/raid1/www/Hosts/bankrupt/TCRAP_Public/201202.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, December 2, 2020, Vol. 23, No. 241
Headlines
A U S T R A L I A
BERNIPAVE CIVIL: First Creditors' Meeting Set for Dec. 9
CHOO FAMMIES: Second Creditors' Meeting Set for Dec. 9
DRAMA UNIT: Second Creditors' Meeting Set for Dec. 9
EXCITE HOLIDAYS: Creditors to Get Dividend on Dec. 18
C H I N A
TIANQI LITHIUM: Gets 1-Month Reprieve on US$1.9BB Loan Repayment
YONGCHENG COAL: Donghai Fund Probed in Relation to Bond Issuance
I N D I A
AAURAA INTERNATIONAL: CRISIL Withdraws B Rating on INR3cr Loan
ASPAM ACADEMY: CRISIL Lowers Rating on INR76cr Term Loan to B
AUDIO DESIGN: CRISIL Lowers Rating on INR4.46cr New Loan to D
BLUEZONE VITRIFIED: CRISIL Withdraws B+ Rating on INR31.7cr Loan
DURGA POLYSTERS: CRISIL Withdraws B Rating on INR12cr Cash Loan
HARYANA RICE: CRISIL Withdraws B Ratings on INR8cr Loans
J.K. INTERNATIONAL: CRISIL Cuts Ratings on INR11cr Loans to D
KEW INDUSTRIES: CRISIL Keeps D on INR16cr Loans in Not Cooperating
L. V. DAIRYS: CRISIL Keeps B+ on INR16cr Loans in Not Cooperating
LALCHAND GEM: CRISIL Keeps B+ on INR15cr Credit in Not Cooperating
LAXMI AUTOMOBILES: CRISIL Lowers Ratings on INR10cr Loans to B
LEARNING LINKS: CRISIL Keeps B on INR10cr Loans in Not Cooperating
LIGHT CRAFT: CRISIL Lowers Rating on INR5cr Term Loan to B
LOMINO CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LORD BALAJI: CRISIL Keeps D on INR10cr Loan in Not Cooperating
M. B. CHITALE: CRISIL Keeps B+ on INR6cr Credit in Not Cooperating
M.B. TEA: CRISIL Lowers Rating on INR15cr Cash Loan to B
MAA PADMAWATI: CRISIL Keeps D Debt Ratings in Not Cooperating
MADHYA BHARAT: CRISIL Keeps D Debt Ratings in Not Cooperating
MANGALAGIRI TEXTILE: CRISIL Keeps D Debt Rating in Not Cooperating
MANGE RAM: CRISIL Lowers Ratings on INR50cr Loans to B
MDA AGROCOT: CRISIL Raises Rating on INR25.76cr LT Loan to B
MEALITE FOODS: CRISIL Keeps D on INR8.6cr Loans in Not Cooperating
MEDEOR HOSPITAL: CRISIL Withdraws B+ Rating on INR424cr Loan
MILAN TANNERY: CRISIL Keeps B- Debt Ratings in Not Cooperating
MOTORCRAFT INDIA: CRISIL Lowers Rating on INR5cr Term Loan to B
MPL 2 WHEELERS: Insolvency Resolution Process Case Summary
MPL PARTS AND SERVICES: Insolvency Resolution Process Case Summary
P.N. WRITER: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
PALMETTO INDUSTRIES: CRISIL Withdraws B- Rating on INR6cr Loan
VARNADA INDUSTRIES: CRISIL Withdraws B Ratings on INR15cr Loans
VEGA ENTERTAINMENT: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
VISION MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
WRITER LIFESTYLE: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
N E W Z E A L A N D
NEW ZEALAND: Government Extends Business Debt Hibernation Scheme
TICKET ROCKET: Unsecured Creditors Unlikely to be Paid
S I N G A P O R E
PACIFIC RADIANCE: High Court Grants Extension of Moratoria
RENAISSANCE UNITED: Unit Ordered to Pay CNY40.4MM to Contractor
- - - - -
=================
A U S T R A L I A
=================
BERNIPAVE CIVIL: First Creditors' Meeting Set for Dec. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Bernipave
Civil Pty Ltd and Bernipave Pty Ltd will be held on Dec. 9, 2020,
at 11:00 a.m. and 12:00 p.m., respectively, via virtual meeting.
Schon Gregory Condon RFD of Condon Associates was appointed as
administrators of Bernipave Civil and Bernipave Pty on Nov. 27,
2020.
CHOO FAMMIES: Second Creditors' Meeting Set for Dec. 9
------------------------------------------------------
A second meeting of creditors in the proceedings of Choo Fammies
Pty Ltd has been set for Dec. 9, 2020, at 11:00 a.m. via virtual
meeting.
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. 7, 2020, at 5:00 p.m.
Benjamin Michael Carson of Farnsworth Carson was appointed as
administrators of Choo Fammies on Nov. 4, 2020.
DRAMA UNIT: Second Creditors' Meeting Set for Dec. 9
----------------------------------------------------
A second meeting of creditors in the proceedings of Drama Unit Pty
Ltd has been set for Dec. 9, 2020, at 10:00 a.m. via virtual
meeting.
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. 8, 2020, at 4:00 p.m.
Steve Naidenov and Ian Niccol of Aston Chace Group were appointed
as administrators of Drama Unit on Nov. 4, 2020.
EXCITE HOLIDAYS: Creditors to Get Dividend on Dec. 18
-----------------------------------------------------
Travel Weekly reports that creditors of the collapsed Excite
Holidays are being urged to put forward their debt claims in order
to be considered for a dividend payout.
In a circular to creditors issued earlier this month, deed
administrator Phil Quinlan of KMPG said he and his team "have
reached the stage where a first and final dividend can be paid to
unsecured creditors".
According to Travel Weekly, the current estimated dividend is 2.5
to three cents in the dollar, which is more than the previous
estimate of zero to two cents, is set to be paid to Excite
creditors on or around Dec. 18, 2020.
Those creditors who fail to submit the relevant documentation by
December 7 will miss out.
Excite entered into administration back in January, leaving a large
number of travel agents and suppliers in the lurch, Travel Weekly
recalls.
The wholesaler was part of a complicated web of companies run by
Nicholas Stavropoulos and George Papaioannou.
Travel Weekly says creditors voted to accept the deed of company
arrangement proposed by Stavropoulos and Papaioannou in February,
which was also recommended as the best option by Excite's
administrators in their report.
That same month, Helloworld Travel agreed to acquire Excite's
proprietary online booking platform to help boost its own B2B
booking system, Ready Rooms, Travel Weekly notes.
=========
C H I N A
=========
TIANQI LITHIUM: Gets 1-Month Reprieve on US$1.9BB Loan Repayment
----------------------------------------------------------------
Reuters reports that Tianqi Lithium Corp said on Nov. 30 it had
signed a letter with a syndicate of banks to extend by a month the
maturity date on US$1.884 billion of loans that were due for
repayment at the end of November.
Reuters relates that Tianqi, one of the world's top producers of
lithium chemicals used in electric-vehicle batteries, had
repeatedly said its operations could be severely impacted if it did
not repay the money, which was used to acquire a 23.8% stake in
Chilean miner SQM in 2018, by the due date.
The last-minute reprieve gives the company and its lenders, led by
China Citic Bank, until Dec. 28 to sign a modified loan agreement,
Tianqi said in a Shenzhen Stock Exchange filing, Reuters relays.
Otherwise, Tianqi will have to pay back the money by that date.
The two sides are "actively negotiating the key terms," of the
modified loan agreement, it said.
If the conditions of the extension letter cannot be met, however,
the repayment deadline will not be extended at all, the filing
said, triggering a default. Tianqi must also repay outstanding
interest on the loans by Dec. 10.
According to Reuters, Daiwa Capital Markets said in a note it saw
the extension as a way to buy time for Tianqi.
"We expect Tianqi to reveal a solution for the repayment of the
annexation loan within a month, potentially a strategic investment
or sale of Australian assets amid a rebound in the lithium price,"
it said.
Tianqi, alongside Albemarle Corp, jointly operates the Greenbushes
lithium mine in Australia, where it also owns the Kwinana
processing plant.
About Tianqi Lithium
Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals. The
company owns a 51% stake in the Greenbushes lithium mine in Western
Australia. It also owns a 25.9% stake in Chilean chemical producer,
Sociedad Quimica y Minera de Chile S.A.
As reported in the Troubled Company Reporter-Asia Pacific on March
30, 2020, Moody's Investors Service downgraded to Caa1 from B2
Tianqi Lithium Corporation's corporate family rating. Moody's has
also downgraded the senior unsecured rating on the bonds issued by
Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium to Caa2 from
B2. The ratings outlook remains negative.
YONGCHENG COAL: Donghai Fund Probed in Relation to Bond Issuance
----------------------------------------------------------------
Zhang Yuzhe, Wang Juanjuan and Denise Jia at Caixin Global report
that another Chinese financial institution came under investigation
in relation to the bond default of state-owned Yongcheng Coal and
Electricity Holding Group Co. Ltd.
According to Caixin, the National Association of Financial Market
Institutional Investors (NAFMII), China's interbank bond market
regulator, said on Nov. 30 it launched a "self-disciplinary"
investigation of Donghai Fund Management Co. Ltd. on suspicion that
the fund manager facilitated the issuance of debt financing
instruments in violation of rules and engaged in market
manipulation.
Caixin learned from exclusive sources that the probe might be
related to Haitong Securities Co. Ltd.'s role in Yongcheng's
structured bond issuance. Donghai's fund accounts were used as a
channel through which Haitong operated structured bond issuance for
clients, several market participants told 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.
The company defaulted on a CNY1 billion (US$152 million) bond on
November 10, 2020.
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I N D I A
=========
AAURAA INTERNATIONAL: CRISIL Withdraws B Rating on INR3cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Aauraa
International (AI) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 6 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Proposed Working 3 CRISIL B/Stable (ISSUER NOT
Capital Facility COOPERATING; Rating Withdrawn)
Term Loan 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with AI 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 AI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on AI is consistent with
'Assessing Information Adequacy Risk'. CRISIL has Continues the
ratings on the bank facilities of AI to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of AI on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.
AI, a proprietorship unit set up by Ms. Revathi Easwaramoorthy in
2001, manufactures and exports textile fabrics and home furnishing
products such as pillows, cushion covers, kitchen towels, microwave
gloves, table cloth, curtains, and aprons. The facility at Karur
(Tamil Nadu) has capacities for cutting, sewing, printing, and
embroidery of fabric, while dyeing and weaving are outsourced.
ASPAM ACADEMY: CRISIL Lowers Rating on INR76cr Term Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Aspam
Academy Noida (Aspam academy) to 'CRISIL B' from 'CRISIL B+' and
placed it on 'Rating Watch with Negative Implications'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 76 CRISIL B (Downgraded from
'CRISIL B+/Stable'; Placed on
'Rating Watch with Negative
Implications')
The rating action reflects deterioration in Aspam academy's overall
credit risk profile, especially its liquidity profile amid
Covid-19-induced disruptions. The company has large debt repayment
obligation in fiscal 2021, and delayed its quarterly term debt
repayment for the quarter ending September 30th, 2020 by 16 days.
The quarterly instalment was subsequently regularized and currently
there is no overdue.
Aspam Academy's management has confirmed applying for one-time
restructuring (OTR) of its term loans availed from State Bank of
India (SBI), under Reserve Bank of India (RBI) guidelines issued on
August 06, 2020-'Resolution Framework for COVID-19-related Stress'.
The application was made on September 22nd 2020 and is currently
under evaluation by the banker as per the company management.
Since the application for restructuring was made before the due
date of the debt repayment, about to be delayed, and the concerned
lender has not cited any reservation to accepting the application,
CRISIL is not treating the delayed debt repayments as default. The
rating action is in line with the CRISIL's approach to default
recognition for entities applying for restructuring under the RBI
resolution framework published in the criteria alert titled
'CRISIL's approach to Covid-19-related restructuring
CRISIL will continue to monitor the developments on the formal
sanctioning/rejection of the restructuring by SBI and resolve the
watch once the formal approval/rejection is received by the
company.
The rating continues to reflect strong management of the school,
locational advantage, presence of group owned feeder schools,
modern infrastructures being setup and experience of promoters in
successfully establishing and operating schools. There rating
advantages are offset by the current low occupancy level, risk
associated with project under implementation and pressure on
liquidity due to large debt repayments expected over medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Project phase of operations: The school is under renovation
and the school discontinued their admission during academic year
2016-17 and 2017-18, this resulted in fall in occupancy rates. The
renovation is expected to complete in academic year 2020-21. The
school has started operations in academic year 2019-20. The ability
of the company to complete the project with in schedule time and
healthy ramp up of occupancy levels will remain a key monitorable.
* Poor liquidity profile: ASPAM Academy had availed term loan of
Rs.60 crores to take over the school from MAF Academy and carryout
renovation. Additionally, the company has taken debt of Rs. 16 crs
for further renovations. The debt repayment began in September
2018, much before the school start its full-fledged operations.
Accordingly, Aspam Academy is dependent on promoter funding to meet
debt obligation and capex requirements. The company has term debt
obligation of around INR5 crore in fiscal 2021 and support from the
promoters, is essential to meet debt obligations.
Strengths
* Strong Management, modern infrastructure and location
advantage. The school is governed by 'Board of Governance', the
board comprises of relatives of Chairman of the Gulf Petrochem
group along with retired senior personnel from armed forces with
substantial experience in the academic field post retirement.
The school, previously known as MAF Academy, was acquired by the
Gulf Petrochem Group in the year 2015 and was renamed to ASPAM
Academy Noida. Post-acquisition, the school is being revamped with
modern infrastructure at a cost of around Rs.76 crores.
The school is located in sector 62, Noida, which is a commercial
hub surrounded by residential area. There are multiple schools in
the area and many pre-schools, including two preschools run by the
promoter group, acting as feeders to the school.
CRISIL believes that the competent management along with modern
infrastructure, location advantage and presence of owned preschools
in the vicinity will support the school in improving its business
profile.
* Business Model with multiple revenue streams leading to better
profitability: ASPAM Academy's business model includes a regular
school with 1st to 12th standard, as well as an academy for music,
sports and Art. The academy for music, sports and arts is open for
outside students and proposed to have celebrity sports persons and
artists as coaches. CRISIL believes that the association with
well-known sports persons and artist as coaches will generate
adequate demand from the families residing in the vicinity. Academy
would utilise the school premises on weekends and after school
hours, generating additional stream of revenue, leading to
improvement in operating margins of over the medium term.
Liquidity Poor
Aspam Academy is dependent on promoter funding to meet debt
obligation and capex requirements, since it is in project phase.
The company has term debt obligation of around INR5 crore in fiscal
2021. Support from the promoters, is essential to meet debt
obligation over the medium term. The promoter group is expected to
extend timely financial aid during the fiscal to meet incremental
working capital requirement. The company has also applied for OTR
of its term loans, under Reserve Bank of India (RBI) guidelines
issued on August 06, 2020-'Resolution Framework for
COVID-19-related Stress' to address liquidity stress.
Rating Sensitivity factors
Upward Factors:
* Track record of timely debt servicing and timely support from
promoters.
* Significantly higher accrual and improvement in financial risk
profile, especially liquidity
Downward Factors:
* Significant delay in completion of project
* Absence of promoter support
* Significant decline in occupancy to below 20% due to lower new
admissions leading to weak business risk profile
* Delay in implementation/rejection of restructuring plan weakens
liquidity and overall financial risk profile.
ASPAM Academy Noida was incorporated under Section 8 of the
Companies' Act 2013 with an objective to establish and operate
educational institutions. The company was earlier known as MAF
Academy Private Limited, the name was changed to ASPAM Academy
Noida in 2015 after ASPAM Eduinfra Private Limited acquired the
company. ASPAM Academy is operating ASPAM Scottish School in Noida
Sector 62. The school is under renovation which is expected to
complete during academic year 2017-18 and school is expected to
begin operations in its renovated premises from academic year
2018-19.
AUDIO DESIGN: CRISIL Lowers Rating on INR4.46cr New Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Audio Design (AD) to 'CRISIL D' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.45 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Corporate Mortgage 0.95 CRISIL D (Downgraded from
Loan 'CRISIL BB/Stable')
Long Term Loan 4.14 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Proposed Fund- 4.46 CRISIL D (Downgraded from
Based Bank Limits 'CRISIL BB/Stable')
Rupee Term Loan 3 CRISIL D (Downgraded from
'CRISIL BB/Stable')
The rating downgrade reflects delay in servicing of debt
obligations by AD for September 2020 and October 2020 on account of
inadequate funds and negligible cash flows for the 1st half of
fiscal 2021.
The rating also reflects modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the proprietor in the entertainment
industry along with AD's reputed customer base.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in servicing debt: AD has not paid their debt obligations
for the month of September and October 2020, due to the lack of
availability of funds.
* Modest scale of operations: Revenue was low at INR15.34 crore
in FY 20 due to low orders in hand. However, the operating margin
was healthy at 41.7% due to the service nature of business.
* Large working capital requirement: Gross current assets were
high at 193 days as on March 31, 2010, due to large receivables of
193 days. The working capital is mainly funded through trade credit
and partly through short-term debt and creditor support.
Strength:
* Extensive experience of the proprietor and a reputed clientele:
The proprietor, Mr. Navneet Kumar Wadhwa, is a technocrat with more
than three decades of experience in the entertainment industry
through another firm, Audio Track. AD has been operating in this
business for nearly 13 years. Benefits derived from the
proprietor's expertise, his strong understanding of local market
dynamics, and healthy relations with suppliers and customers should
continue to support the business. Further, the clientele comprises
reputed players such as Wiz Craft, India Today, and PTC Punjabi.
Liquidity Poor
Liquidity is poor marked by the delay in term debt obligation.
There has been delay in receiving payment from the counterparties
leading to mismatches in the cashflows.
Rating Sensitivity factors
Upward factor
* Regularisation of payment of debt obligations
* Sustained improvement in scale of operation by 20% and
sustenance of operating margin, leading to higher cash accruals.
AD was set up in 2005 by the proprietor, Mr. Navneet Kumar Wadhwa.
This Delhi based firm provides hire and rental services to event
management companies related to audio and visual equipment.
BLUEZONE VITRIFIED: CRISIL Withdraws B+ Rating on INR31.7cr Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Bluezone
Vitrified Private Limited (BVPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Term Loan 31.7 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with BVPL 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 BVPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on BVPL is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has Continues
the ratings on the bank facilities of BVPL to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of BVPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Incorporated in May 2014, BVPL is a Morbi-based company
manufacturing vitrified tiles. Commercial operations started in
March 2016.
DURGA POLYSTERS: CRISIL Withdraws B Rating on INR12cr Cash Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Durga
Polysters Private Limited (DPPL) on the request of the company and
receipt of a no objection certificate from its bankers. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Cash Credit 12 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Proposed Long Term 11 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Withdrawn)
Proposed Short 2 CRISIL A4 (ISSUER NOT
Term Bank Loan COOPERATING; Rating Withdrawn)
Facility
Term Loan 38 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with DPPL for obtaining
information through letters and emails dated June 29, 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 DPPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of DPPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of DPPL on
the request of the company and receipt of a no objection
certificate from its bankers. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.
Incorporated in 1997, DPPL is promoted by Mr. Kunj Bihari Sultania
and Mr. Vipul Desai. It undertakes jobwork for dyeing and printing
of synthetic fabrics. It has dying and printing capacity of 1004
lakh meters per annum at its facility in Surat.
HARYANA RICE: CRISIL Withdraws B Ratings on INR8cr Loans
--------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Haryana
Rice Mill - Saharanpur (HRMS) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Rupee Term Loan 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with HRMS for obtaining
information through letters and emails dated May 29, 2020 and July
28, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution 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 HRMS. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on HRMS is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has Continues
the ratings on the bank facilities of HRMS to 'CRISIL B/Stable
Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of HRMS on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
HRMS is a partnership firm, established in February 2019. It is
based in Saharanpur, Uttar Pradesh, and is setting up a rice mill
to process basmati and non-basmati rice with installed capacity of
12,096 tonne per annum. Commercial production is expected to start
from October 2019.
J.K. INTERNATIONAL: CRISIL Cuts Ratings on INR11cr Loans to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of J.K. International (JKI) to 'CRISIL D' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.55 CRISIL D (Downgraded from
'CRISIL B/Stable')
Cash Term Loan 4.45 CRISIL D (Downgraded from
'CRISIL B/Stable')
The downgrade reflects recent instances of delay in servicing debt
obligation on its term loan in September and October 2020 on
account of weak liquidity.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Scale is modest, as reflected in
revenue of INR28 crore for fiscal 2020. The glass industry is
highly fragmented, with several small players, resulting in price
wars and reduced profit margins. Although, additions to the product
portfolio are less competitive and have better margins.
* Delays in servicing term loan obligation: There have been
instances of default in debt repayment for September and October
2020 because of weak liquidity.
* Working capital-intensive operations: Gross current assets were
486 days as on March 31, 2020, driven by inventory and debtors of
230 days and 190 days, respectively, and supported by creditors of
47 days. Any significant increase in sales may lead to higher
incremental working capital requirement over the medium term.
Strength:
* Extensive experience of the partners: The partners' experience
of over 15 years in the glassware and glassworks business and
healthy relationships with suppliers and customers should continue
to support the business.
Liquidity Poor
Liquidity is weak as indicated by instances of delay in servicing
term loan obligation.
Rating Sensitivity factors
Upward factors
* Track record of timely servicing of debt for at least 90 days
* Improvement in operating performance and working capital cycle
Established in 2004 and based in Jalandhar, Punjab, JKI is a
partnership concern of Mr. Sarjit Singh Kang and Mr. Bikramjit
Singh Kang. The firm manufactures and processes architectural and
automotive glass. The firm has its manufacturing facilities at
Jalandhar and Kharla, Himachal Pradesh. Mr. Sarjit Singh Kang
manages the day-to-day operations.
KEW INDUSTRIES: CRISIL Keeps D on INR16cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of KEW Industries
Limited (KEW) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.95 CRISIL D (ISSUER NOT COOPERATING)
Term Loan 1.05 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with KEW 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 KEW, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KEW is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KEW
continues to be 'CRISIL D Issuer Not Cooperating'.
Kew was formed as a proprietary firm, Kew Engineering Works, in
1963 by Mr. Gurbachan Juneja. This was reconstituted as a
partnership firm in 1995, and subsequently as a limited company
with the present name in 1996.
L. V. DAIRYS: CRISIL Keeps B+ on INR16cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of L. V. Dairys - Patas
(LVDP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 5.4 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with LVDP 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 LVDP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LVDP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LVDP
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2005 as a partnership firm by Mr. Mangesh L Doshi, Mr.
Mahesh L Doshi, and Mr. Milind L Doshi, LVDP processes milk
(pasteurised, homogenised, and standardised) for sale under own
brands. It also manufactures ghee and ice-cream. The firm has a
milk-handling capacity in Patas village, Pune, and is installing
plant and machinery to produce milk powder and butter.
LALCHAND GEM: CRISIL Keeps B+ on INR15cr Credit in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Lalchand Gem and
Jeweller Private Limited (LGJPL; part of the Lalchand group)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with LGJPL 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 LGJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LGJPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LGJPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LJPL and Lalchand Gems & Jeweller Pvt
Ltd (LGJPL). This is because the two companies, together referred
to as the Lalchand group, are in same line of business with a
common management, and have fungible funds.
LIPL commenced operations as a small proprietorship firm, retailing
gold, in Bhubaneswar in 1960. The firm was reconstituted as a
private limited company in 1995. The company is currently managed
by Mr. Sanjay Hans, son of the founder, Mr. Lalchand Hans. Mr.
Sanjay Hans joined the firm in the early 1990s and has about two
decades of experience in the retail jewellery business. LJPL
retails gold, diamonds, and third-party branded jewellery (such as
Dia, Nakshatra, ARY), high-end watches (diamond-studded,
gold-plated brands such as Rado and Citizen), and pens. The company
has been in the jewellery business since five decades and its brand
is well-known in Bhubaneswar. It owns one of the biggest gold
jewellery showrooms in Odisha.
LGJPL retails gold, diamond, and silver jewellery, and high-end
watches, pens, and other items. The company started operations in
fiscal 2016, and fiscal 2017 will be its first full year of
operations.
LAXMI AUTOMOBILES: CRISIL Lowers Ratings on INR10cr Loans to B
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Laxmi
Automobiles (LA) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Channel Financing 2.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with LA 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 LA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LA Revised
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating'.
LA was set up in 2008 as a partnership between Mr. Anil Kumar
Sharma and Mr. Krishna Murari Sharma. It is the sole dealer of Hero
Motocorp in Hazaribagh, Jharkhand.
LEARNING LINKS: CRISIL Keeps B on INR10cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Learning Links
Publishing House Private Limited (LLPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 3 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with LLPL 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 LLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LLPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LLPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
LLPL was incorporated in 2008 and publishes educational textbooks
for Central Board of Secondary Education, Indian Certificate of
Secondary Education, and various state boards. The company is
promoted by Mr. R N Malhotra and his wife, Ms. Suman Malhotra.
LIGHT CRAFT: CRISIL Lowers Rating on INR5cr Term Loan to B
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Light Craft &
Sound Private Limited (LCS) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.50 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 3.56 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Term Loan 5.00 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with LCS 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 LCS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LCS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LCS
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.
LCS, incorporated by Mr. Arjun Singh and Mr. Tejan Botadra in 2011,
provides LED lights, LED walls, intelligent lighting, sound
systems, and studio floor on rent for TV shows, advertisements, and
promotional events.
LOMINO CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lomino Ceramic LLP
(LCL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 2.5 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING)
Proposed Long Term 0.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 7.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with LCL 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 LCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LCL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LCL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
LCL, was established as a partnership firm between Mr. Rajeshbhai
Malasana, Mr. Sanjaybhai Malasana, Mr. Prakash Metroja, and other
partners in 2017. It is engaged into manufacturing of vitrified
tiles. The facility is located at Morbi, Gujarat, with an installed
capacity to manufacture 80 tonnes of tiles per day. The firm
started operations from April 2018.
LORD BALAJI: CRISIL Keeps D on INR10cr Loan in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Lord Balaji Ware
Housing Private Limited (Lord) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with Lord 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 Lord, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Lord is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Lord
continues to be 'CRISIL D Issuer Not Cooperating'.
Lord was set up in 2011, albeit operation commenced in April 2015.
It constructs warehouse spaces and leases them to various customers
in Delhi. The company has storage capacity of 2.70 lakhs sq. ft.
Big Bazar and Mother Dairy are the main tenants, and nearly the
entire space available has been leased out.
M. B. CHITALE: CRISIL Keeps B+ on INR6cr Credit in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of M. B. Chitale
Constructions (MBCC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MBCC 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 MBCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MBCC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MBCC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established as a partnership firm in 1976, MBCC undertakes civil
construction work related to hostels, colleges, offices for private
players in Pune.
M.B. TEA: CRISIL Lowers Rating on INR15cr Cash Loan to B
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of M.B. Tea And
Allied Products Private Limited (MBTAPPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with MBTAPPL 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 MBTAPPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on MBTAPPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
MBTAPPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
Siliguri-based MBTAPPL, incorporated in 1999, blends and packages
tea. Mr. Naresh Kumar Bansal, Mr. Ankit Bansal, and Mr. Aayush
Bansal are the directors. The company markets its products under
brands such as Suman Tea, Express Tea, Ankita Tea, Shweta Gold Tea,
and Mahavira Gold.
MAA PADMAWATI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Padmawati Agro
Foods Private Limited (MPAFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long 1 CRISIL D (ISSUER NOT
Term Bank Loan COOPERATING)
Facility
Term Loan 11.1 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MPAFPL 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 MPAFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MPAFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MPAFPL
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2011 by Mr. Mintoo Gupta, MPAFPL processes paddy
into non-basmati, parboiled, and basmati rice. Facility in
Aurangabad has capacity of 16 tonne per hour.
MADHYA BHARAT: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Madhya Bharat
Phosphate Private Limited (MBPPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.9 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 20 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 8 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 16.1 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with MBPPL 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 MBPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MBPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MBPPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MBPL and AP India Biotech Pvt Ltd (API).
This is because the two companies together referred to as the MB
group, have strong business linkages as they are engaged in the
same line of businesses; API has been supplying raw material (rock
phosphate) to MBPL since July 2012. Furthermore, MBPL has a
shareholding of 99.99 per cent in API and has provided loans and
advances of Rs.52 million to the company to support its working
capital requirements.
MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilizers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).
MANGALAGIRI TEXTILE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mangalagiri Textile
Mills Private Limited (MTMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (ISSUER NOT COOPERATING)
Long Term Loan 14 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with MTMPL 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 MTMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MTMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MTMPL
continues to be 'CRISIL D Issuer Not Cooperating'.
MTMPL was incorporated in 2006, promoted by Dr G Nagasaina Rao and
his family. Based in Mangalagiri, Andhra Pradesh, the company
primarily produces cotton yarn.
MANGE RAM: CRISIL Lowers Ratings on INR50cr Loans to B
------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Mange Ram
Educational and Charitable Trust (MCT) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Long Term Loan 46 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with MCT 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 MCT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MCT is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MCT
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.
MCT was established in 2003 by Ms. Krishna Devi in Sonipat,
Haryana. It provides educational services.
MDA AGROCOT: CRISIL Raises Rating on INR25.76cr LT Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
MDA Agrocot Private Limited (MAPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Export Packing 3.24 CRISIL B/Stable (Upgraded
Credit from 'CRISIL B-/Stable')
Proposed Long Term 25.76 CRISIL B/Stable (Upgraded
Bank Loan Facility from 'CRISIL B-/Stable')
The rating upgrade reflects significantly more than expected
revenue and profitability in fiscal 2020, leading to higher net
cash accruals and hence better liquidity than anticipated
previously. Further, the lockdown and other measures taken by
various central and state governments towards containment of
COVID-19 are expected to have limited impact on the business risk
profile of MAPL, as company is in the business of trading
agricultural products. However, overall revenues and profitability
for fiscal 2021 will remain a key monitorable.
CRISIL has also taken into cognizance, moratorium granted by the
banker in debt servicing, up to August 31, 2020, as permitted by
the Reserve Bank of India (RBI).
The rating continues to reflect modest scale of operations and
below average financial risk profile. These weaknesses are
partially offset by extensive industry experience of promoters.
Analytical Approach
Unsecured loans from promoters amounting to INR2.06 crore as on
March 31, 2020, are treated as neither debt nor equity.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale of operations is modest with
revenues of INR30 crore for fiscal 2020. Modest scale of operations
in competitive industry constrains revenues and profitability.
Scale of operations is expected to remain modest in the medium
term.
* Below average financial risk profile: Financial risk profile
remains below average with estimated net worth and Total Outside
Liabilities to Adjusted Net Worth (TOLANW) ratio of INR2.02 crore
and 10.7 times respectively as on March 31, 2020. Total Outside
Liabilities to Tangible Net Worth (TOLTNW) is estimated at 5.3
times. Interest cover and net cash accruals to adjusted debt ratio
are estimated at 1.34 times and 0.04 time as on March 31, 2020.
Debt protection metrics however have improved from previous
fiscal.
Strength
* Extensive experience of promoters: Presence of over a decade in
the agro commodities trading industry has enabled the promoters to
gain industry insights. The experience of the promoters is expected
to support the company in improving their business profile
Liquidity Poor
Net Cash Accruals (NCA) are expected to remain modest in the range
of INR0.3-0.4 crore in the medium term, against no repayment
obligations. Company had minimal unencumbered cash and bank balance
as on March 31, 2020. Bank limit utilization is at 82% for 12
months through June 2020. Liquidity, however, is supported by
unsecured loans from promoters which stood at INR2.06 crore as on
March 31, 2020.
Outlook: Stable
CRISIL believes MAPL will benefit over the medium term from the
extensive experience of its promoters.
Rating Sensitivity factors
Upward factors
* Sustained growth in revenues and profitability resulting in
higher than expected net cash accruals
* Improvement in financial risk profile; especially TOLANW below
5 times and interest coverage sustaining at more than 1.5 times
Downward factors
* Lower than expected revenues or profitability
* Deterioration in financial risk profile ; especially interest
coverage of less than 1 time
Established by Mr. Aditya Bhoot and Mr. Darshan Bhoot in December
2011 as Deegee Dehydration Pvt Ltd and renamed in November 2014,
MAPL trades in and exports fruits, fruit pulps and vegetables. The
company is based in Amravati, Maharashtra.
MEALITE FOODS: CRISIL Keeps D on INR8.6cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mealite Foods Private
Limited (MFPL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 3.1 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MFPL 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 MFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MFPL
continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2013, MFPL manufactures corn flakes, ready to eat
packaged snacks such as namkeens, baked snacks, fried snacks and
other related products. It has recently started its commercial
operations in July 2015 and its manufacturing facilities is located
at Rajkot-Gujarat.
MEDEOR HOSPITAL: CRISIL Withdraws B+ Rating on INR424cr Loan
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Medeor
Hospital Limited (MHL) to 'CRISIL D/CRISIL D' from 'CRISL
B+/Stable/CRISIL A4'. Subsequently, the rating has been withdrawn,
at the company's request and on receipt of a no objection
certificate from the bankers. The withdrawal is in line with
CRISIL's policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 424 CRISIL B+/Stable (Downgraded
from 'CRISIL B+/Stable';
Rating Withdrawn)
Overdraft 58 CRISIL A4 (Downgraded from
'CRISIL A4'; Rating Withdrawn)
The ratings downgrade reflects delay in servicing of debt
obligations by MHL for October 2020, on account of inadequate
funds
The ratings also reflect to reflect MHL's weak financial risk
profile, below average operating efficiencies and exposure to
competition in the healthcare industry. These rating weaknesses are
partially offset by the benefits MHL derives from diversified
locational presence and revenue streams.
MHL, formerly known as Rockland Hospitals Limited was incorporated
in 2004. MHL operates three hospitals in Qutab Institutional Area,
Dwarka and Manesar with a combined capacity of 808 beds. It is
promoted by Dr Shamsheer Vyalil, Chairman of VPS Healthcare Group,
Abu Dhabi.
MILAN TANNERY: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Milan Tannery (ML;
part of the Rathi group) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 4 CRISIL B-/Stable (ISSUER NOT
Overdraft facility COOPERATING)
Foreign Currency 3.2 CRISIL B-/Stable (ISSUER NOT
Term Loan COOPERATING)
Long Term Loan 0.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Fund- 1.3 CRISIL B-/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
CRISIL has been consistently following up with ML 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 ML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ML is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ML
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Chemgems (India) Pvt Ltd, ML, and Rathi
Chempels Pvt Ltd. This is because all these entities, collectively
referred to as the Rathi group, have a common management and
significant operational linkages.
The Kolkata-based Rathi group is promoted by Mr. Hari Narayan Rathi
and Mr. Kishore Rathi. It manufactures and exports leather bags and
wallets; and trades in chemicals and dyes used in the leather and
textile industries in the domestic market. Unit in Banthala, West
Bengal, has installed capacity to process 5.10 lakh bags per
month.
MOTORCRAFT INDIA: CRISIL Lowers Rating on INR5cr Term Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Motorcraft
India Private Limited (MIPL; part of the Motorcraft India group) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with MIPL 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 MIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MIPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.
To arrive at the rating, CRISIL has combined the business and
financial risk profiles of Motorcraft Sales Pvt Ltd (MSPL), MIPL,
and Intecture India Designs Pvt Ltd (IIPL). That is because the
entities, collectively referred to as the Motorcraft India group,
are in the same business, and have common promoters and operational
and financial linkages.
Incorporated in 1995, MIPL operates three authorised workshops for
MSIL in Noida. In fiscal 2016, it acquired IIPL to start a new
workshop. MIPL is promoted by Mr. Jayesh Desai and his wife, Mrs
Mona Desai.
MSPL was incorporated by Mr. and Mrs Desai in 2007. It has a
dealership for MSIL's cars, and three showrooms: two in Sahibabad
and one in Modi Nagar, both in Ghaziabad. It also has three
workshops. MIPL owns 45% equity stake in MSPL.
MPL 2 WHEELERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: MPL 2 Wheelers Private Limited
No. 6, F1, Abdul Regency
South Mada Street
Srinagar Colony
Saidapet, Chennai
TN 600015
Insolvency Commencement Date: November 13, 2020
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: May 12, 2021
Insolvency professional: A. Mohan Kumar
Interim Resolution
Professional: A. Mohan Kumar
Flat F1, Sudarsan Apartments
72, VGP Selva Nagar
Second Main Road
Velachery, Chennai 600042
E-mail: needamohan@gmail.com
Mobile: 9003012871
Last date for
submission of claims: December 1, 2020
MPL PARTS AND SERVICES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: MPL Parts and Services Private Limited
F1, Abdul Regency
1st Floor, No. 6
South Mada Street
Srinagar Colony
Saidapet, Chennai
TN 600015
Insolvency Commencement Date: November 13, 2020
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: May 12, 2021
Insolvency professional: A. Mohan Kumar
Interim Resolution
Professional: A. Mohan Kumar
Flat F1, Sudarsan Apartments
72, VGP Selva Nagar
Second Main Road
Velachery, Chennai 600042
E-mail: needamohan@gmail.com
Mobile: 9003012871
Last date for
submission of claims: December 1, 2020
P.N. WRITER: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed P.N. Writer &
Company Pvt Ltd's (PNW) Long-Term Issuer Rating at 'IND BB+' with a
Stable Outlook while resolving the Rating Watch Negative (RWN).
The instrument-wise rating action is:
-- INR348 mil. Term loan due on May 2026 affirmed; off RWN with
IND BB+/Stable rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of PNW and Writer Lifestyle Private Limited (WLPL; 'IND
BB+'/Stable) in view of the strong legal, operational and strategic
linkages between the entities.
The affirmation and RWN resolution reflect a recovery in
occupancies at WLPL's Hilton Shillim Resort during July-November
2020, subsequent to the relaxation in certain lockdown measures. As
per the management, the resort has adequate bookings in place,
giving operating revenue visibility until at least March 2021. WLPL
turned operating EBITDA positive in 2QFY20 due to a rise in
realizations and improved control over costs. Nevertheless, the
same remains a key monitorable for the agency in the medium term.
The ratings are constrained by the absence of any material
improvement in revenues across PNW's consolidated profile in FY20.
KEY RATING DRIVERS
On a standalone basis, PNW holds real estate assets such as
commercial properties and residential apartments. The company
derives rental income from these properties, which is likely to
remain stable despite the ongoing COVID-19 crisis.
The ratings continue to reflect the small scale of operations, with
consolidated operating revenue of INR459 million in FY20 (FY19:
INR463 million). On a consolidated basis, PNW reported an operating
EBITDA loss of INR42 million in FY20 (FY19: EBITDA losses of INR24
million) due to the hotel business totally shutting down in March
2020. Prior to the lockdown, the operational performance had
improved in FY20, with the occupancy levels at the Hilton Shillim
Retreat and Spa in Lonavala rising to 54% from 52% in FY19. The
operating EBITDA turned positive on account of a fall in energy
expenses due to the installation of low-cost heat pumps and solar
harvesting farms. Furthermore, the company has demonstrated strong
control over employee expenses. The management has informed the
agency that these changes are structural in nature, and would help
the EBITDA remain positive over the long term.
On a standalone basis, PNW's operating revenue was fairly stable at
INR69.3 million in FY20 (FY19: INR66.7 million) due to stable
rental income. PNW's standalone operating EBITDA too was almost
stable at INR45 million for FY20 (FY19: INR46 million). PNW
receives interest income (FY20: INR36 million; FY19: INR37 million)
on loans and advances extended to its group companies. In February
2020, PNW sold one apartment in Bandra, Mumbai, generating profit
of INR74.3 million. A part of the proceeds has been used to repay
debt.
At end-FY20, PNW had a consolidated debt of INR2,869 million (FY19:
INR2,905 million); of this, about INR1,473 million had been
extended by either the promoters or group companies. The management
has informed the agency that the group companies will extend
tangible support to PNW if required, in case the company cannot
meet its debt obligations. Moreover, the management is planning to
sell owned residential properties in Bandra, warehouses in
Maharashtra and villas being developed on a land bank in Lonavala
(around 84 acres) in the near term to reduce debt.
Liquidity Indicator - Stretched: The consolidated cash flow from
operations improved slightly in FY20, though it remained negative
at INR149 million (FY19: negative INR153 million) owing to
continued operating losses and high interest expenses. The
consolidated cash and bank balances amounted to INR17 million at
end-FY20 (end-FY19: INR19 million). The company plans to
restructure its external term loans in FY21, which should provide
near-term liquidity comfort.
The ratings benefit from the likely support in the form of loans
and advances from either the promoters or group companies like
Writer Business Services (WBS; 'IND A'/Stable ) to PNW, in case of
financial losses. In FY20, PNW received incremental loans of
INR285.9 million (FY19: INR378.5 million) from WBS to meet its
financial obligations.
RATING SENSITIVITIES
Positive: A positive rating action could result from:
* a substantial improvement in the scale of operations, leading
to a significant and sustained increase in the revenue and EBITDA
generation, leading to interest coverage of 1.25x, on a sustained
basis.
* deleveraging through the sale of residential properties/land
bank and villas, on a sustained basis.
Negative: A negative rating action could result from –
* weakening of linkages with WBS, resulting in
lower-than-expected financial support for PNW.
* any deterioration in the liquidity situation, a sustained rise
in the leverage, EBITDA losses, or weak cash flow generation.
COMPANY PROFILE
PNW is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality.
As a standalone entity, PNW derives revenue through rental income
from a residential property in Bandra West, Mumbai (St. Leo
Apartments; a seven-storey building with an area of 857 square
meters) and some commercial properties leased to Writer Business
Services.
WLPL, a wholly-owned subsidiary of PNW, in engaged in the
hospitality business. It has a luxury resort, Hilton Shillim Estate
Retreat and Spa, in Lonavala, near Mumbai. It is also involved in
the real estate business, and has been constructing villas in
Shillim, Lonavala, for sale.
PALMETTO INDUSTRIES: CRISIL Withdraws B- Rating on INR6cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Palmetto
Industries India Private Limited (PIIPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 6 CRISIL B-/Stable (ISSUER NOT
Discounting COOPERATING; Rating Withdrawn)
Letter of Credit 3.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Packing Credit in 5.5 CRISIL A4 (ISSUER NOT
Foreign Currency COOPERATING; Rating Withdrawn)
Proposed Working 1.6 CRISIL B-/Stable (ISSUER NOT
Capital Facility COOPERATING; Rating Withdrawn)
Term Loan 0.9 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Working Capital 3.5 CRISIL B-/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with PIIPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution 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 PIIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on PIIPL is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has Continues
the ratings on the bank facilities of PIIPL to 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of PIIPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
PIIPL was incorporated in April 2007, promoted by Mr. Shankar
Balan. The company manufactures FIBC, small woven polypropylene
bags, and BOPP.
VARNADA INDUSTRIES: CRISIL Withdraws B Ratings on INR15cr Loans
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Varnada
Industries Private Limited (VIPL; part of the ABS group) on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Term Loan 6.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with VIPL for obtaining
information through letters and emails dated July 25, 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 VIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on VIPL is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has Continues
the ratings on the bank facilities of VIPL to 'CRISIL B/Stable
Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ABS Electroplaters (India) Private
Limited (ABS) and VIPL, together referred to as the ABS group. Both
the companies are in the same business, have the same promoter and
strong operational and financial linkages.
CRISIL has withdrawn its rating on the bank facilities of VIPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
ABS was set up by Mr. Prakash G Bhat as a proprietorship concern in
1986, and was reconstituted as a private limited company in 2003.
It manufactures electrical appliances and automotives, and has six
manufacturing units - three in Pune, and one each in Mumbai, Goa,
and Nasik. The company has electroplating capacity of 140,000
square feet per month and moulding capacity of 600 tonne per month
(tpm).
VIPL, which commenced operations in January 2014, also manufactures
appliances and automotives. It has three factories, two in Pune and
one in Goa. VIPL has installed moulding capacity of 200 tonne per
month and electroplating capacity of 280,000 square feet per month,
which is currently not operational.
VEGA ENTERTAINMENT: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vega
Entertainment Private Limited's (VEPL) Long-Term Issuer Rating of
'IND D (ISSUER NOT COOPERATING)'.
The instrument-wise rating actions are:
-- INR140 mil. Fund-based working capital limit (long-term) is
withdrawn; and
-- INR103.3 mil. Term loan (long-term) due on December 2020 is
withdrawn.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificate from the rated facilities'
lenders. Ind-Ra will no longer provide rating or analytical
coverage for VEPL.
COMPANY PROFILE
VEPL is a Hyderabad-based mobile and internet-based entertainment
and film production company.
VISION MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vision Motors
Private Limited's (VMPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR631 mil. (reduced from INR751 mil.) Fund-based working
capital limits affirmed with IND BB+/Stable/IND A4+ rating;
-- INR63 mil. (reduced from INR92 mil.) Term loans due on March
2024 affirmed with IND BB+/Stable rating; and
-- INR3 mil. Non-fund-based working capital limits affirmed with
IND A4+ rating.
Analytical Approach: To arrive at the ratings, Ind-Ra has continued
to factor in VMPL's standalone profile and notched up its ratings
to factor in moderate financial and operational linkages among
VMPL, its parent Popular Mega Motors Private Limited (PMMPL), and
its ultimate parent, Popular Vehicles and Services Limited (PVSL).
PMMPL and PVSL have extended corporate guarantees to the extent of
44.5% of VMPL's total debt.
KEY RATING DRIVERS
The affirmation reflects VMPL's continued medium scale of
operations. The company's revenue declined significantly to
INR2,922.89 million in FY20 (FY19: INR4,559.69 million) due to
lower-than-management expected festive season sales in 3QFY20.
Also, the company recorded lower volumes in 4QFY20 because of the
management's decision to take only BS-VI vehicles from February
2020 to accommodate the implementation of BS-VI norms (effective
April 1, 2020) and avoid any inventory of BS-IV vehicles. The
company's showrooms and workshops were closed in April 2020 due to
the COVID-19 led nation-wide lockdown and the company achieved
revenue of INR822.9 million in 1HFY21 (1HFY20: INR1,653.3 million).
The ratings are constrained by VMPL's high geographical
concentration, as its operations are concentrated in Kerala. This
renders the company vulnerable to any weakening in the region's
economy, political disturbances, and natural calamities, such as
floods. However, the company is the largest dealer for Honda Cars
India Limited in Kerala, with a market share of 31%-33%. Ind-Ra
expects VMPL to maintain its healthy market position in the
automobile dealership market for Honda in Kerala.
The ratings are also constrained by the intensely competitive
nature of automobile dealership business and the cyclical nature of
the auto industry and its susceptibility to macro-economic factors.
The ratings factor in VMPL's modest EBITDA margin. The company's
margin expanded to 3.13% in FY20 (FY19: 2.41%) owing to a
higher-margin contribution from the workshop segment and various
cost-reduction measures such as tight discount policies, rental
negotiation with the landlords, salary reduction and reduction in
overheads. The company's return on capital employed stood at 2.8%
in FY20, excluding impact of Ind-AS 116: 7.4% (FY19: 8.4%). Ind-Ra
expects the benefit of the cost reductions to continue in FY21.
thereby resulting in stable EBITDA margins.
The ratings also factor in VMPL's moderate credit metrics. The
company's interest coverage (operating EBITDA/gross interest
expense) improved to 1.82x in FY20 (FY19: 1.2x) due to lower
utilization of fund-based limits, which resulted in reduced
interest costs. The company's net leverage (adjusted net
debt/operating EBITDAR) also improved to 4.4x in FY20 (FY19: 7.4x)
due to a reduction in the total debt to INR379 million (INR867
million), mainly due to the conversion of unsecured loans of
INR109.9 million into equity share capital.
Liquidity Indicator- Adequate: VMPL had maximum average fund-based
working capital utilization of 40.7% over the 12 months ended
September 2020. The company closed its limits of INR20 million in
FY20 with Tata Capital Financial Services Limited ('IND
AAA'/Stable) in May 2020 and reduced its limits with ICICI Bank
Limited to INR100 million in October 2020 (till September 2020:
INR200 million). The company availed of the Reserve Bank of
India-prescribed moratorium on the repayment of interest and
principal on term loans for March and April 2020. The company's
cash flow from operations turned positive to INR473 million in FY20
(FY19: negative INR44.6 million) due to favorable working capital
changes. Its working capital cycle shortened to 28 days in FY20
(FY19: 50 days) due to lower inventory holdings and better
receivables management. Ind-Ra expects the company's cash flow from
operations to remain positive over the medium term on a favorable
working capital cycle. VMPL has a term loan repayment obligation of
INR27.6 million, INR21.9 million and INR12.3 million for FY21, FY22
and FY23, respectively. Ind-Ra expects the average debt service
coverage ratio for FY21-FY24 to be at 1.37x. Ind-Ra takes comfort
from the promoters' ability to infuse funds, in case of any
requirement.
The ratings are, however, supported by the promoters' experience of
over three decades in the dealership business.
RATING SENSITIVITIES
Positive: An increase in the EBITDA margin and revenue, along with
an improvement in the liquidity position, leading to the interest
coverage exceeding 2x, on a sustained basis, could be positive for
the ratings.
Negative: Any weakening of the linkages with the parent or
contraction in margin, revenue and liquidity position, leading to
sustained deterioration in the interest coverage reducing below
1.5x, could be negative for the ratings.
COMPANY PROFILE
Incorporated in 2008, VMPL has a dealership for Honda cars in
Kerala. The company has seven showrooms, one each in Kottayam,
Thrissur, Calicut, Ernakulam, Muvattupuzha, Pathanamthitta and
Kalpetta, and seven service centers and five body shops across
Kerala. The company is a constituent entity of the Kuttukaran
Group, which is engaged in vehicle dealership in various states of
India.
WRITER LIFESTYLE: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Writer Lifestyle
Private Limited's (WLPL) Long-Term Issuer Rating at 'IND BB+' with
a Stable Outlook while resolving the Rating Watch Negative (RWN).
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR890 mil. Term loan due on September 2022 affirmed; Off RWN
with IND BB+/Stable rating; and
-- INR150 mil. Bank overdraft affirmed; Off RWN with IND A4+
rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of WLPL and its parent, P.N. Writer & Company Pvt. Ltd. (PNW; 'IND
BB+'/Stable) in view of the strong legal, operational and strategic
linkages between the entities.
The affirmation and RWN resolution reflect a recovery in
occupancies at WLPL's Hilton Shillim Resort during July-November
2020, subsequent to the relaxation in certain lockdown measures. As
per the management, the resort has adequate bookings in place,
giving operating revenue visibility till at least March 2021. WLPL
turned operating EBITDA positive in 2QFY20 due to a rise in
realizations and improved control over costs. Nevertheless, the
same remains a key monitorable for the agency in the medium term.
The ratings are constrained by the absence of any material
improvement in revenues across PNW's consolidated profile in FY20.
KEY RATING DRIVERS
On a standalone basis, WLPL operates the Hilton Shillim Estate. The
company derives income from hotel bookings and affiliated services,
which was severely affected by the COVID-19 led lockdown. However,
post the re-opening in July 2020, the operating revenues and EBITDA
have rebounded strongly. The operating EBITDA turned positive on
account of a fall in energy expenses due to the installation of
low-cost heat pumps and solar harvesting farms. Furthermore, the
company has demonstrated strong control over employee expenses. The
management has informed the agency that these changes are
structural in nature, and would help the EBITDA remain positive
over the long term.
The ratings continue to reflect the small scale of operations, with
consolidated operating revenue of INR459 million in FY20 (FY19:
INR463 million). On a consolidated basis, PNW reported an operating
EBITDA loss of INR42 million in FY20 (FY19: EBITDA losses of INR24
million) due to the hotel business totally shutting down in March
2020. Prior to the lockdown, the operational performance had
improved in FY20, with the occupancy levels at the Hilton Shillim
Retreat and Spa in Lonavala rising to 54% from 52% in FY19.
On a standalone basis, WLPL reported a stable performance in FY20.
The company's standalone operating revenue was stable at INR395
million in FY20 (FY19: INR398 million). However, the Hilton Shillim
Estate's operating EBITDA loss widened to INR87 million in FY20
(FY19: operating loss of INR70 million) owing to the lack of
revenue generation in March 2020 because of the COVID-19-led
lockdown. The lockdown hampered revenues in 1HFY21 as well.
However, with the lifting of the lockdown, WLPL has been able to
generate strong operating revenues on account of an improvement in
average room revenues and strong demand. The hotel property has
strong revenue visibility on account of the bookings made through
at least March 2021, and recorded an operating EBITDA profit of
INR17 million during July-October 2020.
At end-FY20, PNW had a consolidated debt of INR2,869 million (FY19:
INR2,905 million); of this, about INR1,473 million had been
extended by either the promoters or group companies. The management
has informed the agency that the group companies will extend
tangible support to PNW if required, in case the company cannot
meet its debt obligations. Moreover, the management is planning to
sell owned residential properties in Bandra, warehouses in
Maharashtra and villas being developed on a land bank in Lonavala
(around 84 acres) in the near term to reduce debt.
Liquidity Indicator - Stretched: The consolidated cash flow from
operations improved slightly in FY20, though it remained negative
at INR149 million (FY19: negative INR153 million) owing to
continued operating losses and high interest expenses. The
consolidated cash and bank balances amounted to INR17 million at
end-FY20 (end-FY19: INR19 million). The company plans to
restructure its external term loans in FY21, which should provide
near-term liquidity comfort.
The ratings benefit from the likely support in the form of loans
and advances from either the promoters or group companies like
Writer Business Services (WBS; IND A/Stable) to PNW, in case of
financial losses. In FY20, PNW received incremental loans of
INR285.9 million (FY19: INR378.5 million) from WBS to meet its
financial obligations.
RATING SENSITIVITIES
Positive: A positive rating action could result from:
* a substantial improvement in the scale of operations, leading
to a significant and sustained increase in the revenue and EBITDA
generation, leading to interest coverage of 1.25x, on a sustained
basis.
* deleveraging through the sale of residential properties/land
bank and villas, on a sustained basis
Negative: A negative rating action could result from:
* weakening of linkages with WBS, resulting in below than
expected financial support for PNW.
* any deterioration in the liquidity situation, a sustained rise
in the leverage, EBITDA losses, or weak cash flow generation
COMPANY PROFILE
PNW is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality.
As a standalone entity, PNW derives revenue through rental income
from a residential property in Bandra West, Mumbai (St. Leo
Apartments; a seven-storey building with an area of 857 square
meters) and some commercial properties leased to Writer Business
Services.
WLPL, a wholly owned subsidiary of PNW, in engaged in the
hospitality business. It has a luxury resort, Hilton Shillim Estate
Retreat and Spa, in Lonavala, near Mumbai. It is also involved in
the real estate business, and has been constructing villas in
Shillim, Lonavala, for sale.
=====================
N E W Z E A L A N D
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NEW ZEALAND: Government Extends Business Debt Hibernation Scheme
----------------------------------------------------------------
Otago Daily Times reports that businesses left struggling with debt
as a result of Covid-19 have been given a further reprieve.
ODT says the Government has extended its debt hibernation scheme
until October next year. It had been due to expire on Christmas
Eve.
It allows businesses who meet certain criteria to put their debts
on hold for up to seven months.
According to ODT, Finance Minister Grant Robertson said the New
Zealand economy was recovering better than expected but the impacts
of the pandemic were far-reaching and some businesses needed
continued support.
"To help companies that are struggling due to Covid-19, we are
keeping the business debt hibernation scheme open until October 31,
2021.
"This is intended to give businesses time to explore options for
continuing to trade, when they might otherwise have been liquidated
by their creditors."
ODT adds that Commerce and Consumer Affairs Minister David Clark
said preventing insolvencies meant retaining jobs and cashflow in
the economy.
"Business debt hibernation gives some breathing space to businesses
that are doing it tough. It means when creditors start applying
pressure, company directors have the support of a tailored
mechanism to work through options with their creditors to find a
way forward," the report quotes Mr. Clark as saying. "This is a
good outcome for not only company owners but also their employees,
creditors and the wider economy."
The move was welcomed by Business New Zealand.
ODT relates that Chief executive Kirk Hope said he was heartened by
the Government's focus on the economic preservation and recovery
from the global shock of Covid-19, which needed to be treated with
the same urgency as the health response.
"This extension will certainly give businesses going through
hardship peace of mind going forward and assist with the ongoing
economic recovery.
"While New Zealand's economy appears to be on the road to recovery,
the impacts of the pandemic are far-reaching and there are pockets
of businesses in various sectors that need continued support to
keep their doors open."
TICKET ROCKET: Unsecured Creditors Unlikely to be Paid
------------------------------------------------------
Jacob McSweeny at Otago Daily Times reports that liquidators said
early indications of affairs at Ticket Rocket show there will be no
money to pay unsecured creditors.
According to ODT, the first report from liquidators Rodgers Reidy
into the failed ticketing company came out on Nov. 27 and listed
the names of the more than 1,500 creditors owed more than NZD8
million.
Included in them are sporting organisations, councils and
government departments and ministries such as the Ministry of
Social Development and New Zealand Post, ODT relays.
Control of the ticketing company's fixed assets is now with the
receivers and once the receivership is completed the liquidators
will sell any "residual assets," the report, as cited by ODT,
said.
They will have to investigate further, but the liquidators said it
was likely that there would not be any money remaining to pay
unsecured creditors owed a combined NZD3.17 million.
An investigation would be carried out to check if any trading
happened while the company was insolvent.
If there was, the liquidators may be able to claim more back for
the unsecured creditors.
". . . recovery actions through insolvent transactions and actions
against certain other parties may bring in additional funds," the
report said.
ODT says the list of secured creditors the liquidators knew of
included BNZ, Dove Electronics, Smartpay Rental Services, Windcave
New Zealand and the Crusaders' rugby organisation.
The liquidators said they would carry out a full investigation into
Fortress Information Systems' (the company behind Ticket Rocket)
affairs but a release date for that is not given.
Last month, the first receivers' report found Fortress Information
Systems and its subsidiaries Dash Group, Dash Tickets and Dash
Tickets Australia had NZD8 million in debts with a little less than
NZD3 million in assets, ODT discloses.
That figure did not include the value of many of the company's
assets, which were omitted from the report because the receiver was
concerned they would inhibit their ability to sell them.
Those assets include debts owed to Ticket Rocket, property and
equipment, intangible assets (such as brand value or trademarks)
and other investments, the report adds.
=================
S I N G A P O R E
=================
PACIFIC RADIANCE: High Court Grants Extension of Moratoria
----------------------------------------------------------
Claudia Chong at The Business Times reports that the High Court has
granted an extension of moratoria for offshore marine services firm
Pacific Radiance and its units, Pacific Crest and CSI Offshore.
The moratoria, which have been extended several times before, will
now expire after April 30, 2021 instead of Nov. 30, 2020, the
report says.
BT relates that the mainboard-listed firm said its legal and
financial advisers for its debt restructuring are Drew & Napier and
KPMG Services.
Trading in Pacific Radiance shares has been voluntarily suspended
since Feb. 28, 2018.
About Pacific Radiance
Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.
Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium. The
company has been undergoing restructuring talks and is carrying
debt of more than SGD500 million.
RENAISSANCE UNITED: Unit Ordered to Pay CNY40.4MM to Contractor
---------------------------------------------------------------
Claudia Chong at The Business Times reports that Renaissance
United's subsidiary on Nov. 26 received a court order to pay a
monetary judgment of CNY40.4 million (SGD8.2 million) to its
contractor.
BT relates that the amount represents trade payables claimed by
Wuhan Yuyun Municipal Engineering from Renaissance subsidiary,
Hubei Zonglianhuan Energy Investment Management (HZLH).
HZLH is disputing the amount owed and the monetary judgment, said
Renaissance United in a bourse filing on Nov. 30. The subsidiary's
lawyers have been instructed to appeal the decision with the
appellate court and apply for a stay of judgement, pending the
appeal, according to BT.
BT says HLZH's management believes that an amicable resolution can
be reached with the contractor, as has been the case on previous
occasions when the company had been in dispute with the contractor
over trade payables and services rendered by the latter.
Wuhan Yuyun Municipal Engineering continues to supply contracting
services to HZLH.
Renaissance United Limited operates as a developer, turnkey
contractor, and investor in oil and gas, power, transportation,
water and environment, and industrial infrastructure projects
worldwide. The company was formerly known as Ipco International
Limited and changed its name to Renaissance United Limited in
December 2018. Renaissance United Limited was founded in 1975 and
is based in Singapore.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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