/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210118.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 Monday, January 18, 2021, Vol. 24, No. 7 Headlines A U S T R A L I A GROCON: Intercompany Loans Complicate Task for Administrators WALEYCORP PTY: First Creditors' Meeting Set for Jan. 25 B A N G L A D E S H UNITED AIRWAYS: Delisted from Bangladesh Bourse's Main Board C H I N A CHINA FORTUNE: Fitch Cuts LongTerm Foreign-Currency IDR to 'B' GUORUI PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B-(EXP)' HUISHANG BANK: Senior Exec Probed for Suspected Links to Baoshang I N D I A DEWAN HOUSING: Piramal Wins Bid to Acquire Home Financier KING RICE: CRISIL Lowers Rating on INR5.25cr Cash Loan to B KIRTI INFRA: CRISIL Keeps B Debt Rating in Not Cooperating KIRTIMAN CEMENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating KRISHNA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating KRISHNA UDYOG: CRISIL Lowers Rating on INR5cr Cash Loan to B KUNNATHAN POLYMERS: CRISIL Lowers Rating on INR7cr LT Loan to B LEELAP CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating MANJUNATHA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating ORITO POLYFAB: CRISIL Keeps B Debt Ratings in Not Cooperating PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating PATWARI PLASTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating PCP INTERNATIONAL: CRISIL Lowers Rating on INR15cr Cash Loan to B PROMPT BARRIER: CRISIL Keeps B Debt Ratings in Not Cooperating R. C. GEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating RADHAMANI TEXTILES: CRISIL Lowers Rating on INR62cr Loan to B RASHIK BIHARI: CRISIL Keeps B+ Debt Ratings in Not Cooperating SHRIRAM TRANSPORT: Fitch Assigns BB Rating to USD500MM Sec. Notes SNB INFRA: CRISIL Keeps B- Debt Rating in Not Cooperating SUBRAHMANYESWARA SWAMY: CRISIL Keeps B- Ratings in Not Cooperating SUCHITRA EDUCATION: CRISIL Keeps B Ratings in Not Cooperating SUNHILL HOMES: CRISIL Keeps B Debt Rating in Not Cooperating SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating TAJPUR RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating TARA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating TECHNOCRAT TRANSFORMERS: CRISIL Keeps B Rating in Not Cooperating VENKATRAMA INT'L: CRISIL Keeps B+ Debt Rating in Not Cooperating VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating VIVEK ENTERPRISE: CRISIL Keeps B Debt Ratings in Not Cooperating I N D O N E S I A WASKITA KARYA: Fitch Withdraws 'CCC+(idn)' National LT Rating J A P A N MT. GOX: CoinLab Cuts Deal With Trustee Over Bitcoin Claims P H I L I P P I N E S COOP BANK OF AURORA: Creditors Claims Deadline Set for Feb. 22 S I N G A P O R E HIN LEONG: Judicial Managers Given More Time to Restructure Firm KRISENERGY LTD: Creditors Approve Debt Restructuring Scheme SWIBER HOLDINGS: Judicial Management Period Extended to June 30 - - - - - ================= A U S T R A L I A ================= GROCON: Intercompany Loans Complicate Task for Administrators ------------------------------------------------------------- Rebecca Le May at The Weekend Australian reports that a tangled web of intercompany loans is being unpicked by administrators for Grocon's collapsed legacy construction business and proving a complex forensic exercise as they seek to determine their recommendation for its future. Various subsidiaries of Grocon, the group founded by chief executive Daniel Grollo's grandfather Luigi in 1954, were placed in the hands of KordaMentha in November. The Weekend Australian relates that Mr. Grollo has furiously blamed Infrastructure NSW, alleging the state government agency scuppered its plans for the Central Barangaroo project in Sydney, which is dominated by Crown Resorts' new casino. According to the report, Grocon claims rival Lendlease and the gambling giant reached a secret deal with the NSW government on building heights in 2019, protecting the rights of Crown tower - now Sydney's tallest building - to unobstructed views of the harbour. That killed off Grocon's plans to build much smaller commercial and residential towers nearby, Mr. Grollo alleges, and he is seeking compensation in the NSW Supreme Court. If successful, he said he intends to use the proceeds to pay out creditors in full, The Weekend Australian relays. An assessment of the prospect of that happening is being made by the administrators, who will recommend to investors whether they should back entering into a deed of company arrangement, liquidate the group or - and this is far less likely - return it to the directors' control, says The Weekend Australian. In the meantime, KordaMentha is sifting through a mountain of documents for Grocon's 42 companies in administration, which are tangled in interlocking relationships and related-party loans. So far, they have determined some of these loans cancel each other out, dramatically reducing early estimates Grocon could have debts of about $60 million, according to The Weekend Australian. Ahead of creditors' meetings expected late this month or in early February, media reports have emerged outlining the complaints of a particularly disgruntled investor, Impact Investment Group. According to the Australian Financial Review, Impact said it was forced to terminate Grocon as developer and builder of the stalled Northumberland office tower in Melbourne's Collingwood late last year because it had been asked to foot the bill for cost overruns, and some frustrated subcontractors refused to return to site, The Weekend Australian relays. The Nine-owned publication also cited Mr. Grollo as saying Grocon had tried to negotiate with Impact to complete the project and its decision to terminate was unfortunate, The Weekend Australian relates. About Grocon Australia-based Grocon engages in development, construction and funds management. Craig Peter Shepard and Mark Korda of KordaMentha were appointed as administrators of Grocon Pty on Nov. 27, 2020. Craig Peter Shepard and Andrew Knight of KordaMentha were also appointed as administrators of Belgrave Street et al. on Nov. 27, 2020. - Belgrave Street Developments Pty Ltd - Grocon (Fairfield) Developer Pty Ltd - Grocon (Belgrave St) Developer Pty Ltd - Grocon (Fairfield) Pty Ltd - Grocon Builders (Vic) Pty Ltd - Grocon (Parklands) Holdings Pty Ltd - Grocon Services Pty Ltd - QV No 1 Pty Ltd - Grocon Operations Pty Ltd - Grocon Developments NSW Pty Ltd - 61 Lt Collins Street Pty Ltd - Grocon (Victoria Street) Pty Ltd - Grocon Developments (Box Hill) Pty Ltd - Grocon (480 Queen Street) Pty Ltd - Grocon (Scots Church) Pty Ltd - QV Pty Ltd - Grocon (Bouverie Street) Pty Ltd - Grocon (Pitt Street) Developments Pty Ltd - Grocon Developments (55 Elizabeth St) Pty Ltd - Grocon Constructors (SA) Pty Ltd - Grocon (Baroona Rd) Holdings Pty Ltd - Grocon (Bouverie St) Holdings Pty Ltd - Grocon (CB) Development Manager Pty Ltd - Grocon (Spring Street) Pty Ltd - Grocon QV Investments Pty Ltd - QV Property Management Pty Ltd - Grocon (Pixel) Pty Ltd - Grocon (Swanston Square) Holdings Pty Ltd - Grocon (Carlton Brewery) Developments Pty Ltd - Grocon (SQ Stage 2) Developments Pty Ltd - Grocon (FCAD) Pty Ltd - Grocon (Castlereagh St, NSW) Pty Ltd - Grocon Development Holdings Pty Ltd - QV No 2 Pty Ltd ATF Grocon Land Owning Trust 2 - QV No 3 Pty Ltd ATF Grocon Land Owning Trust 3 - QV No 4 Pty Ltd ATF Grocon Land Owning Trust 4 - QV No 5 Pty Ltd ATF Grocon Land Owning Trust 5 - Grocon (Victoria Street) Developments Pty Ltd ATF WALEYCORP PTY: First Creditors' Meeting Set for Jan. 25 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Waleycorp Pty Ltd, trading as Big Screen Projects, will be held on Jan. 25, 2021, at 11:00 a.m. via virtual meeting. Schon Gregory Condon RFD of Condon Associates was appointed as administrator of Waleycorp Pty on Jan. 13, 2021. =================== B A N G L A D E S H =================== UNITED AIRWAYS: Delisted from Bangladesh Bourse's Main Board ------------------------------------------------------------ Dhaka Tribune reports that the Bangladesh Securities and Exchange Commission (BSEC) on Jan. 13 delisted the now-defunct United Airways (BD) and sent it to the over-the-counter (OTC) market. United Airways have been grounded since March 7, 2016, and is unlikely to take off again, the report notes. Its stock though has been trading as normal on the Dhaka and Chittagong bourses, where they were listed in 2010, but as a junk stock. Shares of United Airways have been trading at less than their face value of BDT10 since 2016 at least. On Jan. 12, they closed at BDT1.9. The lapsing stock price is of great concern as 97.5 per cent of United Airways's shares are in the possession of general investors and institutes, according to the report. In other words, sponsor-directors have parachuted off the crashing company, holding just 2.5 per cent of the stakes. Subsequently, with the view to protecting the interest of investors, the BSEC has decided to remove the company from the mainboard, the report states. From Jan. 14, shares of United Airways would be traded on the OTC counter, where non-compliant companies are banished to. The company has simply failed to comply with the rules and take any initiative to revive its business, said BSEC officials, Dhaka Tribune relays. It had failed to submit various reports and it did not hold any annual general meeting over the last few years. According to Dhaka Tribune, the delisting comes after the BSEC last month urged the Bangladesh Police to prohibit Tasbirul Ahmed Chowdhury, the managing director of United Airways, from leaving the country as the regulator was in the process of taking action against him. Dhaka Tribune relates that the BSEC in the letter said that Mr. Chowdhury raised funds through initial public offerings, repeated public offerings and right offers and sold a significant number of shares in the secondary market where the commission found various rules violations. In this context, disciplinary actions against him are in the process, it said. Despite being asked to explain the violations in person, Mr. Chowdhury failed to show up before the commission, the letter said, Dhaka Tribune relates. Mr. Chowdhury has been the chairman and MD since the airline's inception. Established on June 28, 2005, United Airways flagged off its commercial operation on July 10, 2007 with a Dash-8 aircraft. Within a very short span, it spread its wings to international airspace, with flights to Kolkata, Dubai, Kathmandu, Kuala Lumpur, Jeddah, Muscat and London. United Airways operated more than 65,000 international flights and at one point had cornered 60 per cent of domestic air travel. ========= C H I N A ========= CHINA FORTUNE: Fitch Cuts LongTerm Foreign-Currency IDR to 'B' -------------------------------------------------------------- Fitch Ratings has downgraded China-based industrial-park operator and developer China Fortune Land Development Co., Ltd.'s (CFLD) Long-Term Foreign-Currency Issuer Default Rating (IDR), its senior unsecured rating and the ratings on all its outstanding bonds to 'B' from 'BB-'. The Recovery Rating is 'RR4'. At the same time, Fitch has placed all ratings on Rating Watch Negative (RWN). The rating downgrade is driven by a revision in CFLD's Standalone Credit Profile (SCP) to 'b-' from 'b+'. The downgrade reflects CFLD's heightened refinancing risks and 2H20 operational performance that was weaker than Fitch’s expectations. CFLD's domestic and offshore bond prices dropped significantly after investors' expectations of an announcement to extend the cooperation agreement with its second-largest shareholder, Ping An Life Insurance Company of China, Ltd. (Ping An Life), did not materialise at end-2020. Fitch estimates that around 50% of its outstanding debt consists of capital-market instruments, which are now subject to increased refinancing uncertainty. Fitch has applied a one-notch uplift to the SCP due to moderate linkages with Ping An Life, which held a stake of around 25% in CFLD as of end-2020. However, Fitch may reassess the linkage if there is no further clarity on the shareholder's agreement in the near term. The RWN reflects the possibility of Fitch reassessing the linkage with Ping An Life and the potential for rapid deterioration in liquidity. KEY RATING DRIVERS Heightened Refinancing Risk: Fitch believes CFLD's refinancing risks have risen significantly for its short-term capital-market debt after the price slump of its bonds in secondary markets on the delay in the announcement of its cooperation agreement extension with Ping An Life, which could have included further financial support. CFLD has sizeable short-term bond maturities. It has plans to refinance its two closest maturities - a CNY1.5 billion domestic bond with put options exercisable on 20 January and a USD530 million offshore bond maturing 28 February. Nevertheless, there remains a lack of visibility over CFLD's liquidity position in the near term as Fitch estimates CNY27 billion in bonds will mature or have put options that are exercisable in March-June 2021, including perpetual bonds, with another CNY10 billion in 2H21. Weak Liquidity Management: Fitch thinks CFLD's liquidity management is weak as its available cash has been well below short-term debt in recent quarters and its funding structure relies heavily on capital-market instruments and financial support from Ping An Life. CFLD's available cash short-term debt coverage was low at 0.3x at end-3Q20 and Fitch estimates that around 50% of its total debt is made up of capital-market instruments including senior unsecured bonds, asset-backed securities and perpetual loans or bonds. Weak 2H20 Performance: Fitch estimates CFLD's total contracted sales, excluding government revenue reimbursement, fell 40%-50% to CNY50 billion-60 billion in 2020 due to continued pan-Beijing market weakness caused by stringent home-purchase restrictions, the impact from Covid-19, and insufficient saleable resources in industrial parks after most of the investment was directed to urban complex projects. CFLD's total contracted sales dropped by 60% to CNY31 billion in January-September 2020, with an average selling price of CNY9,400/sq m. Investment from Ping An Life: Apart from Ping An Life's CNY 18 billion for the initial 25% equity investment in CFLD, Ping An Life and its sister companies within Ping An Insurance (Group) Company of China (Ltd.) have provided additional debt funding to CFLD. In Fitch's view, further investments from Ping An Life may attract regulatory scrutiny as the insurer is subject to insurance regulations, which include strict rules on property-related investments. Moderate Ping An Life Linkage: Fitch has applied a one-notch uplift to CFLD's SCP due to Ping An Life's stronger credit profile. Fitch regards Ping An Life's strategic and operational linkage with CFLD as moderate, but the legal linkage as weak. DERIVATION SUMMARY CFLD is a leading industrial-park developer in China, with the majority of its revenue from the pan-Beijing region. CFLD receives non-property income from government contracts and generates property-development income from projects within its industrial parks. CFLD is less subject to counterparty credit risk, especially as its business model involves paying land premiums and taxes to local governments, which are then used to pay the company. This significantly strengthens its business profile relative to other homebuilders, as it does not need to lock up capital in land reserves that are not immediately needed for development. On the other hand, CFLD invests in primary land and infrastructure in its industrial parks to support a high value for its property-development projects within the parks, but it has to wait two-to-three years before the government can reimburse the investment. The large investment in district-related infrastructure can sometimes cause a drain on CFLD's cash flow. CFLD's standalone financial profile weakened in 2020 due to poorer sales. The current credit profile is similar to that of Beijing Capital Land Ltd. (BCL; BB/Stable; SCP: b). CFLD's leverage - measured by net debt/adjusted inventory + receivables - of 68% at end-3Q20 and Fitch's expectation of 65%-70% in 2020-2021 are better than BCL's above 75% at end-2019 and end-1H20, but Fitch’s estimate of CNY30 billion-40 billion in attributable contracted sales for CFLD in 2021 is less than Fitch’s CNY52 billion estimate for BCL. However, CFLD generates sizeable government-related revenue from its large industrial-park operations unlike its peers without sizeable non-property development revenue. Fitch estimates that the government reimbursement cash profit was able to cover at least 1x the cash interest expense in 2019, providing CFLD with rating support. CFLD's IDR also includes a one-notch uplift from Ping An Life. KEY ASSUMPTIONS Fitch's key assumptions within Fitch’s rating case for the issuer include: -- Consolidated contracted sales of around CNY40 billion in 2020. -- Government-related revenue to increase to CNY41 billion in 2020 and CNY46 billion in 2021 -- District development expenditure of around CNY20 billion a year in 2020-2021 -- Property-related development expenditure to account for 130% of the sales collection in 2020-2021 due to large investments in urban complex projects in the early stages -- Gross margin of around 40% in 2020-2021 Recovery Rating Assumptions: -- The recovery analysis assumes that CFLD would be liquidated rather than reorganised as a going-concern in bankruptcy. -- Fitch has assumed a 10% administrative claim. Liquidation Approach -- The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in a sale or liquidation process conducted during a bankruptcy or insolvency proceeding and distributed to creditors. -- 100% advance rate to cash after Fitch includes CNY46 billion in trade payables in the debt waterfall. -- 80% adjusted inventory advance rate, corresponding to an estimated 30% EBITDA margin of property-development-related assets. -- 85% accounts receivable advance rate, higher than the standard 70% rate because all of the accounts receivables are from the government and mostly from the pan-Beijing regional government. -- Offshore bonds are all issued by CFLD's offshore SPV and directly guaranteed by CFLD so they are ranked at the same level as onshore senior unsecured debt. -- The allocation of value in the liability waterfall results in a recovery corresponding to 'RR1' for the offshore senior unsecured guaranteed notes, but the recovery is capped at 'RR4', according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- No concrete plans in addressing near-term capital-market debt maturities, leading to continued deterioration in liquidity and refinancing risks. -- No resolution of Ping An Life's role in CFLD, resulting in a reassessment of the parent-subsidiary linkage with CFLD. Factors that could, individually or collectively, lead to positive rating action/upgrade: The RWN will be resolved and the ratings will be affirmed if: -- CFLD successfully addresses capital-market debt maturities for 2021 -- No weakening of the linkage between CFLD and Ping An Life. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Tight Liquidity: CFLD's available cash short-term debt coverage was low at 0.3x at end-3Q20 and Fitch has not received details of a short-term refinancing plan. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. GUORUI PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B-(EXP)' ------------------------------------------------------------------ Fitch Ratings has assigned Guorui Properties Limited's (B-/Rating Watch Negative (RWN)) proposed US dollar senior notes a 'B-(EXP)' expected rating and a Recovery Rating of 'RR4' on RWN. The proposed notes to be issued by Guorui are rated at the same level as the company's senior unsecured rating because they represent direct and senior unsecured obligations of the company. The final rating on the proposed notes is subject to adequate acceptance of an exchange offer for the company's USD455 million puttable notes and receipt of final documentation conforming to information already received. Guorui's ratings were placed on RWN in January 2020 to reflect the uncertainty over the refinancing arrangements for the China-based homebuilder's puttable notes. Successful issuance of the proposed notes, raising a sufficient amount, may alleviate the refinancing risk and lead to the resolution of the RWN. Guorui's credit profile is underpinned by a quality land bank that is large enough to support sustained development in the next nine-to-10 years, and a moderate leverage of 50%-55%. KEY RATING DRIVERS Puttable Bonds: The put option on Guorui's USD455 million senior unsecured notes due February 2022 may be exercised on 27 February 2021. Guorui had limited cash at end-2020, which means the company will need to rely on refinancing to address its maturing debt. Exchange Offer and New Notes: Guorui announced its refinancing plan on 12 January 2021, which included issuing exchange bonds and new offshore debt. The company is seeking to reach a minimum acceptance amount of USD300 million out of the outstanding USD455 million, as well as solicit the consent of existing bondholders on amending certain provisions on the US dollar bonds for additional financial flexibility. Fitch does not consider the proposed exchange offer to be a distressed debt exchange because it does not impose a material reduction in terms compared with the original contractual terms. In addition, the company has alternative funding available to redeem the bond, if needed. Alternative Funding: Guorui also has the option to use onshore funding to address the offshore debt. It secured CNY11 billion in unused bank facilities at end-November 2020, a significant increase from the CNY1.4 billion at end-2019, mainly from the four largest state banks in China. Fitch believes Guorui's large net unencumbered assets of CNY27 billion at end-1H20 provide the company sufficient room for refinancing onshore. Guorui has a quota for remitting onshore funds offshore, although the amount is not sufficient to cover the USD455 million in maturing debt. Solid Sales: Guorui had CNY12.9 billion in attributable sales in 11M20, already meeting its internal target of CNY12.4 billion for the full year. Its sales recovered strongly in 2H20 after a weak performance in 1H20, supported by sufficient saleable resources and stimulated by the company's promotions. The 11M20 cash collection rate was satisfactory at 85%, in line with the industry average. Land Acquisitions Halted: Guorui continued its 2020 strategy of not budgeting for land acquisitions to date. Fitch believes Guorui's large land bank can support its sustained business development without land replenishment exerting additional pressure on liquidity. Guorui had 9 million sq m on an attributable basis at end-June 2020, which can sustain nine-10 years of development. The majority of Guorui's land bank is located in Tier 1-2 or Tier 3 cities that benefit from the spillover from core cities, where demand remains robust. Fitch estimates Guorui had leverage of 50%-55% at end-2020 (end-2019: 55.5%), supported by the stabilisation in sales and limited cash outflows in construction and land acquisition. ESG - Governance: Guorui has an ESG Relevance Score of '5' for Governance Structure - a level indicating that the company's rating is affected by this environmental, social and governance (ESG) sub-factor - in light of its weak liquidity management. Fitch believes management needs to establish a clearer and longer record in consistently improving liquidity conditions before the rating constraint is removed. DERIVATION SUMMARY Guorui's ratings are supported by its quality land bank, which is enough for nine-10 years of development, longer than that of peers in the 'B' rating category, which have land-bank life of three to five years. Its cheap land cost supports good profitability of above 30%, which is better than that of peers such as Modern Land (China) Co., Limited (B/Stable). Guorui's leverage of 50%-55% falls in the mid-range for 'B' category peers, and is comparable with that of Beijing Hongkun Weiye Real Estate Development Co., Ltd. (B/Stable) in Fitch’s forecast. Guorui also enjoys stable rental income from its quality investment properties, which generate more than CNY600 million in rental income annually. Guorui's recurring EBITDA to interest coverage of 0.2x is larger than that of most peers in the 'B' rating category. However, Guorui's ratings are constrained by its liquidity, which is weak compared with that of 'B' category peers, as they typically have cash-to-short-term debt ratios of above 50%. Hongkun is Guorui's most comparable peer. Both have similar sales of above CNY11 billion and regional focus in the Bohai area. Hongkun is more geographically concentrated in the Bohai area, which accounted for around 80% of its land bank. Hongkun's land-bank life, at three-four years, is shorter than Guorui's nine-10 years. Guorui's investment-property assets are better than Hongkun's, which are valued at CNY8 billion and generate annual income of CNY200 million. However, Guorui is subject to higher liquidity risk due to its opportunistic liquidity management, with a cash-to-short-term debt ratio sustained at around 20%, lower than Hongkun's above 1x. As a result, Guorui is rated one notch lower than Hongkun. KEY ASSUMPTIONS Fitch's key assumptions within Fitch’s rating case for the issuer include: -- Attributable contracted sales rising by 15%-20% yoy in 2020 and followed by single-digit growth of 0%-5% from 2021, with a cash collection rate of 85% -- 30% of contracted sales proceeds to be spent on land acquisitions in 2021 -- EBITDA margin, excluding capitalised interest from cost of sales, at around 25%-30% in 2020-2021 -- Rental income from investment properties at CNY670 million-770 million in 2020-2021 KEY RECOVERY RATING ASSUMPTIONS -- The recovery analysis assumes that Guorui would be reorganized rather than liquidated in a bankruptcy -- Fitch has assumed a 10% administrative claim. Liquidation Approach -- The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in a sale or liquidation processes conducted during a bankruptcy or insolvency proceedings and distributed to creditors. -- Advance rate of 100% applied to cash and restricted cash -- The 75% inventory advance rate is supported by a quality asset base, which can generate an EBITDA margin of 25%-30% -- Advance rate of 60% applied to property, plant and equipment -- Advance rate of 45% on investment property is supported by Guorui's investment-property portfolio located in Beijing and four Tier-2 cities, together generating rental yield of above 3% -- Trade payables and onshore borrowings are superior to offshore senior unsecured debt in the waterfall. -- The allocation of value in the liability waterfall results in recovery corresponding to an 'RR1' Recovery Rating for secured loans and a recovery corresponding to an 'RR1' Recovery Rating for the senior unsecured debt. However, the Recovery Rating for the senior unsecured debt is at 'RR4' because under Fitch's Country-Specific Treatment of Recovery Ratings Criteria, China falls into Group D of creditor friendliness, and the Recovery Ratings on instruments of issuers with assets in this group are subject to a cap of 'RR4'. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Successful refinancing of the offshore debt puttable in February 2021 and demonstrated improvement in the debt maturity profile and liquidity management. Factor that could, individually or collectively, lead to negative rating action/downgrade, potentially a multiple-notch downgrade: -- Failure to progress towards refinancing offshore debt according to plans communicated to Fitch BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Tight Liquidity: Guorui's unrestricted cash on hand at end-2020 was not sufficient to cover its short-term debt in Fitch's estimate, considering the large maturities due and turning puttable, despite stronger internal liquidity generation in 2020. Guorui's ratio of unrestricted cash to short-term debt has been consistently low at 20% and below since 2017 (end-1H20: 18%), which reflects poor liquidity management, in Fitch's view. ESG Considerations Guorui has an ESG Relevance Score of '5' for Governance Structure due to its weak liquidity management, which has a negative impact on the credit profile, and is highly relevant to the rating. Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or to the way in which they are being managed by the entity. HUISHANG BANK: Senior Exec Probed for Suspected Links to Baoshang ----------------------------------------------------------------- Zhu Liangtao, Wu Hongyuran and Luo Meihan at Caixin Global report that a senior executive at Huishang Bank Corp. Ltd. is being investigated as part of a probe that may be linked to the lender's huge investment losses, including those involving failed regional lender Baoshang Bank Co. Ltd., sources told Caixin. Xia Min, who is an assistant to the eastern Chinese lender's president, was detained for questioning by the country's anticorruption watchdog on Jan. 14, sources close to the Anhui province-based bank told Caixin on condition of anonymity. Authorities have yet to disclose why Xia is under investigation. Xia, 49, has worked at Hong Kong-listed Huishang and its predecessor for over two decades and also serves as chairman of the lender's wealth management subsidiary, Caixin says. ========= I N D I A ========= DEWAN HOUSING: Piramal Wins Bid to Acquire Home Financier --------------------------------------------------------- Anirudh Laskar at Livemint.com reports that the Piramal Group is set to acquire Dewan Housing Finance Corp. Ltd (DHFL), with 94% of the bankrupt home financier's creditors voting in favor of a bid by the Ajay Piramal-led group that has committed INR38,250 crore to take over the assets of the mortgage lender. The National Company Law Tribunal (NCLT) will now have to approve the winning bid, Livemint.com says. Livemint.com relates that US-based debt fund manager Oaktree Capital Management LP, which has been the closest contender of Piramal in the aggressive four-month-long bidding battle for India's first insolvency case for a shadow lender, received 45% of the votes, two people with direct knowledge of the matter said on condition of anonymity. "There are about 150,000 DHFL creditors in total, including bondholders, banks and NBFCs. They had an option to vote for more than one resolution plan. In total, there were five plans that were put up for voting. Many creditors have voted in favor of both the offers made by Piramal and Oaktree on December 22, in which both the bidders made an offer to buy DHFL's entire business. The voting has gone in favour of the final commitment that was made by Piramal on 22 December," one of the two people said. "Piramal's offer involves higher cash component upfront, an easy merger process and better synergies due to the group's experience in India in the lending and housing sectors. Piramal's offer for the insurance arm of DHFL is a cleaner route than the indirect AIF (alternative investment fund) route proposed by Oaktree even though Oaktree is a well-reputed global brand. All this may make the resolution process faster, and therefore, creditors have possibly voted in favor of Piramal," the first person said. Oaktree, which had offered INR32,700 crore in the fourth round of bidding, increased its overall commitment to INR36,400 crore in the sixth and final round of bidding. Until the fourth round, Oaktree's bid was the highest, while Piramal's was second at INR32,250 crore. On December 27, Mint first reported that Piramal Group had emerged as the frontrunner to acquire DHFL as per the stipulated evaluation matrix prepared by investment banker SBI Capital Markets Ltd and the committee of creditors. DHFL's resolution is critical since it will set a precedent for future insolvency cases in the lending sector, the report states. If the NCLT approves Jan. 15 votes, it may help the government decide how to resolve insolvency cases in the non-banking financial services sector. Infrastructure Leasing and Financial Services Ltd (IL&FS) and DHFL are two such cases that are awaiting resolution, the report notes. While the government has chosen to supersede the board of IL&FS and monetize its assets in parts to repay its creditors, the Reserve Bank of India has chosen the bankruptcy resolution route in DHFL's case, according to Livemint.com. According to the evaluation matrix based on a formula stipulated under IBC, the committee of creditors found Piramal Group's total score to be 93.99 points on a scale of 100, while Oaktree scored 85.07 points, Livemint.com discloses. On the quantitative matrix, Piramal has scored 78.99, while Oaktree has scored 70.07 marks on a scale of 85. About DHFL Dewan Housing Finance Corporation Limited (DHFL) operates as a housing finance company in India. The company's deposit products include fixed deposit products for individuals, and trusts and institutions; and corporate, recurring, and Wealth2Health deposits products. It also offers home loans, which include home improvement loans, home construction loans, home extension loans, plot loans/land loans, plot and construction loans, and balance transfer of home loans, as well as home loans for the self-employed; small and medium enterprise loans, including property term, plant and machinery, medical equipment, and business loans; mortgage loans, such as loans against property, loan for purchase of commercial premises, and loan through lease rental discounting; and NRI home loans. As reported in the Troubled Company Reporter-Asia Pacific, Deccan Herald said the Mumbai bench of the National Company Law Tribunal (NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of India (RBI) seeking bankruptcy proceedings to resolve DHFL. The move came in after the Reserve Bank on Nov. 29, 2019, made an application for bankruptcy proceedings to resolve the credit and liquidity crisis at the company, which became the first financial sector player being sent for bankruptcy. RBI appointed R Subramaniah Kumar as the company's administrator. Financial creditors to DHFL have submitted claims worth INR86,892 crore against the mortgage lender, BloombergQuint disclosed. KING RICE: CRISIL Lowers Rating on INR5.25cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of King Rice Mills Private Limited (KRMPL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.25 CRISIL B /Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) Long Term Loan 2 CRISIL B /Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) Proposed Term Loan 4.75 CRISIL B /Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) CRISIL has been consistently following up with KRMPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 KRMPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on KRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KRMPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. KRMPL was incorporated in 2012 with Mr. Dinesh Kumar Kabra and Mr. Rajesh Kumar Kabra as directors. The company processes paddy into parboiled rice and raw rice. It also undertakes rice milling on job work basis for Food Corporation of India. The processing facility is located in Jamshedpur, Jharkhand. KIRTI INFRA: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kirti Infrastructures Limited (KIL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with KIL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 KIL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on KIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KIL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Incorporated in 1995, KIL is based at Vadodara, Gujarat, and is promoted by Mr. Kiritbhai Shah and Mr. Anilbhai Shah. Earlier, its activities were under a partnership firm, Kirti Builders, which was started in 1973 by the current promoters along with Mr. Vikram Shah and Mr. Nitish Shah. KIL is a civil contractor, engaged in construction of factory, residential, and commercial buildings for various private and government agencies. KIRTIMAN CEMENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kirtiman Cements and Packaging Industries Limited (KCP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 0.02 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 4.98 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with KCP for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 KCP, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on KCP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. KCP was incorporated in 1996 as a private limited company by the Oberoi family. However, the company started operations in August 2008. The company manufactures Polypropylene and High-density Polyethylene (PP HDPE) fabric bags and trades in jute bags. The manufacturing facility is at Yamuna Nagar, Haryana. Mr. Ashwini Oberoi and his brother Mr. Sunil Oberoi are the promoters. KRISHNA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Krishna Enterprises - Mathura (KE) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with KE for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 KE, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on KE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KE continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up as a proprietorship firm in 1990 by Mr. Ajay Arora, KE manufactures bathroom taps and cocks at its facility in Mathura, which has an installed capacity of 8000 pieces of taps per day. KRISHNA UDYOG: CRISIL Lowers Rating on INR5cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Krishna Udyog - New Delhi (KU) was revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+ ' ISSUER NOT COOPERATING) Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) Drop Line 1.7 CRISIL B/Stable (ISSUER NOT Overdraft Facility COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) Proposed Long Term 0.72 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) Term Loan 1 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) CRISIL has been consistently following up with KU for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 KU, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on KU is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KU revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'. KU was set up as a proprietorship firm in 1998 by M Pramod Khandelwal, and was reconstituted as a partnership firm when it was acquired in 2013 by Mr. Dayanand Sharma and Mr. Bhawani Sharma. It manufactures cables used in railway signals. KUNNATHAN POLYMERS: CRISIL Lowers Rating on INR7cr LT Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Kunnathan Polymers Private Limited (KPPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of credit 8 CRISIL A4 (ISSUER NOT & Bank Guarantee COOPERATING; Revised from 'CRISIL A4+' ISSUER NOT COOPERATING) Long Term Loan 7 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable' ISSUER NOT COOPERATING) Overdraft Facility 5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable' ISSUER NOT COOPERATING) CRISIL has been consistently following up with KPPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. KPPL, promoted by Mr. K M Ibrahim and Mr. K V Pareeth, manufactures chemicals such a formaldehyde and a variety of amino resins used in the plywood and veneers industry. Its facility is at Assamannoor in Ernakulam (Kerala). LEELAP CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Leelap Clothing Private Limited (SRPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 28.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 23 CRISIL D (Issuer Not Cooperating) Proposed Working 3 CRISIL D (Issuer Not Capital Facility Cooperating) CRISIL has been consistently following up with SRPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 SRPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRPL continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2008, SRPL retails ready-made garments, sarees, cosmetics, toys and accessories. It has two multi-brand outlets in Chennai with total built-up area of around 70,000 square feet. Its day-to-day operations are managed by Mr. Vinod Sharma. MANJUNATHA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Manjunatha Agro Foods LLP (MAF) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 10 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Proposed Long Term 2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL has been consistently following up with MAF for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 MAF, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on MAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MAF continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up in 2016 in Andhra Pradesh as a proprietorship firm by Mr. Kotta Siva Raghaviah and his son, Mr. K Ashok Kumar, MAF will process and trade in black gram, and turmeric and chilli powder. ORITO POLYFAB: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Orito Polyfab Private Limited (OPPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL A4 (Issuer Not Cooperating) Cash Credit 3.5 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 16.65 CRISIL B/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with OPPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 OPPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on OPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OPPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Set up in 2013 and promoted by the Patel family, OPPL manufactures cotton yarn of counts ranging from 28's to 40's. Its plant, which has 12,000 spindles, is located in Sabarkanth (Gujarat). It commenced operations from August 2014. PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Palamoor Paper Products Limited (PPPL) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 11 CRISIL D (Issuer Not Cooperating) Proposed Cash 4 CRISIL D (Issuer Not Credit Limit Cooperating) CRISIL has been consistently following up with PPPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 January, 2012, is setting up a facility for manufacturing kraft paper. Based out of Hyderabad (Telangana), PPPL is promoted by Mr. Rajendra Prasad Uppalapati, Mr. Chandra Shekhar, Ms Prasanna Maipalli, and others. PATWARI PLASTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Patwari Plastics Private Limited (PPPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 0.92 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.08 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL has been consistently following up with PPPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 B+/Stable Issuer Not Cooperating'. PPPL was incorporated in 1995 as private limited company which manufactures polypropylene/high-density polyethylene bags and fabrics. The company is promoted by Mr. Madan Lal Agarwal and is located in Industrial Area, Shamshabad village, Hyderabad. PCP INTERNATIONAL: CRISIL Lowers Rating on INR15cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of PCP International Limited (PCP) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 65 CRISIL A4 (ISSUER NOT COOPERATING; Revised from 'CRISIL A4+' ISSUER NOT COOPERATING) Cash Credit 15 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) Proposed Term Loan 11.35 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable' ISSUER NOT COOPERATING) CRISIL has been consistently following up with PCP for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 PCP, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on PCP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCP revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'. Incorporated in 1969 and promoted by Mr. H S Meijee, Chandigarh-based PCP erects, fabricates, and commissions boiler turbines for power plants under a boiler, turbine, and generator package. The company has also received an LED project from JMC. Operations are managed by the promoter's son: Mr. Balraj Singh Meijee. PROMPT BARRIER: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prompt Barrier Films Private Limited (PBFPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4 (Issuer Not Cooperating) Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 12 CRISIL B/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with PBFPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 PBFPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on PBFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PBFPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. PBFPL was established as a partnership firm named Unique Barrier Films in 2001, and was reconstituted as a private limited company with the present name in 2016. It trades in and prints polythene rolls. Its operations are managed by Mr. T Mathiprakash and his brother, Mr. T Muralidharan. R. C. GEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. C. Gems (RCG) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B+/Stable (Issuer Not Cooperating) Post Shipment Credit 16.5 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 0.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with RCG for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 RCG, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on RCG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCG continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. RCG, established as a proprietorship firm in 1985, was reconstituted as a partnership firm in 2000. The firm cuts and polishes diamonds. It has diamond processing facilities at Navsari and Morbi in Gujarat. The firm has four partners: Mr. Raghavjibhai Gadara, Mr. Chandubhai J Gadara, Mr. Amitbhai R Gadara, and Ms Prabhaben K Gadara. RADHAMANI TEXTILES: CRISIL Lowers Rating on INR62cr Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Radhamani Textiles Private Limited (RTPL; part of Radhamani Group) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable' ISSUER NOT COOPERATING) Packing Credit 50 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable' ISSUER NOT COOPERATING) CRISIL has been consistently following up with RTPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 RTPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on RTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RTPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. For arriving at its rating, CRISIL has combined the business and financial risk profiles of RTPL and Radhamani Exports Private Ltd (REPL). This is because the two companies, together referred to as the Radhamani group, are in the same line of business with operational synergies, and have a common management. The Radhamani group consists of Radhamani Exports Private Limited (REPL) and Radhamani Textiles Private Limited (RTPL). REL was originally set up in 1996 as a private limited company by Mr. M L Poddar and family; it was reconstituted as a deemed public limited company in 1998. The company manufactures and sells ready-made garments in the domestic as well as international markets. RTPL commenced operations in April 2011 for export sales and currently involved in domestic as well as export markets. Currently, the group companies are managed Mr. Manish Poddar and Mr. Mukesh Poddar. RASHIK BIHARI: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rashik Bihari Food Product Private Limited (RBFPPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL A4 (Issuer Not Cooperating) Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Standby Line 0.6 CRISIL B+/Stable (Issuer Not of Credit Cooperating) Term Loan 2.9 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with RBFPPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 RBFPPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on RBFPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RBFPPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Incorporated in 2010, RBFPPL mills non-basmati rice. The company also mills rice on a job-work basis for Food Corporation of India (FCI). Its manufacturing facility is in Champa (Janjgir district), Chhattisgarh. Its directors are Mr. Naresh Agarwal, Mr. Aakash Agarwal, Mr. Rashik Agarwal, and Mrs. Sanju Agarwal. Operations are primarily managed by Mr. Naresh Agarwal, Mr. Aakash Agrawal and Mr. Rashik Agarwal. The company sells its products under the brand Sapphire. SHRIRAM TRANSPORT: Fitch Assigns BB Rating to USD500MM Sec. Notes ----------------------------------------------------------------- Fitch Ratings has assigned India-based Shriram Transport Finance Company Limited's (STFC, BB/Negative) USD500 million 4.4% senior secured notes due 2024 a final rating of 'BB'. This follows the receipt of final documentation conforming to information previously received. The final rating is in line with the expected rating assigned on 6 January 2021. The notes are secured by a fixed charge over specified accounts receivable, in line with STFC's domestic secured bonds and its rupee-denominated senior secured bonds issued overseas. The notes are also subject to maintenance covenants that require STFC to meet regulatory capital requirements at all times, maintain a net stage 3 asset ratio equal to or less than 7%, and ensure its security coverage ratio is equal to or greater than 1x at all times. The notes are issued in the international market under the Reserve Bank of India's external commercial borrowings framework. KEY RATING DRIVERS STFC's US dollar-denominated senior secured bonds are rated at the same level as its Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB', in accordance with Fitch's rating criteria. Most of STFC's debt is secured and Fitch believes that non-payment of the company's senior secured debt would best reflect uncured failure of the entity. STFC can issue unsecured debt in the overseas market, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation. RATING SENSITIVITIES The rating on the bond will move in tandem with STFC's Long-Term Foreign-Currency IDR. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. SNB INFRA: CRISIL Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SNB Infrastructure Private Limited (SNB) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 CRISIL A4 (Issuer Not Cooperating) Cash Credit 14 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with SNB for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 SNB, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SNB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SNB continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. SNB was originally set up in 1977 as a partnership firm named Shyam Narayan & Brothers, and was reconstituted as a private limited company with the current name with effect from October 1, 2009. The Company, based in Mumbai, is managed by Mr. Ram Narayan Upadhyay and other Directors. SNB undertakes infrastructure-related construction activities and earthwork projects for government and private-sector entities. SUBRAHMANYESWARA SWAMY: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Subrahmanyeswara Swamy Rice Mill (SSRM) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 5.79 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 3.21 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL has been consistently following up with SSRM for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 SSRM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSRM continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. SSRM was established in 1983, promoted by Mr. V Peddanna , Mr. V Rajendra Prasad, and their family members. The firm mills and processes paddy into rice, rice bran, broken rice, and husk. It has an installed paddy milling capacity of 4 tonne per hour (tph) at its mill in Guntur, Andhra Pradesh. SUCHITRA EDUCATION: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Suchitra Education Trust (SET) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 1.5 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 0.9 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.6 CRISIL B/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with SET for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 SET, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SET continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. SET, set up in 2010, operates a school, Suchitra Academy, in Hyderabad. The school, affiliated to the Central Board of Secondary Education, commenced operations in academic year 2011-12. SUNHILL HOMES: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Sunhill Homes Private Limited (Sunhill) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 175 CRISIL B/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with Sunhill for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 Sunhill, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on Sunhill is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Sunhill continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Sunhill was incorporated in 2012 by New Delhi-based Mr. Ajay Khetarpal and Mr. Pardeep Jain. Sunhill is a residential real estate developer in Gurgaon (Haryana). Sunhill has a development agreement with HS Realty Pvt Ltd for setting up 804-flats group housing project in Sector 67, Gurgaon. Mr. Ajay Khetarpal and Mr. Pardeep Jain are the key promoters and are also the directors in the company. SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Supreme Coated Board Mills Private Limited (SCBM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 24 CRISIL D (Issuer Not Cooperating) CRISIL has been consistently following up with SCBM for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 SCBM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SCBM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCBM continues to be 'CRISIL D Issuer Not Cooperating'. SCBM was set up in 2003, by Ms M Tangeswari and her family. Commercial operations began in 2005. The Sivakasi-based company manufactures white-coated boards, used in the matchstick, firework, notebook, and packaging industries. TAJPUR RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of The Tajpur Rice and General Mills (TRGM) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Warehouse Receipts 15 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with TRGM for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 TRGM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on TRGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TRGM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. TRGM was established in 1982 in Raikot, Punjab, as a partnership concern by Mr. Jaswinder Singh and his wife, Ms Ranjeet Kaur. In 2013, Mr. Raman Kumar and his son, Mr. Nitin Goyal, joined the firm as partners. The firm mills and sorts basmati rice. TARA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tara Health Foods Limited (THFL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 217.54 CRISIL D (Issuer Not Cooperating) Term Loan 84.46 CRISIL D (Issuer Not Cooperating) CRISIL has been consistently following up with THFL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 THFL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on THFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of THFL continues to be 'CRISIL D Issuer Not Cooperating'. THFL was incorporated in 1977 and was acquired in 2004 by the current promoter. The company is currently owned and managed by Mr. Balwant Singh, managing director, who is a first-generation entrepreneur with about nine years of experience in the cattle-feed industry. THFL produces and supplies compounded cattle feed and refines and processes edible oil, including olive oil and blended oil, primarily in northern India. TECHNOCRAT TRANSFORMERS: CRISIL Keeps B Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Technocrat Transformers (TT) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Letter of Credit 3 CRISIL A4 (Issuer Not Cooperating) CRISIL has been consistently following up with TT for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 TT, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on TT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TT continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Established in 1989, TT is a proprietorship of Mr. Rajiv Mittal. It manufactures power transformers (of 10 kilovolt-ampere), and supplies them to Uttar Pradesh electricity boards. VENKATRAMA INT'L: CRISIL Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Venkatrama International LLP (VIL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Bill 30 CRISIL A4 (Issuer Not Discounting Cooperating) Facility Export Packing 20 CRISIL B+/Stable (Issuer Not Credit Cooperating) CRISIL has been consistently following up with VIL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 VIL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on VIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VIL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Set up in 2016, by Mr. Paruchuri Venkat Rao and his family members, Venkatrama International LLP (VIL) is engaged in export of chillies and cotton yarn to China and other south East Asian countries. The firm started its operations in October 2016. VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Viceroy Exports India Private Limited (VEIPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign 10 CRISIL D (Issuer Not Discounting Cooperating) Bill Purchase Packing Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL has been consistently following up with VEIPL for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 VEIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on VEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VEIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2011 by Mr. Roy J Vayalat, Ernakulam (Kerala)-based VEIPL processes exports marine products, which mainly include the cephalopods category comprising cuttle fish, squid, octopus, and tuna. VIVEK ENTERPRISE: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vivek Enterprise - Junagadh (VE) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1 CRISIL B/Stable (Issuer Not Cooperating) CRISIL has been consistently following up with VE for obtaining information through letters and emails dated June 29, 2020 and December 18, 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 VE, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on VE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VE continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Established in 2011, VE is a proprietorship firm promoted by Mr. Jinesh Desai and is engaged in processing of ground nut and trading of agro commodities. ================= I N D O N E S I A ================= WASKITA KARYA: Fitch Withdraws 'CCC+(idn)' National LT Rating ------------------------------------------------------------- Fitch Ratings Indonesia has withdrawn Indonesia-based contractor PT Waskita Karya (Persero) Tbk's (WSKT) National Long-Term Rating of 'CCC+(idn)'. At the same time, Fitch has withdrawn the 'CCC(idn)' rating on WSKT's senior unsecured note programme and the notes issued under the programme. 'CCC' National Ratings denote a very high level of default risk relative to other issuers or obligations in the same country or monetary union. Fitch is withdrawing the rating as WSKT has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for WSKT. KEY RATING DRIVERS Not relevant, as the ratings have been withdrawn. RATING SENSITIVITIES Not relevant, as the ratings have been withdrawn. ========= J A P A N ========= MT. GOX: CoinLab Cuts Deal With Trustee Over Bitcoin Claims ----------------------------------------------------------- Matthew Leising at Bloomberg News reports that creditors seeking to regain Bitcoin lost on the Japanese exchange Mt. Gox in 2014 have a chance to get their digital assets back before legal claims are settled. Bloomberg relates that CoinLab Inc. said an agreement with Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, and MGIFLP, a unit of Fortress Investment Group LLC, will allow creditors to consider an offer of as much as 90% of the remaining Bitcoin tied up in the bankruptcy. The plan must be approved by creditors and investors aren't obligated to take the early payment and can wait for the lawsuits to settle, CoinLab said in a statement Jan. 15, Bloomberg relays. Based in Japan, Mt. Gox was once the world's biggest Bitcoin exchange, until it closed in early 2014 after losing about 850,000 Bitcoin belonging to thousands of customers. Many of those digital coins have since been found, and the trustee is working to reimburse creditors. The process has been bogged down in lawsuits for the past seven years. While Fortress has tried to buy claims from Mt. Gox creditors in the past, the current deal would be paid to investors from the trust. Not all the Bitcoin held by Mt. Gox when it went bankrupt is available for recovery, according to the statement cited by Bloomberg. For each Bitcoin that was locked up in the bankruptcy that has a claim on it, the estate has only 0.23 coin to give out, according to a CoinLab spokesman. There are many more claims on Mt. Gox Bitcoin than Bitcoin held by the trust. CoinLab has a $16 billion claim against Mt. Gox in the bankruptcy, Bloomberg notes. CoinLab was co-founded in 2012 by Peter Vessenes, who also co-founded the Bitcoin Foundation and has provided security auditing for blockchain networks since about 2015, including on Ethereum. Venture capitalist Tim Draper was an original investor in CoinLab. CoinLab is not part of the settlement and will continue its litigation, according to the statement. "I am thrilled that people are finally getting paid by Mt. Gox," Bloomberg quotes Mr. Draper as saying in the statement. "As Mt. Gox's creditors are some of the earliest believers in cryptocurrency, I look forward to getting my Bitcoin as do the tens of thousands of people that have claims." Bitcoin, which traded at $489 the day Mt. Gox filed for bankruptcy, hit an all time high earlier this year at $41,982. It fell 6.5% to $36,261 as of 5:00 p.m. Jan. 15 in New York, according to a composite of prices compiled by Bloomberg. About Mt. Gox Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter 15 of the U.S. Bankruptcy Code on March 9, 2014, days after the company sought bankruptcy protection in Japan. The bankruptcy in Japan came after the bitcoin exchange lost 850,000 bitcoins valued at about $475 million "disappeared." The Japanese bitcoin exchange halted trading in February 2014. It filed for bankruptcy protection in the U.S. to prevent customers from targeting the cash it holds in U.S. bank accounts. The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229 (Bankr. N.D. Tex.). The Chapter 15 Petitioner is Robert Marie Mark Karpeles, the company's chief executive officer. Mr. Karpeles is represented by John E. Mitchell, Esq., and David William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas. The bankruptcy trustee and foreign representative of MtGox Co. Ltd. with respect to the Japan Bankruptcy Proceedings: MtGox Co., Ltd. Office of Bankruptcy Trustee Kojimachi 3 chome building #202 Kojimachi 3-4-1 Chiyoda-ku, Tokyo Tel: +81-3-4588-3922 Attn: Nobuaki Kobayashi The Ontario Superior Court of Justice (Commercial List) on Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy and Insolvency Act, that the bankruptcy proceedings commenced with respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be recognized as a "foreign main proceeding." The Canadian legal counsel to the bankruptcy trustee and foreign representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret Sims, at Miller Thomson LLP. The company said it has estimated assets of $10 million to $50 million and debts of $50 million to $100 million. ===================== P H I L I P P I N E S ===================== COOP BANK OF AURORA: Creditors Claims Deadline Set for Feb. 22 -------------------------------------------------------------- All creditors of the closed Cooperative Bank of Aurora have until February 22, 2021 to file their claims against the assets of the closed bank either by email, mail, or personally. Creditors refer to any individual or entity with a valid claim against the assets of the closed Cooperative Bank of Aurora and include depositors whose deposits exceed the maximum deposit insurance coverage (MDIC) of PhP500,000. The Philippine Deposit Insurance Corporation (PDIC) said that various ways to file claims are available to creditors and depositors with uninsured deposits. Claims may be filed: 1. Online through email at cbaurora-pad@pdic.gov.ph; 2. Through mail addressed to the PDIC Public Assistance Department, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City 1226. Claims filed by mail must have a postmark dated not later than February 22, 2021; or 3. Personal filing on appointment basis at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 A.M. to 5:00 P.M. To make an appointment, clients may call the Public Assistance Hotline at (02) 8841-4141 or at Toll Free number 1-800-1-888-7342 or 1-800-1-888-PDIC, send an email to cbaurora-pad@pdic.gov.ph, or send a private message at PDIC's official Facebook page, www.facebook.com/OfficialPDIC. The prescribed Claim Form against the assets of the closed bank may be downloaded from the PDIC website, http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf. PDIC reminds creditors to transact only with authorized PDIC personnel. Claims filed after February 22, 2021 shall be disallowed. PDIC, as Receiver, shall notify creditors of denial of claims through mail. Claims denied or disallowed by the PDIC may be filed with the liquidation court within sixty (60) days from receipt of final notice of denial of claim. In addition, PDIC said that depositors with account balances of more than the maximum deposit insurance coverage (MDIC) of PhP500,000 who have already filed claims for the insured portion of their deposits as of February 22, 2021 are deemed to have filed their claims for the uninsured portion or the amount in excess of the MDIC. PDIC, as Receiver of closed banks, requires personal data from creditors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012. All requests and inquiries relating to Cooperative Bank of Aurora shall be addressed to the PDIC Public Assistance Department through email at cbaurora-pad@pdic.gov.ph, or through telephone number (02) 8841-4141. Depositors and creditors outside Metro Manila may call the PDIC Toll Free Hotline during office hours at 1-800-1-888-PDIC (7342). Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC. Cooperative Bank of Aurora was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on December 3, 2020 and PDIC, as the designated Receiver, was directed by the MB to proceed with the takeover and liquidation of the closed bank in accordance with Section 12(a) of Republic Act No. 3591, as amended. The bank is located at Avenida Aurora St., Barangay 1 (Pob.), San Luis, Aurora. ================= S I N G A P O R E ================= HIN LEONG: Judicial Managers Given More Time to Restructure Firm ---------------------------------------------------------------- The Business Times reports that the Singapore High Court on Jan. 14 granted a three-month extension on the judicial management order to restructure Singapore's troubled oil trader Hin Leong Trading (HLT) subject to certain conditions, according to sources. Hin Leong Trading (Pte.) Ltd. provides petroleum products and transportation services. The Company offers oil, lubricants, grease, and diesel products, as well grants storage, terminalling, trucking, and marine logistics services. Hin Leong Trading serves customers globally. Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, 2019, according to the people, who asked not to be identified as the matter is sensitive, Bloomberg News reported. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. Ernst & Young (EY), has been appointed interim judicial manager for Ocean Tankers. KRISENERGY LTD: Creditors Approve Debt Restructuring Scheme ----------------------------------------------------------- Annabeth Leow at The Business Times reports that Krisenergy Ltd creditors approved its debt restructuring in a court meeting on Jan. 14, the upstream oil-and-gas company announced in a bourse filing. The company "will now press ahead" with the last two steps of its four-stage restructuring, which involve zero coupon note holders and shareholders, said chief executive Kelvin Tang in the statement, BT relays. According to BT, the creditor vote was the second stage, following an earlier move to extend KrisEnergy's revolving credit facility maturity date to June 30, 2024. BT relates that Mr. Tang called the latest scheme approval "a critical step in the process to reorganise our liabilities and allow the company to operate with a more sustainable capital structure". KrisEnergy will now apply for the High Court's sanction of the scheme, and will make necessary announcements in due course, the company added. The scheme resolution passed with the support of creditors, who represented 80.93 per cent of the SGD170.7 million in value involved, BT notes. Separately, The Business Times reports that KrisEnergy applied on Jan. 15 to extend its debt moratorium again. The hearing for the application has been scheduled for Feb. 1, at 10:00 a.m. About KrisEnergy KrisEnergy Limited -- https://krisenergy.com/ -- is a Singapore-based investment holding company. The Company is an independent upstream oil and gas company with a portfolio of exploration, appraisal, development and production assets focused on the geological basins in Asia. The Company operates through exploration and production of oil and gas in Asia segment. The Company holds interests in approximately 20 licenses in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage of approximately 60,750 square kilometers. In August 2019, the firm sought court protection from creditors' legal action while it restructured its debts, according to The Business Times. Keppel Corporation, a creditor and shareholder of KrisEnergy, then publicly came out to support the application and KrisEnergy's management in formulating a restructuring plan. Trading in its shares has been suspended pending the restructuring, BT noted. As at Dec. 31, 2019, the group had about US$503 million in borrowings and debt securities repayable within the next one year or on demand. SWIBER HOLDINGS: Judicial Management Period Extended to June 30 --------------------------------------------------------------- Swiber Holdings Ltd said the Singapore High Court has granted the extension of the judicial management periods of the Company and its subsidiary Swiber Offshore Construction (SOC) to June 30, 2021. Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is a Singapore-based investment holding company. The Company, through its subsidiaries, is engaged in offshore marine engineering; vessel owning and chartering, and provision of corporate services. The Company is an integrated offshore construction and support services provider for shallow water oil and gas field development. It offers a range of engineering, procurement, installation and construction (EPIC) services, complemented by its in-house marine support and engineering capabilities, to support the offshore field development and production activities of its clientele base across the Asia Pacific, Middle East, Latin America and West Africa regions. It operates approximately 10 construction vessels. The Company's subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd. Swiber had $1.43 billion of liabilities and $1.99 billion of assets at March 2016, as per the company's published accounts. Swiber Holdings shocked the business world when it filed for liquidation in July 2016 as several of its directors resigned. Only a few days after the intent to liquidate, Swiber changed course and applied for judicial management. Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG Services Pte Ltd. were appointed as joint and several interim judicial managers of Swiber Holdings Limited and Swiber Offshore Construction. In May 2019, Swiber yet again escaped another liquidation scenario when its creditors voted in favor of a restructuring proposal that contemplated an equity investment from Seaspan Corporation. The plan included a proposed investment from Seaspan of up to $200 million. That Investment Agreement has been terminated as of January 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 2021. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***