/raid1/www/Hosts/bankrupt/TCRAP_Public/201224.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, December 24, 2020, Vol. 23, No. 257
Headlines
A U S T R A L I A
ADELAIDE EVENT: First Creditors' Meeting Set for Jan. 5
ARKISTRUCT PTY: Second Creditors' Meeting Set for Jan. 14
GDC GROUP: First Creditors' Meeting Set for Jan. 6
PRECISION MINING: First Creditors' Meeting Set for Jan. 5
SKIN BOOST: Second Creditors' Meeting Set for Dec. 31
VERNONS ELECTRICAL: First Creditors' Meeting Set for Jan. 7
VIRGIN AUSTRALIA: Moody's Withdraws Ca CFR on Debt Restructuring
C H I N A
CHINA EVERGRANDE: To Delist Soccer Unit as Coronavirus Widens Loss
SICHUAN TRUST: Regulators Seize Firm, Vows to Force Restructuring
TD HOLDINGS: Jialin Cui Quits as Director
TIANQI LITHIUM: IGO Stake Sale No Impact on Moody's Caa2 Rating
WYNN MACAU: New $650MM Add-On Notes No Impact on Moody's B1 Rating
H O N G K O N G
DR PENG HOLDING: Moody's Completes Review, Retains Caa3 CFR
I N D I A
BALAJI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating
GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GYANSAGAR TEXTILE: CRISIL Keeps B+ Ratings in Not Cooperating
HAVELI ENTERTAINMENTS: CRISIL Keeps B- Rating in Not Cooperating
JAI BHARAT: CRISIL Keeps B on INR30cr Loans in Not Cooperating
JSW STEEL: Moody's Retains Ba2 Rating Amid $500MM Notes Issuance
KALANJIAM DEVELOPMENT: Ind-Ra Moves 'B+' Rating to Non-Cooperating
KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
KESHO PACKAGING: CRISIL Keeps B+ on INR12cr Loans in NonCooperating
KIA TEXTILES: CRISIL Keeps D on INR9.5cr Loans in Not Cooperating
KUSHALAVA SPINNERS: CRISIL Keeps B- Ratings in Not Cooperating
LPF SYSTEMS: CRISIL Keeps B+ on INR8.5cr Loans in Not Cooperating
PRAJAY PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
PUNE TUBES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMGO MODERN: CRISIL Keeps B on INR5.75cr Loans in Not Cooperating
RAMSAAI REAL: CRISIL Keeps D on INR6.42cr Loans in Not Cooperating
SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating
SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
SHIVA MEDICARE: Insolvency Resolution Process Case Summary
TEAM INTERVENTURE: CRISIL Keeps D Debt Ratings in Not Cooperating
VEDANTA RESOURCES: Moody's Completes Review, Retains B2 CFR
I N D O N E S I A
AGUNG PODOMORO: Moody's Affirms B3 CFR, Outlook Negative
- - - - -
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A U S T R A L I A
=================
ADELAIDE EVENT: First Creditors' Meeting Set for Jan. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Adelaide
Event Group Pty Ltd will be held on Jan. 5, 2021, at 11:00 a.m. at
Level 4, 12 Pirie Street, in Adelaide, SA.
Stuart Otway and Travis Olsen of SV Partners were appointed as
administrators of Adelaide Event on Dec. 21, 2020.
ARKISTRUCT PTY: Second Creditors' Meeting Set for Jan. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Arkistruct Pty
Ltd has been set for Jan. 14, 2021, at 10:00 a.m. at the offices of
Level 4, 26 Wharf Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 13, 2020, at 5:00 p.m.
Travis Pullen of B&T Advisory was appointed as administrator of
Arkistruct Pty on Dec. 1, 2020.
GDC GROUP: First Creditors' Meeting Set for Jan. 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of GDC Group
Pty Ltd will be held on Jan. 6, 2021, at 11:00 a.m. via virtual
meeting.
Morgan John Kelly of KPMG was appointed as administrator of GDC
Group Pty Ltd on Dec. 22, 2020.
PRECISION MINING: First Creditors' Meeting Set for Jan. 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Precision
Mining and Drilling Pty Ltd will be held on Jan. 5, 2021, at 2:00
p.m. at the offices of Auxilium Partners, Level 2, 949 Wellington
Street, in West Perth, WA.
Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Precision Mining on
Dec. 21, 2020.
SKIN BOOST: Second Creditors' Meeting Set for Dec. 31
-----------------------------------------------------
A second meeting of creditors in the proceedings of Skin Boost Pty
Ltd has been set for Dec. 31, 2020, at 11:00 a.m. at One Wharf
Lane, Level 20, 171 Sussex Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 30, 2020, at 4:30 p.m.
Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Skin Boost on Nov. 24, 2020.
VERNONS ELECTRICAL: First Creditors' Meeting Set for Jan. 7
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Vernons
Electrical & Renovations Pty Ltd will be held on Jan. 7, 2021, at
11:30 a.m. at the offices of Morton + Lee Insolvency, Level 10, 388
Queen Street, in Brisbane, Queensland.
Leon Lee of Morton + Lee Insolvency was appointed as administrator
of Vernons Electrical on Dec. 23, 2020.
VIRGIN AUSTRALIA: Moody's Withdraws Ca CFR on Debt Restructuring
----------------------------------------------------------------
Moody's Investors Service has withdrawn all outstanding ratings and
outlooks of Virgin Australia Holdings Limited.
Prior to the withdrawal, the company's corporate family rating was
Ca and its senior unsecured and backed senior unsecured ratings
were C, while its backed senior unsecured MTN program was rated
(P)C. The outlook prior to withdrawal was Developing.
RATINGS RATIONALE
Moody's withdrawal of Virgin's ratings is due to a capital
restructuring which has resulted in the rated debt obligations no
longer remaining outstanding. The Developing outlook at the time of
the withdrawal reflected the ongoing uncertainty facing the airline
industry and consequently Virgin's recovery after emerging from
bankruptcy.
Virgin, headquartered in Brisbane, is Australia's second largest
airline.
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C H I N A
=========
CHINA EVERGRANDE: To Delist Soccer Unit as Coronavirus Widens Loss
------------------------------------------------------------------
Bloomberg News reports that billionaire Hui Ka Yan's soccer club
plans to delist from the nation's over-the-counter market after
Covid-19 hit revenue, dealing a further blow to the property
mogul.
Bloomberg relates that Guangzhou Evergrande Taobao Football Club
Co., majority owned by China Evergrande Group's main property unit
onshore, said in a filing that a delisting will help the company
adopt a new strategy and focus on its main business, without
further elaborating. The company recorded four straight years of
losses since its 2015 listing, and business suffered another
setback in the first half of this year following the pandemic, the
report notes.
The soccer team, hailed for including China's marquee players, is
one of many non-property businesses backed by Evergrande, China's
second-largest residential developer, according to Bloomberg. Once
a highly sought after business, bolstered by President Xi Jinping's
interest in the sport, the team attracted the backing of
billionaire Jack Ma's Alibaba Group Holding Ltd.
Hui spared no resources, hiring World Cup-champion coach Marcello
Lippi. Guangzhou Evergrande became the first Chinese team to win
the Asian Champions League, the local equivalent of Europe's most
prestigious tournament, Bloomberg says.
Bloomberg says the soccer operation joins a wave of companies
delisting from the National Equities Exchange and Quotations, which
is China's biggest over-the-counter market but has little trading
volume.
Hengda Real Estate Group, which holds Evergrande's main property
assets in China, holds 57% stake in the club, Bloomberg discloses.
Alibaba has a 38% stake.
It's unclear how much the delisting will cost, Bloomberg states.
Guangzhou Evergrande offered to purchase shares for CNY40 apiece,
it said in a separate filing, the report relays. The proposal is
waiting for approval from its extraordinary shareholder meeting.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2020, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Ratings of China Evergrande Group and subsidiary
Hengda Real Estate Group Co., Ltd at 'B+' with Stable Outlooks. At
the same time, Fitch has affirmed Evergrande's senior unsecured
rating at 'B' with a Recovery Rating of 'RR5'. Fitch has also
assigned Hengda's wholly owned offshore financing platform, Tianji
Holdings Limited, a Long-Term IDR of 'B+' with Stable Outlook and a
senior unsecured rating of 'B' with a Recovery Rating of 'RR5'.
The Tianji-guaranteed senior unsecured notes issued by Scenery
Journey Limited have been downgraded to 'B' with a Recovery Rating
of 'RR5', from 'B+' with a Recovery Rating of 'RR4', to reflect
Fitch's revised rating approach, whereby the bond rating is linked
to Tianji, the guarantor, rather than Hengda, the keepwell
provider. Fitch affirmed Hengda's 'B+' senior unsecured rating with
a Recovery Rating of 'RR4' and then withdrew the rating because the
senior unsecured rating was no longer relevant to the agency's
coverage.
The affirmation of Evergrande's and Hengda's IDRs reflects the
group's large business scale and diversification, but higher
leverage and weaker liquidity than that of peers. The Stable
Outlook reflects the expectation that the Evergrande will be able
to deleverage after 2020, with improving contracted sales and
collection ratio, as well as its stated intention to reduce land
acquisitions. In addition, the Stable Outlook also reflects its
expectation that Evergrande will be able to negotiate with Hengda's
strategic investors not to redeem the CNY130 billion investment in
early 2021.
On Sept. 24, 2020, S&P Global Ratings revised the outlooks on China
Evergrande Group, the company's property arm Hengda Real Estate
Group Co. Ltd., and offshore financial platform Tianji Holding Ltd.
to negative from stable. At the same time, S&P affirmed its 'B+'
long-term issuer credit ratings on the three companies and its 'B'
long-term issue rating on the U.S. dollar notes issued by
Evergrande and guaranteed by Tianji.
SICHUAN TRUST: Regulators Seize Firm, Vows to Force Restructuring
-----------------------------------------------------------------
Caixin Global reports that regulators took control of Sichuan Trust
Co. Ltd. after the local trust company failed to deliver a
satisfactory resolution of a $3.6 billion investment repayment
crisis that has dragged on since May.
The Sichuan branch of the China Banking and Insurance Regulatory
Commission (CBIRC) sent a working team jointly formed with the
local government to supervise the operations of Sichuan Trust in
southwest China's Sichuan province and carry out a management
reshuffle, the CBIRC branch said Dec. 22, Caixin relates.
According to Caixin, Sichuan Trust is the latest target on
regulators' radar this year as China moves to put the once
free-wheeling $3.1 trillion trust industry under closer oversight.
In May, regulators punished nearly one-third of China's 68 trust
companies for violations including conducting illicit off-balance
sheet lending and illegal real estate investments, levying CNY22.5
million ($3.2 million) in fines, Caixin discloses.
Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.
TD HOLDINGS: Jialin Cui Quits as Director
-----------------------------------------
Mr. Jialin Cui resigned from his position as a director of the
board of directors and chairman of the nominating and governance
committee of the Board of TD Holdings, Inc. effective immediately.
Mr. Cui's resignation is not as a result of any disagreement with
the Company relating to its operations, policies or practices.
Appointment of Xiangjun Wang
Effective Dec. 14, 2020, the Board appointed Mr. Xiangjun Wang as a
director of the Board and chairman of the Nominating Committee to
fill the vacancy created by the resignation of Mr. Xiangjun Wang.
Mr. Wang, age 47, has served as a partner and practicing lawyer of
Beijing Junzejun (Shenzhen) Law Firm since 2010. From 2008 to 2010,
he practiced as a lawyer of Guangdong Shenpeng Law Firm. Mr.
Wang served as the managing director of Shenzhen Investment Banking
Department of Pacific Securities Co., Ltd. from 2006 to 2008. He
served as the deputy general manager of Ruigu Technology (Shenzhen)
Co., Ltd. from 2003 to 2006. From 1999 to 2003, Mr. Wang worked in
the supply chain management department and legal department of
Huawei Technologies Co., Ltd. He is a licensed attorney and also a
Certified Public Accountant in China. Mr. Wang obtained his
Bachelor's Degree in Theory of Mechanical System and Applied
Mechanics from Lanzhou University and his Master's Degree in Solid
Mechanics from Lanzhou University in 1999.
Mr. Wang also entered into a director offer letter with the
Company, which sets his annual compensation at $10,000 and
establishes other terms and conditions governing his service to the
Company.
About TD Holdings
Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) operates a luxurious car
leasing business as well as a commodities trading business
operating in China.
For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities. These factors caused concern as to the
Company's liquidity as of Dec. 31, 2019.
TIANQI LITHIUM: IGO Stake Sale No Impact on Moody's Caa2 Rating
---------------------------------------------------------------
Moody's Investors Service says that Tianqi Lithium Corporation's
(Caa2 negative) proposed financing from the sale of interest in its
subsidiary to IGO Limited and its term loan amendment plan are
credit positive because their completion will likely improve Tianqi
Lithium's capital structure and liquidity.
However, these two announcements have no immediate impact on its
ratings, because of the significant uncertainties relating to the
various conditions and concerns that need to be resolved before the
completion of the proposed financing and loan amendment plans.
Tianqi Lithium disclosed in an announcement dated December 9 that
Australian mining company IGO Limited had agreed to acquire a 49%
stake in its subsidiary, Tianqi Lithium Energy Australia Pty Ltd,
by subscribing to new shares issued by TLEA for a consideration of
USD1.4 billion.
Tianqi Lithium will use USD1.2 billion of the proceeds to repay its
borrowings, while the remainder will go towards financing
operations at TLEA.
Tianqi Lithium also disclosed in another announcement dated 9
December that the company had received from its banks a term sheet
stating that the maturity for its USD1.9 billion loan, originally
due on 29 November 2020 and extended to 28 December 2020, could be
rescheduled to November 2021. If the company repays at least USD1.2
billion of this loan, the remaining maturity could be further moved
to November 2022.
The company is currently negotiating with its banks to finalize the
loan amendment plan before December 28, 2020.
As disclosed in Tianqi Lithium's announcement dated December 9, the
absence of alternative plans and a failure to complete the loan
amendment plan before December 28, 2020 could lead to payment
acceleration and result in litigation and/or an asset freeze that
could negatively impact its operations.
The proposed financing and the loan amendment plans are subject to
a number of conditions and factors, such as approvals from relevant
government and regulatory authorities.
Moody's estimates that, if both plans are completed, the proceeds
from IGO's investment could help to reduce Tianqi Lithium's
adjusted debt level by about 22% over the next 12-18 months and
improve the company's debt maturity profile in light of the ongoing
loan amendment discussion. Together, these two developments could
improve Tianqi Lithium's capital structure and liquidity.
Under its proposed financing plan with IGO, while Tianqi Lithium's
effective stake in its Greenbushes lithium mine in Australia will
decline to 26% from 51%, the company will continue to consolidate
TLEA and Greenbushes, given that it will hold a 51% stake in TLEA,
which in turn holds a 51% stake in Greenbushes.
Tianqi Lithium's rating primarily reflects uncertainties relating
to its loan amendment plan which, if not completed within a
reasonable period of time, could lower recovery prospects for
creditors, given its highly strained capital structure.
The company's rating also considers the company's solid position in
the lithium chemical industry, driven by its supply of low-cost
lithium minerals, although these strengths have been offset by its
weak capital structure.
The negative outlook reflects Moody's concerns over Tianqi
Lithium's tight liquidity and ability to arrange timely funding to
meet its obligations.
Moody's will continue to closely monitor the progress and timing of
the company's plans.
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
WYNN MACAU: New $650MM Add-On Notes No Impact on Moody's B1 Rating
------------------------------------------------------------------
Moody's Investors Service said that the proposed $650 million
add-on to Wynn Macau, Limited's senior unsecured notes due 2028
does not impact the B1 rating on the notes. WML is a 72.2% owned
subsidiary of Wynn Resorts Finance, LLC, which in turn is a
wholly-owned subsidiary of Wynn Resorts, Limited. WRF's Ba3
Corporate Family Rating, Ba3-PD Probability of Default rating, and
existing Ba1 rated senior secured revolver and term loan and B1
rated senior unsecured notes are unchanged. The existing B1 rated
senior unsecured notes at WML and Wynn Las Vegas, LLC are
unchanged. The company's speculative-grade liquidity rating of
SGL-2 is unchanged. The outlook remains negative.
Proceeds from the proposed $650 million add-on to the senior
unsecured notes due 2028, net of fees and expenses, will be used to
facilitate repayment of a portion of the amounts outstanding under
the Wynn Macau credit facilities, including the secured term loan
and revolving credit facility that are due in 2022. The refinancing
is credit positive, enabling the company to improve future funding
flexibility by reducing the secured debt in its capital structure
and extending the maturity profile. The transaction does not affect
the Ba3 CFR or negative outlook because it is largely debt for debt
and leverage neutral.
RATINGS RATIONALE
Wynn's Ba3 Corporate Family Rating reflects the meaningful earnings
declines from efforts to contain the coronavirus and the potential
for a slow recovery now that properties have reopened. The rating
is supported by the quality, popularity, and favorable reputation
of the company's resort properties -- a factor that continues to
distinguish Wynn from most other gaming operators -- along with the
company's well-established and very successful track record of
building large, high quality destination resorts. Wynn's good
liquidity and relatively low cost of debt capital also support the
ratings. The Ba3 Corporate Family Rating also incorporates Moody's
expectation that Wynn will successfully renew its Macau concession
agreement prior to its 2022 expiration on terms that will not, in
and of itself, impair Wynn's credit quality. Key credit concerns
include Wynn's limited diversification despite being one of the
largest U.S. gaming operators in terms of revenue and exposure to
reductions in cyclical discretionary consumer and business
spending. Wynn's revenue and cash flow will remain heavily
concentrated in the Macau gaming market. Moody's also expects that
Wynn will be presented with and pursue other large, high profile,
integrated resort development opportunities around the world. As a
result, there will likely be periods where the company's leverage
experiences periods of increases due to partially debt-financed,
future development projects.
All of Wynn's facilities are now open, with Macau reopening in
March, Las Vegas in June, and Encore Boston Harbor reopening in
July. Moody's expects Wynn's operating performance to improve
sequentially from second quarter results, which was likely the
trough with revenue down 95% and EBITDA meaningfully negative.
Moody's projects debt-to-EBITDA leverage will remain elevated in
2020 and 2021 but will decline towards pre-pandemic levels (2019
levels) of below 7x (below 5x on a net basis) by 2022.
Wynn's speculative-grade liquidity rating of SGL-2 reflects
expected weak earnings and cash flow. As of September 30, 2020,
Wynn had cash of $3.55 billion on a consolidated basis, with $2.28
billion in Macau. Moody's estimates the company could maintain
sufficient internal cash sources after maintenance capital
expenditures to meet required annual amortization and interest
requirements assuming EBITDA remains depressed. The monthly cash
burn eased from approximately $160 million in the second quarter to
roughly $80 million in the third quarter. Because the level of
capacity limitations and operational restrictions until a vaccine
is widely utilized continues to fluctuate and remains uncertain,
the expected EBITDA recovery will be uneven over the next year. A
continuation or renewed deepening of the monthly cash burn could
lead to liquidity and leverage deteriorating quickly over the next
year.
The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
Wynn from the current weak US economic activity and a gradual
recovery for the coming year. Although an economic recovery is
underway, it is tenuous, and its continuation will be closely tied
to containment of the virus. As a result, the degree of uncertainty
around our forecasts is unusually high. Moody's regards the
coronavirus outbreak as a social risk under our ESG framework,
given the substantial implications for public health and safety.
The gaming sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Wynn's credit
profile, including its exposure to travel disruptions and
discretionary consumer spending have left it vulnerable to shifts
in market sentiment in these unprecedented operating conditions and
Wynn remains vulnerable to the outbreak continuing to spread.
The negative outlook reflects the uncertain duration and recovery
from the coronavirus-related earnings and cash flow pressure, which
will lead to higher debt even when property earnings recover.
Earnings will decline due to the disruption in casino visitation
resulting from efforts to contain the spread of the coronavirus
including recommendations from federal, state and local governments
to avoid gatherings and avoid non-essential travel. These efforts
included mandates to close casinos on a temporary basis. The
negative outlook also reflects the negative effect on consumer
income and wealth stemming from job losses and asset price
declines, which will diminish discretionary resources to spend at
casinos once this crisis subsides. Wynn remains vulnerable to
travel disruptions and unfavorable sudden shifts in discretionary
consumer spending and the uncertainty regarding the timing of
facility re-openings and the pace at which consumer spending at the
company's properties will recover.
Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates Wynn's earnings declines to be deeper or more prolonged
because of actions to contain the spread of the coronavirus or
reductions in discretionary consumer spending.
A ratings upgrade is unlikely given the weak operating environment.
However, an upgrade would require casinos to remain open and ramp
up closer to normal utilization, a restoration of sufficient
earnings to generate meaningful positive free cash flow before
discretionary development spending, and the continued ramp-up of
Encore Boston Harbor. WRF would also need to maintain net
debt/EBITDA on a Moody's adjusted basis below 5.0x.
The principal methodology used in these ratings was Gaming
Methodology published in October 2020.
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H O N G K O N G
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DR PENG HOLDING: Moody's Completes Review, Retains Caa3 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Dr. Peng Holding Hongkong Limited and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review in which Moody's reassessed
the appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
KEY RATING CONSIDERATIONS
Dr. Peng Telecom & Media Group Co., Ltd.'s (Dr. Peng Telecom) Caa3
corporate family rating reflects the company's refinancing risk due
to its weakened operating cash flow and insufficient cash to meet
its repayment needs over the next 12-18 months.
The rating also considers the uncertainty over its ongoing business
transformation amid the fast-changing industry landscape.
The principal methodology used for this review was
Telecommunications Service Providers published in January 2017.
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I N D I A
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BALAJI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Balaji Raw And
Parboiled Rice Mills Private Limited (SBRPRM) continue to be
'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 15 CRISIL D (ISSUER NOT
COOPERATING)
Warehouse Financing 15 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SBRPRM for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 SBRPRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SBRPRM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SBRPRM
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Set up in June 2013 by Mr. Viswanadham and his family, SBRPRM mills
and processes paddy into rice; it also generates by-products, such
as broken rice, bran, and husk. The mill is in Vijayawada.
GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the the ratings on bank facilities of Shri Ganesh Agro
Industries - Parbhani (SGAI) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 1 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with SGAI for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 SGAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SGAI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SGAI
continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2007 by Daga family, SGAI gins and presses raw
cotton, and extracts oil from cotton seeds.
GYANSAGAR TEXTILE: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gyansagar Textile
Private Limited (GTPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 0.15 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 2.85 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GTPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 GTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GTPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
GTPL, was incorporated in 2009, is engaged in manufacturing of Gray
fabrics. The company was promoted by Sumit Wadhwa and its
manufacturing plant is located at Bhiwandi (Maharashtra).
HAVELI ENTERTAINMENTS: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Haveli Entertainments
Private Limited (HEPL) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9.75 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HEPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on HEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of HEPL
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
HEPL has been incorporated as closely held Private Limited Company
since December 1995. The main promoters of the company are Mr.
Fatehsinh Chauhan and Mr. Abhishek Chauhan. The company is setting
up an entertainment mall in Silvassa in Dadra & Nagar Haveli.
JAI BHARAT: CRISIL Keeps B on INR30cr Loans in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Bharat Rice Mills
(Partnership) - Fazika (JBRM) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with JBRM for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 JBRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JBRM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JBRM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
JBRM is currently managed by Mr. Surinder Pal and Mr. Sukhwinder
Singh. The firm processes basmati rice at its facility in Fazilka.
JSW STEEL: Moody's Retains Ba2 Rating Amid $500MM Notes Issuance
----------------------------------------------------------------
Moody's Investors Service says that JSW Steel Limited's (Ba2
negative) credit profile will remain unaffected by the tap offering
on the existing $500 million senior unsecured notes issued in
October 2020 by Periama Holdings LLC, a wholly owned indirect
subsidiary of JSW.
The tap offering will constitute a further issuance and will be
fungible with and consolidated to form a single series with the
$500 million senior unsecured 5.95% notes, which come due in April
2026.
"Like the proceeds from the original issuance, the tap proceeds
will be routed to JSW through the repayment of an intercompany
loan, and are expected to be used to repay existing debt at JSW and
for general corporate purposes," says Kaustubh Chaubal, a Moody's
Vice President and Senior Credit Officer. "As such, the tap
offering will not materially increase JSW's debt, and its credit
profile will remain largely unaffected."
The April 2026 notes are backed by an unconditional, irrevocable
corporate guarantee from JSW up to 125% of the notes' face value,
and rank pari passu with the company's existing senior unsecured
debt. As a result, they are also rated at the same level as JSW's
Ba2 corporate family rating.
JSW's Ba2 CFR continues to reflect the company's large scale and
strong position in its key markets, competitive conversion costs --
resulting from its efficient operations and use of the latest
furnace technology -- as well as good product and end-market
diversification, given its increasing focus on value-added products
and retail sales.
Steel consumption in India (Baa3 negative) -- JSW's key operating
market -- recovered in the second quarter of the fiscal year ending
March 2021 (fiscal 2021) owing to the resumption of economic
activities and pent-up demand from earlier in the year due to the
coronavirus pandemic. Average utilization rates at JSW's plants
rose to 86% in Q2 fiscal 2021 from 66% in the previous quarter.
Meanwhile, the company's profitability, as measured by EBITDA per
ton, improved to USD142 (INR10,502) in Q2 fiscal 2021 from USD74
(INR5,654) in Q1 fiscal 2021.
As a result, JSW's leverage, as measured by adjusted debt/adjusted
EBITDA, improved to 5.8x at September 2020 from an estimated 7.0x
at June 2020. Looking ahead, sustained improvement in economic
conditions in India from pandemic impacted levels will drive a
reduction in JSW's leverage towards 5.5x by March 2021, although
the metric will remain in breach of its 4.5x downgrade trigger for
its Ba2 CFR, supporting the negative outlook on the rating.
JSW should be able to restore its metrics to appropriate levels by
fiscal 2022, considering its relatively strong business profile,
brand strength and technological capabilities, which will help it
sustain above-average profitability. However, the possibility of
second or third waves of virus infections or deeper economic costs
than expected pose downside risks.
The ratings also consider JSW's exposure to the inherently cyclical
steel industry, its limited -- although improving -- raw material
integration, its large capital expenditure needs in India, and its
loss-making international operations, which will limit free cash
flow generation over the next two years.
The negative outlook reflects JSW's elevated leverage and Moody's
view that downside risks from the pandemic could delay the
company's recovery. The outlook also incorporates Moody's
expectation that JSW's credit profile will remain weak for a
prolonged period, with no meaningful recovery anticipated at least
until the end of fiscal 2022.
LIQUIDITY
JSW's liquidity is weak.
Moody's estimates that the company's cash and cash equivalents of
USD1.0 billion as of September 2020, its cash from operations of
USD2.0 billion, USD500 million in proceeds from the October
issuance and from the proposed tap, and its USD533
million-equivalent INR bond issuance will be insufficient to meet
its USD5.3 billion cash needs, which include capital expenditure
and debt (including short-term debt) maturities over the period
from October 2020 to March 2022.
Still, JSW will continue relying on short-term credit facilities
from Indian and multinational relationship banks to fund any
shortfalls. The company also retains strong access to domestic and
international capital markets.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade of the ratings is unlikely over the near term, given the
company's stretched credit metrics. However, Moody's could change
the outlook to stable if JSW's leverage declines to 4.5x and
EBIT/interest coverage rises to 2.0x as market conditions improve.
Moody's could downgrade JSW's CFR if the company's leverage remains
above 4.5x, EBIT/interest coverage stays below 2.0x or EBIT margin
falls below 12%, all on a sustained basis; or its credit metrics
fail to improve in fiscal 2022. Specifically, downward pressure
could arise if JSW's leverage remains elevated because of a large
debt-financed acquisition that is not earnings accretive and that
presents execution risks related to its timely and seamless
integration.
Any departure from Moody's expectation that JSW will restore its
financial profile and strengthen its liquidity will also pressure
the ratings.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Steel Industry
published in September 2017.
JSW Steel Limited is one of India's largest steel producers with an
installed steelmaking capacity of 18 million tons per annum (mtpa).
Its international operations comprise 1.2 mtpa plates and 0.5 mtpa
pipes mills in Texas; a 3.0 mtpa hot rolling mill and a 1.5 mtpa
electric arc furnace in Ohio; and a 1.3 mtpa long steel rolling
facility in Piombino, Italy.
JSW generated revenues of USD10.1 billion and an adjusted EBITDA of
USD1.8 billion in the fiscal year ended March 2020.
KALANJIAM DEVELOPMENT: Ind-Ra Moves 'B+' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kalanjiam
Development Financial Services' (KDFS) bank loans rating to the
non-cooperating category and has simultaneously withdrawn it.
The detailed rating action is:
-- INR450 mil. Bank loans* migrated to non-cooperating category
and withdrawn.
* Migrated to 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn
KEY RATING DRIVERS
KDFS did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra. The agency is no longer required
to maintain the ratings, as it has received a no objection
certificate from the rated facilities' lenders. This is consistent
with the Securities and Exchange Board of India's circular dated
March 31, 2017 for credit rating agencies.
COMPANY PROFILE
KDFS is a section 8 company (not-for-profit) and operates under the
umbrella of Development of Humane Action (DHAN) Foundation. It is
responsible for providing credit services to the self-help groups
promoted by the Kalanjiam programme of the foundation. The
programme identifies areas for livelihood development and
concentrates on themes such as agriculture, irrigation, goat
rearing, fish rearing and allied agricultural activities.
KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kavit Industries (KI)
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 2.34 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan .66 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KI for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 KI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KI
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Based in Noida, Uttar Pradesh, KI was established as a
proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm
manufactures PU foams and matrices and also trades in industrial
chemicals and fabrics.
KESHO PACKAGING: CRISIL Keeps B+ on INR12cr Loans in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kesho Packaging
Private Limited (KPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 10 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with KPPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 KPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KPPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KPPL, based in Greater Noida, Uttar Pradesh and established in
2010, manufactures corrugated boxes and sheets. The company is
promoted by Mr. Vikas Goyal and Ms Preeti Goyal.
KIA TEXTILES: CRISIL Keeps D on INR9.5cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of KIA Textiles Private
Limited (KTPL) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KTPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 KTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KTPL
continues to be 'CRISIL D Issuer Not Cooperating'.
KTPL, incorporated in 2010, is promoted by Mr. S K Bhatia and his
son, Mr. Jatin Bhatia. The company trades in cotton, polyester, and
blended yarn. About 20 per cent of KTPL's sales are made in the
export market, and the remaining in the domestic market. The
company is also a consignment agent for polyester-oriented yarn
manufactured by Indo Rama Ltd and Wellknown Polyesters Ltd.
KUSHALAVA SPINNERS: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kushalava Spinners &
Ginners Private limited (KSGPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.85 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 6 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Fund- 1.15 CRISIL B-/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
CRISIL has been consistently following up with KSGPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 KSGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KSGPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KSGPL
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
KSGPL, incorporated in June 2014, gins and presses cotton. Based in
Guntur, Andhra Pradesh, the company is promoted and managed by Mr.
V Srinivasa Rao, Mr. Sadhu Siva Sankara Rao, and Mr. Majeti Sri
Vasavi. The company started operations in January 2016.
LPF SYSTEMS: CRISIL Keeps B+ on INR8.5cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of LPF Systems Private
Limited (LPF) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Channel Financing 8.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with LPF for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 LPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LPF is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LPF
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
LPF was set up in 1997 as by Mr. Venu Vinod and his family. The
company, based in Hyderabad (Telangana) distributes welding alloys,
passenger car spare parts, automotive components, and engine oil.
It is the authorised distributor for Tata Motors Ltd, Greaves
Cotton Ltd and Shell India Markets Pvt Ltd. LPF also services
vehicles for Eicher Motors Ltd.
Mr Venu Vinod is also the promoter of Recon Technologies Pvt Ltd
(rated 'CRISIL BB-/Stable/CRISIL A4+') and Cyber City Builders and
Developers Pvt Ltd. These companies are in different line of
business and are being managed independently.
PRAJAY PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prajay Properties
Private Limited (PPPL; part of the Prajay group) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Project Loan 121.3 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 0.7 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 PPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PPPL
continues to be 'CRISIL D Issuer Not Cooperating'.
PPPL, incorporated in 2007 by Prajay Engineers Syndicate Ltd, is
developing a high-rise residential real estate project ' Prajay
Megapolis - in Hyderabad (Andhra Pradesh). State General Reserve
Fund, Oman, has invested around Rs.659 million in PPPL by way of
compulsory convertible debentures. PLCPL, a wholly owned subsidiary
of PPPL, owns 8.35 acres of land out of the total 17.12 acres under
development.
PUNE TUBES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Pune Tubes
Manufacturing Private Limited (PTMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.50 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Cash 7.25 CRISIL D (ISSUER NOT
Credit Limit COOPERATING)
Term Loan 8.25 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with PTMPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 PTMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PTMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PTMPL
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2011, PTMPL, promoted by Mr. Prakash Saxsena, Mr.
Atul Dudhe, Mr. Nitin Sathe, and Mr. NM Parande, was set up a plant
for manufacturing ERW pipes in Pimpari Saandas near Pune
(Maharashtra). Commercial operations began October 2016. Its
registered office is in Pune.
RAMGO MODERN: CRISIL Keeps B on INR5.75cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Ramgo Modern Rice Mill
(RMRM) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.75 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with RMRM for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 RMRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RMRM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RMRM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 1984 as a proprietorship concern by Mr. Ramaiah
Govindammal, RMRM mills and processes paddy into rice, rice bran,
and broken rice. It also trades in paddy for a commission.
RAMSAAI REAL: CRISIL Keeps D on INR6.42cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Ramsaai Real Estate
Private Limited (RREPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 6.42 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with RREPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 RREPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RREPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RREPL
continues to be 'CRISIL D Issuer Not Cooperating'.
RREPL, incorporated in 2013, is promoted by Mr. Mayank Agrawal, Mrs
Arti Agrawal and Ms Seema Yadav. It develops and sells residential
and commercial real estate projects. It is currently redeveloping a
commercial project in Lucknow, Uttar Pradesh.
SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of SA Rawther Spices
Private Limited (SASPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase 0.25 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 70 CRISIL D (ISSUER NOT
COOPERATING)
Packing Credit 85 CRISIL D (ISSUER NOT
COOPERATING)
Post Shipment 120 CRISIL D (ISSUER NOT
Credit COOPERATING)
Term Loan 24.75 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SASPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 SASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SASPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SASPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Promoted by Mr. Syed Mohammed Rawther, SASPL has been processing
and exporting spices (black pepper, cardamom, chilly, and dry
ginger) and coffee since 1985. Facilities are in Gorur, Karnataka;
and Hindupur, Andhra Pradesh.
SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Sancheti Ornaments
Private Limited (SOPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SOPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 SOPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SOPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SOPL
continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL consolidates the business and financial profile of SOPL,
Siddham Jewels Pvt Ltd (SJPL) and Osia Jewels Private Limited
(OJPL) as all the entities are in similar line of business and are
managed by the same management.
Sancheti Group is promoted by Mr. Ashok Sancheti and his family.
The three group companies, SOPL, SJPL and OJPL were setup in 2011
in Mumbai to manufacture and wholesale gold jewellery. The
promoters have been in business since 1988.
SHIVA MEDICARE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shiva Medicare Limited
8-2-676/A/A/A/1 & 2
Road No. 13
Banjara Hills
Hyderabad 500034
Telangana State
Insolvency Commencement Date: December 14, 2020
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: June 12, 2021
(180 days from commencement)
Insolvency professional: Mr. Kranthi Kumar Kedari
Interim Resolution
Professional: Mr. Kranthi Kumar Kedari
Flat No. 202
D. No. 8-3-167/D/49
Balaji Kalyan Apartment
Next to Axis Bank
Kalyan Nagar
Hyderabad 500038
E-mail: kranthikumar1980@gmail.com
- and -
Flat No. 101
Srikrishnas Rali Nilayam
G-134, Madhura Nagar
Hyderabad 500038
Last date for
submission of claims: January 5, 2021
TEAM INTERVENTURE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Team Interventure
Exports India Private Limited (TIEIPL) continue to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 127 CRISIL D (ISSUER NOT
Purchase COOPERATING)
Proposed Short 13 CRISIL D (ISSUER NOT
Term Bank COOPERATING)
Loan Facility
CRISIL has been consistently following up with TIEIPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 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 TIEIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TIEIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TIEIPL
continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 1990 in Mumbai and promoted by Mr. Suresh Agarwal,
Mr. Mahendra Agarwal, and Mr. Vinod Agarwal, TIEIPL exports cotton
yarn and fabric.
VEDANTA RESOURCES: Moody's Completes Review, Retains B2 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Vedanta Resources Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
KEY RATING CONSIDERATIONS
Vedanta Resources Limited's B2 corporate family rating reflects the
company's large-scale and diversified low cost operations; exposure
to a diversified range of commodities; strong market position in
key markets with an ability to command a pricing premium; and
history of relative margin stability through commodity cycles.
Counterbalancing these credit strengths, the CFR incorporates as
credit weaknesses its weak liquidity, high refinancing risks and
elevated governance risks. The CFR also incorporates Vedanta's
stretched financial profile and the company's exposure to volatile
commodity prices. It further includes the company's large capital
spending and dividend payment needs, which constrain free cash flow
generation.
The principal methodology used for this review was Mining published
in September 2018.
=================
I N D O N E S I A
=================
AGUNG PODOMORO: Moody's Affirms B3 CFR, Outlook Negative
--------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Agung Podomoro Land Tbk (P.T.).
At the same time, Moody's has affirmed the B3 backed senior
unsecured rating of the 2024 notes issued by APL Realty Holdings
Pte. Ltd., a wholly owned subsidiary of Agung Podomoro Land. The
notes are guaranteed by Agung Podomoro Land and some of its
subsidiaries.
The outlook on all ratings remains negative.
"The ratings affirmation reflects Agung Podomoro Land's improved
liquidity over the next 12-18 months following the refinancing of
its secured term facility that was coming due in March 2021 and
helped by proceeds from the sale of strata title units at Central
Park Mall and industrial land in Kawarang," says Jacintha Poh, a
Moody's Vice President and Senior Credit Officer.
"The negative outlook reflects Agung Podomoro Land's weak operating
performance and uncertainties around a recovery in the company's
core marketing sales, which will result in key credit metrics
staying weak over the next 12-18 months and liquidity pressure
beyond 2021," adds Poh.
RATINGS RATIONALE
Moody's expects Agung Podomoro Land's liquidity to be adequate in
2021 following the refinancing of its loan with Credit
Opportunities II Pte Ltd and net cash inflow from the sale of
strata title units at Central Park Mall and 105 hectares of
industrial land in Kawarang.
As of September 30, 2020, Agung Podomoro Land had cash and cash
equivalent of IDR1.1 trillion which, combined with the expected
IDR2 trillion of operating cash flow over the next 15 months, will
be sufficient to cover its debt obligations of around IDR850
billion, dividend payments of around IDR250 billion and capital
spending of around IDR900 billion.
However, Agung Podomoro Land's operating performance across its
various business segments -- property sales, retail leasing and
hotels -- has weakened in 2020. Although its operating performance
will improve in 2021, it will not return to pre-pandemic levels.
Consequently, Moody's expects Agung Podomoro Land's credit metrics
will stay weak over the next 12-18 months. Moody's expects,
leverage, as measured by adjusted debt/homebuilding EBITDA, will be
around 6.5x in 2020 and around 7.5x in 2021 while homebuilding EBIT
interest coverage will be below 1.5x in both years. For the 12
months ended September 30, 2020, the company recorded adjusted
debt/homebuilding EBITDA of 6.1x and homebuilding EBIT/interest
expense of 1.4x.
For the 10 months ended October 31, 2020, Agung Podomoro Land
achieved IDR2.5 trillion of marketing sales, but only IDR1.0
trillion came from core sales of existing projects and the
remaining IDR1.5 trillion came from the sale of industrial land.
Moody's expects Agung Podomoro Land will achieve around IDR1.2
trillion of core marketing sales in 2020, which represents a 40%
decline from 2019.
Despite the added contribution from its Medan retail mall that
commenced operation in October 2019, Moody's expects Agung Podomoro
Land's revenue generated from its investment properties will fall
by around 20% in 2020, largely driven by the plunge in occupancy
across all its hotel properties. Moody's estimates the company's
recurring cash flow coverage of interest expense will weaken to
around 0.4x in 2020 and 2021, from around 0.6x in 2019.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered Agung Podomoro Land's weak financial
management. The company's ownership is also concentrated in its
founder and his family, but this risk is partially mitigated by the
oversight exercised through independent board directors.
Furthermore, the founder has shown support for the company by
injecting funds in times of stress.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, a rating upgrade is unlikely over the
next 12-18 months. Nevertheless, the outlook could return to stable
if Agung Podomoro Land improves its core marketing sales to around
IDR2 trillion and maintains adequate liquidity, such that its
adjusted debt/homebuilding EBITDA is below 6.0x and adjusted
homebuilding EBIT/interest expense is above 1.5x.
Moody's could downgrade the ratings if Agung Podomoro Land is
unable to improve its core marketing sales or if the company's
liquidity weakens such that it does have not have sufficient cash
sources to cover cash uses over the next 18 months.
The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in January 2018.
Agung Podomoro Land Tbk (P.T.) is an integrated property developer,
and listed on the Indonesia Stock Exchange in 2010. The company and
its subsidiaries are engaged in the development, management and
operation of apartments, houses, shopping centers, office towers
and hotel properties. It is controlled by Mr. Trihatma Kusuma
Haliman and family, who held an approximate 87% stake in the
company at September 30, 2020.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***