/raid1/www/Hosts/bankrupt/TCRAP_Public/201125.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 25, 2020, Vol. 23, No. 236
Headlines
A U S T R A L I A
APEX ENERGY: First Creditors' Meeting Set for Dec. 4
NAKED BRAND: Incurs NZD19.7MM Loss for Six-Mo. Period Ended July 31
YELM & CO: Second Creditors' Meeting Set for Dec. 11
ZOMP SHOES: To Close After Almost 50 Years in Business
C H I N A
BAOSHANG BANK: Cleared to Start Bankruptcy Proceedings
BRILLIANCE AUTO: Singapore Creditor Files Arbitration Case
CBAK ENERGY: Creditor Agrees to Swap $11.2 Million Debt for Equity
CBAK ENERGY: Posts $41,715 Net Income in Third Quarter
JRSIS HEALTH: Posts $1-Mil. Net Income for Sept. 30 Quarter
KENONGWO GROUP: Says Substantial Going Concern Doubt Exists
LITHIUM & BORON: Has $88,000 Net Loss for Quarter Ended Sept. 30
YONGCHENG COAL: Sweetens Offer to Avoid Triggering More Defaults
[*] CHINA: Bond Defaults by State-Owned Firms Spark Concerns
I N D I A
AASTHA FASHIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
AB&CO GLOBAL: ICRA Keeps D on INR50cr Bank Loans in Not Cooperating
ADAMS MARKETING: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
AG8 VENTURES: Ind-Ra Affirms 'D' LongTerm Issuer Rating
ARMAAN INDUSTRIES: ICRA Lowers Rating on INR5cr Loan to B+
AWSUM PROTEINS: Insolvency Resolution Process Case Summary
BHAGYALAXMI INDUSTRIES: ICRA Moves B+ Ratings to Not Cooperating
D.N. HOMES: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating
DESIGN CLASSICS: ICRA Keeps B+ on INR8.9cr Loans in Not Cooperating
GOLDEN TOBACCO: ICRA Keeps D on INR53.8cr Loans in Not Cooperating
K. D. SUPPLY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KANAK PIPE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KINAM ENGINEERING: CRISIL Lowers Rating on INR1.5cr Loan to B
KINGS IMPEX: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
KOTARKI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating
KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNAPING ALLOYS: CRISIL Cuts Rating on INR15cr Cash Loan to D
MAHAVISHNU RICE: CRISIL Lowers Rating on INR10cr Loans to B
MANJEERA CONSTRUCTIONS: Ind-Ra Puts BB+ Issuer Rating on Watch Neg
MARUTI PAPERS: ICRA Lowers Rating on INR8.51cr Loan to B+
MAX PRECISION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MOONHOUSE PROJECTS: Ind-Ra Keeps BB+ LT Rating in Non-Cooperating
NAHAR LOGISTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
NATRAJ RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
NAVKAR TEX: ICRA Keeps B+ on INR10cr Loan in Not Cooperating
NIKUNJ EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
NIRANKAR COTTEX: ICRA Keeps B+ on INR11cr Loans in Not Cooperating
PARVATI SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating
PATRON INDUSTRIES: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
PETRO & AGROWAYS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
PRAKASH OILS: ICRA Keeps B+ on INR89cr Loans in Not Cooperating
PREHARI PROTECTION: ICRA Keeps D Debt Ratings in Not Cooperating
RADHA MADHAV: Insolvency Resolution Process Case Summary
RAM KRIPA: ICRA Keeps B+ on INR15cr Loan in Not Cooperating
RAVI IRON: ICRA Moves B+ Debt Rating to Not Cooperating
RISHIKA FASHIONS: ICRA Lowers Ratings on INR5.7cr Loans to B+
SHRADDHA ENERGY: ICRA Lowers Rating on INR187cr Loan to D
SRINIVASA EDUCATIONAL: ICRA Cuts Rating on INR90.36cr Loan to B+
SUDHAMSU EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
UNITED CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating
VANSH EXPORTS: Insolvency Resolution Process Case Summary
VENKATESHWARA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
VENKATESWARA CONSTRUCTIONS: ICRA Keeps Ratings in Not Cooperating
J A P A N
[*] JAPAN: Ramen Bars Struggle to Stay Open Amid Pandemic
P A K I S T A N
PAKISTAN INT'L AIRLINES: Plans to Lay-off 33% of Staff
S I N G A P O R E
HYFLUX LTD: JMs Seek Parties Keen to Take Part in Restructuring
S O U T H K O R E A
DOOSAN HEAVY: Unit to Invite Final Bidders for Shares
- - - - -
=================
A U S T R A L I A
=================
APEX ENERGY: First Creditors' Meeting Set for Dec. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of Apex Energy
N L will be held on Dec. 4, 2020, at 11:00 a.m. at the offices of
David Clout & Associates, Level 3, 26 Wharf Street, in Brisbane,
Queensland.
David Lewis Clout of David Clout & Associates was appointed as
administrator of Apex Energy on
Nov. 24, 2020.
NAKED BRAND: Incurs NZD19.7MM Loss for Six-Mo. Period Ended July 31
-------------------------------------------------------------------
Naked Brand Group Limited filed its Form 6-K, disclosing a
comprehensive loss of NZD19,696,000 on NZD34,564,000 of revenue for
the six months ended July 31, 2020, compared to a comprehensive
loss of NZD27,215,000 on NZD42,094,000 of revenue for the same
period in 2019.
At July 31, 2020, the Company had total assets of NZD89,813,000,
total liabilities of NZD91,521,000, and NZD1,708,000 in total
deficit.
The Company disclosed that there is substantial doubt about its
ability to continue as a going concern.
The Company further stated, "Despite the ongoing losses, and the
other negative financial conditions, the Directors are confident
that the Group will continue as a going concern. However, while
the Directors are confident of continuing as a going concern and
meeting its debt obligation to its bank and creditor commitments,
the going concern is dependent upon the Directors and Group being
successful in generating sufficient sales and increasing gross
margins while the Company has already made significant overhead
reductions. If required, the Company has the shelf facility to
raise additional capital.
"As a result, the viability of the Group is dependent on the above
maters. The dependence on these matters raises substantial doubt
about the Group's ability to continue as a going concern and
therefore whether the Group will realize the assets and extinguish
the liabilities in the normal course of business and the amounts
stated in the financial reports."
A copy of the Form 6-K is available at:
https://bit.ly/3kV7P7u
Naked Brand Group Limited designs, manufactures, and markets
intimate, apparel, and swimwear products worldwide. The company has
a portfolio of 11 company-owned and licensed brands, including
Heidi Klum Intimates, Heidi Klum Accessories, Bendon, Fayreform,
Pleasure State, Lovable, Heidi Klum Swim, Naked, Hickory, Bendon
Man, and Davenport. It operates through approximately 6,000 retail
stores and 61 company-owned Bendon retail and outlet stores in
Australia and New Zealand, as well as e-commerce sites. The company
is based in Alexandria, Australia.
YELM & CO: Second Creditors' Meeting Set for Dec. 11
----------------------------------------------------
A second meeting of creditors in the proceedings of Yelm & Co. Pty
Ltd has been set for Dec. 11, 2020, at 11:00 a.m. at the offices of
SM Solvency Accountants, Level 10/144 Edward Street, in Brisbane,
Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 10, 2020, at 4:00 p.m.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Yelm & Co on Nov. 6, 2020.
ZOMP SHOES: To Close After Almost 50 Years in Business
------------------------------------------------------
SmartCompany reports that popular shoe retailer Zomp will close its
doors in the coming weeks after almost 50 years in business.
Founded in Perth in 1972, Zomp attracted a loyal following for its
mix of local and international shoe brands for women.
The retailer currently operates four stores, with one located in
Melbourne, one in Sydney, and two in Perth.
Zomp previously operated a store on Melbourne's Chapel Street, but
closed the store in April 2019 due to declining foot traffic in the
area. Another Zomp store in Brisbane's Fortitude Valley closed in
August 2019.
According to SmartCompany, the retailer said on Nov. 24 the
remaining Zomp stores will close "in the coming weeks", as it
launched a 40% off storewide sale via its website.
When asked why the business is closing, a spokesperson for the
retailer told SmartCompany 2020 has "been a tough year in what was
already a tough retail climate".
In a statement provided to SmartCompany and also shared on
Facebook, Zomp said "the time has come to say goodbye".
"It's been a wide and rewarding ride," the company said.
"Whether you came to Zomp decades ago at Trinity Arcade or recently
fell in love, we are so grateful to have had your continued
support.
"We would also like to thank our Zomp team past and present. We are
beyond lucky to have such a loyal and dedicated team right to the
very end."
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C H I N A
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BAOSHANG BANK: Cleared to Start Bankruptcy Proceedings
------------------------------------------------------
Han Wei at Caixin Global reports that China's top banking regulator
granted approval for troubled regional lender Baoshang Bank to
start bankruptcy proceedings in the final cleanup of the country's
first bank failure in decades.
The China Banking and Insurance Regulatory Commission (CBIRC)
agreed in principle for Baoshang Bank to enter bankruptcy and asked
the bank to report major issues during the procedure to the
regulator, according to a statement posted Nov. 23 on the
commission's website, Caixin relays.
Caixin relates that the statement, dated Nov. 12, was published as
an extended state takeover of the bank was scheduled to end Nov.
23.
Inner Mongolia-based Baoshang, which was 89% owned by private
conglomerate Tomorrow Holding Co. Ltd., was taken under state
custody in May 2019 amid severe credit risks, recalls Caixin. The
bank was found to have a financial black hole of CNY220 billion
($32 billion) due to massive fund misappropriation by its largest
shareholder. The one-year state seizure of the bank - the first in
20 years - was later extended by six months.
Under a government-led restructuring, parts of Baoshang's good
assets were taken over by newly formed Mengshang Bank and Hong
Kong-listed Huishang Bank, according to Caixin. State investors
including a national deposit insurance fund managed by the central
bank and the government of the Inner Mongolia autonomous region
took part in the restructuring.
In August, the central bank said it would allow Baoshang to file
for bankruptcy, a rare decision as the country has long been
reluctant to accept bank failures, Caixin relates. The decision
followed regulators' years-long efforts to combat financial market
risks stemming from shadowy borrowing activities of sprawling
conglomerates. It also came as China's financial industry faces
greater challenges from continued economic slowing and fallout from
the pandemic.
Baoshang is China's first commercial lender to be liquidated
through judicial procedure, Caixin notes. While some of Baoshang's
good assets were taken over by the two lenders, the rest of the
bank's assets including shareholders' equity and some creditors'
rights will be liquidated, the central bank said in August.
Caixin says The state deployed about CNY170 billion of public
funds, including money from the national deposit insurance fund,
the central bank's relending and other liquidity tools to rescue
Baoshang's creditors.
According to the central bank, the deposit principal and interest
of all individual Baoshang depositors were fully repaid by the
central bank's national deposit insurance fund, Caixin discloses.
Corporate clients with less than CNY50 million of deposits or debts
with the bank were also fully protected. Bigger creditors had 90%
of their debts repaid, the central bank said.
Earlier this month, Baoshang said it would write off a $980 million
subordinated capital bond after it was recognized as insolvent by
regulators, Caixin reports.
Caixin adds that the write-down was triggered because Baoshang was
"seriously insolvent and unable to survive," as confirmed by
regulators during the state takeover, the central bank and the
CBIRC said in a joint notice.
Baoshang Bank Co., Ltd. provides various commercial banking
products services to individuals and corporate customers in China.
In May 2019, China's financial regulators took control of the small
private bank as part of authorities' efforts to break up fallen
tycoon Xiao Jianhua's business empire and contain financial risks.
The People's Bank of China (PBOC) and China Banking and Insurance
Regulatory Commission (CBIRC) announced on May 24, 2019, the
takeover of Baoshang Bank Co. for a year. The rare takeover came
two years after Xiao, the billionaire founder of conglomerate
Tomorrow Holding Group, went missing from a luxury Hong Kong hotel.
He is reportedly to have been placed under graft investigation by
Chinese authorities. The regulators said the takeover reflects the
"severe credit risk" the bank poses and is intended to protect the
interests of the bank's depositors and other clients.
BRILLIANCE AUTO: Singapore Creditor Files Arbitration Case
----------------------------------------------------------
Luo Meihan at Caixin Global reports that Brilliance Auto Group
Holdings Co. Ltd., parent of German car giant BMW AG's main Chinese
joint-venture partner, faces an arbitration filed by one of its
creditors, as Brilliance has transferred some valuable assets amid
massive debt defaults.
The case initiated earlier this month by the Shanghai branch of DBS
Bank (China) Ltd., a subsidiary of Singaporean banking giant DBS
Bank Ltd., involves CNY779 million ($118 million) and is due to
"disputes arising from financing contracts," according to a
Brilliance filing, Caixin relays.
Part of DBS Bank (China)'s loans to Brilliance have been overdue
since September, and the bank is seeking to freeze Brilliance's
related assets, a banks spokesperson told Caixin on Nov. 19.
Caixin relates that the spokesperson also said that Brilliance
disposed of significant assets without creditor approval,
sabotaging all creditors' interests, while the automaker had never
explained to the bank its equity transfer and pledge.
In September, Brilliance entered an agreement to transfer all of
the shares it held in Hong Kong-listed subsidiary Brilliance China
Automotive Holdings Ltd. to a wholly owned subsidiary, Liaoning
Xinrui Automotive Industry Development Co. Ltd., recalls Caixin. On
Nov. 5, Liaoning Xinrui pledged all the shares as collateral for
loans from a lender.
The listed company controls a 50% stake in lucrative BMW Brilliance
Automotive Ltd., its joint venture with BMW, the report notes.
Some of Brilliance's creditors asked the company in a Nov. 9
meeting about how much financing Liaoning Xinrui took out and how
it would use the money, but the company refused to divulge
specifics and said only that it was for internal use, according to
Caixin.
Brilliance has been struggling with liquidity issues in recent
months since revealing massive debt defaults, Caixin says. The
automaker said on Nov. 16 that it has defaulted on CNY6.5 billion
of debt - including a CNY1 billion bond it defaulted on last month
- and CNY144 million of interest.
Brilliance Auto Group Holdings Co., Ltd., manufactures automobiles.
The Company produces passenger cars, commercial cars, and more.
Brilliance Auto Group Holdings also sells spare parts.
CBAK ENERGY: Creditor Agrees to Swap $11.2 Million Debt for Equity
------------------------------------------------------------------
CBAK Energy Technology, Inc. entered into a cancellation agreement
with a creditor who loaned an aggregate of RMB 72 million
(approximately $11.17 million) to a subsidiary of the Company.
Pursuant to the terms of the Cancellation Agreement, the Creditor
agreed to cancel the Debt in exchange for an aggregate of 3,192,291
shares of common stock of the Company at an exchange price of $3.50
per share. Upon receipt of the Shares, the creditor will release
the Company from any claims, demands and other obligations relating
to the Debt. The Cancellation Agreement contains customary
representations and warranties of the Company and the creditor. The
creditor does not have registration rights with respect to the
Shares. The closing price of the Company's common stock on Nov.
11, 2020, as reported by the Nasdaq Stock Market, was $3.48 per
share.
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy
highpower lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company
had $102.07 million in total assets, $85.03 million in total
liabilities, and $17.04 million in total equity.
Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated May 14, 2020, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2019. All these factors raise substantial
doubt about its ability to continue as a going concern.
CBAK ENERGY: Posts $41,715 Net Income in Third Quarter
------------------------------------------------------
CBAK Energy Technology, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q, reporting
net income of $41,715 on $10.62 million of net revenues for the
three months ended Sept. 30, 2020, compared to a net loss of $1.78
million on $8.09 million of net revenues for the three months ended
Sept. 30, 2019.
For the nine months ended Sept. 30, 2020, the Company reported a
net loss of $3.51 million on $22.15 million of net revenues
compared to a net loss of $6.93 million on $17.53 million of net
revenues for the nine months ended Sept. 30, 2019.
As of Sept. 30, 2020, the Company had $102.07 million in total
assets, $85.03 million in total liabilities, and $17.04 million in
total equity.
Liquidity and Capital Resources
The Company has financed its liquidity requirements from short-term
bank loans, other short-term loans and bills payable under bank
credit agreements, advances from its related and unrelated parties,
investors and issuance of capital stock.
As of Sept. 30, 2020, the Company had cash and cash equivalents of
$7.9 million. Its total current assets were $34.7 million and its
total current liabilities were $71.5 million, resulting in a net
working capital deficiency of $36.8 million. These factors raise
substantial doubts about the Company's ability to continue as a
going concern.
A full-text copy of the Form 10-Q is available for free at:
https://bit.ly/2Jc2Fqt
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy
highpower lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company
had $102.07 million in total assets, $85.03 million in total
liabilities, and $17.04 million in total equity.
Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated May 14, 2020, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2019. All these factors raise substantial
doubt about its ability to continue as a going concern.
JRSIS HEALTH: Posts $1-Mil. Net Income for Sept. 30 Quarter
-----------------------------------------------------------
JRSIS Health Care Corporation filed its quarterly report on Form
10-Q, disclosing a net income of $1,032,486 on $10,016,085 of total
revenue for the three months ended Sept. 30, 2020, compared to a
net income of $844,699 on $7,763,200 of total revenue for the same
period in 2019.
At Sept. 30, 2020, the Company had total assets of $53,016,235,
total liabilities of $27,397,868, and $25,618,367 in total
shareholders' equity.
JRSIS Health said, "The Company had a US$5,575,971 negative
retained earnings or accumulated deficit as of September 30, 2020;
in addition, the Company's total current liabilities exceeded its
current assets by US$2,950,924. These factors raised substantial
doubt about its ability to continue as a going concern.
"To continue as a going concern, the Company is actively pursuing
additional funding and strategic partners to enable it to implement
its business plan. In addition, the Company is also working to
devote more efforts to improve its operation and generate more
profits. Management believes that these actions will allow the
Company to continue its operations through the next fiscal year."
A copy of the Form 10-Q is available at:
https://bit.ly/2ISa3Hw
JRSIS Health Care Corporation provides a range of medical services
in Harbin in the Heilongjiang Province of the People's Republic of
China. It offers services in the areas of pediatrics, dermatology,
ears, nose, throat, traditional Chinese medicine, ophthalmology,
internal medicine dentistry, general surgery, rehabilitation
science, gynecology, general medical services, etc. The company
provides its services through Jiarun Hospital, which consists of
950 beds. The company was formerly known as China Runteng Medical
Group Co., Ltd and changed its name to JRSIS Health Care
Corporation in November 2013. JRSIS Health Care Corporation was
founded in 2006 and is based in Harbin, the People's Republic of
China.
KENONGWO GROUP: Says Substantial Going Concern Doubt Exists
-----------------------------------------------------------
Kenongwo Group US, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $432,279 on $34,632 of revenue for the
three months ended Sept. 30, 2020, compared to a net loss of
$25,465 on $112,420 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $1,437,620,
total liabilities of $1,823,325, and $385,705 in total
stockholders' deficit.
Kenongwo Group said, "The Company has incurred a net loss of
US$678,194 for the nine months ended September 30, 2020. As of
September 30, 2020, the Company had an accumulated deficit of
US$878,969, working capital deficit of US$1,031,189; its net cash
used in operating activities for the nine months ended September
30, 2020 was US$818,517. These factors raise substantial doubt on
the Company's ability to continue as a going concern. Management's
plan for the Company's continued existence is dependent upon
management's ability to execute the business plan, develop the plan
to generate profit; additionally, Management may need to continue
to rely on certain related parties to provide funding for
investment, for working capital and general corporate purposes. If
management is unable to execute its plan, the Company may become
insolvent."
A copy of the Form 10-Q is available at:
https://bit.ly/36Q4CBk
Kenongwo Group US, Inc. is based in Jiangxi Province, China.
LITHIUM & BORON: Has $88,000 Net Loss for Quarter Ended Sept. 30
----------------------------------------------------------------
Lithium & Boron Technology, Inc. filed its quarterly report on Form
10-Q, disclosing a net loss of $88,035 on $2,330,292 of total sales
for the three months ended Sept. 30, 2020, compared to a net income
of $5,872,984 on $1,883,327 of total sales for the same period in
2019.
At Sept. 30, 2020, the Company had total assets of $7,227,687,
total liabilities of $4,466,029, and $2,761,658 in total equity.
The Company said there is substantial doubt about its ability to
continue as a going concern, citing a net loss of $275,929 and
$88,035 for the nine and three months ended September 30, 2020.
The Company further stated, "In addition to current boric acid
production business, the Company plans to produce lithium carbonate
electric vehicle batteries through a recently established JV from
brine that is provided by Qinghai Technology for free. The cost
for the brine is immaterial as it is pumped out directly from the
nearby Salt Lake without any charge. Management also intends to
raise additional funds by way of a private or public offering, or
by obtaining loans from banks or others. While the Company
believes in the viability of its strategy to generate sufficient
revenue and in its ability to raise additional funds on reasonable
terms and conditions, there can be no assurances to that effect.
The ability of the Company to continue as a going concern is
dependent upon the Company's ability to further implement its
business plan and generate sufficient revenue and its ability to
raise additional funds by way of a public or private offering."
A copy of the Form 10-Q is available at:
https://bit.ly/3kTKByJ
Lithium & Boron Technology, Inc. manufactures and sells boric acid,
boron, lithium carbonate, and related compounds for use in
industrial and consumer applications in the People's Republic of
China. The company was formerly known as SmartHeat Inc. and changed
its name to Lithium & Boron Technology, Inc. in October 2019.
Lithium & Boron Technology, Inc. was founded in 1954 and is
headquartered in XaiXi, the People's Republic of China.
YONGCHENG COAL: Sweetens Offer to Avoid Triggering More Defaults
----------------------------------------------------------------
Caixin Global reports that troubled state-owned coal miner
Yongcheng Coal and Electricity Holding Group Co. Ltd. has again
raised its offer to creditors as its seeks more time to repay a
CNY1 billion ($152.4 million) bond that it defaulted on earlier
this month and avoid triggering further defaults on billions more
in debt.
Caixin relates that Yongcheng Coal and Electricity Holding Group
Co. Ltd.'s ongoing negotiations with its creditors show how quickly
times have changed for China's state-owned enterprises (SOEs). Once
seen as companies without much credit risk because of their links
to the state, the Henan province-based company and many other SOEs
now face the real possibility of financial collapse coupled with a
far less friendly regulatory environment, Caixin says.
Yongcheng Coal told bondholders on Nov. 22 that it can repay 50% of
the principal if they accept a 270-day extension for paying back
the rest, sources close to the matter told Caixin. The bond was
due on Nov. 10.
Over the past few days, the debt-ridden SOE has gradually raised
its extension offer, the sources said, Caixin relays. In its first
proposal, it asked for the 270-day delay without immediate
repayment on any of the principal. After that was rejected, it
offered to repay 5% in exchange for the delay, then 30%. The offer
now stands at 50%, or CNY500 million, the sources, as cited by
Caixin, said.
Caixin says the company paid all of the 32.4 million yuan in
overdue interest on the ultra-short-term bond earlier this month.
Yongcheng Coal's latest offer was brokered with the help of the
Henan provincial government, the sources said, adds Caixin.
Yongcheng Coal & Electricity Holding Group Co. Ltd. mines and
distributes coal products. The Company produces brown coal
products, bituminous coal products, hard coal products, coking coal
products, and other related products. Yongcheng Coal & Electricity
Holding Group also provides electric generation, apparel
processing, trade, and other related services.
[*] CHINA: Bond Defaults by State-Owned Firms Spark Concerns
------------------------------------------------------------
CNBC reports that a series of high-profile defaults involving
state-owned companies in China - normally a safe pick for investors
- have jolted the credit market and rattled investors, leading to
bond market selloff earlier this month.
As the bleeding continues pointing to signs of more bond defaults
ahead, observers are debating the questions of why more state-owned
enterprises (SOEs) are being left in the cold this time compared to
the past two decades and what segments of the market, if any, will
the government choose to support, CNBC says.
According to CNBC, state-owned miner Yongcheng Coal and Electricity
defaulted on a CNY1 billion bond two weeks ago, triggering a
broadened state investigation into three underwriting banks
suspected of misconduct.
Other high-profile debt defaults followed suit last week, including
government-backed chipmaker Tsinghua Unigroup, which missed payment
after failing to extend its deadline for repayment, and another
default by state-owned Huachen Automotive Group - a Chinese joint
venture partner of BMW, CNBC relates. Last month, one of China's
largest property developers China Evergrande also came under the
spotlight for reportedly having cash crunch issues.
"The [Yongcheng] default triggered investor concerns about the
entire corporate bond market, because it breaks the long-held
assumption about an implicit government guarantee for SOE bonds,"
ANZ Research's China Markets Economist Zhaopeng Xing wrote in a
note on Nov. 13, CNBC relays. The first-time default rate for SOEs
are well below 1% currently, as compared to the 9% default rate by
private enterprises, CNBC discloses citing ANZ's data.
Defaults by government-supported firms in China were rare before
recent times, CNBC notes. Late last December, the case of a
dollar-bond default by commodity trader Tewoo Group was the first
in two decades.
These defaults are coming even as many asset managers, bullish on
Chinese debt, have been pushing calls on investments into Chinese
bonds this year, CNBC notes. They offer a very attractive
proposition for investors with their yields - far higher than U.S.
or European yields - in a world where it's increasingly hard to
come by.
China's onshore bond market is worth $13 trillion, the world's
second largest, CNBC notes.
So far this year, investors have lapped them up, says CNBC. Foreign
inflows into onshore Chinese bonds via funds shot up to a year-high
of $21.43 billion in March, compared to $9.5 billion at the end of
last year, according to Refinitiv data obtained by CNBC. The
iShares Barclays USD Asia High Yield Bond is up over 31% since a
low in March, the report adds.
=========
I N D I A
=========
AASTHA FASHIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR8.92 crore bank facilities of
Aastha Fashions Pvt. Ltd. continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+(Stable) ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.92 [ICRA]B+(Stable) ISSUER NOT
Fund Based COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short-term, (2.00) [ICRA]A4; ISSUER NOT
Nonfund based COOPERATING; Rating Continues
to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Founded in 2002, Aastha Fashions Pvt. Ltd. (AFPL) is engaged in the
fabric processing business, mainly in printing greige fabric
(sarees and dress material) on a job-work basis. It has a fabric
processing facility at Surat, Gujarat. AFPL's clientele provide the
fabric and it processes the same in-house. The major raw materials
used are colors and chemicals, which the company procures locally.
AFPL markets its products directly to its customers, and mainly
operates in the domestic
market in Surat.
AB&CO GLOBAL: ICRA Keeps D on INR50cr Bank Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR50.00 crore bank facilities of
Ab&Co Global Private Limited continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- (10.00) [ICRA]D: ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain in
the 'Issuer Not Cooperating'
category
Fund Based- (25.00) [ICRA]D: ISSUER NOT COOPERATING;
Buyers Credit Rating continues to remain in
the 'Issuer Not Cooperating'
category
Non-Fund Based– 50.00 [ICRA]D: ISSUER NOT
COOPERATING;
Letter of Credit Rating continues to remain in
the 'Issuer Not Cooperating'
category
Non-Fund Based– (10.00) [ICRA]D: ISSUER NOT
COOPERATING;
Bank Guarantee Rating continues to remain in
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
AB&Co Global Private Limited (AB&Co) was initially incorporated in
the name of Navib Constrade Pvt. Ltd. in the year 1997. In 2001,
its name was changed to AB&Co Advisors Pvt. Ltd. In 2011, the
company was renamed as 'AB&Co Global Private Limited'. AB&Co trades
in various products such as raw cotton, mild steel ingots, angles,
plates, rounds, chemicals, IT products and copper, depending upon
the demand scenario. The company sells its products primarily in
the domestic market. The major customers of AB&Co are domestic
textile, engineering and chemical companies. From FY13 onwards, the
company diversified into civil construction business to reduce its
dependence on trading operations.
ADAMS MARKETING: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Adams Marketing
Private Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR245 mil. Fund-based limit (Long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR5.58 mil. Term loan (Long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR100 mil. Proposed fund-based limit (long term) withdrawn
(the company did not proceed with the instrument as
envisaged).
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Adams Marketing was incorporated in 2007. The company is based in
Howrah and is an authorized dealer for various electronics goods.
It is also the distributor of Bharti Airtel Limited for the Kolkata
circle.
AG8 VENTURES: Ind-Ra Affirms 'D' LongTerm Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed AG8 Ventures Ltd's
(AG8) Long-Term Issuer Rating at 'IND D'.
The instrument-wise rating actions are:
-- INR1.20 bil. (reduced from INR1,379.50 bil.) Long-term loan
due on March 31, 2025 affirmed with IND D rating.
KEY RATING DRIVERS
The ratings reflect AG8's continuous instances of delays in term
loan repayments for the 12-months ended October 2020.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.
COMPANY PROFILE
AG8 was incorporated in 1997 with an objective to develop
residential projects in and around Bhopal.
ARMAAN INDUSTRIES: ICRA Lowers Rating on INR5cr Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Armaan
Industries Pvt. Ltd., as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund based COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB- (Stable) and
continues to remain under
'Issuer Not Cooperating'
Category
Long-Term 3.49 [ICRA]B+ (Stable) ISSUER NOT
Fund based COOPERATING; Rating downgraded
Term Loan from [ICRA]BB- (Stable) and
continues to remain under
'Issuer Not Cooperating'
Category
Short-term, 0.18 [ICRA]A4; ISSUER NOT
non-fund based COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Short-term, (1.50) [ICRA]A4; ISSUER NOT
non-fund based COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Rationale
The ratings for the INR8.67 crore bank facilities of Armaan
Industries Pvt. Ltd. have been downgraded and continues to remain
under 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER NOT COOPERATING".
The Long-Term rating downgrade is because of lack of adequate
information Armaan Industries Pvt. Ltd. performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with Armaan Industries Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Established in 2002, Armaan Industries Pvt. Ltd. (AIPL) is engaged
in the business of dyeing and printing of greige fabric on a
job-work basis. The company's fabric processing facility is located
at Surat, Gujarat. The company was initially incorporated as M/s
Sangam Creations Pvt. Ltd., but was acquired by the present
management and subsequently renamed to Armaan Industries Pvt. Ltd.
in June 2006. AIPL markets its products directly to its customers,
and mainly operates in the domestic market in Surat.
AWSUM PROTEINS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Awsum Proteins Limited
A-47 F/F, L/S, B/P KH No. 136
Gali No. 1, Harijan Colony
Neb Sarai New Delhi
South West Delhi
DL 110068
IN
Insolvency Commencement Date: November 4, 2020
Court: National Company Law Tribunal, Meerut Bench
Estimated date of closure of
insolvency resolution process: May 5, 2021
Insolvency professional: Manish Agarwal
Interim Resolution
Professional: Manish Agarwal
707, Saket
Opp. Rohtash Sweets
Meerut 250001
Uttar Pradesh
E-mail: manishfcs@gmail.com
- and -
205, 2nd Floor
Rohit House Tower-2
Tolstoy Marg
Connaught Place
New Delhi 01
E-mail: awsum.cirp@gmail.com
Last date for
submission of claims: November 19, 2020
BHAGYALAXMI INDUSTRIES: ICRA Moves B+ Ratings to Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR9.50 crore bank facilities of
Shree Bhagyalaxmi Industries. The rating is now denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based/ 7.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating moved to
'issuer not cooperating
category'
Unallocated 2.50 [ICRA]B+ (Stable) ISSUER NOT
Limits COOPERATING; Rating moved to
'issuer not cooperating
category'
As part of its process and in accordance with its rating agreement
with Shree Bhagyalaxmi Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Established in April 2013 as a partnership firm, Shree Bhagyalaxmi
Industries is involved in ginning and pressing of raw cotton to
produce cotton bales and cotton seeds. Its manufacturing facility,
located in Rajkot (Gujarat), is equipped with 36 ginning machines
and a pressing machine with a capacity of 34 metric tonne of raw
cotton per day. At present, the firm is managed by nine partners,
who have extensive experience in the cotton industry.
D.N. HOMES: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained D.N. Homes
Private Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR75.6 mil. Term loan due on September 2019 maintained in
non-cooperating category with IND BB+ (ISSUER NOT
COOPERATING) rating; and
-- INR250 mil. Proposed term loans withdrawn (the company did not
proceed with the instrument as envisaged).
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 19, 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 December 2003, D.N. Homes operates a real estate
business in Odisha. It was founded by Jagadish Prasad Naik.
DESIGN CLASSICS: ICRA Keeps B+ on INR8.9cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR8.95 crore bank facilities of
Design Classics Exports Private Limited continue to remain under
Issuer Not Cooperating category. The long-term and short-term
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+(Stable) ISSUER NOT
Fund Based COOPERATING; Rating continues
Facilities to remain under 'Issuer Not
Cooperating' category
Short Term- 4.95 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 0.10 [ICRA]B+(Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
Facilities to remain under 'Issuer Not
Cooperating' category
Short Term- 0.90 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.
M/s. Design Classics was established in the year 1989 as a
partnership firm for manufacturing and exports of knitted garments
by Mr.Rajasekar Kora. In 1993, it was converted into private
limited company as Design Classics Exports Private Limited. The
Company is engaged in manufacture of knitted garments and its
product profile caters to kids, men and women. The Company operates
with three manufacturing facilities in Tamil Nadu.
GOLDEN TOBACCO: ICRA Keeps D on INR53.8cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR53.80 crore bank facilities of
Golden Tobacco Limited continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 44.30 [ICRA]D: ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain in
the 'Issuer Not Cooperating'
category
Fund Based- 6.50 [ICRA]D: ISSUER NOT COOPERATING;
Term Loan Rating continues to remain in
the 'Issuer Not Cooperating'
category
Short Term- 3.00 [ICRA]D: ISSUER NOT COOPERATING;
Non Fund Rating continues to remain in
Based the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
Golden Tobacco Limited (GTL) was established by the late Shri
Narsee Monjee in the year 1930 in Mumbai (Maharashtra) as a
proprietary firm, and later went public in the year 1955. The
company was set up as an integrated tobacco processing, cigarette
rolling and packaging unit, and has its manufacturing operations
located at Vadodara (Gujarat) set up in 1972 apart from the
original unit in Mumbai (now being used for real estate
development), and a tobacco processing unit in Guntur (Andhra
Pradesh). In 1979, the company was taken over by "Dalmia Group",
led by Mr. Sanjay Dalmia. The major brand & brand extensions being
manufactured are Panama, Chancellor, CHL, Panama Premium Filter and
Panama Mini King.
K. D. SUPPLY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of K. D. Supply Chain
Solutions Private Limited (KD) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 10 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with KD for obtaining
information through letters and emails dated April 18, 2020 and
October 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 KD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KD is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KD
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KD, incorporated in 2005, is a third-party logistics service
provider, having presence in western, southern, and northern India.
The company provides warehousing and transportation services. It is
promoted by Mr. Umesh Premchandani, Mr. Kapil Premchandani, and Mr.
Vishal Premchandani.
KANAK PIPE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Kanak Pipe Industries
Private Limited (KPIPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.75 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 2.90 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 2.04 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 0.81 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with KPIPL for obtaining
information through letters and emails dated April 18, 2020 and
October 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 KPIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KPIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KPIPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Incorporated in 1993, KPIPL is promoted by Mr. Lalchand Kanungo and
Mr. Mahendra Kanungo. An ISO certified company, KPIPL manufactures
copper and copper alloys semis products such as tubes, pipes, rods,
flats and sections and its facility is located at Sanjan, Palghar
(Maharashtra).
KINAM ENGINEERING: CRISIL Lowers Rating on INR1.5cr Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kinam
Engineering Industries (KEI) to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Letter of Credit 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Short Term 3 CRISIL A4 (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Secured Overdraft 1.5 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with KEI for obtaining
information through letters and emails dated April 18, 2020 and
October 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 KEI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KEI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KEI
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
KEI, set up in 1981 manufactures heat exchangers at its plant in
Bhiwandi, Maharashtra. Mr. Kirit Mehta, his son Mr. Mehul Mehta,
and nephew, Mr. Jigar Mehta, manage operations.
KINGS IMPEX: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kings Impex Pvt.
Ltd'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 B+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR75 mil. Fund based working capital limit (packing credit &
foreign bills purchased) migrated to non-cooperating category
with IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 20, 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 1983, Kings Impex exports material handling
equipment and industrial machinery. Its major customers are in
African countries such as Nigeria, Ghana and Ethiopia. Its
suppliers include Godrej & Boyce Mfg. Co. Ltd., Elgi Equipments
Ltd, Ferromatik Milacron, Neo Plast Pvt Ltd and Emrald Reilient
Tyre Mfg Pvt Ltd.
KOTARKI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR25.00 crore bank facilities of
Kotarki Constructions Private Limited continue to remain under
Issuer Not Cooperating category. The long-term and short-term
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.00 [ICRA]B+(Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 12.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.
Kotarki Constructions Private Limited (KCPL) was incorporated in
the year 2004 and the promoters of this company are Mr. Kotarki
Shanker, Mr. Kotarki Prabhurao, Mrs. Kotarki Anjali, Mr. Kotarki
Anand and Mr. Kotarki Sangamesh. It is a family owned and closely
held company led by Mr. Kotarki Shanker who looks after the overall
operations, supported by Mr. Kotraki Prabhurao and Mr. Kotarki
Sangamesh handling project executions and Mr. Kotraki Anand
handling administration. The company was established as a
proprietorship firm in the year 1989, by Mr. Kotraki Shanker and
was reconstituted as private limited company in the year 2004.
Currently, the company, undertakes contracts for construction of
roads, bridges, civil construction, and construction of irrigation
canals in Karnataka. The company has executed orders for various
reputed clients like NHAI (National Highways Authority of India),
KRDCL (Karnataka Road Development Corporation Limited), PWD (Public
Works Department), KIADB (Karnataka Industrial Area Development
Board), etc.
KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of KPT Spinning Mills
Private Limited (KPT) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT COOPERATING)
Long Term Loan 2.5 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with KPT for obtaining
information through letters and emails dated April 18, 2020 and
October 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 KPT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KPT is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KPT
continues to be 'CRISIL D Issuer Not Cooperating'.
KPT was promoted by Mr. K P Thangamuthu and Mr. Vetrivel in 2010
and began commercial production in 2011-2012. The company is
engaged in the manufacture of cotton yarn (40 counts) and has its
manufacturing facility situated in Erode Dist, Tamil Nadu.
KRISHNAPING ALLOYS: CRISIL Cuts Rating on INR15cr Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facility of
Krishnaping Alloys Ltd (KAL; a part of the Krishnaping group) to
'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Letter of Credit 20 CRISIL D (Downgraded from
'CRISIL A4+')
CRISIL has taken cognizance of application made by KAL for
restructuring of its bank facilities under Reserve Bank of India
(RBI) guidelines issued on August 06, 2020-'Resolution Framework
for COVID-19-related Stress'. However final approval for same it
still pending.
The downgrade reflects poor liquidity profile marked by
overutilization of cash credit facility, devolvement of letter of
credit (LC) and interest being overdue for over 30 days, even prior
to the application for restructuring.
The ratings continue to reflect large working-capital requirement
and below-average debt protection metrics. These rating weaknesses
are partially offset by extensive experience of the promoters in
the mining and ferro alloys industry.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KAL and Krishnaping Minerals Pvt Ltd
(KMPL), together referred to as 'Krishnaping group'. This is
because both the companies are in the same line of business, work
under a common management, and have strong operational linkages and
financial fungibility.
Unsecured loans have been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in Servicing of Debt: Stretched liquidity has resulted
in delays in servicing of interest, devolved LCs remaining unpaid
and overutilization of cash credit facility for over 30 days.
* Large working capital requirement: Operations are working
capital intensive with gross current assets of over 300 days for
last 3 years through March 31, 2020, primarily on account of high
inventory.
* Below-average debt protection metrics: The metrics have
moderated in fiscal 2020, with interest coverage ratio at sub 2
times in fiscal 2020.
Strength
* Extensive experience of the promoters in the mining and ferro
alloys industry: Benefits from the promoters' experience of over
two decades, their strong understanding of local market dynamics,
and healthy relations with customers and suppliers should continue
to support the business.
Liquidity Poor
Liquidity is poor as reflected in overutilization of cash credit
facility and devolvement of letter of credits on back of
significant working capital elongation.
Rating Sensitivity factors
Upward factors
* Track record of timely debt servicing for 90 days or more
* Significant improvement in liquidity due to restructuring of
debt or infusion of equity or a sizeable realization of payments
from customers
KMPL and KAL, incorporated in 1996, undertakes mining and
beneficiation of manganese ore along with manufacturing of ferro
manganese alloys. The group is promoted and managed by Mr. Sanjeev
Khandelwal. KMPL has a factory unit in Vizag, Andhra Pradesh and
KAL has factory unit in Chindwara, Madhya Pradesh.
MAHAVISHNU RICE: CRISIL Lowers Rating on INR10cr Loans to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Mahavishnu
Rice Industries (MVRI) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Standby Line of 1 CRISIL B/Stable (ISSUER NOT
Credit COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with MVRI for obtaining
information through letters and emails dated April 18, 2020 and
October 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 MVRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MVRI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MVRI
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.
Set up in 2010, MVRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm is promoted by
Mr.G.Krishnaiah and his family.
MANJEERA CONSTRUCTIONS: Ind-Ra Puts BB+ Issuer Rating on Watch Neg
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Manjeera
Constructions Limited's (MCL) Long-Term Issuer Rating of 'IND BB+'
on Rating Watch Negative (RWN). The Outlook was Stable.
The instrument-wise rating actions are:
-- INR109.2 mil. Fund-based facilities placed on RWN with IND BB+
/RWN/IND A4+/RWN rating; and
-- INR150 mil. Non-fund-based facilities placed on RWN with IND
A4+/RWN rating.
Analytical Approach: Ind-Ra continues to factor in the corporate
guarantee provided by MCL to its wholly-owned subsidiary - Manjeera
Retail Holdings Private Limited (MRHPL) to arrive at the ratings.
The RWN reflects MCL's application to its one of the lenders for
restructuring of its term loans under resolution framework for
COVID-19-related stress and related guidelines announced by the
Reserve Bank of India vide its circulars dated August 6, 2020 and
September 7, 2020, along with guidance provided by the Securities
and Exchange Board of India circular SEBI/ HO/ MIRSD/ CRADT/ CIR/
P/ 2020/ 160 dated August 31, 2020 in this regard.
The formal application for the loan restructuring was submitted on
November 6, 2020, which was prior to the due date of payment
obligations.
KEY RATING DRIVERS
The affirmation reflects MCL's continued moderate offtake risk and
stretched liquidity.
MCL has two ongoing residential projects with two unsold units of
25 units in Purple Town and 111 units unsold of 352 units (share of
MCL) in Manjeera Monarch. Ind-Ra expects the unsold villas in
Purple Town to be sold in FY21 and those in Manjeera Monarch to be
sold before FY23. Purple Town has 49 elite, independent villas and
Manjeera Monarch consists of 567 residential flats in five blocks
with ground plus 14 floors. MCL has 50% and 62% share in the total
area of Purple Town and Manjeera Monarch, respectively.
Liquidity Indicator – Stretched: The company's fund-based limits
remained fully utilized over the 12 months ended October2020. It
had cash and cash equivalents of INR16.97 million at FYE20. The
company had also availed the benefit of a three-month moratorium on
its working capital limit and term loan under the Reserve Bank of
India's COVID-19 regulatory package.
The ratings are also constrained by MCL's extended corporate
guarantee for MRHPL's term loan worth INR3,250 million (INR1,880
million outstanding as of April 20, 2020). The rating also factors
in the saleability and execution risks associated with the
company's upcoming projects namely Manjeera Blue (villas), Manjeera
French County (residential apartments) and the project by Vasavi
Realtors LLP located in Hafeezpet, Hyderabad in which MCL holds 20%
share. The means of funding are yet to be tied up and approvals are
yet to be obtained.
However, the ratings benefit from low execution risk associated
with Purple Town (100% completed at end-April 2020) and Manjeera
Monarch (94% completed). The occupancy certificate for Manjeera
Monarch is awaited by the company.
The ratings also factor in MCL's diversified revenue from various
segments including the real estate(9mFY20: contributed 83% to the
total revenue, FY19: 69%), engineering, procurement and
construction (17%, 31%) and wind mills (1%, 1%).
The ratings also draw strength from MCL's healthy order book
status. At end-March 2020, the company had two contract orders
valued INR1,225 million located at Rajamundry, Andhra Pradesh and
Jharsuguda, Odisha pertaining to its engineering, procurement and
construction segment. Of this, the company executed INR464 million
of orders until end-March 2020; the remaining of INR354.65 million
and INR406.45 million is likely to be completed in FY21 and FY22,
respectively. With respect to real estate, MCL has provided land
for the Bion project located in Kondapur, Hyderabad with no
construction cost involved.
The ratings continue to be supported by the locational advantage of
MCL's ongoing projects and the promoters' experience of more than
three decades in the real estate business. The company has
completed around 11 projects individually and around nine joint
venture projects through its subsidiaries and associate companies.
Moreover, the ratings are supported by the presence of the escrow
mechanism that ensures the transfer of appropriate funds for debt
servicing from the pooled escrow account on a timely basis.|
RATING SENSITIVITIES
The RWN indicates that ratings may be downgraded or affirmed.
Ind-Ra will resolve the RWN after the implementation of
restructuring of the term loans.
COMPANY PROFILE
Incorporated in1987, MCL is engaged in developing residential,
commercial, hospitality and retail projects. The group is promoted
by G. Yoganand.
MARUTI PAPERS: ICRA Lowers Rating on INR8.51cr Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Maruti
Papers Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based/ 6.50 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating downgraded
from [ICRA]BB (Stable) and
continues to remain under
'Issuer Not Cooperating'
category
Fund based/ 8.51 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating downgraded
from [ICRA]BB (Stable) and
continues to remain under
'Issuer Not Cooperating'
category
Non-fund- 2.00 [ICRA]A4 ISSUER NOT
Based/Letter COOPERATING; Rating downgraded
Of Credit from [ICRA]A4+ and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Maruti Papers Limited's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Maruti Papers Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy
of ICRA, a rating view has been taken on the entity based on the
best available information.
MPL was incorporated in September 1988 and is engaged in the
manufacturing of kraft paper from agricultural residues and waste
paper. The company commenced commercial production in March 1990
with an installed capacity of 6,000 Metric Tons (MT) per annum.
Over the years the company has expanded the installed capacity to
manufacture the kraft paper and currently has an installed capacity
of 24,000 MT per annum. The company's manufacturing unit is located
in Muzaffarnagar district of Uttar Pradesh.
MAX PRECISION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Max Precision
Bearings Private Limited (MPB) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING)
Bill Discounting 0.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Cash Credit 3.2 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 0.35 CRISIL A4 (ISSUER NOT
COOPERATING)
Proposed Long Term 0.85 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan .28 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MPB for obtaining
information through letters and emails dated April 18, 2020 and
October 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 MPB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MPB is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MPB
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Established as a partnership firm in 1992 by Mr. Jayendra Vadgama,
Mr. Kirag Thanki, and Mr. Pinak Thanki and became a private limited
company in 2006. MPB manufactures bearings at its unit in Junagadh,
Gujarat.
MOONHOUSE PROJECTS: Ind-Ra Keeps BB+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Moonhouse
Projects Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR35 mil. Fund-based limit maintained in non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating;
-- INR80 mil. Non-fund-based limit maintained in non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR15 mil. Proposed fund-based limit withdrawn (the company
did not proceed with the instrument as envisaged); and
-- INR70 mil. Proposed non-fund-based limits withdrawn (the
company did not proceed with the instrument as envisaged).
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2009, Moonhouse Projects is a private limited
construction firm located in Dhanbad (Jharkhand) with branch
offices in Purulia (West Bengal) and Odisha. The firm undertakes
civil works for both government and private companies.
NAHAR LOGISTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nahar Logistics Park
Private Limited (NLPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1.2 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Proposed Overdraft .8 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING)
Term Loan 11.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with NLPPL for obtaining
information through letters and emails dated April 18, 2020 and
October 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 NLPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NLPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NLPPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
NLPPL was incorporated in 2015 and held by four shareholders - Mr.
Jagdial Singh, Mr. Sanjay Sehgal, Mr. Jasdeep Singh Sohi and Mr.
Digvijay Singh. The company constructs and leases warehouse spaces
on the outskirts of Ludhiana providing good connectivity to Delhi,
Chandigarh and Amritsar. At present it has three warehouses which
are 100% leased out to Amazon, Flipkart, Mahindra & Mahindra,
ProConnect, Haier and Daikin.
NATRAJ RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Natraj Rice Mills
Private Limited (NRMPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .34 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 8.85 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 14.70 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with NRMPL for obtaining
information through letters and emails dated April 18, 2020 and
October 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 NRMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NRMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NRMPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
NRMPL is engaged in rice milling. The company is promoted by Mr.
Sandeep Goyal, Manoj Agarwal and Mr. Vivek Banka with milling
capacity of 96000 metric tonnes per annum. It also has an installed
biomass with a capacity of 1.2 MW which is entirely for captive
consumption.
NAVKAR TEX: ICRA Keeps B+ on INR10cr Loan in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Shree Navkar Tex Creations (erstwhile Navkar Tex Creations)
continue to remain in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based/ 10.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
SNTC is a proprietorship firm based in Pali, Rajasthan which was
incorporated in 2008 and is managed by second generation
entrepreneur Mr. Kalpesh Bhandari. The firm is a part of the
Pali-based ISON group, whichhas interests in real estate
development, apart from textile trading. The firm trades in
'rubia', a fabric which is primarily used in blouses for women and
as an inner lining in dresses. It procures the grey fabric from
'mandis' in Rajasthan and Maharashtra and gets it processed on an
outsourced basis in Pali, which is a hub for textile processing. It
sells its fabric to wholesalers across the country through agents
on a commission basis.
NIKUNJ EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nikunj Exports
(Nikunj) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 4.6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Fund-
Based Bank Limits 1.9 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Nikunj for obtaining
information through letters and emails dated April 18, 2020 and
October 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 Nikunj, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Nikunj NIKUNJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
Nikunj continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2015, Nikunj is a 100 per cent export-oriented unit
involved in the processing and export of granite slabs. The firm
commenced commercial operations in March 2015. It is promoted by
Mr. Vasudev Poddar, who has been associated with the granite
industry for more than 25 years.
NIRANKAR COTTEX: ICRA Keeps B+ on INR11cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR11.00 crore bank facilities of
Nirankar Cottex Continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based/ 5.00 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund-based 6.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
NC was established as a partnership firm in 2014 and started its
operations from January 2015. The firm is engaged in ginning and
pressing of raw cotton and extraction of oil and cake from cotton
seeds. The firm is jointly managed by the partners, Mr. Rajesh
Roopchand Katyari, Mr. Prakash Roopchand Katyari, Mr. Pratap
Chandrakant Thakur and Mr. Sanjay Chandrakant Thakur. The firm has
its registered office and ginning unit at Wardha in Maharashtra. It
has an installed capacity to process 172,800 quintals of cotton
per annum, along with an oil extraction capacity of 108,000
quintals per annum.
PARVATI SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR12. 71 crore bank facilities of
Parvati Solvent Extraction Private Limited continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 10.00 [ICRA]D: ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain in
the 'Issuer Not Cooperating'
category
Fund Based- 2.71 [ICRA]D: ISSUER NOT COOPERATING;
Term Loan Rating continues to remain in
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
Parvati Solvent Extraction Private Limited (PSEPL) was incorporated
as a private limited company in 2009. The company commenced
operations from July 2010 and is engaged in solvent extraction and
production of soya products viz. crude oil and de-oiled cake (DOC).
It has an extraction unit at Jalna, Maharashtra with an intake
capacity of 250 MT per day. The day-to day operations is looked
after by Mr. Pritam Longaonkar, director of the company along with
his experienced management team.
PATRON INDUSTRIES: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Patron Industries Private Limited Continues to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short 12.00 [ICRA]B+(Stable)/[ICRA]A4;
term: Fund ISSUER NOT COOPERATING;
Based Limits Rating Continues to remain
under issuer not cooperating
category
Short-term: 7.50 [ICRA]A4; ISSUER NOT
Non-fund COOPERATING; Rating Continues
based limits to remain under issuer not
cooperating category
Long-term/Short 0.50 [ICRA]B+(Stable)/[ICRA]A4;
term: Unallocated ISSUER NOT COOPERATING;
Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Patron Industries Private Limited (PIPL) was founded by Mr. Pradeep
Rohra in the year 1991 in Mumbai as a consignment agent of DCW Ltd.
for PVC resin. In 2005-06, the promoter also set up a company viz.
MEPCAB FZCO in Dubai (MEPCAB) to trade in cables in the Middle East
market. Subsequently, MEPCAB FZCO set up its own cable
manufacturing facility at the Jebel Ali Free Zone in Dubai in 2008.
PIPL also set up its own copper wire drawing facility of capacity
of 1725 metric tonnes per annum (MTPA) in Silvassa in 2008 to act
as a feeder factory for MEPCAB's unit in Dubai. At present, PIPL
has two distinct lines of business: i) Trading/distribution of PVC
resin from DCW Ltd, and ii) manufacture and export of copper wire
for exclusive supply to its own group concern viz. MEPCAB in
Dubai.
PETRO & AGROWAYS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Petro &
Agroways' Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND BB (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR35 mil. Fund-based working capital limits maintained in
non-cooperating category with IND BB (ISSUER NOT COOPERATING)
/ IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR150 mil. Proposed overdraft limit (dropline)* is withdrawn.
*As the company did not proceed with the instrument as envisaged
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 26, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 1976, Petro & Agroways has a dealership of Hindustan
Petroleum Corporation Limited ('IND AAA'/Stable). Its fuel station
is located at Kharar on the Chandigarh-Ludhiana-Ropar highway.
PRAKASH OILS: ICRA Keeps B+ on INR89cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR89.00 crore bank facilities of
Prakash Oils Limited continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 22.00 [ICRA]B+(Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-fund- 67.00 [ICRA]A4 ISSUER NOT
based limits COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately
reflect the credit risk profile of the entity.
Prakash Oils Limited (POL) was incorporated in 1986 and
manufactures and trades in edible oils and de-oiled cake (DOC). POL
has a soya oil extraction and refining plant at Pithampur, Indore
with an installed processing capacity of 120000 MTPA (metric tonne
per annum) of solvent extraction, 30000 MTPA of edible oil refining
and 45000 MTPA of Vanaspati oil refining. Along with the
manufacturing, the company is also involved in the trading of
edible oils and cakes wherein the company imports and procures from
other domestic manufacturers and sells to various other customers.
PREHARI PROTECTION: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR5.00-crore bank facility Prehari
Protection Systems Pvt. Ltd. continues to remain under 'Issuer Not
Cooperating' category. The Long-term rating and short term is
denoted as "[ICRA] D/[ICRA] D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 2.00 [ICRA]D: ISSUER NOT COOPERATING;
Working Capital Rating continues to remain in
the 'Issuer Not Cooperating'
category
Unallocated 0.34 [ICRA]D: ISSUER NOT COOPERATING;
Rating continues to remain in
the 'Issuer Not Cooperating'
category
Non-fund Based 2.66 [ICRA]D: ISSUER NOT COOPERATING;
Rating continues to remain in
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
PPSPL was established in 1992 as a proprietorship entity (Prehari
Protection Systems) by Mr. Rajinder Pal. Later in 1995, the entity
was reconstituted as a private limited company by Mr. Rajinder Pal
and his son-in-law, Mr. Kamaljit Singh. The company provides
facility management services such as security, housekeeping and
cleaning solutions; human resource services; solid waste management
services etc to various government departments and public-sector
undertakings.
RADHA MADHAV: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Radha Madhav Corporation Limited
Registered office:
Survey No. 50/9
Adaman Industrial Estate
Village Kadaiya, Nani Daman
Daman & Diu 396210
India
Insolvency Commencement Date: October 22, 2020
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: April 20, 2021
Insolvency professional: Mr. Sanjay Badrilal Punglia
Interim Resolution
Professional: Mr. Sanjay Badrilal Punglia
501, Aalin Complex
Nr Rambha Complex
Opp. Gujarat Vidyapith
Ashram Road
Ahmedabad 380014
E-mail: cirp.radhamadhav@gmail.com
capunglia@gmail.com
Last date for
submission of claims: November 25, 2020
RAM KRIPA: ICRA Keeps B+ on INR15cr Loan in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Shree Ram Kripa Buildhome Private Limited continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based/ 15.00 [ICRA]B+ (Stable) ISSUER NOT
Term loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Shree Ram Group (SRG) is a Jaipur based group promoted by Mr. Ashok
Agarwal and Mrs. Renu Agarwal. SRG is a developed Real Estate
player prominently in Jaipur (Rajasthan) region with over 20 years
into business. The group has executed various Townships,
Residential Colonies, Shopping Malls, Residential Flats, and Hotels
etc in Jaipur region (A snapshot of major projects completed by the
company is provided in Annexure I). As per management discussion
the company holds around INR800.00 crore worth of land Bank in
Jaipur region.
RAVI IRON: ICRA Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------
ICRA has moved the rating of Ravi Iron Limited to the 'ISSUER NOT
COOPERATING' category due to non submission of monthly 'No Default
Statement' ("NDS") by the entity. The rating movement is also
because of lack of adequate information regarding Ravi Iron
Limited's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund- 24.40 [ICRA]B+ (Stable); ISSUER NOT
based Facilities COOPERATING, Rating moved to
the 'Issuer Not Cooperating'
category
ICRA has been consistently following up with Ravi Iron Limited for
obtaining the monthly 'No Default Statement' and had also placed
the ratings under review due to non-submission of NDS in the month
of October 2020. ICRA is unable to validate whether Ravi Iron
Limited has been able to meet its debt servicing obligations in a
timely manner.
As part of its process and in accordance with its rating agreement
with Ravi Iron Limited, ICRA has also been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity.
Incorporated in 1997 by Mr. Ravindra Kumar Garg and his son, Mr.
Manu Garg, RIL is a part of the Ghaziabad-based Garg Group that has
operations in various sectors like education, steel, publication,
real estate, etc. The company trades in long and flat steel
products. Its product portfolio includes various products such as
mild steel bars, plates, angles, structures, rounds, and channels.
The company procures steel primarily from Steel Authority India
Ltd. and Rashtriya Ispat Nigam Ltd. in Ghaziabad and other large
traders.
RISHIKA FASHIONS: ICRA Lowers Ratings on INR5.7cr Loans to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Rishika
Fashions Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund based COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB (Stable) and
continues to remain under
'Issuer Not Cooperating'
Category
Long-Term 0.72 [ICRA]B+ (Stable) ISSUER NOT
Fund based COOPERATING; Rating downgraded
Term Loan from [ICRA]BB (Stable) and
continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The ratings for the INR5.72 crore bank facilities of Rishika
Fashions Private Limited have been downgraded and continued to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (stable); ISSUER NOT COOPERATING".
The Long-Term rating downgrade is because of lack of adequate
information Rishika Fashions Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade. As part of its process and in accordance with its rating
agreement with Rishika Fashions Private Limited., ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.
Incorporated in 2004, Rishika Fashions Private Limited (RFPL) is
engaged in manufacturing and trading sarees. The company is
promoted by Mr. Arun Kumar Agarwal and Mr. Sunil Kumar Agarwal,
both of whom have more than 20 years of experience in the textile
trading business. The company procures grey fabric from suppliers
in Surat, Gujarat, and gets them processed by third parties on a
job-work basis. The company sells its products primarily in the
domestic market under the brand name 'Aesha'.
SHRADDHA ENERGY: ICRA Lowers Rating on INR187cr Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shraddha
Energy and Infraprojects Pvt. Ltd (SEIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based- 184.71 [ICRA]D; downgraded from
Term Loan [ICRA]BB- (Stable)
Fund-based- 187.00 [ICRA]D; downgraded from
Working Capital [ICRA]BB- (Stable)
Facilities
Unallocated 38.29 [ICRA]D; downgraded from
[ICRA]BB- (Stable)
Rationale
The rating action takes into account delays in debt servicing by
the company, owing to its poor liquidity position. The high working
capital intensity of operations has impacted the liquidity position
as reflected by high utilisation of its fund based borrowings.
Sugar division is the major revenue contributor for the company and
it is exposed to the cyclical nature of the industry and its
inherent regulatory risks. Further, the construction division order
book largely consists of many slow-moving irrigation projects,
primarily funded by the state government. Moreover, the impact of
variability in wind speed and grid availability on the PLFs and the
counterparty risks in the wind power segment, given the exposure to
state discoms, remain a concern. Overall, the weak financial risk
profile arising out of the aforementioned concerns has impacted the
debt servicing ability of the company.
Credit Strengths- Not Applicable
Credit Challenges
* Stretched financial risk profile resulting in delays in debt
servicing: The high working capital intensity of most of the
business segments of the company has impacted the liquidity
position severely. Further, high leverage and weak coverage
indicators result in stretched financial risk profile.
Consequently, the company has delayed in servicing its debt
obligations.
* Cyclical nature of sugar industry coupled with high regulatory
risk: The sugar industry is cyclical in nature and is highly
regulated in India. Sugar being a major contributor to SEIPL's
operating income (58% in FY2020 and 65% in FY2019), exposes the
company to high volatility and its inherent regulatory risks. This
is also reflected in the company's fluctuating operating income and
profit margins.
* Slow moving irrigations projects constitute large share of the
construction order book: The construction division of the company
largely constitute of slow moving irrigation projects funded by
state government of Maharashtra. These project form around 74% of
the outstanding order book as on October 31, 2020. This is majorly
due to lack of adequate funding available for the projects by the
state government.
* High advances to group companies: As on March 31, 2020, the
company had investments of around INR109 crore and sizeable loans
and advances to its Group companies. High level of investment and
advances adversely impacted SEIPL's return on capital employed and
the liquidity position.
Liquidity position: Poor
SEIPL's liquidity profile is poor owing to the significant working
capital requirements and high long-term debt levels resulting in
significant interest and principal repayment obligations. The
principal plus interest obligations for FY2021 are around INR77
crore. The cash and liquid investments of the company are around
INR17 crore as on Mar 31, 2020. SEIPL has marginal undrawn lines
available in the form of CC and BG. Going forward, SEIPL's ability
to recover advances from
group companies and generate adequate cash accruals will remain
critical for its liquidity position.
Rating sensitivities
Positive triggers - ICRA could upgrade the rating if the company is
able to regularize its debt servicing for a period of at least
three months.
SEIPL is involved in diverse activities viz. construction of
infrastructure projects (mainly irrigation), operating of sugar
mill and windmill projects. The company expertises in civil
construction projects and enjoys class-1 registration with multiple
state public works departments and state irrigation
departments/corporations. This enables SEIPL to participate in
infrastructure tender without any limit to cost of any project.
The company bought a sugar factory in FY2013-FY2014 in Partur,
Maharashtra with a capacity of 2500 TCD, and has been operating it
successfully ever since. Apart from this, it installed 52 wind
turbine generators across various locations in Maharashtra and
Karnataka, with a total capacity of around 52 MW.
SRINIVASA EDUCATIONAL: ICRA Cuts Rating on INR90.36cr Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sri
Srinivasa Educational and Charitable Trust, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term 90.36 [ICRA]B+ (Stable) ISSUER NOT
Fund based COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade is because of lack of adequate information
regarding Sri Srinivasa Educational and Charitable Trust's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Sri Srinivasa Educational and Charitable Trust, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
Sri Srinivasa Educational & Charitable Trust (SSECT) is a section 8
company (under the Companies Act 2013), promoted by Mr. G.
Dayanand. SSECT has set up an engineering college (Sapthagiri
College of Engineering), a hospital (Sapthagri Hospital) cum
medical college (Sapthagiri Institute of Medical Sciences &
Research Center) and a senior secondary school (under the
franchisee of National Public School) in Bengaluru (Karnataka). The
engineering college offers B. Tech and M. Tech programs while the
medical college offers the MBBS program. SSECT is part of the
Bengaluru based Giriraj Dayanand Group which in addition to
education also has presence in hospitality and liquor retailing
commenced operations in January 2014.
SUDHAMSU EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Sudhamsu Exim Private Limited continue to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 15.00 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Unallocated to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Sudhamsu Exim Private Limited (SEPL) was incorporated in 2008 and
is promoted by Mr. M. Pruthvi Raj Reddy and family. Up to FY2013,
the company was involved in trading of construction materials. From
FY2014 onwards, the company has been involved in execution of civil
projects related to construction of houses and for renewable energy
generation. The company is currently involved in the execution of
civil works for 100MW wind power project for Axis Energy Limited.
Also, the company has recently received the order from JREDA for
Design, Testing, Supply, Installation and Commissioning of
indigenous solar photovoltaic power plant for rural electrification
of 290 villages in Jharkhand.
UNITED CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR12.50 crore bank facilities of
United Concepts & Solutions Private Limited has continued to
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING",
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT-Fund 3.44 [ICRA]D ISSUER NOT COOPERATING;
Based/TL Rating continues to remain in
the 'Issuer Not Cooperating'
category
LT-Fund 6.25 [ICRA]D ISSUER NOT COOPERATING;
Based/CC Rating continues to remain in
the 'Issuer Not Cooperating'
category
LT-Unallocated 2.06 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain in
the 'Issuer Not Cooperating'
category
ST-Non-Fund 0.75 [ICRA]D ISSUER NOT COOPERATING;
Based Rating continues to remain in
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Unicos manufactures modular furniture and provides solutions for
offices, educational institutes and homes. Unicos is promoted by
the Kochhar family and is headed by Mr. M.L. Kochhar with over 57
years of experience in the furniture industry. The company was
incorporated in 1999 after it took over "The United Stores," a
furniture trading entity being 2 run by the same promoters. Unicos
is headquartered in Noida, UP and has marketing offices in Mumbai,
Pune, Bangalore, Kolkata and Lucknow.
VANSH EXPORTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vansh Exports Private Limited
D Block 206, Ganesh Meredian
Opp. Gujarat High Court
S.G. Highway, Sola
Ahmedabad 380061
Insolvency Commencement Date: November 10, 2020
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: May 11, 2021
Insolvency professional: CA Nimai Gautam Shah
Interim Resolution
Professional: CA Nimai Gautam Shah
605-606-607, Silver Oaks
Near Mahalaxmi Char Rasta
Paldi, Ahmedabad 380007
Gujarat
E-mail: cnjabd@gmail.com
Last date for
submission of claims: November 26, 2020
VENKATESHWARA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR11.00 crore bank facilities of
Sree Venkateshwara Motors (India) Private Limited continue to
remain under Issuer Not Cooperating category. The long-term and
short-term rating is denoted as [ICRA]B+(Stable)/[ICRA]A4 ISSUER
NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.15 [ICRA]B+(Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.85 [ICRA]B+(Stable)/[ICRA]A4
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.
Sree Venkateswara Motors (India) Pvt. Ltd. (SVMPL) was incorporated
in April 2008 by Mr. N. Mahipal Reddy and Ms. N. Jayaprada Reddy.
SVMPL is the sole authorised dealer of Tata Motors Limited (TML) in
Nizambad, Kamareddy and Adilabad region. The commercial operations
of TML dealership began in September 2008. The company currently
operates through a single Sales-Spares-Service (3S) facility with
five sale points in Nizamabad, Kamareddy and Adilabad districts.
VENKATESWARA CONSTRUCTIONS: ICRA Keeps Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of Sri
Venkateswara Constructions continue to remain under Issuer Not
Cooperating category. The long-term and short-term rating is
denoted as [ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+(Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.
Sri Venkateswara Constructions is a partnership firm by M.Venkata
Narayana Reddy, M. Rajayalaxmi, M. Pattabhi Rami Reddy, M.
Syamalamma and M. Sarat Chandra Reddy. The Partnership firm was
incorporated in 2003 and was subsequently reconstituted in 2008
after retirement of a partner Mr. M Sivakumar Reddy. Sri
Venkateswara construction executes the Public works department
contracts in the area of Irrigation such as Canal Works, Drainage
works and check dam works and other contract works. The scope of
work executed in the past few years includes irrigation works such
as; structuring of canal and dams, water supply work and formation
of roads and drainage work. The company generally executes projects
for government departments.
=========
J A P A N
=========
[*] JAPAN: Ramen Bars Struggle to Stay Open Amid Pandemic
---------------------------------------------------------
Reuters reports that sixty-year-old Yashiro Haga is folding his
Tokyo noodle ramen shop after 15 years in December, unable to
overcome the prospect of a lasting customer slump due to the
coronavirus crisis.
"The flow of people has changed due to the coronavirus," Haga said,
standing behind the counter of his ground-floor shop, Shirohachi.
"Customers aren't coming in and queuing up outside shops any
longer."
According to Reuters, the pandemic is damaging Japan's
"mom-and-pop" restaurants - including noodle shops like Haga's - at
a growing rate, despite evidence the government's massive effort to
stave off bankruptcies is working in other sectors of the economy.
Hurt by deflationary pressures and growing competition in the
run-up to the now-delayed Tokyo Olympics, noodle bars are
particularly prone to the economic malaise the pandemic triggered
in the service sector, Reuters says.
Small and mid-sized businesses like Haga's noodle bar employ about
70% of Japan's workers and account for 99.7% of the total number of
enterprises, according to government data, leading some to worry
that a COVID-19 resurgence could trigger an increasing number of
layoffs among small firms, Reuters relays.
While overall bankruptcies among firms with at least JPY10 million
($96,228) in liabilities in the six months to October fell 5.2%
from a year earlier, those among restaurants rose 4.5%, Reuters
discloses citing data from private credit company Teikoku
Databank.
Reuters relates that bankruptcies among restaurants with less than
JPY10 million in liabilities were up by 137% for the same period,
Tokyo Shoko Research, a firm that monitors similar data, said,
while the total for the service-sector, including restaurants, rose
64.4%.
But industry insiders expect that is just the tip of the iceberg,
as local shops often close up with no official filing, Reuters
adds.
"Many ramen shops won't appear in any figures when they're closing
down because they're small, privately owned businesses," Reuters
quotes Haga, who has gone without salary since April, as saying.
Hiroaki Nakazawa, a 42-year-old pharmacist who has frequented
Shirohachi for about a decade, said he felt sad about its closure.
"There's only one place like this."
At least seven other noodle stalls in the central Tokyo area
popular with tourists where Haga has his table-less shop, which
seats nine people at the counter, have already closed since March
this year, according to Reuters.
Nationwide, 34 ramen businesses with at least JPY10 million in
liabilities went bankrupt during the first nine months of 2020,
also a record high for the period, Teikoku Databank said, relays
Reuters.
Reuters adds that another reason why experts say statistics
underestimate the true impact of the pandemic on ramen shops is
that winding down is expensive due to requirements from landlords
to leave the stores stripped down after a six-month notice period.
===============
P A K I S T A N
===============
PAKISTAN INT'L AIRLINES: Plans to Lay-off 33% of Staff
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ch-aviation reports that the Pakistan government has approved
PKR12.87 billion (USD81.46 million) in funding to support a planned
voluntary redundancy scheme at PIA - Pakistan International
Airlines, by which the carrier plans to cut a third of its
workforce representing more than 3,800 employees.
"After thorough discussion, it was decided to approve, in
principle, the voluntary separation from service scheme for PIA,"
the Ministry of Finance announced after a recent meeting of The
Economic Coordination Committee (ECC) of the Cabinet, ch-aviation
relays.
ch-aviation says the aim was to achieve an annual saving of PKR4.2
billion (USD26.1 million), with the government recovering the
PKR12.87 billion cost of the voluntary severances scheme within
two-and-a-half years.
The plan would see the airline's headcount of 11,356 full-time and
contractual employees reduced by 3,861 to about 7,500 employees,
who would manage a fleet of 30 aircraft (at a ratio of 250
employees per aircraft), reported Pakistan's Tribune newspaper,
ch-aviation relays.
According to ch-aviation, the government's Aviation Division said
the liquidity requirements for PIA's voluntary separation scheme
had already been approved in principle by Prime Minister Imran Khan
in April last year. The Aviation Division had presented the plan to
the ECC in July last year, which the Cabinet body had deferred
until the completion of Hajj operations last year.
Loss-making PIA has been looking to reduce costs, which have
worsened with the impact of COVID-19 and fallout from a fake pilot
credentials scandal, ch-aviation notes.
Earlier this year, the government said PIA had a total of 434
pilots, some of which were dismissed in an ongoing investigation
into their credentials, ch-aviation notes. PIA has been barred from
flying to Europe and the United States after the country's civil
aviation regulator said dozens of PIA pilots were holding fake
licences, ch-aviation adds.
Headquartered in Karachi, Pakistan, Pakistan International Airlines
Corporation (KAR:PIAA) -- http://www.piac.aero/-- is principally
engaged in the provision of air transport services.
Other activities of the Company include provision of engineering
and other allied services. The Company operates in two business
segments: airlines operation and hotel operation. The airlines
operation segment provides air transport and other allied services.
Hotel operation segment provides accommodation and related
services in Pakistan, United States and Europe. Its wholly owned
subsidiaries include Skyrooms (Private) Limited and Midway House
(Private) Limited. Pakistan International Airlines Corporation has
a 99% interest in PIA Investments Limited.
=================
S I N G A P O R E
=================
HYFLUX LTD: JMs Seek Parties Keen to Take Part in Restructuring
---------------------------------------------------------------
The Business Times reports that the judicial managers of Hyflux Ltd
and its unit Hydrochem (S) Pte Ltd are inviting expressions of
interest (EOI) from parties keen to invest in the embattled water
treatment player, as part of a restructuring process.
Interested parties will need to reach out by Dec. 4 to Hyflux's
judicial managers from Borrelli Walsh, Hamish Alexander Christie
and Patrick Bance, according to a notice published on The Business
Times on Nov. 24.
Hyflux and Hydrochem were placed under judicial management by the
Singapore High Court on Nov 16, capping a two-year-long failed
attempt to restructure the business.
In placing the firm under judicial management (JM), Justice Aedit
Abdullah said that its debt moratorium - which provided interim
protection from creditors - had been in place for a "very long
time", and "must come to an end at some point," BT relays.
According to BT, the JM application had been filed by an unsecured
working group of 19 banks, which are owed SGD931 million by Hyflux.
The water treatment player also owes SGD900 million to some 34,000
retail investors holding its perpetual and preference shares
(PnPs).
Hyflux's judicial managers will provide an information memorandum
to interested investors after executing a confidentiality
agreement, the report adds.
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
=====================
S O U T H K O R E A
=====================
DOOSAN HEAVY: Unit to Invite Final Bidders for Shares
-----------------------------------------------------
Yonhap News Agency reports that South Korean construction equipment
maker Doosan Infracore Co. invited final bidders on Nov. 24, a
development that would help stave off a liquidity crisis at its
parent Doosan Group, industry sources said.
Potential bidders will compete to acquire the 36 percent stake in
Doosan Infracore, they said.
Doosan Infracore has been up for sale as part of its cash-strapped
parent Doosan Heavy Industries & Construction Co.'s self-rescue
plan.
The deal may fetch up to KRW1 trillion (US$900 million), according
to them.
A total of six potential investors were shortlisted in a
preliminary bidding in September, Yonhap notes.
According to Yonhap, a consortium of GS Engineering & Construction
Corp. and private equity fund Dominus Investment, as well as
another one led by Hyundai Heavy Industries Holdings Co. and Korea
Development Bank Investment, a unit of the state-run Korea
Development Bank, joined in the preliminary bids on Sept. 28.
Ready-mixed concrete maker Eugene Group and three local private
equity funds -- Glenwood PE, MBK Partners and Eastbridge Partners
-- also were reportedly included on the shortlist of preliminary
bidders, the report notes.
Last March, Doosan Heavy obtained a cash injection of KRW3 trillion
from its creditors, including KDB, to prepare itself for its
short-term debts worth KRW4.2 trillion, which should be paid within
this year, Yonhap says.
Based in South Korea, Doosan Heavy Industry & Construction Co.
(SEO:034020) -- http://www.doosanheavy.com-- is engaged in
supplying industrial facilities to both domestic and international
plant 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,
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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.
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