rules. Dhaka Tribune says the commission sent a letter to the central bank regarding the matter on the day. It also urged them to freeze those companies' bank accounts. Earlier, the BSEC froze the beneficiary owners' (BO) accounts of the sponsor directors of those companies, according to Dhaka Tribune. On July 29, the stock market regulator fined directors of C&A Textile BDT19 crore in total, also banning them from acquiring the directorial positions in any other listed company. The commission took this decision against them for violating a number of securities rules. Dhaka Tribune, citing BSEC information, discloses that Rukshana Morshed, Sharmin Akther Lovely and Bangladesh Shoes Industries earned profits worth BDT6.8 crore, BDT3.61 rore and BDT1.59 crore respectively by selling their huge volume of shares, owned at C & A Textiles, without giving prior declarations. "The time periods of selling their shares, owned at C & A Textiles, were very close, and the company was closed just after execution of their sales orders," the BSEC officials, as cited by Dhaka Tribune, said. The company still remains closed, they added. According to the BSEC decision, Rukshana Morshed, managing director, Sharmin Akther Lovely, director, and Bangladesh Shoe Industries' corporate director will have to pay penalties worth BDT8 crore, BDT4crore and BDT2 crore respectively, Dhaka Tribune relays. Dhaka Tribune relates that the BSEC also fined BDT1 crore penalty each on five directors of the Tung Hai Knitting and Dyeing and barred them from becoming directors of any other listed company. Tung Hai Knitting and Dyeing reportedly also violated the securities rules by not submitting the monthly shareholding position of its directors between August 2017 and August 2018, adds Dhaka Tribune. [*] BANGLADESH: 67% of SME Face Business Closure Due to Covid-19 ---------------------------------------------------------------- Dhaka Tribune reports that about 67% of Small and Medium Enterprises (SME) in Bangladesh face a shutdown of their business operations due to Covid-19, a Business Initiative Leading Development (Build) survey showed. According to Dhaka Tribune, Build Chief Executive Officer Ferdaus Ara Begum presented the survey report in a virtual meeting on Aug. 18. Build and the United Nations Industrial Development Organization (UNIDO) jointly conducted the survey in April this year. Dhaka Tribune relates that the report said economic activities worldwide were severely disrupted due to Covid-19 where cottage, micro, small and medium enterprises (CMSMEs) were the worst affected in Bangladesh. According to the survey, 75% of cottage and micro, 58% of small and medium, and 44% of large enterprises in the country were likely to face more than a 50% revenue shortfall compared to last year, Dhaka Tribune relays. Dhaka Tribune says 48% of cottage and micro, 30% of small and medium, and 23% of large farms, were at risk of a business shutdown, or a partial shutdown of their operations within the next three months. To beat this crisis, enterprises were now relying on loans to combat cash flow shortage, and 86% of large firms depend on commercial banks for their funding, said the report. According to Dhaka Tribune, Ferdaus Ara recommended a quick and hassle free loan processing system for the private sector and flexibility in distribution conditions so that banks felt secure in disbursing government announced stimulus packages. She commended the Bangladesh Bank for extending all manner of support and the issuance of a number of circulars to ease the lending process. Speaking as co-chair, the Deputy Governor of Bangladesh Bank, Ahmed Jamal, said that already BDT18,500 crore had been disbursed under the working capital loan stimulus package for the large industries and services sectors, Dhaka Tribune reports. "Governor of the central bank has also asked the banks to disburse the entire allocation of the stimulus package for small scale entrepreneurs within October this year," he added. Dhaka Tribune adds that all the speakers participating in the event talked about the stimulus packages and better utilization of them to combat the pandemic. Professor Jahangir Alam Chowdhury from the Finance Department of the University of Dhaka put emphasis on the balance between the demand and supply of stimulus packages, according to Dhaka Tribune. He said loans should be allocated to actual enterprises so that proper utilization of the packages is ensured. Dhaka Tribune adds that BUILD Chairman Abul Kasem Khan urged the Bangladesh Bank to consider their recommendations for better utilization of the packages. ========= C H I N A ========= BEIJING CAPITAL: Moody's Affirms Ba3 CFR, Outlook Stable -------------------------------------------------------- Moody's Investors Service has affirmed Beijing Capital Land Limited's Ba3 corporate family rating. At the same time, Moody's has affirmed the following ratings of BJCL's subsidiaries: 1. The B1 CFR of International Financial Center Property Ltd. 2. The provisional (P)B1 backed senior unsecured rating on the medium-term note program of Central Plaza Development Ltd. The MTN program is guaranteed by IFC, and supported by keepwell deeds provided by BJCL. Both CPD and IFC are wholly-owned subsidiaries of BJCL. The outlooks for all abovementioned companies are stable. "The ratings affirmation reflects its expectation that BJCL's operating performance will remain largely stable," says Kaven Tsang, a Moody's Senior Vice President. "At the same time, Moody's expects BCG's willingness and ability to provide support to BJCL will remain unchanged," adds Tsang. RATINGS RATIONALE BJCL's Ba3 CFR reflects its standalone credit profile and a two-notch uplift, based on Moody's expectation that BJCL will continue to receive strong financial and operating support from BCG in times of need, given its strategic and economic importance to its parent. BJCL's standalone credit profile considers the company's (1) medium-sized operations, (2) quality land bank in top tier cities, (3) good access to projects with government support, and (4) high debt leverage. Moody's expects BJCL's contracted sales will stay around RMB80 billion in the next 12-18 months, similar to that in 2019, despite a 17% drop in H1 2020 to RMB34 billion due to the disruption caused by the coronavirus outbreak. Moody's expects the company will accelerate its sales plan with new launches in Hangzhou, Suzhou, Shanghai, Kunming and Zhengzhou in H2 2020. BJCL's revenue/adjusted debt should slightly improve to 21%-23% in the next 12-18 months from 2019's 18%, as revenue growth will outpace a mild increase in debt. The latter is a result of the company's scaling back of land acquisitions in an attempt to control its debt leverage. However, BJCL's EBIT/interest coverage ratio will fall slightly to 1.25x-1.40x in the next 12-18 months from 1.45x in 2019 because a decline in its margin will more than offset the effect of revenue growth. Nevertheless, these credit metrics remain appropriate for BJCL's standalone credit profile. BCG has an ability to provide support to BJCL, as reflected by its Baa3 issuer rating and Moody's expectation that the company will achieve gradual deleveraging and an improvement in its standalone credit profile in 2021. The two-notch rating uplift considers BCG's track record of (1) supporting BJCL to secure good-quality projects, particularly in Beijing, (2) asset injections, and (3) financial support, such as guarantees that cover the repayment of BJCL's onshore debt and keepwell deeds provided by BCG to support the MTN program of CPD that is guaranteed by IFC. BJCL's liquidity is adequate. Moody's expects the company's cash holdings, together with its contracted sales proceeds after deducting basic operating cash flow items, can meet its refinancing needs and committed land payment over the next 12-18 months. BJCL also has good access to onshore and offshore capital markets, given its state-owned enterprise background. Moody's also affirmed IFC's B1 CFR. IFC's B1 CFR reflects its standalone credit strength and a one-notch rating uplift, based on expected financial and operating support from its parent, BJCL and the ultimate parent, BCG, if needed. IFC's standalone credit strength reflects its small-scale operations, thin capital base, and weak financial metrics. Moody's assessment of a likely support from BJCL and BCG is based on: (1) BJCL's 100% ownership of IFC, and (2) their track record of providing financial support to IFC. IFC's liquidity is adequate. Moody's expects the company's cash holdings and operating cash flow will meet its refinancing needs over the next 12-18 months. When assessing BJCL's governance risk, Moody's has considered the company's (1) majority ownership by BCG, which is under the supervision and monitoring of Beijing Municipal government; and (2) the disclosure requirement and the corporate governance standard under the Corporate Governance Code for companies listed on the Hong Kong Exchange. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS BJCL's stable outlook reflects Moody's expectation that (1) the company's credit metrics will remain largely stable, and (2) the likelihood of support from BCG will remain unchanged over the next 12-18 months Moody's could upgrade BJCL's rating if (1) BJCL demonstrates stable sales growth, (2) it adopts a more prudent approach to land acquisition, (3) it improves its EBIT/interest coverage above 2.5x, and (4) BCG's standalone ability to provide support to BJCL strengthens. However, BJCL's rating could come under downward pressure if the company's (1) contracted sales weaken, (2) profit margin declines materially, (3) liquidity position becomes impaired, or (4) financial metrics weaken, with EBIT/interest coverage falling below 1.25x-1.50x on a sustained basis. A downgrade of BCG or any evidence of weakening support from BCG will also strain BJCL's rating. IFC's stable outlook reflects Moody's expectation that (1) the company's business profiles will remain stable, and (2) the likelihood of support from BJCL and BCG will remain unchanged over the next 12-18 months. Moody's could upgrade IFC's rating if (1) it improves its scale and geographic diversification and, in turn, reduces the volatility in its sales and earnings, (2) it improves its financial profile, and (3) BJCL's and BCG's ratings are upgraded. On the other hand, a downgrade of BJCL's rating will result in a similar downgrade of IFC's rating. In addition, any evidence of weakening support from BJCL and BCG, or a reduction in the strategic importance of IFC to BJCL and BCG, could be negative for the company's rating. The principal methodology used in these ratings was Homebuilding and Property Development Industry published in January 2018. Incorporated in China, Beijing Capital Land Limited is a residential property developer. BJCL was founded in 2002 as the major property arm of its parent, Beijing Capital Group Co., Ltd. (BCG). BJCL listed on the Hong Kong Stock Exchange in 2003. BCG is BJCL's largest shareholder, with an equity interest of 54.47% as of 30 December 2019. The Government of Singapore Investment Corporation is also a major shareholder, with a 4.02% stake in the company as of the same date. Incorporated in the British Virgin Islands in 2000, International Financial Center Property Ltd. is a fully owned subsidiary of BJCL. IFC is an overseas investment holding company that owns property development projects in China. BRILLIANCE AUTO: Investors Worry as Firm Faces Mounting Debt Woes ----------------------------------------------------------------- Bloomberg News reports that there's mounting scrutiny over the state-owned parent of BMW AG's joint venture partner in China, Brilliance Auto Group Holdings Co. Investors are increasingly concerned about the Liaoning-based firm's capacity to juggle its debt load as the pandemic weighs on profits, Bloomberg relays. Bloomberg relates that concern is growing about the financial health of Brilliance Auto, the parent of Hong Kong-listed Brilliance China Automotive Holdings Ltd., which manufactures vehicles with the German carmaker in China via a joint venture. Speculation has been building that the group will struggle to service its liabilities after its banks set up a creditor committee to coordinate claims on the company's debt, the report says. The group needs to repay CNY1.37 billion (US$200 million) in outstanding local bonds this year, Bloomberg-compiled data show. Brilliance Auto, also known as Huachen Automotive Group, saw one of its onshore bonds tumble 35% in interbank market trading on Aug. 20 to a record low amid rising doubts about its repayment ability, according to Bloomberg. That sent Brilliance China Automotive's stock price plummeting on the same day. According to Bloomberg, the financial health of key operators in the world's largest car market is closely watched by global and domestic investors, particularly as leveraged firms wrestle with the pressure from the pandemic and weaker domestic consumption. After several high-profile defaults among state-linked borrowers, there's also rising interest in the level of government intervention faced by such firms and the fallout for international companies with ties to them. Brilliance Auto has already agreed to sell some of its shares in the Hong Kong-listed subsidiary to another Liaoning state-owned firm, Bloomberg says. With the possibility of further stake sales on the horizon, future ownership of this prominent unit remains unclear. What's more, the unit is also set to give up control over its joint venture with BMW by 2022, a crucial source of earnings for the group. Brilliance Auto's history dates back to 1949 when the People's Republic of China was founded. It is one of the largest state-owned firms in the northeastern province, employing 47,000 people. It has four publicly listed companies in Hong Kong and Shanghai, and about 160 units either wholly or partially owned, Bloomberg discloses citing information on its official website. Brilliance Auto earned CNY11 billion in net profit in 2019, up 12% from a year ago, thanks in large part to contributions from the joint venture with BMW, according to its latest annual report, Bloomberg relays. Bloomberg relates that the automaker said it has repaid all bonds that have matured without any default, according to a statement released on Aug. 18. It added that its operations remain normal and it will continue to fulfill its debt obligations. Brilliance Auto has low profitability and relies heavily on its joint venture with BMW, Bloomberg discloses citing a June report by Golden Credit Rating International Co. In addition, sales from the joint venture are expected to fall this year with the pandemic crimping demand, said the Chinese ratings firm. Investors are now more focused on Brilliance Auto's capability to honor its debt repayment in the next two years, with most of its longer-dated debt hit by slumping prices, according to Bloomberg. Market participants are also closely monitoring whether the automaker can keep to its word that it will have no problem repaying its bonds due before March, as reported by Chinese local media, adds Bloomberg. ================= H O N G K O N G ================= GENTING HONG KONG: Suspends All Payments to Creditors ----------------------------------------------------- Bloomberg News reports that a cruise ship operator controlled by Malaysian tycoon Lim Kok Thay suspended all payments to creditors, triggering a 36% drop in the company's shares and denting investor confidence in Lim's wider business empire. Genting Hong Kong Ltd. said it will use its available funds to maintain critical services for the company's operations and asked creditors to form a steering committee to evaluate a planned restructuring proposal, according to a statement to the Hong Kong stock exchange on Aug. 19, Bloomberg relays. The company owed a total of $3.4 billion as of July 31, it said. The firm blamed the cash crunch on the coronavirus pandemic and said the payment halt will likely result in default. Lim owned 69% of the Hong Kong unit's shares as of April 3, according to data compiled by Bloomberg. Malaysia's casino-to-hospitality conglomerate Genting Bhd. and its units previously imposed its first group-wide salary cut since its founding in 1965, the report says. "For Genting, the financial stress may push the owner to sell the asset, or liquidate the entire firm," Bloomberg quotes Banny Lam, the head of research at CEB International Investment Corp., as saying. "Liquidation is not very likely, but there is such a possibility if Lim doesn't have money and can't find a buyer for its assets. In that case, equity holders rank behind bond holders to get compensated." Malayan Banking Bhd. and RHB Bank Bhd. were the biggest contributors to Genting Hong Kong's syndicated loans, according to data compiled by Bloomberg based on disclosed allocations at signing. Genting Hong Kong was formerly known as Star Cruises, and operates the Star Cruises, Dream Cruises and Crystal Cruises lines. Back in February, passengers on the World Dream vessel were quarantined in Hong Kong after positive coronavirus cases were found on the ship, Bloomberg recalls. The industry has been battered by lockdown measures and travel curbs across the globe. Hong Kong has barred non-residents from entering the city since March, while residents returning from abroad have to quarantine for two weeks. Lim's Genting Bhd. operates casinos and resorts in Las Vegas and Singapore. It's had to scale back operations as countries impose lockdowns, while consumers shun cruises after a few ships became sites of coronavirus outbreaks. The conglomerate, founded in Malaysia in 1965, is also involved in property, plantation and energy sectors as well as life sciences. "Still early days and much will hinge on the outcome of 678 HK's fund raising exercise and the restructuring of existing indebtedness," the report quotes Rui Oh, a director at United First Partners, as saying. "If this is resolved, then likelier than not to have a positive bearing on the other entities but otherwise, there will be a need to dispose assets to raise cash." About Genting Hong Kong Genting Hong Kong Limited is a Hong Kong-based investment holding company principally engaged in cruise businesses. The Company operates through two segments. Cruise and Cruise-related Activities segment is engaged in the sales of passenger tickets, the sales of foods and beverages onboard, shore excursion, as well as the provision of onboard entertainment and other onboard services. Non-cruise Activities segment is engaged in onshore hotel businesses, travel agency, aviation businesses, entertainment businesses and shipyard businesses, among others. The Company operates businesses in Asia Pacific, North America and Europe, among others. ========= I N D I A ========= AASHIRWAD INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the rating for the bank facilities of Aashirwad Industries Private Limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING) Proposed Long 2 CRISIL D (ISSUER NOT Term Bank COOPERATING) Loan Facility Term Loan 5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with AIPL 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 AIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in June 2012, AIPL manufactures AC roofing sheets. The company is promoted by Mr. Rahul Tupe and Ms. Leena Tupe. Its unit is in the Butibori Industrial area of Nagpur (Maharashtra), and has installed capacity of 54,000 tonne per annum. AKANKSHA POULTRY: CRISIL Keeps B on INR6cr Loans in Not Cooperating ------------------------------------------------------------------- CRISIL said the rating for the bank facilities of Akanksha Poultry Farm (APF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 5 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with APF 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 APF, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on APF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APF continues to be 'CRISIL B/Stable Issuer Not Cooperating'. For arriving at the rating, CRISIL has combined the business and financial risk profile of APF and Akanksha Feed Manufacturing Co (AFMC). The firms, together referred to as the Akanksha group, are managed by Mr. Anil Shirsath and have significant business and financial linkages. APF, established in 2010 by Mr. Anil Shirsath, produces broiler chicken on a contract manufacturing basis. AFMC, a proprietary concern of Mr. Shirsath's wife, Ms. Savita Anil Shirsath, was formed in 2011 for manufacturing poultry feed, and meets around 80% of APF's feed requirements. AL-QURESH AURANGABAD: CRISIL Lowers Ratings on INR42cr Loans to B ----------------------------------------------------------------- CRISIL has revised the ratings on bank facilities of AL-Quresh (Aurangabad City) Modern Abattoir Private Limited (AQAMA) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 15 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Proposed Long Term 27 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with AQAMA 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 AQAMA, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on AQAMA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AQAMA Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. AQAMA has been awarded a build-operate-transfer contract by Aurangabad Municipal Corporation for developing an integrated meat processing facility with capacity to handle 800 buffaloes and 2000 sheep or goats per day. The facility is expected to be commissioned by March 2018, and the concession period is 20 years. ALSTONE INDUSTRIES: CRISIL Lowers Rating on INR11.5cr Loan to B --------------------------------------------------------------- CRISIL has revised the ratings on bank facilities of with Alstone Industries Private Limited (AIPL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.50 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Term Loan 5.03 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with AIPL 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 AIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Incorporated in 2013 and promoted by Mr. Pawan Garg, AIPL manufactures building materials, which include silicon sealants and wood polymer composites (WPC; contributing to 60 percent of total sales). In 2015, the company has also added a coating line for the WPC division. Furthermore, it has set up a capacity for manufacturing unplasticised polyvinyl chloride (UPVC) profile laminations. The company's plant is in Rajasthan. ANAND DUPLEX: CRISIL Lowers Rating on INR22cr Loans to B -------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Anand Duplex Limited (ADL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Proposed Long Term 2 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Term Loan 2 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with ADL 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 ADL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on ADL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ADL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. For arriving at its rating, CRISIL has combined the business and financial risk profiles of ADL and Anand Triplex Board Ltd (ATBL). This is because the two companies, together referred to as the Anand group, operate in the same industry and are under common management. ATBL also supplies power to ADL. ADL, incorporated in 1989, manufactures duplex board from waste paper. ATBL, established 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. The group is promoted by Mr. Anand Prakash Sharma, and has its manufacturing unit in Meerut, Uttar Pradesh. APS STEELS: CRISIL Keeps D on INR11.5cr Loans in Not Cooperating ---------------------------------------------------------------- CRISIL said the rating for the bank facilities of Aps Steels Private Limited (APS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (ISSUER NOT COOPERATING) Inland/Import 5.0 CRISIL D (ISSUER NOT Letter of Credit COOPERATING) CRISIL has been consistently following up with APS 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 APS, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on APS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APS continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. APS, incorporated in 2006, manufactures Ms. ingots at its facility at Hindupur in Andhra Pradesh. The company was acquired by the OP Gupta group in 2012. ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the rating for the bank facilities of Arpora Projects Private Limited (APPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Short 2 CRISIL D (ISSUER NOT Term Bank COOPERATING) Loan Facility Term Loan 10.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with APPL 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 APPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on APPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. APPL was incorporated by Mr. Pawan Yadav and Mr. Bhupendra Yadav in 2014. The company manages a holiday resort, Aromiaa, comprising 15 villas, at Arapora in Goa. B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL said the rating for the bank facilities of B. R. Steel Products Private Limited (BRSPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.26 CRISIL D (ISSUER NOT COOPERATING) Pre Shipment Credit 6.00 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with BRSPPL 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 BRSPPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on BRSPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BRSPPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. During March 2004, BRSPPL was acquired by Mr. J K Dholakia. The company is engaged in manufacturing ceramic colours and is an export oriented unit. The unit is located in MIDC, TTC Industrial Area, Navi Mumbai. The company has a manufacturing capacity of 3000 tpa. BAGWAN COTEX: CRISIL Keeps B+ on INR7.5cr Loans in Not Cooperating ------------------------------------------------------------------ CRISIL said the rating for the bank facilities of Bagwan Cotex (Bagwan) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Rupee Term Loan 4.0 CRISIL B+/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with Bagwan 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 Bagwan, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on Bagwan is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Bagwan continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established in June 2013 as partnership firm, Bagwan is engaged in cotton ginning and pressing with production capacity of 300 bales per day. Its manufacturing facility is located at Sillod, Maharashtra. Mr. Sayyad Yunus, Mr. Sayyad Ibrahim, Mr. Abdul Karim, Mr. Shaikh Rauf and Mr. Shaikh Yasin are the partners. BAJRANGBALI INDUSTRIES: CRISIL Lowers Rating on INR5cr Loan to B ---------------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Bajrangbali Industries (BBI) 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 5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Letter of Credit 2 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') CRISIL has been consistently following up with BBI 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 BBI, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on BBI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BBI revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. BBI, set up in 1986 by Rupani family manufactures rubber footwear for men, women, and kids in Kanpur, Uttar Pradesh. Mr. R C Rupani and his brother Mr. L D Rupani manage the day-to-day operations. BALAJI PRESSURE: CRISIL Lowers Rating on INR1.4cr Loan to B ----------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Balaji Pressure Vessels Private Limited (BPVL) 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 13.7 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') Cash Credit 1.4 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Letter of Credit 3 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') Overdraft 3.5 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') Packing Credit in 7.6 CRISIL A4 (ISSUER NOT Foreign Currency COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') Proposed Long Term 0.8 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with BPVL 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 BPVL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on BPVL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPVL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. BPVL, part of PPS Group, founded by late Mr. P. Papaiah Settee in 1983, manufactures Liquid Petroleum Gas Cylinders and hand pumps at its manufacturing plants in Hyderabad, Bangalore & Chennai. The operations are managed by Mr. P Ramesh Kumar. BEFFY CASHEW: CRISIL Lowers Rating on INR35cr Packing Loan to B --------------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Beffy Cashew Company (BCC) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 7 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Overdraft 3 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Packing Credit 35 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Working Capital 4 CRISIL B/Stable (ISSUER NOT Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with BCC 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 BCC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on BCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BCC Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. BCC, set up in 2003, is based in Kollam. The firm processes raw cashew nuts. Mr. Benny George manages operations. BHAGWAN PRECISION: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------------ CRISIL said the rating for the bank facilities of Bhagwan Precision Private Limited (BPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.27 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 5.40 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with BPPL 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 BPPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on BPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. BPPL was set up in 2010 by Mr. Vijay Pal and his family members. The company manufactures precision-turned steel parts and components used in the automobile industry, primarily for tractors. BPPL specialises in highly precise, ground and honed components used in hydraulic lifts in tractors. The company started operations in July 2012. Its key customer is Mahindra & Mahindra Ltd. CHINCHWADE AND ASSOCIATES: CRISIL Keeps B+ Rating in NonCooperating ------------------------------------------------------------------- CRISIL said the rating for the bank facilities of Chinchwade and Associates (CAA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 1.25 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term 2.2 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with CAA 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 CAA, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on CAA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CAA continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. CAA was established by Mr. J D Chinchwade and his family members as a partnership firm in 1992. Based in Sangli, Maharashtra, the firm manufactures machinery used in sugar mills. CORROSION ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CRISIL said the rating for the bank facilities of Corrosion Engineers Private Limited (CEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 8 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with CEPL 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 CEPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on CEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 1974, Delhi-based CEPL is owned and managed by Mr. Sanjay Kumar and Mr. Narender Kumar. It trades poly-vinyl-chloride (PVC) resin, plasticiser, ethylene vinyl acetate, PVC heat stabilisers, waxes, rubber additives and other chemicals that are used in manufacturing plastics and auto components. DARTWELL XPRESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL said the rating for the bank facilities of Dartwell Xpress Private Limited (DXPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .17 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit .50 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term 24.33 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with DXPL 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 DXPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on DXPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DXPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Established in 2012 in Chandigarh by Mr. Judgebhol Singh, DXPL is engaged in airport-to-airport cargo delivery and handling. DEMECH CHEMICAL: CRISIL Lowers Rating on INR4.9cr Loan to B ----------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Demech Chemical Products Private Limited (DCPPL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with DCPPL 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 DCPPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on DCPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DCPPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Set up by Mr. Kashinath Rajaram Natu in Pune in 1993, DCPPL manufactures epoxy-based chemical products and adhesives that are used to prevent erosion and corrosion of equipment, pipelines, structures, and floorings. Operations are managed by the company's directors: Ms. Jyoti Bhide, Ms. Prabha Natu, Ms. Mamta Sayed, and Mr. Satish Samant. EDEN REAL: CRISIL Lowers Ratings on INR75cr Loans to B ------------------------------------------------------ CRISIL has revised the ratings on bank facilities of Eden Real Estates Private Limited (EREPL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 50 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Term Loan 25 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with EREPL 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 EREPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on EREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EREPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. EREPL is a special-purpose vehicle set up in Kolkata in 2006, by the promoters, Mr. Indrajit De and Trafalgar Investments Mauritius Ltd (TIML). TIML is the foreign direct investment arm of the UK-based F&C REIT Property Asset Management Plc, specialising in investment, finance, and asset creation and management. EREPL is implementing a residential project, Eden City Residency, at Maheshtala in Kolkata, which comprises 34 towers with 1856 apartments. Further, the company has also newly launched another 4 towers of 2BHKs, which has added another 480 apartments. ESWARI EXPORTS: CRISIL Lowers Ratings on INR15cr Loans to B ----------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Eswari Exports Private Limited (EEP) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.7 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Proposed Long Term 10.3 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with EEP 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 EEP, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on EEP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EEP Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. EEP, set up in 2005 by Mr. K Ravi Kumar and his family members, exports porcelain tiles. It is based in Hyderabad. G.M.R. SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL said the rating for the bank facilities of G.M.R. Spintex Private Limited (GSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING) Proposed Long 29.25 CRISIL D (ISSUER NOT Term Bank COOPERATING) Loan Facility Term Loan 11.50 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with GSPL 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 GSPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on GSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GSPL continues to be 'CRISIL D Issuer Not Cooperating'. GSPL, established by Mr. G Vinod Kumar in 2006 commenced operations in 2008. The company manufactures cotton yarn. The company's plant is based in Adilabad district in Telangana. GALCO EXTRUSIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL said the rating for the bank facilities of Galco Extrusions Private Limited (Galco) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term 5.45 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.20 CRISIL B+/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with Galco 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 Galco, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on Galco is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Galco continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 2007, Galco has manufactured aluminum extrusions since 2010. The company is headquartered in Ahmednagar (Maharashtra) and is owned and managed by Mr. Sandesh Lodha and family. GSR VENTURES: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated GSR Ventures Private 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: -- IN40 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATIONG) / IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR450 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING. The ratings were last reviewed on July 25, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Hyderabad-based GSR Ventures was set up as a partnership firm in 1971 by Mr. G. Sivakumar Reddy and his family members, and was reconstituted as a private limited company in 2008. The company executes projects across various fields, such as water supply schemes, engineering, procurement, and construction and undertakes civil construction, mainly canal earthwork excavation and construction of bridges for government, semi-government, private and co-operative sectors in Assam, Andhra Pradesh and Telangana state as a Class-I unlimited contractor. GURU KIRPA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL said the rating for the bank facilities of Guru Kirpa Rice Mills (GKRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL B+/Stable (ISSUER NOT COOPERATING) Inventory Funding 4 CRISIL B+/Stable (ISSUER NOT Facility COOPERATING) CRISIL has been consistently following up with GKRM 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 GKRM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on GKRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GKRM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. GKRM, established in 2002, was set up as a partnership firm by Mr. Bhupinder Singh, Mr. Jatinder Singh, and Mr. Partap Singh. The firm is into milling and processing of basmati rice (Pusa 1121 quality). It has one processing unit at Jalalabad (Punjab), with milling and processing capacity of 30 tonnes per day. GKRM primarily sells rice and its byproducts in the domestic market. The majority of its customers are merchant exporters, who export the rice to the Middle East. HARSHGEET OVERSEAS: CRISIL Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------------ CRISIL said the rating for the bank facilities of Harshgeet Overseas (Harshgeet) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with Harshgeet 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 Harshgeet, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on Harshgeet is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Harshgeet continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 2011, Harshgeet trades in raw cotton. Based in Sendhwa (Madhya Pradesh), the firm is promoted by Mr. Jaideep Singh Rajpal. HEM IMPEX: CRISIL Keeps B- on INR2cr Loans in Not Cooperating ------------------------------------------------------------- CRISIL said the rating for the bank facilities of Hem Impex (HI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.7 CRISIL B-/Stable (ISSUER NOT COOPERATING) Letter of Credit 3.5 CRISIL A4 (ISSUER NOT COOPERATING) Proposed Long Term 0.3 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Short Term 4.5 CRISIL A4 (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with HI 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 HI, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on HI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HI continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Established in 2012, Hem Impex (HI) is a partnership firm engaged in trading (importer) of aluminium scrap, copper scrap, brass scrap and other ferrous and non-ferrous scraps. Mr. Kekin Ganatra (Mr. Kekin) and Mr. Ketan Ganatra (Mr. Ketan) are the partners of the firm. HERITAGE DISTILIARIES: CRISIL Keeps B Rating in Not Cooperating --------------------------------------------------------------- CRISIL said the rating for the bank facilities of Heritage Distiliaries Private Limited (HDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 14 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with HDPL 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 HDPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on HDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HDPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. HDPL was incorporated in 1999 by Mr. Kartick Swain and his family. It owns a manufacturing facility with area of 1.3 acres and capacity of 0.12 million cases per month, which it has leased to United Spirits Ltd (USL) for manufacturing Indian-made foreign liquor. The lease is for 5 years and is renewable for 5 years. HDPL plans capital expenditure for expanding its facility, which will also be leased to USL. HIMALAYAN THEATRES: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CRISIL said the rating for the bank facilities of Himalayan Theatres Private Limited (HTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.9 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with HTPL 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 HTPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on HTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HTPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. The company is constructing a 44-room hotel in Darjeeling named Himalayan Gems and Jews. The project commenced in fiscal 2014 and is expected to be completed by May 2018'on account of strikes in Darjeeling, the project got delayed by a year. Day-to-day operations are managed by Mr. Dinanath Gupta and Mr. Ashok Gupta. HINDUSTAN INDUSTRIES: CRISIL Lowers Rating on INR4.5cr Loan to B ---------------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Hindustan Industries (HI) 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 4.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Proposed Non 1.16 CRISIL A4 (ISSUER NOT Fund based limits COOPERATING; Revised from 'CRISIL A4+ ISSUER NOT COOPERATING') Rupee Term Loan 1.34 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with HI 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 HI, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on HI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HI revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. M/s Hindustan Industries (HI) a U.P based firm was established as a partnership firm in 2002 by Mr. Sultan Kamar, Mr. Tasuvar Ali , Mr. Wajhul Kamar and Mr. Yaqub Ali and engaged in milling and processing of paddy into rice. Later, in 2013 the firm has setup a par- boiled rice mill plant in Gorakhpur and sells Samba Mahsuri rice to the exporters and traders. The rice mill commenced its operations in FY2015. The firm has a processing plant located in Gorakhpur with the total capacity of 6 tones/hr. and utilized at around 80-85%. KOTKAPURA MUKTSAR: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Kotkapura Muktsar Tollways Private Limited's senior project bank loan rating in the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR750 mil. Senior project bank loan maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 4, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Kotkapura Muktsar Tollways is a special-purpose vehicle promoted by Supreme Infrastructure BOT Holdings Private Limited (48%), Supreme Infrastructure India Limited (26%) and SPML Infra Limited (26%). It has been set up to build, operate and maintain a 30 kilometer stretch on State Highway 16. NIRMANGHAR TRADERS: CRISIL Reaffirms B Ratings on INR9cr Loans -------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term bank facilities of Nirmanghar Traders Private Limited (NTPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 2 CRISIL B/Stable (Reaffirmed) The rating continues to reflect the company's modest scale of operations in the highly fragmented ceramic products industry, large working capital requirement and below-average financial risk profile. These weaknesses are partially offset by the extensive experience of its promoters and established relationships with suppliers. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations in fragmented industry: Although NTPL's operating income increased to around INR70 crore in fiscal 2020, scale remains modest in the intensely competitive ceramic tiles trading industry. This limits the company's bargaining power with suppliers and customers. * Working capital-intensive operations: Gross current assets (GCAs) are estimated at 132 days as on March 31, 2020, primarily on account of high debtor and inventory levels of 55 days and 63 days, respectively, in fiscal 2020. * Below-average financial risk profile: The networth is modest, estimated at INR4.28 crore as on March 31, 2020, and the total outside liabilities to tangible networth (TOLTNW) ratio is estimated to be high at 4.86 times on the same date. The debt protection metrics are average, as reflected in estimated interest coverage ratio of 2 times and net cash accrual to total debt ratio of 0.08 time in fiscal 2020. Strength: * Extensive experience of the promoters and established relationships with suppliers: The company's promoters have been trading in ceramic and sanitaryware for over a decade, which has enabled them to establish strong relationships with their primary supplier, Somany Ceramics Ltd, and gradually scale up their product portfolio. Liquidity Stretched Bank limit utilisation was high at 97% on average in the 12 months through February 2020, and may remain so on account of large working capital requirement. Cash accrual is expected to be around INR50 lakh, which is sufficient against term debt obligation of INR0.24 lakh over the medium term. Current ratio is estimated at 1.18 times as on March 31, 2020. The company has not availed moratorium on its bank facilities but has applied for Covid-19 contingency funds (20% of existing working capital facilities). It is yet to be sanctioned. Outlook: Stable CRISIL believes NTPL will continue to benefit from the extensive experience of its promoters. Rating Sensitivity Factors Upward factor * Sustained improvement in scale of operation and sustenance of operating margin, leading to higher cash accruals of over INR1 Cr. * Improvement in financial risk profile. Downward factor * Decline in operating margins to below 2%. * Large, debt-funded capital expenditure or stretched working capital cycle weakening capital structure. Incorporated in 2011, NTPL trades in tiles, bath fittings and sanitaryware. The company is an authorised distributor for tiles, plumbing fittings, and sanitaryware of Somany Ceramics Ltd and Sunshine Tile Company in the districts of Himachal Pradesh and Chandigarh tricity area (including Chandigarh, Panchkula and Mohali). NTPL is promoted by Mr. Rajesh Goel and his family members. P RAMU: Ind-Ra Revises Ratings Outlook to Negative -------------------------------------------------- India Rating and Research (Ind-Ra) has revised P Ramu's Outlook to Negative from Stable, while affirming its Long-Term Issuer Rating at 'IND B+'. The instrument-wise rating actions are: -- INR4.4 mil. Term loan due on March 2021 affirmed; Outlook revised to Negative from Stable with IND B+/Negative rating; -- INR60.0 mil. Fund-based facilities affirmed; Outlook revised to Negative from Stable with IND B+/Negative/IND A4 rating; and -- INR13.5 mil. Non-fund based facilities affirmed with IND A4 rating. The Outlook revision reflects P Ramu's tight liquidity position, which has been exacerbated by the COVID-19 outbreak and the subsequent lockdown. KEY RATING DRIVERS Liquidity Indicator - Poor: The firm's fund-based facilities were used at an average of 99.4% for the 12 months ended July 2020. The cash flow from operations turned negative to INR37 million in FY20 from INR30 million in FY19 due to the elongation of the cash conversion cycle to 39 days from negative 19 days, on higher debtor days of 92 from 47, owing to the delays in the state government project payment. FY20 numbers are provisional in nature. The ratings reflect P Ramu's continued small scale of operations even as its revenue improved to INR324 million in FY20 from INR275 million in FY19 due to the higher number of orders executed. The firm received higher orders, mainly from state roadways and municipal and panchayat roads. At end-June 2020, P Ramu's order book was INR275 million, to be executed in FY21. Ind-Ra expects slight deterioration in revenue in FY21, owing to the slow execution of projects due to COVID-19. The firm's average EBITDA margin improved to 8.2% in FY20 from 7.9% during FY19 due to high-margin order execution. Also, the firm has effectively managed its other expenses to maintain its margin around 8% despite an increase in the raw material cost. The return on capital employed was 12% in FY20 (FY19: 13%) The ratings factor in the firm's moderate credit metrics with gross interest coverage (EBITDA/gross interest expense) of 2.3x in FY20 (FY19: 1.9x) and net financial leverage (adjusted net debt/operating EBITDA) of 4.3x (3.5x). The coverage increased in FY20 due to an improvement in the absolute EBITDA to INR27 million from INR22 million in FY19; the leverage deteriorated due to an increase in the term loan as well as the loan from promoters. The ratings continue to be constrained by the proprietorship nature of the business. However, the ratings continue to be supported by the promoter's experience of more than three decades in the execution of road contracts. RATING SENSITIVITIES Positive: An improvement in the liquidity position while maintaining the revenue and EBITDA margin, leading to an improvement in the credit metrics, all on a sustained basis, can lead to the Outlook being revised to Stable. Negative: A further stretch in the liquidity position, along with a decline in the revenue or EBITDA margin, resulting in deterioration in the credit metrics, all on a sustained basis, could lead to a negative rating action. COMPANY PROFILE P Ramu is engaged in the execution of road contracts. PREMIER CRYOGENICS: CRISIL Lowers Ratings on INR15.5cr Loans to B ----------------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Premier Cryogenics Limited (PCL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') Term Loan 12.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with PCL 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 PCL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on PCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Incorporated in the year 1994, PCL which is in the business of bottling and supplying of industrial gases. The products are used by exploration and production companies, hospitals, industries for cutting and welding purpose and other industries such as rolling mills. PREMIER STEELS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Premier Steels' 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 B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR100.00 mil. Fund-based working capital limit migrated to non-cooperating category with IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on September 9, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Premier Steels was incorporated in 1983 and trades steel products. It has a stock yard in Ernakulum. The firm is managed by V.A. Mohammed Ashraf. Waheed Mohammed Ashraf, T.P. Ismail, and Zakir Mohammed Ashraf are its partners. SARGA HOTEL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Sarga Hotel Private Limited (Previously known as Shristi Hotel Private Limited) Plot X 1, 2 & 3, Block-EP Sector-V, Salt Lake Kolkata 700091 (West Bengal) Insolvency Commencement Date: August 12, 2020 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: February 8, 2021 (180 days from commencement) Insolvency professional: Savita Agarwal Interim Resolution Professional: Savita Agarwal 16A, Shakespeare Sarani New B K Market 5th Floor Kolkata 700071 E-mail: savita_22@hotmail.com cirp.sarga@gmail.com Last date for submission of claims: August 26, 2020 SATRA PROPERTY: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Satra Property Developers Pvt. Ltd. Upper Basement, Link Corner Mall Off Linking Road Behind KFC 24th & 33rd Road, Bandra (W) Mumbai 400050 Insolvency Commencement Date: August 10, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: February 6, 2021 Insolvency professional: Mr. Devarajan Raman Interim Resolution Professional: Mr. Devarajan Raman 12, ICT SQ RA Kidwai Road Matunga Mumbai 400019 E-mail: devarajan.raman@gmail.com - and - Office No. 9, 2nd floor 22 Rajabahadur Mansion Mumbai Samachar Marg Mumbai 400001 E-mail: ip.spdpl@gmail.com Classes of creditors: There are Allottees in Real estate project of the Corporate Debtor Insolvency Professionals Representative of Creditors in a class: Mr. Ajay Gupta Mr. Sandeep Jawaharlal Singhal Mr. Amritlal Poonamchand Porwal Last date for submission of claims: August 25, 2020 SUPER SPINTEX: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Super Spintex Private 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: -- INR821.8 mil. Term loan due on September 2024 migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating; -- INR220.0 mil. Fund-based limit migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50.0 mil. Non-fund-based limit migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING. The ratings were last reviewed on August 16, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Jamnagar-based Super Spintex was incorporated in January 2016 by Suresh G. Kachadia and Atul G. Kachadia. SSPL has setup a greenfield project for a spinning unit to manufacture cotton yarn of various counts. The project was completed in August 2017 and commenced its commercial operations from September 2017. Its manufacturing facilities are located at Jamnagar with 51,072 spindles having an installed capacity to manufacture 11,577 metric ton per annum. TATWA TECHNOLOGIES: Ind-Ra Moves B+ Issuer Rating to NonCooperating ------------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Tatwa Technologies 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 the rating. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR20 mil. Fund-based working capital limit migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 22, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in January 2006 in Bhubaneswar, Odisha, Talwa Technologies provides voice-based business process outsourcing services such as inbound/outbound call centre services, software design and development services, and packaged technology solutions. It hires, trains and recruits young professionals and acquires expertise from different sectors to run its process. V L RAKA: CRISIL Reaffirms B+ Rating on INR9cr Loans ---------------------------------------------------- CRISIL has reaffirmed its rating on the long term bank facilities of V L Raka Jewellers Private Limited (VL Raka) at 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B+/Stable (Reaffirmed) Proposed Cash Credit Limit 3.5 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect the company's working capital intensive nature of operations and modest scale of operation. These weaknesses are partially offset by the extensive experience of its promoters in the jewellery industry and moderate financial risk profile The lockdown and other measures taken by various central and state governments towards containment of COVID-19 are expected to have a moderate impact on the business risk profile of V L Raka. The company's operations have resumed from July 2020 albeit at considerably reduced scale. While the revenue in fiscal 2021 is expected to be subdued, low fixed cost structure is expected to limit the extent of negative impact on the profit margins in fiscal 2021 despite decline in scale, CRISIL has also taken into cognizance, moratorium being granted for interest payment on cash credit facility till August 31, 2020 as permitted by the Reserve Bank of India (RBI), which should contain the risk of default. Analytical Approach Unsecured loans amounting to INR2.26 crore as on March 31st, 2019 are treated as neither debt nor equity as it is expected to be retained in business over the medium term. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations: Scale of operations is modest with estimated revenues of around INR15.36 crore in fiscal 2020. Intense competition limits the pricing power with customers and suppliers thereby constraining profitability. * Working capital intensity in operations: Operations are working capital intensive, as reflected in gross current asset (GCA) of around 368 days which emanates from high inventory of 395 days as on 31st March 2020. Strengths: * Extensive experience of the promoters: Benefits from the promoters' four decade-long experience in the industry and healthy relationships with customers and suppliers, should support business. * Moderate financial risk profile: Small net worth and low total outside liabilities to adjusted networth (TOLANW) (INR7 crore and 0.88 times as on March 31, 2020) along with moderate interest coverage ratio at 2.85 times for fiscal 2020 represents moderate financial risk profile. Liquidity Stretched V L Raka has stretched liquidity marked by moderate cash accruals of INR65 lakhs in fiscal 2021 and fiscal 2022 against repayment obligation of around INR6-7 lakhs. Company has access to fund based bank lines of INR5.5 crore utilized to the tune of 93% over the last 12 months ending May 2020. Unsecured loan from promoters and additional bank lines are expected to support liquidity over the medium term. Outlook: Stable CRISIL believes V L Raka will continue to benefit over the medium term from the extensive experience of promoters Rating Sensitivity factors Upward factors * Improvement in cash accruals to over INR1 crore on sustained basis * Moderation in BLU * Improvement in inventory days Downward factors * Interest coverage of less than 1.5 times * Increase in working capital requirement, larger-than-expected debt funded capex or acquisition, or more-than-expected capital withdrawals, weakening the financial risk profile, particularly liquidity. Incorporated in 2008, V L Raka is promoted by Mr. Valchand Raka and Mr. Pradip Raka. V L Raka sells gold, silver and diamond studded jewellery at its retail store in Bhiwandi (Maharashtra). It also trades in jewellery manufactured by Agni, Aura and D'damas. Gold jewellery sales contribute to 80-90% of revenue and the remaining is contributed by trading of manufactured jewellery. VADALIA FOODS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Vadalia Foods' 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 B-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR50 mil. Fund-based working capital limit migrated to non- cooperating category with IND B- (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating; and -- INR127.06 mil. Term loan due on September 2021 to May 2023 migrated to non-cooperating category with IND B- (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 25, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Established in July 2013, Gujarat-based Vadalia Foods is engaged in the processing and manufacturing of packaged snacks. ========= J A P A N ========= TOBU RAILWAY: Egan-Jones Lowers Senior Unsecured Ratings to BB+ --------------------------------------------------------------- Egan-Jones Ratings Company, on August 10, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Tobu Railway Co Ltd BB+ from BBB-. Headquartered in Tokyo, Japan, Tobu Railway Co Ltd mainly provides passenger rail and bus transportation services in the Kanto area. ===================== S O U T H K O R E A ===================== SSANGYONG MOTOR: U.S. Firm May Submit Binding Bid to Buy Stake -------------------------------------------------------------- Yonhap News Agency reports that a U.S. automotive distribution company may submit a binding offer to acquire a stake in SsangYong Motor Co. next month as the carmaker's Indian parent looks for an investor, media reports said Aug. 20. HAAH Automotive Holdings, Inc., a California company that imports vehicles for the U.S. market, is preparing the binding bid to make an investment in SsangYong Motor, Yonhap relates citing local news reports. A binding offer refers to an offer made by a bidder to acquire a company after the due diligence phase of a sale process is complete. The news sent SsangYong 6.9 percent higher to close at KRW3,350, far outperforming the broader KOSPI's 3.7 percent decline, Yonhap notes. Its parent Mahindra & Mahindra Ltd. is looking for a new investor in SsangYong, a SsangYong spokesman said over the phone. "HAAH Automotive Holdings does not comment on rumor and speculation," Yonhap quotes the U.S. company's spokesman Chris Hosford as saying in an emailed statement. Yonhap relates that Mahindra, which owns a 74.65 percent stake in SsangYong Motor, recently said it will give up its status as the biggest shareholder of SsangYong if it finds a new investor. Mahindra has said it does not have a plan to inject fresh capital into SsangYong, the report adds. According to Yonhap, Mahindra said early this year it would inject KRW230 billion into SsangYong for the following three years after obtaining approval from its board. But its board voted against the investment plan last month as the spreading COVID-19 outbreak continues to affect vehicle sales in global markets. Instead of the proposed KRW230 billion (US$194 million), Mahindra said it would consider a "special one-time infusion" of up to KRW40 billion over the next three months to help SsangYong continue operations. The one-time cash injection falls far short of the KRW500 billion Mahindra Managing Director Pawan Goenka had said is needed to turn SsangYong around by 2022, adds Yonhap. About Ssangyong Motor Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. engages in the manufacture and sale of automobiles. The Company mainly manufactures and sells recreational vehicles (RVs), sports utility vehicles (SUVs), multi-purpose vehicles (CDVs) and passenger cars under the brand name of rexton sports, korando, korando sports, korando turismo, tivoli, tivoli air and others. The Company also provides automobile parts. The Company distributes its products within domestic market and to overseas markets. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 17, 2020, Yonhap News Agency said the auditor of SsangYong Motor Co. on Aug. 14 refused to deliver an opinion on the carmaker's ability to remain a going concern. KPMG Samjong Accounting Corp. declined to give its opinion on SsangYong Motor's earnings results for the January-June period. Samjong was also skeptical about SsangYong Motor's ability to continue operations after the company continued to report net losses in the January-March period, Yonhap said. SsangYong has reported net losses in the past 14 quarters through the second quarter of this year. Its net losses narrowed to KRW8.85 billion in the second quarter from KRW51.45 billion a year earlier, Yonhap disclosed. =========== T A I W A N =========== PHARMALLY INTERNATIONAL: FSC Seeks TWSE's Help in Malpractice Case ------------------------------------------------------------------ Kao Shih-ching at Taipei Times reports that the Financial Supervisory Commission (FSC) has asked the Taiwan Stock Exchange (TWSE) to determine whether Pharmally International Holding Co forged financial statements and if accounting company Deloitte & Touche Taiwan was responsible for the alleged malpractice, FSC Chairman Thomas Huang said. According to Taipei Times, the Taipei District Prosecutors' Office on Aug. 17 questioned two Deloitte & Touche Taiwan accountants over possible breaches of the Securities and Exchange Act. Prosecutors issued an arrest warrant for Pharmally International chairman Tony Huang - who has not been seen since early this month, according to company vice president Lu Hsiang-tai - for possible breaches of the act, Chinese-language media reported, Taipei Times relays. Prosecutors accused Huang of using equipment from Pharmally International's Chinese subsidiary as collateral for a personal loan of NT$700 million (US$23.72 million) and that the firm since 2018 has forged financial statements to hide the fact that the subsidiary was in the red, media reports, as cited by Taipei Times, said. Based on company filings with the Taiwan Stock Exchange, Pharmally International's top executives, including its chief financial officer, spokesman and head of internal control, resigned this month, which caused investors to worry, reports said. The TWSE has collaborated with accounting firms to scrutinize the financial reports and to see whether Deloitte & Touche Taiwan's accountants failed in their audits, Huang told reporters on the sidelines of a public function in New Taipei City, according to Taipei Times. If it is certain that the accountants were responsible for the failure, the commission would consider transferring the case to its disciplinary committee, Huang said. Taipei Times adds that the exchange said the TWSE on Aug. 18 suspended transactions of Pharmally International shares, as the company did not submit a financial statement for the second quarter. Last week, the exchange changed Pharmally International's stock classification to "full delivery," as the company could not clearly explain why equipment from its subsidiary was used as collateral, Taipei Times recalls. As the company's stock is a primary listed security held by a foreign company, investors have voiced concern in the past few days, says Taipei Times. "To bolster investors' confidence and strengthen supervision efficiency, the TWSE will not only adopt more supervisory measures for the primary listed foreign companies, but would also invite underwriters and certified public accountants to discuss how to improve the supervision mechanism," the TWSE said in a statement. Taipei, Taiwan-based Pharmally International Holding Company Limited manufactures and sells large volume injections and pharmaceutical raw materials. The Company focuses on bulk drugs and infusion of production and development. Pharmally serves the Asian and Asian Pacific markets. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2020. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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